Thursday, August 13, 2015

This bad business culture has to change

I received a telephone call from a Miss S who works for a video production company. She explained that they have been engaged by Channel News Asia to produce a documentary on the Lehman Brothers crisis.

S - Mr. Tan, I understand that you were actively involved in helping the investors to get back their money?
TKL - Yes
S - Can I asked you a few questions about the matter?

The conversation over the telephone took half an hour. She did not understand the background initially, but after I answered her questions, she became more familiar with the subject.

S - Mr. Tan, are you able to get some of the investors to talk to us for the video?
TKL - I had asked them earlier on a similar request by your colleague but all of them declined.
S - Why?
TKL - They do not want people to know that they had made the bad investment. Perhaps if you pay them $5,000 or $10,000, they might change their mind.

S - Mr. Tan. Can we invite you to speak over the video and be recorded?
TKL - Are you getting a fee from CNA for the video?
S - (Hesitation). Yes.
TKL - Will you donate a small portion of the fee to my Financial Services Association for my time and contribution?

S - We normally do not pay our interviewee.
TKL - But you do get a fat fee from your client for your work, don't you?
S - OK. Let me check with my boss and see if we can pay you.

This is what makes me really fed up about the business culture in Singapore. They earn a fat fee and expect other people to contribute their time and expertise for free.

They follow the bad practice of the government agencies - pay nothing for local speakers, pay ten of thousand dollars for overseas speakers, and millions for global consultants.

1 comment:

yujuan said...

There are 2 points of view to consider.
LKY said there is no free lunch. You have to pay, so why should Mr. Tan offer his precious time free to help Ms S to claim all the credit from her Company.
Secondly, the painful episode has slowly waned, why dig it up for investors to suffer pain all over again.
Bet this documentary would air after the GE, when people get angry, vote with their heart, favoring the Opposition.
Dun let Ms S and CNA destroy the goodwill Mr. Tan generated at fighting for justice on behalf of Investors at HLP. They can approach the Education Minister Heng Swee Kiat, the former MAS MD who approved the LB Bonds to be sold to the ordinary Joe. When LB collapsed, Heng laid low and had to be rescued by big boss LKY.
Let's see Heng would dare to take up challenge to come out from hiding and speak on this saga. Abouf time.

Blog Archive