Sunday, September 02, 2007

Get This Freddy Boy, It's Our Money Not Yours

A story in the HK Standard reported that:

...Asked whether the government would invest more money on Hong Kong Disneyland to attract more tourists, Secretary for Commerce and Economic Development Frederick Ma Si-hang said the government is considering all the possibilities and more investment is not ruled out.

The former secretary [for economic development and labor] Stephen Ip Shu-kwan had said more investment was not possible ... but the government's decision is not rigid. We will not rule out any possibility," he said.

However, Ma stressed the government is only a shareholder and should not get involved in the management of the theme park. He added that Disneyland, "should think of a way to solve the problem [of decreasing visitors]."

Read the whole story here.

Picture this: If you were an owner with a 57% stake in a company and the managment team has continously failed to deliver on performance during the past two years since the firm in question. Would you, as a majority owner, sit back and wait for the same old management team to turn around the firm as implied by Freddy's remarks up top, or would you go ahead and dump the useless management team just like that.

What would you do?

Guess 99.999% of my readers would choose the second option. Then why Freddy is so stupid? No he is not. Afterall, it's not his money which is at stake, it's yours and mine i.e. tax payer dollars we are talking about here. That's why.

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