My post was to correct Sze Hian’s statement: “The difference between Temasek’s 31 per cent loss, which was made known earlier, and GIC’s 25 per cent is far from “substantially lower”.

25% decline IS significantly lower than the decline of 42% in the World Equities Index. That statement by Lim Hwee Hua is factually correct. But whether GIC’s performance should be benchmarked with the WEI is another issue. As you pointed out, it has more asset classes than just equities, and should rightly be benchmarked to a blended index.

cheers

If I’m not mistaken, GIC’s portfolio consists of about 40% bonds which probably have appreciated as interest rates were lowered by the major economic countries which would have cushioned the most likely sharper fall in GIC’s equities portfolio, real estate and special investments, eg hedge funds/private equities

“Where is the sanctity of Parliament and its accountability to the people of Singapore?”

More like wayang Parliament lah.

In any case I thought that in principle, it should be that Parliament is SUPREME.

There should be more questions asked or inquiry held as to how such losses came about.

It is reported that the South Korea Pension fund made a small gain of 16.6 billion won profit on its 236,000 billion of asset because, having envisaged that the stock market was falling, it increased its bond holdings after selling off its equties.

Edward, you are absolutely correct!

Elections are but an inconvenience to the PAP. An inconvenient but necessary exercise. They have come to believe that it is their right to rule this country.

Sze Hian, I posted the link before in other threads, so you must have missed it.
Hwee Hua said GIC’s loss was significantly lower than the WEI’s 41% (should be 42% which she mistook for 41%), and not compared to Temasek’s 31%.

/// Sir, I have given that reply to a previous parliamentary question, that GIC has actually registered a significantly lower reduction in value than the World Equity Index which I believe was 41% – let me just clarify that it is actually in the Hansard*. ///

http://www.parliament.gov.sg/parlweb/get_highlighted_content.jsp?docID=431637&hlLevel=Terms&links=LIM,HWEE,HUA,GIC&hlWords=%20%20gic&hlTitle=&queryOption=1&ref=http://www.parliament.gov.sg:80/reports/public/hansard/title/20090210/20090210_S0003_T0004.html#1

In the nutshell, Singaporeans deserve what they are getting. I know it sounds harsh but I feel that’s the reality.

Sad to know the the reserve can’t let Singaporean know. By the way, the reserve is belong to every Singaporean.

Only MM can disclose such things. And he talks more to foreign media, than in parly, heh?

And can you blame him?

He can make or break anyone in Parly.

He cannot do that to foreign media. He can only sue them but they continue doing what they do, with scant respect to him. Look at DJ.

Power respects power. “Running dogs” can be ignored.

So you must understand the mentality of these people. Even if it is the nation’s reserves, they will also think this way.

Of course they cannot say in this way lah.

Furthermore, even if the people suffer badly, they will not protest in the streets.

With no protests and strong support at elections time and again, why care about what the netizens say? Or what those in kopitiams say? Or what you think in your heart? These don’t really matter, right?

One more thing, GRC, lack of oppositon candidates and lawsuits!

nuf sed. Its Time!