Economic Recession, here in Singapore!
Today is a day to remember 10/10/08... for a not so good reason as Singapore is slowly and surely sipping into Economic recession. Heres the hottest head lines around the world:
ICELAND ON THE BRINK OF BANKRUPT
Can you believe a country going bankrupt? I wouldn't be surprise if its a country who you dun get to see except during world cup qualifiers or the Olympics. But ICELAND? a country in Europe (they lie just north of England), Producers of famous footballers like Ediur Gudjohnsen (Chelsea and nw Barcelona)... Now their Icelandic Kroner has been wiped out from the face of the earth, and on the brink of extinction? (can they be bought by another country???)
RICHARD FLUD AND HIS HALF BILLION DOLLAR WAGES
It seems that the US do not learn even though they have the SOX to back them up and clean up corporate governance bad practices. Richard Flud was thought to earn almost half a Billion US$ since year 2000.
Wanna know hw many zeros? US$ 500,000,000, thats how much he has taken and lead the Lehman Brothers to bankruptcy. Lehman Brothers have weathered so many hard and bad times, namely the 1930's World wide Economic Depression, WORLD WAR I, WORLD WAR II, Asian Financial Crisis, Dot Com Bubble, just to name a few, and now it lies ruined in the hands of the man who earned $500 million in wages.
So what it is like to have $500 million in Singapore?
I sat down and thought for a while, it is like, u can buy the whole range of Ferrari, Lambo, Porsche, Maserati, Aston Martin, Pagani, build a mansion with like 5 storeys with 20 rooms in it, sauna, swimming pool, jacuzzi, a bar with all the liquor and wine cellar with the world's collection of finest wine, a cinema, a recording room, archery, a stable with horses and the wildest imagination you can have, have a 9 hole mini gold course, a yatch, a private Jet and maybe a helicopter in your backyard?
I think with all that, you can still have some spare change that most singaporeans will never dream of earning in their life time.
AIG RETREAT
Ok, here is the biggest dissapointment, i have a few policies and i believe many have and that makes you a stake holder in the company.
Here comes the blatant truth, right after being rescued by US Fed with a US$85B rescue package, they splurge on a Co. Retreat that cost $440,000. No big deal you might say, as it isn't even a percentage worth mentioning compared to 85Billion. But its the attitude here.
Why in the world would you go for a retreat just when things are not being repaired e.g. your reputation and just when you are being rescued doesn't means you can lay back, get a big fat pay check and sipping Martini on a float at the poshest hotel's resort's pool.
it really gets more blatan when some American Democrats say that it is to retain their higher ups and keep them together.
I really cannot see any co-relation between spending $440k and getting together and keeping them.
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