This is not a disreputable record.
The PM’s press secretary, on Temasek and the GIC’s performance
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world class talents. world class salary. a loss of 100 billon dollars. ahem, first in the world, too.
“Over the 20-year period up to March 31 2008, GIC earned annualised US dollar returns of 7.8 per cent, while Temasek earned 19 per cent.”
Then they lost it all!
“This is not a disreputable record.”
Ya, peanuts.
Let’s move on.
Show us the books first before you blow your trumpets.
You can even claim that there is a trillion dollars in our reserves but will anyone of us here be able to verify it?
And to further add, I do not trust you, the Finance Minister or any of our elites in what you say anymore.
Try to pacify and play a nice, soothing song for the public to hear. No doubt the PAP will win and rule this country after the coming election with the”unpopular” tactics, however we hope those people who are suffering under this money face govt (top paid ministers in the world) will vote wisely for a brighter tomorrow.
When I was in Primary School in the “Black and White TV” days, whenever my father wants to cane me for a bad exam results in my report book, I will tell him in desperation that I did well for the last few years’ exams wat and if that did’nt work I will tell him that I did better than half the people in my class wat…Guess wat? I still kana cane…too bad my dad had passed away and I cannot find out why those excuses did not work for him.
Er…. “Over the 20-year period up to March 31 2008, GIC earned annualised US dollar returns of 7.8 per cent, while Temasek earned 19 per cent.” Somehow I really wonder where the country revenues goes to, do they go to country reserve which is Temasek Holding or GIC?
Probably the growth is from the growth of contribution such as CPF, ERP, IRAS, GST and etc over the years.
To the commenter whose nickname/handle begins with “tew”.
If you want your comments to be allowed to be posted, please change your nuckname/handle to something which is not vulgar.
no shame
Temasek earned 19 per cent, the last 20 years,, yah sure..
Show Singaporean the proof !!!!!
Wow.. the Prime Minister’s Office attempts to demonise the website that hosted the online poll cited in the Financial Times’ Crisis Spoils Singapore’s Celebration article by saying it is an anti-government website. There is somewhat a persecution agenda in the PMO’s letter because anti-government can be argued as sedition while anti-PAP cannot be argued as sedition. The PMO’s response on Financial Times can only be said to politically motivated and not factually justified.
Isn’t the press secretary a civil servant? What is he doing talking on behalf of the PAP? Correct me if I’m wrong.
Anything said or mentioned on the net that are not in favour to the ruling party is considered anti-govt. They simply talk as though they are the eternal govt of singapore, so confident that they are really the immortals?
Instead of owning up to the mistake, apologize and move on, the press secretary give a stupid incomprehensible argument. If such a reply is given by my child, I would have given him a tight slap and wake up his f___ing idea.
The investment in ABC can be considered an honest mistake. Even the investment in Shin Corp can be forgiven. But, how can any professional investment house that is suppose to invest in an diversified portfolio argue with a straight face that the significant investment in 3 major financial institutions over such a short time be “not in disrespect”?
Dear Lee Hsien Loong,
Being the prime minister and the deputy chairman of GIC, you have the inalienable responsibility to report to your shareholders, i.e. the People of Singapore, the true state of GIC. Separately, I look forward to the next Temasek Review, due to be presented by your wife.
While the annualized returns of 7.8% in the past, as reported by GIC, were positive, it was not a spectacular performance relative to funds of similar sizes.
The People are understandably very angry to have paid excessive taxes and hyper-inflated land costs and for an extended lock-in to their CPF monies, only to have GIC make massive losses in unwise investments. Nobody should buy the “who would have known” excuse; the writing was already all over the wall.
Many stakeholders would want to know the composition of the balance sheet: capital injection (budget surplus from excessive taxes, land sales, HDB sales, etc.), investment Profit and Loss, liability (e.g. bonds sold to CPF Board), etc.
Of course, there are many ways to do this without giving the shop away, so no more lame excuses.
WE DEMAND TO KNOW NOW.
Yeh, I am doing well – if anything otherwise , everyone is suffering too in this financial crisis!
The ego trips, the western media allure, western consultants and the western seduction are somethings the current government are suckers to.
Everybody knows that the king is naked but he insists he is fully clothed quite unlike and like to the naked ang mo guy and his naked Singapore girlfriend – perhaps they may not get charged as the psyche is quite the same.
This is not a disreputable record – The PM’s press secretary, on Temasek and the GIC’s performance.
Funny thing everybody I spoke to, even a guy I know and have not seen for over 10 years and his friends are talking about the 100 Billion unrealised loss,
This nightmare will not go away.
Our ruling party always preaches continue Good Governance
But the process by which decisions are implemented is in actual fact ‘In Denial’
‘In Denial’ and they will go back to the same formula and the cycle will continue
Whole the investments may not be “disreputable”,
i believe the people are interested to know how respectable are their investments with a list showing for each investment what are the gains and losses. ;) why not impress the people with more clarity? no harm right?
In any business investment, in good times and bad times, companies bound to incur profit and losses accompany by certain degree of risks. Our government should have cap the investment limit for Temasek in the first place to contain investment loss which would have prevented the huge loss today. Think the loss would be more than sufficient for our elderly to have truly affordable and quality nursing home in Singapore.
Mas Selamat’s great escape is disreputable, NO?
Ode To Mas Selamat Kastari
Dear, Oh dear! Mas Selamat Kastari,
Today is your first year anniversary,
Since you left Whitley Road Detention Centre
And disappeared mysteriously ever after.
http://amortal.wordpress.com/2009/02/27/mas-selamat-kastari-please-surrender-lah/
15) Yogi Bear on February 26th, 2009 10.38 pm
“While the annualized returns of 7.8% in the past, as reported by GIC, were positive, it was not a spectacular performance relative to funds of similar sizes.”
Any expert here. Namely because of investment activities on local turf or foreign adventures (misadventures) ?
A 3-year or 5-year moving average since inception of funds giving breakdown of both local and foreign activities would give a clearer picture whether the record “is not a disreputable record” or not.
“Over the 20-year period up to March 31 2008, GIC earned annualised US dollar returns of 7.8 per cent, while Temasek earned 19 per cent.”
So what now, the earnings of the last 20 years ALL lost in 12 months!!!!!!!!!
Great that was a very very long term investment strategy – “ZERO” returns and
most probably “NEGATIVE” returns after 20 years!