Straits Times: When you made the decision, did you have the information on like how big our reserves, how much of a draw this would be on the reserves…?
President Nathan: Of course I have. Of course I have.
Straits Times, 18 Feb 2009
HELP keep the voice of TOC alive!
If you like this article, please consider a small donation to help theonlinecitizen.com stay alive. Please note that we can only accept donations from Singaporeans. Thank you for your assistance.Do you have a flair for writing? Volunteer with us. Email us your full name and contact details to theonlinecitizen@gmail.com
of course he did. mr ong teng cheong was “lying”.
well, let’s say if they want to shorten the 56 man year and get the result in 2 days, how many people will be needed? tens of thousands
So it looks like someone has told nathan that people wants to know how he made the decision and to come clean on it. So now he at least have to come out to say something. Stop insulting our intelligence by saying that you can do what President Ong Teng Cheong could not. 56 man years vs 11 days? Come on, we are not 11 days old you know, most are probably 56 years old.
No need for 56 man years to compile our reserves because our reserves have shrung so much, that it can be compiled within 11 days
We need a president to take care and safeguard the nations reserve, those billions out from the taxpayers pocket, those billions of our trapped cpf savings, those billions out from all kinds of funny taxes collected from the people, those billions out from the summons and fines intended collections from the people, those billions out from all those locked up medisave and special accounts, all these billions and billions of blood and sweat money from the people of singapore . . . . . . . where are they now? what’s the final book balance now? The people of singapore cannot allow the bleeding to go on and on just because someone says so, its total madness, all these money comes not only from the common folks, they are also from those men in uniform serving the nation and they too, have parents to take care of, the nation and all the money belongs to the people of singapore, so the robbing have to stop now before the nation and the people go bankrupt. Those who have already made your millions or billions, please go away and stop harrassing the citizens, we are not criminals nor slaves where you can do what you like to us, without us working so hard for the nation, there are nothing to boastful of how great you are.
if i am his son/daughter, grandson/granddaughter or relative, i would be embarrassed by this old man.
that’s not pretty much an answer isn’t it?!
Our president’s attitude reminds me of one of those building security guards who are supposed to keep watch and yet falls asleep while on duty in the middle of the night.
Just sitting in the booth there for show only and waiting for his shift to be over in the morning.
According to the recent reports that GIC losses $50 billion and Temasek losses $58 billion, these translate to SGD $100 billion loss!
A simple calculations ($100 billlion, too many zeros, let me know if I calculate wrongly):
Every Singaporean + PR:
$100 000 000 000 / 3,642,700 = $27,452
Each of us is lossing $27,452.
if i were in his shoes i also keep quiet.
Every year can get one more new terrance along Celyon Road, fully paid in cash with renovation.
I also do the same.
Strangely, it seems like for these cases, the less they are paid, the better they will do their job.
Cos if i get paid less, i might do just that!
“Our president’s attitude reminds me of one of those building security guards who are supposed to keep watch and yet falls asleep while on duty in the middle of the night.
Just sitting in the booth there for show only and waiting for his shift to be over in the morning.”
That’s a lot of money for a security guard…
hai……………..key???? Wat key??
ATM machine already broke down long ago.
I hope by the time I’m OLD….my children can “REALLY ” have it back when I’m dead.
Time changes…rule are re-written everytime…………..WISH I could be a “QUITTER”.
” Calling the process a “rigorous one”, he said his approval was given on 21 January, just one day before the Budget was presented to Parliament on 22 January…
‘1 day before presented to Parliament’ means our Finance Minister already got all the Budget statements ready 1 day before, waiting for his approval.
Also means, there is NO contigency plans for Budget statements in case our dear President denied the use of Reserves.
So, got ANY CHOICE for our PRESIDENT or not?
Just when you think Wall Street Bernard Maddof ponzi scheme is gargantuan, the TH/GIC episode will be at least three to five times of what Maddof cheated on his three millions subscribers. The TH/GIC scheme is misleading the whole nation and Singaporeans are pathetically at the mercy of a useless President!
No 13) said it succicntly.
I wish more world wide mainstream media would shout this loudly to the rest of the world.
What ‘independant’ president?
8 years have passed since President Ong Teng Cheong stepped down. I am sure the Accountant-General’s Office (AGO) of the Ministry of Finance would have sorted the list of assets that make up the reserves and their values by then. The AGO is a pretty big department.
Prior to the Elected Presidency, the AGO must have prided itself as the gatekeeper of the reserves and the central go-between among the Cabinet, GLCs, Statutory Corporations, MAS, GIC and Temasak. Otherwise, they would have not reacted so negatively to the Elected President’s Office which usurped their role.
The present system if stay unchange will only lead to further bleeding of our state reserve. As the days pass, the bleeding continues as we are still not even near to the impact of the reccession yet. Do something now before something will do all of us in. Remember, someone says “there is no guarantee” so to say that they will not be held responsible nor accountability to the people of singapore.
what a moronic statement ! even my dog can utter that. I have absolutely ZERO respect for him and for that matter, any statesman who dodges the crux and refused to come clean. WE NEED TO KNOW HOW MUCH IS THAT RESERVE AND WHAT’S LEFT AFTER THE FAILED INVESTMENTS! period.
18) morons #
they cannot release the actual figure, it will be too shocking to the nation to know the truth, remember the recent report of GIC total loss of $50billions? and this figure is based only as of Mar last year while the impact of the financial meltdowns was at its peak started somewhere end last year, so you can just imagine what kind of figure will be, mind you, its money belonging to the people of singapore, not theirs to worry about as long as they keep their $million salaries going, who cares! its the singaporeans that will be made their scapegoats and pay for their mistakes.
19) tiredsingaporean
Just like how some poor americans who will be paying for those million dollar CEO and gang that get super high bonus and create all this trouble
Great can we know the numbers and the breakdown ?
Take it as we have national interests at heart.