Latest: NUS student dies. (Straits Times)
Excerpts from the Straits Times, “GIC bought too early”:
In an interview with Reuters on Wednesday, he said the Government of Singapore Investment Corp (GIC) had bought ‘too early’ into global banks such as Citigroup and UBS , which were both hammered by toxic assets.
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He said there would be ‘no purpose’ in holding an election in Singapore before 2011, but the timing of a poll will depend on the health of the global economy.
Read the full report here.
Also: MM Lee warns Singapore’s GDP could shrink by 8% this year. (CNA)
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Citibank Closing below Usd1.00 on 5 March 2009. Bloodbath
/// 43) neversaydie on March 5th, 2009 8.46 pm
there was capital injection into GIC during those period and how could a 25% overall drop be a decent number? ///
How much was the capital injection?
/// As to whether the 41% by the MOS was the loss by GIC or was a mistake on her part, I think we can decide ourselves. Is it likely that an MOS make such a mistake? ///
I have already told you it was a mistake and told you to look up the Hansard. You obviously have not done so. Here’s the link and the relevant paragraph, which is verbatim:
Mrs Lim Hwee Hua: 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*
neversaydie – sure you can decide for yourself. When given such black-and-white verbatim proof and you still decide GIC’s decline is 41%, then let the world decide what kind of person you are.
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
Government of Singapore Investment Corp (GIC) had bought ‘too early’ into global banks such as Citigroup and UBS , which were both hammered by toxic assets.
Does the above sentence mean that they are admitting the mistake the made?
With all the scholars and yet they cannot identify when is the best time to make the investment. What a laughing stock…..
Citi is a penny stock!
Politics is politics….
ALL the opposition parties
must just get ready and don’t
be bluffed. A snap election can
be called any time now.
Just took get caught sleeping,,,,
Just 2 more cents lower and it should become $1 .
Great bargains!
Would more be pumped in to take advantage of this situation?
This would not be too early right?
Seriously, am i right ?
has the market bottom out already?
Other than citi, what are they involved in? who knows?
http://sg.finance.yahoo.com/q/bc?s=C&t=1d
Singaporeans don’t be a fool anymore, expect more weird things to happen soon. One minute Sand is in financial difficulty with the ongoing IR projects and next, they comes this morning on radio news, they are hiring tens of thousand jobs openings for all singaporeans, no skill needed as trainings provided. See how things can just turn around these days. Believe it or not, the MSM will be annoucing more and more GOOD STUFF and generate more smoke screen onto the people while the elites are now busy preparing for the snap (pow chiak)election with more walkover GRC. Vote them in again and get yourself slaughtered for another 7 years (2+5 new term) and get your childrens future screwed.
The conventional wisdom is despite the more ‘bloggivism’,
they will reign for another 5 more long years like it or not.
How should the alternative people live in the next 5 years?
How should mere mortals retire?
Instead of saying, “We had bought too early into global banks …” He said, “GIC had bought too early into global banks…” – talking about GIC Chairman taking responsibility? You decide.
We have been in a RECESSION.
But Are we in a DEPRESSION already?
How much has the GDP dropped?
Is there an official answer to this one?
And there you have it.
57) tiredsingaporean on March 6th, 2009 10.15 am Singaporeans don’t be a fool anymore, expect more weird things to happen soon. One minute Sand is in financial difficulty with the ongoing IR projects and next, they comes this morning on radio news, they are hiring tens of thousand jobs openings for all singaporeans, no skill needed as trainings provided. See how things can just turn around these days. Believe it or not, the MSM will be annoucing more and more GOOD STUFF and generate more smoke screen onto the people while the elites are now busy preparing for the snap (pow chiak)election with more walkover GRC. Vote them in again and get yourself slaughtered for another 7 years (2+5 new term) and get your childrens future screwed.
===============================================================
Our children will not be screwed if we do not follow the Keynesian way of solving the crisis like what the United States and Great Britain is doing. Remember John Maynard Keynes has no children. We have to seriously take note of this. Spending like the United States and Great Britain will result in future generations to suffer, something John Maynard Keynes doesn’t have to worry about. Our children will have a good future if we didn’t overspend, let the incompetent fail, have huge savings and reserves.
Best Regards,
Farming rules!
you heard what this senile old man said in channel newsasia ?
According to him, a combined of more than $100 billion loss from Temasek & GIC is just part and parcel of the investment cycle.
I really pray that he passed away faster than talking bullshit and making the life so difficut for us.
Nothing to do with John Maynard Keynes even though he happened to be from US.
US will get away with it but not UK. It is the USD dominance which will let USA get away with it. Unless and until the world “delinks” from too much of USD, US will still be able to screw.
However, some other country may take their turn to screw the world again if lessons are not learned and forgotten fast.
John Maynard Keynes happened to british
Everything from Equities, Commodities and Forex are getting screwed upside down and inside out!
The western govt and banks treat S’pore govt as sucker and S’pore govt in turn treat its citizenry as sucker. So who is the loser of course we singporean, so pls wake up, time for a change.
aiyoyo
life so pressure,
whoever can help commoners, sure got votes…
aiyoyo
eventually GE will be held this year, and when questions, LKY will quote John Maynard Keynes :
“When the facts change, I change my mind.”
64) Keynes I believe was a Cambridge Professor who was instrumental in solving the problems of the Great Depression of 1929 with his Theory of Income and Employment….
What the world need now is another John Maynard Keynes of the 21st century.
“Theory of Income and Employment….”
Do not place too much trust on social theory here and there which is not scientific fact lah. Social science has too many complex shifting variables for you to lock it down in some simple theory / formulation. That is why we are here where we are here.
20yrs ago, LKY said there would be a golden period. Now I say your golden period is doomed to fail, and you shall work forever and forget about your CPF. In fact, as long as you’re in Singapore, you’re doomed to fail. Best is get out of this country.
that guy said there is no body inside the system to do the job. so they hired the good one.
did the news not reported the wonderful performance of ho?
so there is talent and the talent left?
and left nothing due to the investment?
so, i wonder in time of need for local talent, why left and had to be replaced by foreigner?
when is the election? anyone knows? i look forward to it.
lauLee gets > $3M per year for uttering this rubbish.
His son also gets > $3M per year for leading spore to be the 1ST COUNTRY in asia to declare recession.
His daughter-in-law get paid even > $3M for incurring $58B loss.
Combined household income probably > $10M including fat bonuses.
Pardon me, and which is the richest family in singapore ? IT’S ALL ABOUT GREED, GREED AND MORE GREED !!!
Whether election today , tomorrow or Yesterday,
its not only the performance of the incumbent.
More crucial is the availability of choices.
when there is no choices, the status will be the quo, in my opinion.
we have seen many bloggers that somehow got a lot of spotlighting by the MSM. But what does this lead to? Any new choices for us? Has anyone declared to run?
So far, no. just some suggesting, maybe / may not be. depends depends.
should they be more garang?
let me know, fellow readers.
It is time we turn our attention away from LKY because he is history. We do not:
1. know if LKY is running the country and making all these bad investments
2. if LKY is alive (we don’t know if the person on TV is him)
3. if what he said that we have the reserves to stabilise us through 10-15 yrs is true.
What we need to do know for Singapore is to focus on our alternative parties, bring them into parliament, to help us out of our plight.
anyone knows how much is left in the kitty?
if do not know, how to event comment?
Come on, who believe 101% !!!!!
Its only that Riau province’s smoke havent been blowing over to Singapore skies, thats why old sage tried to throw that bit of smoke.
Its only Singapore Pool’s monopoly or else there could possibly be some gambling houses that would willingly take betting odds against what old sage said.
Tigers dont change its stripes – its not folklore, its real.
Dont forget lightning strike Merlion not without purpose, hahaha.
i think they should hold the election soon, when people still believe economy would return to pre-crisis status quo, and start to recover when USA recover. This i believe most people would think so now.
But, what if, just what if, we never return to that state?
Crisis have a big impact to business and they may react to this crisis and develop different ways of doing things. SG may have less value to foreign investment then. Sorry, somehow i am not so optimistic because of current gov leadership don’t impress me.
We were once living in slum and achieved 1st.Class Nationhood. The bad news is about all the signs pointing to Doom & Gloom if the World Recession is not corrected! The ever increasing cost of living and the stressful lifestyle is now taking it’s toll on us……..Everything went up too high as though there is no tomorrow and now the tomorrow is rather bleak and what goes up must come down………..my humble TOSAI that cost 30 cents before now is a $1/- .
to MC Harding,
MM is looking the best so far in his golden years; should be more worried for PM – as he looked really bad during the start of the Mas Selamat episode………
well the senior is in full authority – perhaps he has the charisma, and he can say what he likes…..
May both have good health till judgement day…..
the casinos will still be around to be the testament of a solution to the economic woes
#63
According to him, a combined of more than $100 billion loss from Temasek & GIC is just part and parcel of the investment cycle.
hehehe
Could nick leeson have used that line for his defence?
THIS OLD MAN he say one,,//////////MANY MANY are taken for
surprise,,,,do take old man useless, when he always appear on tv,,,,,,,,there
are something fishy going on,,,,,,,
Singaporean are to be cheated again,,,,,,,,,,,
Another five years to be suffer again,,,,,,,,,,,
THEY are well fed again and again,,,,,,
“a combined of more than $100 billion loss from Temasek & GIC is just part and parcel of the investment cycle.”
I am sure the Oracle of Omaha don’t think this way, and that’s why he succeed…
only we-know-who can say something like this, but i wonder how people will be shock and laugh at this wonderful comment
firstly MTI estimates between positive & negative (did even bother to remember as they revise every now and then),
then the budget day brought forward,
then Ho Ching stepped down,
then the cut in transportation charges initiated by Public Transport Committee
then the revision did come, bring the forecast down as low as -5%
then the son mentioned -8%,
then the reduction in public utilities kicks in
then the father mentioned -10%,
the above sequence of events is definitely a coordinated one
I would deduce that initally there was an intention of having an ealry election.
However, fast deterioting of our GIC and Temasek investments and many unrests in the regional countries, the father might think the tactic of early election may not work well enough like the early election in 2001 when they saw the 2002 recession coming.
So he might as well give a ‘SHOW HAND’ of declaring -10% before MTI announces further downward revisions which will make our people uncomfortable.
So my guess is they will still call for an early election, and its likely towards end of the year.
alamak elections held early cos then additonal locks can be put on CPF lah as reserves go down. those hoping to take CPF out in the next 5 years can wait …………………………………….
Agree with # Ghim Moh Resident,
MM also appeared much relaxed, natural ,in earnest and direct…….alas, the unfortunate thing is that he is getting on age and will have to fade away from the political scene in due course
PM’s idea to go ahead with the IRs is now under severe testings – hence MM on stage frequently, press reporting good things coming out of IRs – of course forgetting the real problems Sands are having now @ their own HQ, and the curse of gambling placed on the future generations of singapore’s children.
Time is running out with this financial turmoil – MM is still now the father figure of singapore, and whilst he is still around and in this uncertain time, the elections must take place as soon as possible to let the newer team continue ,,,,,with the added next 5 years to improve on its performance, and trying to appeace the masses and bring down the groundswell.
Wishing PM well and many more good years for singapore…..elections will be very soon.
well, there is no point in holding elections in singapore anyway. It’s all a farce. Come election, they will try to hammer some Gomez and then distract the attention of the electorate from the main issues.
And if suay, suay, the PAP loses, then the old man said that he will send in the army.
The old man is really gambling the fate of Singapore away, huh? wear casino tie.
Realistically speaking, there is no purpose at all for any election, be it before 2011 or thereafter.
What is the ‘purpose’ ? Will the Leadership make any changes in an election or after it, to be more benevolent and caring ?
Won’t the Leaders want to maintain and better their remunerations ? Enhance their powers to lord over the citizens further ?
I lived in Toa Payoh for almost 20 years, I don’t remember my GRC even got any chance or opportunity to vote. Always walk over. So siah. I do hope not this election as I wish to cast my vote to those who can lead Singapore.
I do appreciate the way he was lead Singapore. It time to pass to another gerenation. At his age, he should enjoy his life by taking holiday & etc.
Anyway, I hope Singapore can be a better place to live where it is truly 1 people, 1 nation & 1 SIngapore.
SINGAPOREANS are always taken for a ride, make sure this election, we must
show the true meanings of voting the correct person,,,,,,,,
Not the PAPaya again and agin
They say you can’t time the share market and can you time the election and win big?????????
http://en.wikiquote.org/wiki/Lee_Kuan_Yew
lately, there has been a lot of activities like dancing and ever-green old movies for elderlies near my residential area.
wow, the focus has been on the elderlies.
so touching.
If MM Lee is not a politician, what will he be?
He will be a lawyer. As a lawyer, it needs to have a gift of speech to convience the judge or jury.
“No purpose” in holding election before 2011 – MM Lee….????
Born in Sept 1923 which makes him 86 this year. Attached with a pacemaker & with his wife in this current (Stroke) conditions, it will be Unlikely PAP will to wait till 2011.
The mentioned statement is to throw the Oppositions & citizens offguard.
Do you recall when S’pore govt is trying to debate whether to open Casino or not? The entire nation got so excited, debating from Parliament to coffeeshops.
But very few is aware of another smoke screen tactic. Deep down, MM Lee & his party has this intention to open not 1 but 2 Casinos.
Same tactics it applies to S’pore Election.
How to have an election without the old man around……..PM Lee will be clueless.
I guess most of the people posting in this thread are upset about the economic downturn, and thus, relate this to the above mentioned article.
What we must realise is that Singapore is largely dependent, I mean LARGELY dependent, on the economy of other economic giants. Our wealth is mostly generated from investments overseas/into our country and our exports. With this in mind, when the world economy crashes, we crash with them, even though we have a financially sound economy with very transparent and solid regulations.
Nobody could have foreseen the ‘gaps’ in the US financial system which caused the entire system to break down. Mind you, the financial instruments we are talking about here are very complex and the common man in the streets and even seasoned investors with financial background, are not able to fully understand them. The blame of the losses by Temasek and GIC cannot be fully placed on the government. It would be unfair.
However, most Singaporeans do not do their research and think that the government is to be blamed. The truth is, the government knows better than most of us. If they were to hold elections, I am afraid that most Singaporeans would not be able to see the bigger picture. They will inevitably base their votes in the wrong basis; basing it on whether Singapore is doing well rather than whether Singapore has good leaders with good foresight, and a very sound financial system with solid regulations. Have we forgotten the privileged position we are in? We have no natural resources to fall back on, we do not have a large population to produce cheap goods. What we have, is an educated and driven population. And this is a result of years of good education policy, governance and foresight from our leaders. They have done a spectacular job and I have confidence that they will continue doing so in the years to come.
I don’t trust an old man who onli ‘eats’ people’s $$$ and talking rubbish on tv only.
I only trust people who has gone through the same positions as many average singaporeans, struggling to pay off many loans.
Moral of my story: Never trust old people.
I quote a meaningful statement I saw on tv years ago:
“One generation of people can only do one generation of work”
Now this old man shouldn’t even have existed until today. Look at his generation. Yusof Ishak, Benjamin Sheares, Wee Kim Wee, David Marshall, even his enemy JBJ is already dead. Is his turn up yet?
old man is panicking.
He knows it is going to be ugly for him if the election happens this year.
It will be a direct slap on his face.
There is no doubt.
the US election still held during the recession, what so special about singapore?