Pinch me, I am making so much money!

For a newspaper often derided for being not much more than an official mouthpiece of the government, one would imagine Straitstimes to be a little more sensitive about reporting. Or perhaps it was because the newspaper had been mouthcuffed so much that there was really nothing much else to report. Or perhaps there just weren't many newsworthy events during the weekend.

Having just arrived home on Saturday, and having suffered a night of fitful sleep due to the jetlag, I was looking forward to Sunday Times to catch some local news. My fresh newspaper arrived at the doorstep and I eagerly read it over breakfast. What made 'news'? Young Super Earners. It first featured an investment banker Mr Yeo Soen Ming from London Business School who was reported to have made more than US$500,000 in the past year. Turn over the page, there were another three young high earners - Janice, Joao and Chris.

Bravo to them.

But it certainly was not 'news' material in my opinion. Even if it was somehow in the interest of the public to know about these high earners, it was still a terrible piece of reporting.

To the informed reader, this piece of reporting was superficial and condescending. The central message was not how each career choice could be satisfying in its own way. It was about money, money, money. For good measure, there was even a box item on page 3 - "How to Land a Job in Investment Banking". It was as if the reporter felt others could actually benefit from the five short lines of advice - which, by the way, could have applied to any other jobs!

To the lay person, this was nothing but more evidence of the great income divide - young brash professionals at around age 30 making more in a year than what others would in a lifetime. And it would obviously grate many to hear how these high earners were so full of themselves. Yeo Soen Ming, 34, said "If you are at this level and don't make around US$500,000 this year, it would be quite sad."

If you have followed my previous posts, you will know I am not against high income earners. I can accept that market outcomes are unequal. My wife is doing her MBA, also at the London Business School incidentally, for the same reason of wanting a give a further boost to her career. It is not ignoble to aim for higher pay. Perhaps the reporter made more of what these high earners actually said (you know, reporters are often guilty of this). But it bordered on bad taste to go on national newspaper to announce to the world how much money you make.

In the same weekend, it was revealed that the CEO of Morgan Stanley received US$40 million. I searched the internet for 20 minutes and could not find a single comment from him on his pay. When you have truly arrived, there would be no need to announce it.