Why do we sing Auld Lang Syne at New Year's Eve?

Todd Wong be heard today on CBC Radion One 690 AM - ON THE COAST. 3-6pm

They asked me about the origins of singing "Auld Lang Syne" - the Robert Burns lyrics connection and the proper way of holding hands while singing. Of course I threw in similarities between Scottish Hogmannay and Chinese New Year - such as making lots of noise and paying off your debts.

They asked if I will be with friends ringing in the New Year. I said I am at Silver Star in Vernon, with good friends... including Craig Brown who was at my 1st Gung Haggis Fat Choy dinner, when the only "kilts" we had were Canadian Mackinkaw lumberjack shirts tied around our waists...

Origins of singing Auld Lang Syne in North America are traced back to a Scottish tradition that spread through Scottish and British emmigration.

Wikipedia writes:

Singing the song on Hogmanay or New Year's Eve very quickly became a Scots custom that soon spread to other parts of the British Isles. As Scots (and other Britons) emigrated around the world, they took the song with them.

Canadian band leader Guy Lombardo is often credited with popularising the use of the song at New Year’s celebrations in America, through his annual broadcasts on radio and television, beginning in 1929. The song became his trademark. In addition to his live broadcasts, Lombardo recorded the song more than once. His first recording was in 1939. A later recording on September 29, 1947 was issued as a single by Decca Records as catalog #24260

Wikipedia's entry http://en.wikipedia.org/wiki/Auld_Lang_Syne
also compares the 1711 version of Old Long Syne by James Watson to the 1788 version of Scots verse by Robert Burns.