Latest: The Government Gazette has revealed that changes have been made to polling districts. Such changes are part of the steps that need to be taken ahead of a General Election. (Straits Times)
Andrew Loh
“This is your money. You have a right to know where it’s going and how it’s being spent. Learn what steps we’re taking to ensure you can track our progress every step of the way.”
Unfortunately, that isn’t something you will hear from the Singapore government. The above statement is, in fact, from the website of the United States Government. Called recovery.gov, the site provides information on the government’s American Recovery and Reinvestment Act which it describes as “an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century.”
In an even bolder promise, it says, “This website, recovery.gov, will be the main vehicle to provide each and every citizen with the ability to monitor the progress of the recovery.”
President Barack Obama has not missed a step since occupying the Oval Office in getting his feet wet in trying to turn the economy around and is seen as leading from the front. Indeed, just today (18 Feb), Mr Obama put his signature to the $1.2 trillion stimulus package to lift the US economy out of the doldrums.
What about our own leader? As we asked during the Mas Selamat Kastari’s escape saga and the PAP Town Councils’ investments fiasco , now we ask the same with regards to the recent Budget debate on the reserves : Has anyone seen Prime Minister Lee Hsien Loong?
The only other mention of the prime minister, funnily enough, happened after the Budget debate – by President Nathan at a press conference when he was explaining how the PM had approached him to give him a heads-up about drawing on the reserves.
Has the Prime Minister gone missing – again and again?
Given such a a momentous and historical event as dipping into the reserves for the first time in our history, one would expect the Prime Minister to be at the forefront of proceedings, or at least to be standing shoulder-to-shoulder with his Finance Minister. Yet, even amid the uproar and clamour for transparency when the losses of Temasek Holdings and the Government Investment Corporation (GIC) were revealed, the PM seems to be ironically transparent — so much so that he has disappeared into thin air — and his ministers made to face the firing line alone.
The resignation of his wife, Mdm Ho Ching, from Temasek was left to the chairman of the company to explain, and perhaps rightly so. The losses of Temasek and the GIC were left to the Senior Minister of State for Finance, Mrs Lim Hwee Hua, to explain to Parliament. It wasn’t the Prime Minister, nor was it the Finance Minister or even the Second Finance Minister, Lim Hng Kiang. It was left to the Senior Minister of State.
Make it low key. Downplay. Keep the alarm bells away.
Notice also how the Minister Mentor too was completely silent during the Budget debate. I mean, even Mr Chiam See Tong, who is visibly not as physically fit as he was before, made several cuts during the debate. MM was well… mostly missing. No pun intended. And what about SM Goh?
There’s an important difference between the US and Singapore governments in the way each treats its citizens. The US government, under President Barack Obama, sees its people as shareholders with a stake in how the government spends its money. The Singapore government, on the other hand, sees any query about the way it spends its money as troublesome. This is demonstrated most succinctly by the recent Budget debate where questions on Temasek, GIC, reserves, etc. were unanswered or answered with non-answers. President Nathan himself held a press conference only after the Budget debate ended and after much uproar among Singaporeans calling for him to explain his reasons for approving the government’s request to use the reserves.
Cultivating active citizenry is one of the Government’s aims. It has said so several times in the past. Yet, it seems that when it matters most, and when presented with an unprecendented opportunity in this unparalleled economic crisis, the Government instead has chosen to stick its head in the sand.
It has gone the other way and refused any meaningful disclosures or explanations of its actions.
President Obama, on the other hand, perhaps coming from a civil activism background, understands empowerment. My friend, Grace Toh, explained it thus:
“To empower people, you provide information unilaterally and voluntarily, rather than make people question and suspect. Questioning is good but it breeds cynicism. Voluntarily giving information sends out a strong message – that they have nothing to hide – and inviting people to take part is even better,” she said of Obama’s initiative with recovery.org. “This is what active citizenry is about - government being transparent so that people know how bad or good the situation is.”
“Active citizenry in Singapore, on the other hand, is defined as doing something in ADDITION to what the government is doing,” she adds. “Doing something to help you and your community in this way takes more effort and is less empowering because people get fed up. Life in Singapore, making a living is already so hard. Why do more to make things better? So people don’t get involved.”
The government still has time to correct its actions and be more upfront and transparent in its dealings – especially when more than $100 billion, the estimated total losses incurred by both Temasek and the GIC, is involved.
With the world economy still in a tailspin, these losses may be even higher in the coming months.
If the leadership board in our Government does not think or feel that transparency and accountability are important, then more than just an opportunity to encourage active citizenry will be wasted. There will be a political price to pay, both for the PAP government and for Singapore as a whole.
In the end, no one gains, and we would have lost more than just some money.
———-
Related posts:
- Memo to the Prime Minister
- Ho Ching’s Temasek appointment is not decided by the Prime Minister, says High Commissioner
- Has our Prime Minister gone missing again (Part Two)?
- Has our Prime Minister gone missing too?
- Damage control by the prime minister?
I just saw the French president (explaining on TV how the budget was going to help the poor) on BBC. I wondered why he didn’t just leave it to his finance minister, like ours did.
Our PM has not curiously disappeared.
He is actually behind the “wayang kulit ” stage with the puppet master,
who is showing him what happens when certain strings are pulled,
and we just witnessed the biggest puppet making a quick appearance and exit
for the benefit of the public….rather sluggish and unconvincing performance.
Nevertheless, PM Lee must learn this art very quickly before the puppet master
passes on. And I am pretty sure PM Lee learnt that for some tricky situations,
it is better to let the puppets take the stage while he pulls the strings.
PM must take note that in the future, he must do it without someone holding his hands.
The day when the real truth behind all this fiasco is imprinted in history, we all can only look back: “Fudge! How come we’ve been fools for so long?”
Alas, by then we can only look back and weep at our foolishness.
Do the right thing, make sure your associates and families vote with their eyes open, live with their eyes open. This is OUR country, not a Dynasty.
Barack Obama’s daily schedule is well-known. He works every day including meetings on Saturday from 7 am to 9 pm, and for that he gets US$400k p.a. Unfortunately the daily work routine of our PM is not known, but I would imagine that since he is drawing six times Obama’s salary he should be working at least six times as hard.
Lao Lee already said something – our investments are long term over the next 15 years.
(PS – he won’t be around to see it when shit flies)
Its time now for each and every citizens to sincerely ask yourself, how long more do you people want to be tortured for the mistakes made by this present ruling party. Do you want the torture to spill over to your next generations, your childrens and grandchildrens. Do you still regards yourself as the true blue citizens of our beloved country called singapore? Do you? then open your eyes now and see whats been going on around the country, news which were not being made known to the public, more and more hidden things uncovered and still no answers from those responsible. Your vote is your only passport to redeem you from what you are now.
If i ask you all which country in the world is most difficult to change, as in u know what kind of change, which would you suggest?
i no no wor.
yep, so much credibility to sissyLoong. I wish him all the best in the upcoming GE, pui !
PM LSL is just like Taiwan former president TanSB,when there is a crisis in the country/govern,TanSB will disappear for 2-3 weeks,his subordinates will do something to divert ppl’s attention. When there is a crisis in S’poore, the PM will lay low for as long as he can,in the meantime, his father will predict China’s growth,talk about other countrys future, his subordinates will come out with all sort of cock and bush storys to soften the impact (like Lim S S acted like a fool in parliament to tell jokes,Lim H Hua compared Temasek’s loses to worst performed index,Richard Lim’s transport fare not link to oil prices etc). PM LSL is busy with Teo CH working on how not to cut in PM, MM ,SM, ministers million sgd salary when situation doesn’t improve and HA minster Wong KS how to win GE without giving voters a chance to cast their votes to elect their choice oppositions.
The losses in GIC and Temasek were quite regretable and in fact alarming. The combined losses is almost equivalent to 5 times of Citigroup’s net worth today.
Almost every major banks of repute, be they in US, Switzerland, London, Germany, Paris or anywhere else, they suffered brutal onslaught because of their exposure, small or large, to sub-prime or some complicated derivative investments. Hedge funds, private equities and funds of all shades see their investment declining at unbelievable rate. Unless traders properly time their shorting of markets, not many players, large or small, banks or funds, government or individuals are spared from the financial fallout.
Temasek and GIC may not have buck that trend and like the many who suffer from the financial meltdown, there was a write-downs on loss investments. Of course we are certain that going forward, there will be preservation of the funds and Temasek will position its money for the next phase of growth. The strategy now is not growth but defensive investment to preserve what is left. There is a proper time to make money and now it is not that time.
To put matter in perspective and to give some measure of support to Temasek and GIC, our hundred of billion of investment did not magiccally materialize as it mysteriously disappeared. It was not God-sent. It was painstakingly built up to become a respectable reserve. Whether those sovereign funds are from Abu Dhabi or from Dubai, they were similarly hit, if not worse off than Temasek.
The meltdown affects everyone with Madoff’s Ponzi scheme crippled because of the lack of fund to pay forward to those who invested their hard-earned money in the Lehman’s products in Singapore.
Almost every one is hit and it is really only how blue or black they are.
#62,
lol. If you cannot stand the heat, get out of the kitchen lor!
Nobody asked you to be PM. You think earning millions is easy? And nobody seems to be able to retrench you when you screw up.
1 MM, 1 SM, 2 DPMs, 2 more Ministers in yr office -still cannot perform. Better they goback n practise on yr game first.
To #61 David Leong on February 20th, 2009 5.48 pm:
> The losses in GIC and Temasek were quite regretable and in fact alarming. The combined losses is almost equivalent to 5 times of Citigroup’s net worth today.
The current situation begs more clarification and information from the PAP dominated govt.
What proportion of our total reserves has been lost in the past 3 years’ worth (since 2006 election) of bad investments?
How much more are we at risk of losing (best, worst, realistic – 3 scenarios)?
How much do we have left?
Where is the remainder that we have left invested?
Without open information and accountability, adjectives like “regretable” and “alarming” remains subjective qualitative words that carry no value.
> Almost every major banks of repute, be they in US, Switzerland, London, Germany, Paris or anywhere else, they suffered brutal onslaught because of their exposure, small or large, to sub-prime or some complicated derivative investments. Hedge funds, private equities and funds of all shades see their investment declining at unbelievable rate. Unless traders properly time their shorting of markets, not many players, large or small, banks or funds, government or individuals are spared from the financial fallout.
You are listing private entities. What about public entities? How many Asian SWFs have been similarly badly hit (in relative terms) by poor investment strategies? In any case, the large private entities are answerable to its shareholders. Why is it that when Tharman was asked about the mobilization of our reserves his answer was the system is based on “trust” (???). Whatever happened to KPI, meritocracy and accountability?
> Temasek and GIC may not have buck that trend and like the many who suffer from the financial meltdown, there was a write-downs on loss investments. Of course we are certain that going forward, there will be preservation of the funds and Temasek will position its money for the next phase of growth. The strategy now is not growth but defensive investment to preserve what is left. There is a proper time to make money and now it is not that time.
Are you saying that you are privy to confidential official “secrets” information that gives you this confidence in our losers at Temasek and GIC? If so, pray share and support with facts and figures, so that lesser mortals like us can have a glimmer of hope. Please do not use the word “trust”. We had trusted the leadership of Ho Ching (and those who appointed her into her Post Turtle position) despite her track record of mega losses. GIC, led by who? What of conflicts of interest?
> To put matter in perspective and to give some measure of support to Temasek and GIC, our hundred of billion of investment did not magiccally materialize as it mysteriously disappeared. It was not God-sent. It was painstakingly built up to become a respectable reserve.
To put matter in perspective. Our PAP ministers have asked for extraordinary pay, even exceeding 1st world standards, claiming their extraordinary abilities to lead the country. It is only fair that we demand extraordinary performance. Do not just compare their performance with some worst performing index, but to compare with the best too.
> Whether those sovereign funds are from Abu Dhabi or from Dubai, they were similarly hit, if not worse off than Temasek. The meltdown affects everyone with Madoff’s Ponzi scheme crippled because of the lack of fund to pay forward to those who invested their hard-earned money in the Lehman’s products in Singapore.
What of our CPF? How much of it is used to fund investments by Temasek and GIC? Any information to prove that it’s not Singapore’s next Ponzi scheme?
> Almost every one is hit and it is really only how blue or black they are.
Even with a 20% pay-cut the PAP ministers are still the world’s best paid by a large amount. Plus some of them holds several titles to entitle them to multiple pay. How blue or black are they?
These PAP ministers and family get pension and free high-class medical services all paid for by the people. While our old folks whose sweat-and-blood built this nation has to go to JB for nursing homes as repeatedly “suggested” by Khaw? Khaw who broke his 2006 election promise of “no means testing”.
By serving for 1 political term, the ministers already have multiple millions that can buy them and their families a comfortable lifetime exile in another country.
Is there any PAP minister willing to lead-by-example and live for at least 6 months to 1 year, with $300/month public assistance, the usual adhoc food and utilities vouchers, public rental flat? Or he/she is willing to personally live on $1000/month gross-salary doing a 12 hours-a-day job with shift-work for 6 months to 1 year (with workmen’s compensation and 7 days-off per 12 months)? These are the kind of jobs that PAP ministers are asking Singaporeans to be not fussy about and take-up, regardless if they were PMET before. If there is a PAP minister who volunteer and survive the ordeal, I may at least consider supporting that PAP candidate in his ward. Otherwise, for the pay that PAP is asking, better performance with open information and accountability is a basic expectation. Do not give us more of LSS’s storytelling or Khaw’s broken-promises or Tharman’s trust or WSK’s escaped-terrorist-is-not-my-problem or Lee’s missing-in-action.
For now, the opposition candidates have more credibility for they did not get their seats in parliament by riding on GRC or walkovers. The opposition wards won their seats despite unbalanced media reporting and censorship. Guess what? They did not collect generous Town Council fees, nor did they have lose large amounts of Town Council sinking funds in bad investments.
As a stakeholder of Singapore and a buyer of public services (yes, our elites better wake up to the idea that they are but civil servants), I demand quality that commensurates with the price paid.
MM Lee has been around for far too long (Who in this world will be still lingering in Parliament at the age of 80plus?). If he is not going to step-down graceiously while he still has the opportunity, he will see the rise & fall of his party. Lee’s dynasty star is getting dimmer.
Many elderly citizens who witnessed MM Lee who became first PM in 1959, have no respect for him anymore. His children & in-laws need no further elaboration.
Don’t be surprise PM Lee will use ISA or defamation suits against any opposition politicians when his Papa no longer around.
This election might have more Group Representation Constituency (GRC) which make the opposition parties more difficult to find candidates. PAP (Poor Also Pay) has lower chance & tougher in winning for Single Seat Ward.
A curious question:
What is Eunice Olsen doing in the parliament & Who nominated her?
She should join the model, fashion industry or something.
NMP is Not for her.
This country is getting from bad to worst, slowly but surely.
#61 David Leong,
“To put matter in perspective and to give some measure of support to Temasek and GIC, our hundred of billion of investment did not magiccally materialize as it mysteriously disappeared. It was not God-sent. It was painstakingly built up to become a respectable reserve. Whether those sovereign funds are from Abu Dhabi or from Dubai, they were similarly hit, if not worse off than Temasek. ”
i believe you. But how do you know? do you know for sure what happens there? make no mistake. I believe you, but…..
63) Hahaha on February 21st, 2009 9.20 pm
[[[To #61 David Leong on February 20th, 2009 5.48 pm:
> The losses in GIC and Temasek were quite regretable and in fact alarming. The combined losses is almost equivalent to 5 times of Citigroup’s net worth today.
The current situation begs more clarification and information from the PAP dominated govt.]]]
Although you and some others are curious to know,
i wonder why the rest are ok with not knowing?
and since majority never ask for this info……………..
its actually the majority that is the ………. , the way i see it.
For those who still in defence of the temask and GIC’s nonsense of so-called long term investment :
Be real, and if you think it is good, ask yourself, will you yourself gamble away your stake money when the warning signs are already there and top guru swarn against these investment ? Will you even try to beat the down spiral market in the foreseenable long term ? If not, what is there to accept the gahmen’s claim of long term ? Oh yes, Long term, but then why the ministers’s pay not hedge against these long term investment if they are so confident of long term ?
And even better still, will you hold on to your losing stake indefinitely due to your ego and fear of reprisal and ridicule ?
at NS, why the hell i take the oath to protect the nation ?
(actually can’t remember the oath, u are force to take it)
I am an Obama supporter. However, I am not pleased with his recent economic stimulus bill of US$737 Billion, $50 Billion of which has been put aside for the housing mortgage crisis.
As far as Singapore is concerned, the Govt does as it pleases, and there is no real information given at all to the public, except when it is compelled to notify the singaporean public of it staggering financial losses. No accountability.
In America, the future generations of Americans will have to work till they drop dead to pay off the taxes, incurred with the spend spend spend policy.
There are a good 15 million Americans that have no jobs now, the Job loss #es for Jan of ‘09 was 580,000 american job losses.
What the impact that has on Singapore, which depends on the sales of its exports to America…will be seen. So far, the Singapore Ministers’s salaries are very high for doing reall nothing, when Singaporeans may well see job losses in Singapore, due to the financial meltdown of America. We are waiting to see the American Job Loss #es for Feb’09?
The Temasek investments are truely alarming cos they are direct purchase of ordinary shares. Meryll and Barclays
The ones made by GIC are preference shares with a coupon hence Citi and UBSs are safer as the principal can be redeemed if the option to exercise to convert the notes to shares is not taken up by GIC. Tony Tan as a banker…has made some wise moves. However, with Citi in such a perililous position and looming takeover by the US Treasury, bondholders are possibly screwed & may be asked to convert debt to equity…cos it’s unlikely Citi will have the billions to pay back preference shares holders.
The Temasek investments are literally screwed. There was a financial article in the Asia Sentinel, a foreign publication that talks about how the 31% loss is on a low side and is likely to be about 50% due to possible injections of assets by MOF (which is legally by the constitutions). It will be interesting to see if Temasek or the Government takes a legal position and sues the Editors of Asia Sentinel or the Analyst that wrote the article.
What’s already lost by Temasek and GIC is still nothing compared with what they would continue to lose if both Citibank and Bank of America are nationalised by the USA govt.
Please go to the website at
http://www.chartingstocks.net/2009/02/gone-in-60-days-citi-and-bank-of-america-wont-live-to-see-may/
which is predicting that both Citi and BOA will be gone by May 09. Then all our entire investments in Citi and Meryll Lynch (now part of BOA) will be gone forever.
This grim prediction is worrying me sick every day now, as I have all my life savings in my CPF. Now I don’t feel so rich looking at my CPF account.
I think it is better for GIC and Temasek to quickly cut loss and run while it still can, before the American banks are nationalised.
67) Daniel on February 22nd, 2009 10.47 pm
For those who still in defence of the temask and GIC’s nonsense of so-called long term investment :
And even better still, will you hold on to your losing stake indefinitely due to your ego and fear of reprisal and ridicule ?
Yes Daniel, they are biting their own bullets now. I can’t imagine how singaporeans will response if they really lost all our entire cpf life savings, this could trigger off something damn bloody serious, to what extend? ask anyone on the street what will they do when they discover all their enitre hard earned cpf savings totally gone . . . probably they will say “I will kill them”
[i]Yes Daniel, they are biting their own bullets now. I can’t imagine how singaporeans will response if they really lost all our entire cpf life savings, this could trigger off something damn bloody serious, to what extend? ask anyone on the street what will they do when they discover all their enitre hard earned cpf savings totally gone . . . probably they will say “I will kill them”[/i]
and liked i said before
postin in yougpapforum
i also TELL
the isa/generals/polis commisionner
their cpfs savin$ is as good as ^mine^
when its gone
all gone
not only the peasants…
@ least my amount is peanut$..
THEIR$?
you tell me
This govt is typical of its hypocrisy. They can ask for top salary but can’t take responsibility when it matters most. They only promote active citizenry and participation as long as they are not questioned and keep power. PM and his ministers and civil servants are continually trying to promote themselves and portray themselves as the only viable choice of the people. Thus the govt and country will go downhill if nothing is done by the people.
Don’t worry , when people outside SE Asia are asked about Singapore , the few that know even where or what it is , just think of it as a small city run by an Asian godfather , a bit like the old regimes in Indonesia and Philippines , and its a bit of a laughing stock as far as government salaries are concerned . Who pays that much money to run an insignificant little city , can’t even call it a country it has no hinterland.
And don’t worry , when the PAP lose power and the truth comes out about how they ran the country , history books will be rewritten .