Re: Suggested career path for Madam Ho Ching
MAY WE offer our commiseration on the news that your wife, Madam Ho Ching, will be joining the ranks of the unemployed this October. Indeed the increase in the numbers of the unemployed in Singapore is lamentable, especially from the financial and investment sectors.
We note that there has been immediate talk about her joining politics, with an accelerated path to a ministerial position. Word has it that her immense talent and competence has to be put to good use for the sake of Singapore, and where better than in government?
However, there are risks with this future career path, and we hope to draw your attention to them. To be a minister, one has first to contest in parliamentary elections. She will become a lightning rod for protest votes. Many Singaporeans will cast a vote against her simply because she is a member of your family. It’s their way of registering unhappiness and forcing an embarrassment on you and the People’s Action Party, without triggering the (unthinkable) fall of a government that has become so essential to our nation’s survival. The risk of this kind of irrational, freaky voter behaviour is perhaps too great to recommend this course of action.
In addition, her joining the cabinet raises exactly the same tricky question that was raised when she first took up the CEO position at Temasek Holdings. It is very awkward that a wife should report directly to her husband. At Temasek, the problem was solved by interposing Mr Dhanabalan and the Board of Directors between her and yourself, the then Minister of Finance, but in the cabinet, this neat
solution will not be available.
May we therefore suggest a far superior idea for Madam Ho’s career path: She should be the next President of Singapore. The next Presidential elections are due in August 2011. By then, Mr Nathan will be 87 years old and can be persuaded not to stand for reelection. It would be timely for Madam Ho to step in as a candidate.
With her as President, future requests by the government for unlocking the reserves will not take the inordinately long time of two weeks to get presidential approval. It can be sorted out with just a bedroom chat.
Her nomination would also quash complaints by members of parliament about non-transparency over President Nathan’s approval of the government’s decision to unlock the reserves. Madam Ho, after all, has a stellar record of transparency and accountability, having initiated the public release of Temasek Holding’s Annual Report. Her reputation in this area is unblemished.
What about voter unhappiness and protest votes? Fortunately, the Presidential Elections Committee vets candidates standing for
presidential elections. Going by the example of the last two presidential elections in 1999 and 2005, which were walkovers,
potential opponents can be disqualified by this Committee.
By upholding the same rigorous standards of prequalification in election after election, she may well remain president for another 30
years.
This in turn offers Singapore a huge benefit. In the unlikely event that there is ever a freak general election result and an opposition party is entitled to form a future government, Madam Ho as President can act as a conscientious advisor to ensure that the new government performs as expected. If not, you will of course recall how awkward the late President Ong made life for your predecessor.
Your Finance Minister noted in Parliament this past week that “This is a system that relies on trust in the individuals who are in charge”. As a member of the family, you can certainly trust her more than you can trust any civil servant or retired PAP politician whom you may nominate to be head of state.
For your consideration,
Yours sincerely,
Alex Au and Choo Zheng Xi
I hope some ruling class greater mortals or their associates (what others term poodles or running dogs) are reading all this. I just want you to know that i feel so sick reading about our nation’s bad and untimely investments. Just remember that the reserves were accumulated from the BLOOD, TOIL, and SWEAT of our forefathers over the years of nationhood. I hope you greater mortals can sleep well at night in your big fat homes with your big fat pay cheques and knowing that our reserves have been decimated. Here is a thought – how about the greater mortals show their remorse and top up our reserves from their million dollar paychecks. From a Lesser Mortal.
I greatly respect HC for bravely quitting her Temasek CEO job to take responsibility of TH losses. I wish Wong Kan Seng had done the same for allowing Mat Selamat to escape, which to me is an even greater error. We can always earn back the monetary losses, but we can never enjoy the same security again with Mat still lurking around.
#155
How fair can it be?! Come on.. you think this woman step down because she is admit over the fact that she is too generous in giving foreigners our hard earned money? In the first place, do you think they care and even understand that this is country people money? Nope, don’t think so. Just look at our mediacorpse you will find that it is more like a honorable discharge. Look at all the praises and avoid highlighting the losses (using paper loss as cover).
What courage may I ask? It is all caculated move. This woman is a political time bomb waiting to be exploded during the next election. That’s what it is, and the reason for her to step down. Please my dear friend, don’t say something for the sake of saying. What fair are you talking about, paying disgusting sum of money to a bunch of monkeys to run the country? For goodness, is Singaporean too blind to see the truth or it is because of all these years of brainwashing and little goodies thrown in by them?
Many years, people had been very against this woman holding the key to our money. Not because she is the wife of prime but because doubt that she is even cut out as a business woman.
Those foreigners must be glad to have her around. They must be laughing behind her that Singapore sent a house wife to do business with them. Then again, she even fit into the house wife catergory?
Chinese has a saying, good man will not join the army. So, how about woman from the army?! This woman suck big time in life, the only sucessful story is that she choose LHL as husband. Which I think most would agree that this is a fair statement.
I wonder if there is any hidden agenda behind Ho Jinx’s departure from Temesak Holdings. While many Singaporeans have cited the reason behind it is Ho Jinx’s spectacular losses incurred during the current financial crisis, I suspect there is more than it meets the eye. Temesak Holdings and PAP have never acknowledged any wrongdoing or mismanagement. Singapore also does not have the history of public officials stepping down due to spectacular failure.
Prior to the global meltdown in 2007, there has already been growing animosity from many world governments on over-secretive sovereign wealth funds such as Temesak. The US Congress even went to the extent of signing memorandum of understanding with several sovereign wealth funds that these funds do not serve the political interest of their sovereign owners. Temesak and GIC are among the signatories.
There are some glaring points to consider whether Temesak would create the impression that it is a tool of extending Singapore’s soverign power into overseas markets. Amidst the financial crisis, protectionism has become an increasingly popular theme among policy makers. Many policy makers see it is essential to protect the local private sector from economic collapse and being taken over by foreign entities. Moreover, Ho Ching is the Prime Minister’s wife. Temesak’s takeover bid of Shin Corp that sparked a military coup in Thailand. Temesak’s portfolio consists of prominent market players in the Commading Heights of the domestic economies of many countries.
TH Board should come out with an apology for the big loss and a promise to do better in furture. We can then move on with ideas on how we and TH can do better.
would very much want to know out of the chest of $500 bil ( their gambling capital ), how much of it is our hard earn cpf which is been held back and never given back to us fully even till the day we die..
I am inclined to feel that Ho Ching is leaving Temasek in preparation for a political appointment within the next two years.
The Prime Minister needs a personal mentor when the Minister Mentor, the PMs’ father, vacates his present appointment due to old age and whatever other reason.
The Next PM Mentor has to have political authority over all the Other Cabinet Members to act on behalf of the Prime Ministers in case of any event.
With the Above-mentioned Theory, I surmise that Ho Ching is not stepping down to take responsibility for the losses nor because of her incompetency as claimed by many.
Some are very awared that there was no example or record of any leader in our country stepping down or holding themselves responsible for any mistake, blunder, negligent, complacency and incompetency. Not even apology, so, why should Ho Ching???
It would not be too long a wait for us to see what transpires from here, let us hold our breathes and see events unfold themselves.
patriot
I am inclined to believe that Ho Ching is stepping down in preparation for a political appointment within the next two years.
The Prime Minister needs a personal mentor and no one fits the bill better than Ho Ching. The Minister Mentor is unlikely to support the Prime Minister, his son, for much longer as he is very old. On the other hand, the Prime Minister will be very challenged without a personal supporter who MUST have authority as powerful as to be a stand-in for the PM in case of any event. This Personal Mentor preferably, if not , must be someone close and trustworthy to the PM. The Political Appointment has to have Authority over the other incumbent cabinet members as, as said earlier to stand-in as PM and to exercise control and manage the Cabinet.
I do not see Ho Ching relinquishing her Temasek Appointment as stepping down or for holding herself responsible for the losses in the Investments. All of us know there was no example or record to show any parliamentarian in Singapore has even apologized for mistake, blunder, incompetency, negligence, complacency or plain stupidity. So, why should Ho Ching?
The afore-mentioned is just my personal theory which maybe off the mark. However, if it is to happen, it will unfold before our eyes within the following years.
patriot
Dear Readers;
my apology for the double postings because I did not see the First One when I checked and reposted the article again.
Yours Sincerely: patriot
Patriot,
If I were Ho Ching, I kept away the limelight for the moment. The next high calling could possibly be the head of some charitable organisations or philanthropic work. Hope to be remembered for doing good than bad.
The only right decision Ms Ho make in her life is to step down (be it by choice or force), now she can run to the sanctuary of her family business by going into the political arena and play her part as a dutiful housewife (as a cabinet member serving her husband,,what? conflict of interest? nope, there is no conflict between the two ‘lovebird’), collecting pay and do nothing demageing to the country like bringing down the organisation where ever she goes…
Hi #163 Patriot
I belive your statement: “I am inclined to believe that Ho Ching is stepping down in preparation for a political appointment within the next two years.”
My grape vine tells me that the next GE will be in October, just in time for HC to leave Temasek to first become MP and then to take over from LHL as PM. Perhaps she will hold the PMship for only one term which should provide enough time for the next PAP leader to be groomed to take over the PMship from her.
Ok..on a more serious note : I don’t fault HC for her fallacy but her lack of courage to step up and take responsibility. Like the Empress Dowager of old, she is probably blinded to the real life happening way below her field of vision, relying entirely on her ass kissing eunuchs to paint the rosy picture. And drawing from the analogy of old, the loyal and capable officials would not have survive her regime, they would have been long gone either by choice or otherwise. So when it comes to the fall, she is not the only one to be blamed, those misleading her to those trusting her should shoulder the blame as well. Yet the government plays their favourite tune : turn on the loup speaker and claim credits when times are good, and press the mute button for mistakes and blunders, or blame the sky, earth and everything inbetween but themselves.
I am way past disappointment by the lack of responsibility and accountability displayed by the fat cats and tired of living under the roof of the lee household…..
In an August 21 Bloomberg report by Jean Chua, we were told that Merrill Lynch’s shares fell 55 percent since December 2007. Temasek took a gamble to acquire a larger stake and betted that the US securities firm would rebound.
S Dhanabalan greedily remarked that “if there’s an opportunity, we would like to look at it. Whether we do it depends on our assessment and risk diversification.”
Temasek first paid $5 billion for about 5 percent of the third – biggest U.S. securities firm even as share prices of Merrill continued to fall.
Sovereign wealth funds including Temasek, have helped banks such as UBS AG and Citigroup Inc. replenish more than $200 billion of capital after losses and writedowns from the U.S. subprime meltdown.
Why did Temasek continued to gamble only Ho Ching and Dhanabalan would know.
The asset value of Temasek from 2006 to 2007 rose 13% from S$164 billion to S$185 billion. But within the last eight months it crashed by 31% or S$39 billion to S$127 billion, wiping off all the rise in asset values of at least the past two to three years.
Temasek’s investment comes after Merrill booked $51.8 billion of writedowns and credit losses following the collapse of the U.S. subprime mortgage meltdown, the second-highest after Citigroup’s $55.1 billion.
Before the greed of Ho Ching and Dhanabalan came into the fore, Temasek was making a very healthy average of 18% annual return since its inception.
Dhanabalan said at that time that “we’re a long-term investor and we’re not a conventional investor in the public markets. We ride out the ups and downs of the market. But we certainly look at what the returns of the public markets are.”
Why then did he become so greedy and allow greed to blind his judgement? Is it the influence of Ho Ching?
Do we want someone as greedy as HC for president? Do we even allow her to play a part in the politics of the country? We need to think carefully against the backdrop of what has happened to Temasek Holdings.
Hi Singaporespirit;
I see Singapore Politics with a funny angle for the lack of a word to use on how I perceive local politics. In a way it appears very unique to me that we have a government that claims to rule democratically but implements policies like a authoritarian system.
The complex process that result in a group of people chosen to be leaders of a country with politicians of different parties contesting to rule the country always, though not invariably, result in coalitions in government. But, Singapore Government comprised of a single dominant party that practically renders the two Opposition Elected Members of Parliament inconsequential to any policy decision and implementation.
Within the Ruling Party, it appears a few top office holders from PM down to Ministers are very creative. As it stands, I do not know of any other country of any size and system having political posts of MM, SM, Assistant SMs, but despite the tiny size, Singapore does have many or more than necessary appointments. Creating one or two more will be no big issue.
Singaporespirit, correct me if I am reading You incorrectly, like many others, You and me tend to feel that Ho Ching leaving Temasek is because of investment losses. And that she scored a low point and demerit to her performances and therefore not entitle to post higher than her previous appointment. However, I do not see that means she is answerable to the losses, at least none in the Government, has said so. As such, I presume that Ho Ching could be appointed to higher office than her previous, however this remains a personal conjecture which maybe totally off the mark.
patriot
The Straits Times claimed that Temasek’s loss of 31% last year is still respectable compared with the average loss of investing companies in the World Index. But ST forgot to mention that in terms of the total amount of money lost Temasek’s loss is about the highest in the world.
This is because most of the other component investors that make up the Index are (by comparison with Temasek) mosquito companies investing no more than $1b.
If someone invests only $100 and lost all of it then, although the loss may be 100%, it is still negligible and does not hurt. However if someone invests as much as $100b and lost only 10% then the loss is most unbearable!!!
I feel very uncomfortable that we have engaged an FT to manage Temasek. Isn’t the investments in Temasek supposed to be state secrets that even Singaporeans are not allowed to know? Then how come we are revealing such state secrets to a foreigner?
#40) Pinkelistis Albinococus Concubinus Alpinis on February 9th, 2009 10.46 am
2 truths:
1. humans can safe the world.
2. humans are the main ones destroying the world the most.
If truth 1 is mentioned, and truth 2 is not mentioned.
it is still the truth.
so, truth 1 + truth 2 = nothing but the truth.
——————————————————————-
The two truths are Relative Truth and Ultimate Truth.
Relative Truth is not the same as Ultimate Truth.
Relative Truth is always relative to something – it is a matter of who says this and who says that; it also is conditional and comparative. Examples:
1) A 2-inch pencil is longer than a 1-inch pencil, therefore it is a longer pencil.
but when compared with a 4-inch pencil, the 2-inch pencil becomes a shorter pencil – this is comparative truth.
2) When a Judge makes a final decision (judgment) and find someone guilty as charged, the public generally accepts it as the truth. But if ordinary people were to say someone is guilty, many other people would question his truth, even if the same evidences have been presented – this conditional truth.
Ultimate Truth is universal. There is nothing to compare and no conditions attached. Examples;
1) Everyone who is born will die.
2) Everything that comes together will disperse.
3) Everything that is built will be destroyed.
Do people know that Temasek assets not only includes QUOTED investments like Merrill Lynch, Barclays both of which are heavy losers, but NON-quoted ones as well?
Stripped off the NON-quoted ones, Temasek loses would have been much worse, especially with Merrill almost worth nothing.
And by the way, why did Ministry of Finance only use figures ending Nov 2008 when stock markets, especially Singapore’s SGX played catch up to even further falls?
Re: #174:):
Last sentence should have been read as:
And by the way, why did Ministry of Finance only use figures ending Nov 2008 when stock markets, especially Singapore’s SGX of which Temasek has the majority of its assets/quoted investments, played catch up to even further falls, since Nov 2008?
Lest you guys overlook the point that although the reported loss is 31%, the average annual profit margin of 18% was not factored into this loss. Add the both up and you get the real loss of 49% (31% loss + 18% average annual profit).
Should we have a president who does not bat an eyelid covering part of the truth and expressing only half truths?
Sounds good too me.
Avoids double handling and achieve direct line of communication.
Poor HC. I saw her the other day in a shopping centre. She looked serrupticious and kept trying to avoid meeting people.
Many parts of the first world, they are great motivational charity speakers and movers who are able to secure donations and re-distribute the earning pie to help the poor, needy and old.
The job is demanding and needs much networking but it is doing good and will be much appreciated by common citizens.
Starting with a hat that go around ministers and president, a precedence can be set – getting the cabinent and president to return some of their excesses to the common people – the needy, poor seniors, etc….and who would not dare to make a donation ubder such circumstances.
Really a worthwhile cause.
FROM A POOR RETIREE
THIS IS SURVIVAL FOR MOST IF NOT ALL OF US.
AFTER READING THE POOR SHOW OF OUR FUND MANAGERS, i WONDER IF IT WAS THE RIGHT THING TO TOP UP MY CPF PLUS SCHEME.
mAYBE THEY MIGHT SQUANDER ALL OUR FUNDS IN THE IR CASINOS AT MARINA BAY.
HA
RGDS,
SAM
THIS IS NOT THE FIRST TIME THAT THE NEW BOY HAD BEEN TAKEN FOR A RIDE BY THE STREET SMART ANGMORE CO’S,
tHIS IS SURELY VERY EXPENSIVE LEARNING FEES!!
HOPE WE SG’S LEARN SOMETHING FROM THIS AND NOT BE HOOKED AGAIN, EVER IN THE FUTURE.
EVEN A NOVICE LIKE ME KNOWS THE BASICS – BUY UPTREND TO SELL HIGHER AND SELL DOWNTREND TO SHORT THE MKT.
iT BEATS ME WHY THEY PERSIST IN BUYING WHEN THE MKT TREND WAS GOING SOUTH.
WHAT KIND OF STUPID FUND MANAGERS RISK BILLIONS AT STAKE.
MAYBE THEY DARE NOT SPEAK UP ON THE EMPEROR ‘S NAKEDNESS. FOR FEAR OF LOSING THEIR HEADS.
SHE IS ONLY A POLITICAL APPOINTEE..
THE CHINESE CALLED THEM COMMISARS
SAM