I've worked with degree holders who can't even write a letter. So it's not necessary that degree holders are more competent. The likes of Bill Gates, John Major and Sim Wong Hoo didn't have degrees to start with. The point is competency. The powers-that-be and kingmakers must be able to appoint and work with competent decision-makers.
That is why i do question the selection criteria for top positions. Why was Tiger's top job given to an angmo who has only a DIPLOMA? U mean our NUS/NTU degree holders will fare any worse than him?