Most of the points have been well covered in relation to GIC and Temasek’s investments.

Without a good estimate of the amount of S’pore’s reserves, how are we going to quantify and qualify their returns? Base on $100/200/300 billion? 1% of either of these sums is a monstrous difference.

Is there transparency in the remuneration of the executives and management at Temasek and GIC? Do we need to wait till a sub-prime type of management crisis there to realise the magnitute of their losses?

As far as I’m concerned, there are only two distinct reasons for being evasive about GIC, Temasek and the reserves. One, we have so much more than perceived. Two, we use to have so much but depleted significantly over the last 2 years, especially since 2007 with the onset of the crisis.

These is also a possibility that GIC has invested heavily in UBS prior to the crisis and finds it necessary to give it a lifeline.

Whatever the reason, any further injection of funds into UBS will only serve to cover their write-offs for the foreseeable future.

To protect himself, LKY hints that this investment may take up to 30 years to bear fruits. Unfortunately, it is unlikely Singaporeans can hold him accountable.

May I offer this uninvited advisory to whoever concerned?

Do not commit any long-term liability until the full impact of the crisis is known. The wealth of countries will be decimated and untold sufferings will unleash on human.

We are already into the second phase of the crisis with high inflation and extremely high prices of most commodities. Take care and practise utmost prudence.

In parliament, Tharman has indicated, the govt should not monitor the investments of GIC and Temasek too closely as it would hinder their investment.

LKY indicated in the bloomberg interview – it will take 5 – 7 years to recoup our losses in Citi and UBS. Shincorpse and Suzhou – no news.

Sorry, the govt is not accountable to our reserves, and they have indicated that our citizens do not need to know where our reserves are going.

As long as LKY is managing GIC , Ho Ching Temasek and LHL is managing Singapore – we can sleep soundlee. first world corporate governance.

Do not expect anyone to dare cast doubts and ask for independant audits. Ong Teng Cheong did not even get a state burial and I feel sorry as he was a hero in singapore. Lucky they did not incarcerate him in ISD or demonise him like Devan Nair. (cross dressing alcoholic)

It comes to a point that no one trust the competency and judgement of those who make the investment of Temasek and GIC because no one is responsible and accountable at all as in the case of Selamat. From the Selamat, we see the true face of PAP that is no one on top going to be responsible. Imagine one day, if this thing blow out, who are responsible ? Not the management but the lowly operational guy who just as pathetic as the Selamat guard ?

So the non-disclosure seems to be protected the incompetency and ineptness, and doing cover-up and all sort of thing. Isn’t so much investment end up as bad deal and yet no one even get boot out and question it ?

ShinCorpse among those ? Where is the verdict ? Move on already ?

Is Singapore’s financial is that strong as proclaimed by the government, why’s there to fear any attack if revealed to the public ? Not unless, it is all make-believe.

The only thing I believe is that they fear scrutiny by the public, and their only excuse is that what they do is so complex no one or MP even understand them. Frankly, are these jokers even understand what they doing ?

I think there are two main issues that can be better addressed by the Govt:

1. the reported gains from these investments do not translate into benefits for the citizen

Yes, there are growth dividends, tax credits, economic shares, etc, but these do not stem from gains on investments, and if they do, we have not been told. A large part of the Govt’s surpluses stem from revenues collected from the citizen. So the question is, what about gains on investments made from the citizen’s money? Where and how are they spent?

2. The absence of check and balance on how funds are used and investments made

With unlimited access to a pool of ever-increasing reserves for investment, how can the citizen be sure that investments are being made and managed in a responsible manner, and that indeed half of earnings over a 5-year period is being spent (where and how)? How much is being re-invested, and in what form? Are investments sufficiently diversified to spread risks and to ensure a healthy overall return? How are the fund/wealth managers rewarded? These questions need to be answered and validated, at least by a qualified independent party appointed and supported by the necessary legislation to facilitate this, and also to recommend and enforce corrective actions where necessary.

The Govt cannot afford to downplay the need to address these 2 issues. Afterall, the reserves exist because of our primarily contractionary fiscal policy over the years, and the main source of reserves is still from the citizens.

The citizens are appreciative of the foresight of the Govt to manage and grow these reserves, instead of squandering them away. However, there is a very real need to ensure that the management of these reserves is carried out in a responsible manner, that independent processes are in place to validate this and address any deviation, and that gains on investment should be shared with the citizens in an equitable manner.

“GIC, set up in 1981 to manage the country’s foreign reserves, has earned an annual average 9.5 percent since inception, it said two years ago at its 25th anniversary.

The company, which doesn’t publish its financial statements, aims to achieve a rate of return exceeding the average inflation rate in the U.S., Japan and Germany, according to its Web site.”

“Lee said the fund would probably not give in to calls to be more “transparent” and is unlikely to disclose its returns beyond a period of 5 to 10 years.”

source: http://www.bloomberg.com/apps/news?pid=20601087&sid=aGSqHSr.EHjw&refer=home

Do I say that Singapore future is gone ? Yes, it is gone because ministers that not even willing to hedge on Singapore but bet on getting more money first and then setting up law to prevent investigation show much confidence they have in future in Singapore. No one accountable. No one responsible. None of our asset transparent to citizen. Decade from now, all the old Papstards meet their maker, and so will be our money.

Now, all we doing is just surviving. We have to find ways to salvage the situation.

I cant imagine how much GIC is going to lose in banks with a bottomless pit and the figures will require 56 man years or more to calculate.

These banks are still raising capital and diluting stakeholders. Who ‘s call will it be to end capital raise if ever SWF buys more of them? Can SWF take up a seat in the board and say no to capital increase so that no more diluting our investment? Why the old man still so hard up on these banks? Did he want Singapore Inc to crash earlier by investing unwisely? We have money but it can be emptied sooner than we know.

I am totally against anymore investment in sub prime hit banks. Once bitten twice shy, yet our GIC seems to like getting bitten all over again.

FG

Is this a response to netizens’ posting on TOC?

The fact remains that the investments were made at a questional time. 7 or 9% annual returns sound good only on paper.

Can you deny the fact that with the same amount of investments in those banks done at their recent stock prices, GIC or Temasek would have increased their percentage of shares in those banks very significantly?

In what way can Singaporeans hold GIC and Temasek accountable for less than desirable investments since we are the shareholders?

Through the ballot box, of course!

So, an average of $1100 per person? Assuming 2.5 million eligible Singaporeans (how do you apply CPF grants to babies?), 2.5m x 1100 = $2.75 billion. Seems that even the “best case” scenario totals up to less than 3 billion. And don’t tell me that 0.25 billion (= 250 million) is insignificant…

Oh, maybe that was the printing cost for the fliers?
They sure been getting a lot of business recently no?

Also they are called growth dividends. Man… I feel like I am owning 0.000001 percent of stock of some corporation.

i totally agree. the govt only focus on building singapore inc. at all cost.
unless they start focusing more on the ‘heartware’ instead of the ‘hardware’ they will not be getting my vote.

I am happy for you and hope your plan succeed to leave the country but do not forget about those whom you care by helping to promote the truth to your friends and relatives about how pathetic is our gahmen. They may be still living in a make believe singapore dream and help spread the truth to them. thank you.

FG

Thanks for your clarification. I hope the our PM can sleep well at night in all his comfort.

FG

My point is that, i quit singapore inc. emotionally and mentally.

Prolong the rebate
For example, if one given rebate of $750, and broken into 3 phase => Apr, July, Oct

accumulated March Surplus: $16billions
Citizen: $250

accumulated End of Year Surplus: $25 billions min
Citizen: $500

Now u see it clearly ? $750 just to curb for subsequent years.

Judging from history, do you think the government going to give you another rebate next year ? Nope. Wait till next GST hike when they ‘rob’ the citizen and give back paltry sum again…

It becomes so standard practice that one can easily see through …

FG

I was told sometimes back that there are Regulations concerning the importations of rice and sugar into Singapore. Was also told that Philippines sugar is not imported though it is cheaper, is this information true and accurate? Another concerns import quota(limit) on rice, how does this rule works?

Can anyone who knows, please enlighten me.

Yours truly: patriot.