Tang and Yam both allow derivative products to be sold in HK without supervisions in HK banks

Both Tang and Yam were involved in sex scandal during the time they were working together and so Yam supports Tang the man, says Yam

Diana Lee HK Standard

Friday, November 25, 2011



Henry's the man for the top job. That's the verdict of Hong Kong's ex-banking chief Joseph Yam Chi-kwong on the SAR's next leader.
Henry Tang Ying-yen is an experienced helmsman who can steer the city through possibly stormy waters should he become the next chief executive, the former Hong Kong Monetary Authority chief said yesterday.

But Yam dismissed suggestions he may be appointed financial secretary, saying he is not prepared to take a full- time job in the private or public sector now he is retired.

"But if I have the opportunity, or if he seeks my advice, I would be willing to play a supporting role in his election campaign and his policymaking," Yam said.

"After all, my heart is with Hong Kong and the interests of the people of Hong Kong."

Yam - speaking after being conferred with an honorary doctorate in business administration by Shue Yan University - spent three minutes lauding Tang and pointing to the "seamless" cooperation they enjoyed when Tang was the financial secretary.

"He is a talented leader, knows how to choose the right person for the right post, has foresight and will be fully prepared to tackle any unexpected crisis," said Yam.

"More importantly, he is prepared to tackle difficult situations. I am sure he will be a leader who can fight for, protect and enrich public interest.

"In making and executing policy, Tang is also experienced and patient when solving controversial issues, facilitating consensus and arriving at the best deci
sion in the interests of the people of Hong Kong. "Also, I am confident he can lead civil servants in properly carrying out policies. He is a man of vision - especially global vision - and is experienced in handling crises." Yam agreed with Tang's earlier warning that Hong Kong might feel the impact of financial instability in Europe and the United States in the years ahead.

"Of course, I do not want to see Hong Kong in danger or crisis. But should this happen we need a helmsman to lead us through such turbulence. We need a stable, talented helmsman to lead Hong Kong. I believe Tang is such a person and I fully support him," Yam said.

He played down Tang's low popularity ratings as a period that every responsible leader has to go through, and dismissed suggestions that Tang was successful as a financial secretary only because the economy at the time was thriving.

"Such remarks are an underestimation of Tang's ability," Yam said. "You can look at his track record to find out how much he did. Also remember that it is always better to be prepared, and when he was the financial secretary we did many things to prepare for any unexpected crisis."

Yam's endorsement came a day after HSBC's local taipan Peter Wong Tung-shun backed Tang's proposed candidacy.

In response to the remarks by Yam, a cheerful Tang said they had been friends for many years. "We also had seamless cooperation with the Monetary Authority, therefore we also had team chemistry."

Tang refused to say if Yam would be a good financial secretary, saying he had first to focus on his election campaign.

Tang has yet to announce his candidacy in the chief executive election. Leung Chun-ying, former convener of the Executive Council, is set to throw his hat into the ring on Sunday.