The whole thing is a joke.

Nobody in TH is responsible.

Nobody in govt is responsible for the loss.

then what is the point of squeezing our people only to waste the savings into useless and mindless investment like TH did?

This is the standard of so called world class govt.

When we put the “best man” in charge, the yardsticks for performance keep getting shifted to justify competence. That’s when we know how capable the person is. No transparency, accountability, responsibility, professionalism and integrity. That’s reserved only for the decadent West. Uniquely Singapore.

disgusting! where is our CPF money???

Dear Sze Hian,

Relax, it is only a lost of less than 10 billions or less. Old man will tell you that you have no understanding of proportion. They will make back 10x the amount lost by investing in Asia (in particular China and India), but wait, we only get to see them may be 30 years from now. Or may be within 3 years or less (you know GE is not far away, the JIT to show they are smart enough to recover all those losses with huge return by divesting to Asia, that provided things recover on time on target). These days, long term takes on a different meaning indeed. May be when markets are good and coincide with the key period, long term is indeed 2 years or less (well I sure hope someone invented the magic wand).

Anyway, thanks for your analyses and commentary, good work.

Perhaps this shows that nepotism or elite lineage does not equate to financial wisdom.

Ho Ching, you are the Xi Shi of Singapore. A job well done.

Even the Britain doesn’t understand our system of Leegalised corruption. If you pay something so much better than corruption naturally there is little corruption to speak of, and you can even sleep peacefully at night. The fact that the pay is so much better than corruption will even cause people to have group think mindset just to stay in a job with high pay.

Singapore system might have prevented the expenses scandal
“http://www.theherald.co.uk/features/letters/display.var.2510115.0.Singapore_system_might_have_prevented_the_expenses_scandal.php”

Look at how our clown answer
“Unlikely, say MPs, simply because there is no ‘claims system’ for MPs.

Instead, MPs get an annual allowance of $190,000. This includes any bonuses they might receive that year.

The allowance is meant for them to meet their expenses as they look after their constituencies.

Said MP Seah Kian Peng (Marine Parade GRC): ‘It’s a clean wage system, and that’s it. What we get covers everything. Every expense that you incur comes from your allowance or your own account.’”

Really Pouring cold water. Just because the government give salary and perks better than corruption doesn’t make them any less corrupted because it is the government who approve it, not the citizens.

Just look at how much
“http://www.telegraph.co.uk/news/newstopics/mps-expenses/5375135/MPs-expenses-Cash-secrets-of-the-politicians-who-keep-it-in-the-family.html”
“The disclosures raise further questions about the system that allows MPs to employ family members at a total cost to the taxpayer estimated at up to £5.8 million a year.”

Farking clowns ruling our country.

the last time we heard is that Tharman ask us to TRUST the government but yet not a single Ivory tower gahman is really responsible and accountable in the government. Uniquely Singapore government.

# 3) Anon

where is our CPF money???

Huh? what cpf? what money? maybe still show in your cpf statment lah . . . .

Even the Finance Minister, who is responsible for the State treasury,
cannot even utter a word that may deem to be questioning
Temasek Holdings investments.

Quote:
Finance Minister said in response to the BoA loss, that they do not
question the day-to-day investments of Temasek?”

This is a loss of billions in a tranaction what day to today!
I lost my confidence period!!

I like what Kway Teow Man says
“The KTM point is that he’s not interested in the Government’s view “an investment should be assessed ‘over the long term’”. What “long term” are we talking about in this case? The stake has already been sold. :-P

Watchdogs should press for Tharman to have Temasek issue a statement on the facts of the deal. :-P”

“http://kwayteowman.blogspot.com/2009/05/public-deserves-better-explanation-for.html”

Look like Kway Teow Man will have to fry kway Teow for the rest of his life. No retirement, no CPF, no dream, only Kway Teow.

“Huh? what cpf? what money? maybe still show in your cpf statment lah . . . .”

You can just fill any amount of CPF you want as long as you can’t take out cos The last time I heard Temasek says about the investment loss as paper loss not actual loss. Hmmm… .so your CPF money is better off as paper money, can see but cannot touch.

what is so difficult about calculating the loss?
buy – sell . period.

TOC, write in to SEC to make an equiry….they would provide more details as Temasek was holding a 3percent stake…

It must be known to whom the shares was off loaded to….(must be known)
Buy high, sell low is very serious…

Temasek have given a statement in front of a Congress Commitee…on it’s funds….exract that hearing and Q & A’s (if possible) ….more answers ….

The last time I read is that when there is 2 CENTS decrease in public transport fare, the mainstream went on orgasm mode on the wonder, love and compassion of GLC. All the excitement and grandiosity of such “generous 2 cents” so surreal. But when Temasek lost unprecedented billions through buy high , sell low strategy, such “celebration” is confined to pathetic small section of ST and in ST Forum with all the usual rhetoric and feelgood reporting.

Somtimes I wonder who the real Communist were in our history.

The Long Term has now become the Wrong Turn.

This news surfaced only AFTER Bloomberg queried and ran the story. Was it also at the same time that TH announced their ‘new’ 10:20:30:40 portfolio allocation re-jig and without announcing the divestment? What is this? Smokescreen? Would TH have announced this if Bloomberg didn’t run that story?

The FM didnt even annoucne that TH had divested in BOA in Parliament sitting in April despite the investment having been sold during Q1. You mean to say this is not worthy information to INFORM THE PEOPLE OF SINGAPORE that such a HUGE loss has been made? Does the People of Singapore still own the funds in TH?

It shows that they don’t care a hoot for the citizens.

VOTE WISELY . P L E A S E

LKY & LHL kept telling us that they have a team of “talent” who can run this country, at good bargain and Singapore does not have talent to lead key instituions so that the father has to pick someone among his own family members whom he believed were more talented than 3.5millions others in the red dot:- the son become PM, daughter in law chairman of Temasek and himself leading GIC and ironically someone not talented and puppeted to hold 2nd key to our reserves…etc. Unfortunately all his comments cannot be substantiated by his selects with poor strategy, bad judgement which lead to record poor performances and billions losses at the expenses of Singaporeans decades of hard work.

Looking back, LKY & LHL have carried their jokes too far this time, and our msm did not do Singaporeans any justice either. They praised Ho Ching for taking the courage to minimise lost and motivated her, with full report, on Labour day with golden award. All these “behaviours” are not something the private sectors can tolerate let alone rewarding poor performer for top achiever of this country.

Singaporeans worked hard for this land and our accumulated savings did not come easy without losing our sweats, blood and sometime lives of individual. Eventually we have accummulated enough to last thru the crisis only to have one woman recklessly threw it away before the storm. Now that the storm is here to justify helping Singaporeans for their hard work, we get none – sufferings continue with no other solutions, from the elites, except to wait for America to recover.

Was it really a bargain to get these “talents” to work or was it familee business that losing our money is not equivalent to losing theirs such that Ho Ching said she has no regrett losing it. On that note of hers, I felt cheated putting my savings in cpf all these years.

I thot they said its for LOOONG TERM?
Why U-Turn ?
Like this where got shiok ?
Wait for it to rise above the price they bot in 30 years and prosperity mah.

Buy also they do.
Sell also they do.
Hold also they say.

Aiyoh, I no no what is going on siah.

How this affect our future? Many no no leh. Still in Obliv leh.

Lets UpStream the DownStream as we Up Up the Down Down so as to achieve.
Hip hop hurray!

regards
Makan Makan shiok

Relax guys, just wait and see what grandmother’s story that they tell again. Loss is Loss. Some one will have answer for it, either LKY, LHL, FM etc…. Wait till the next election, they will know ‘People’s Power.’

Sorry to be upfront, guys. Singaporeans are cheap – just threw at us a couple of hundreds 3 days before election, we will be at our knees thanking our men in white with tears in our eyes.

” Some one will have answer for it, either LKY, LHL, FM etc”
I thought they already find someone to answer for it, and that “someone” is NOBODY ? Since when they have to answer directly ? It is always NOBODY who take the rap but it is them that take the credit.

Nobody = Complacency
Nobody = Caveat Emptor
Nobody = Trust
Nobody = Honest Mistake
Nobody = Long Term Investment

Yes, NOBODY is responsible and accountable for all the honest mistakes and shi–TT of government, and the citizens is the one paying for it.
Credit to NOBODY for that. whoever he is.

aiyoyo

ELITEs?? Losses…

if non-ELITEs, think will not make Losses hor…

when can cpf $ take out??

keep thinking, $B Losses, how many people can be helped in this country??

and who is the end winner for the $B that ELITEs Lost??

aiyoyo

I suppose this is the ultimate price our Govt leaders has to pay for suing the western critics indiscrimately. There is no just no love lost if Singapore loses its pants over any of her investments. Maybe it all has been a setup.

Looks like the LeeFamily members are more of a liability to Singaporeans for their arrogance. If in other countries, they would have been pounded into minced meat.

I think it’s about time for Singaporeans to say enough is enough. Please don’t think we are fools to be conned again and again.

We have to show PAP that we are completely disgusted with it’s NO ACCOUNTABILITY system of governance.

“when can cpf $ take out??”
Only when you dream.

“keep thinking, $B Losses, how many people can be helped in this country??”
Are you serious ? Citizens are just digits and hence citizens should be the one helping the government with the loss. $B loss is just peanut compare to amount that can squeeze from the digits. Wow, how about coming 6.5 millions digits.

“Wait till the next election, they will know ‘People’s Power.’”
But can People’s power beats the GRC’s Power ?

aiyoyo

see today news :

“MPs urge S’poreans to seize opportunities amid adversity”

not sure ELITEs will talk about TH Losses + how to recover???

aiyoyo

“..Temasek invests with the objective of delivering sustainable returns over the long term. This means our investment strategy is not aimed at delivering target returns on a year-by-year basis…”

I cannot understand the above statement.

So how long is this “long term” gonna be? 10 years? 20 years? 50 years? till we are all in our graves?

If the investment strategy is not aimed at delivering target returns on a year-to year basis, then how are the annual performance bonuses measured against then? are they also given out over various time horizons?

#3,

the way they see money lost like nobody business (TH) will be the same for our cpf money where you see it there but can’t touch.

#19,

if nobody seem to care like you said then nobody is running this country yea….to them..afterall who cares??

“if nobody seem to care like you said then nobody is running this country yea….to them..afterall who cares??”

Yes, NOBODY is running this country and SOMEBODY is running this business as Singapore INC. High pay to attract people and doesn’t that sound like running business than country ? Aren’t it attracting kangaroos than human ?

Nobody is responsible with all those losses cos they are just Honest Mistakes made by the Elites. After a while, nobody’s gonna talk about it anymore cos we all Moved On! Sigh…same cow-dung but on different days & by different farmers, that’s all!

Since NOBODY is solely responsible for billion-dollars investment loss then NOBODY will explain and account for the investment loss in parliament. Does that sound sensible ?

time to scrap CPF system. let people decide for themselves how to handle their own money. personally, i would rather let my money depreciate due to inflation then let some highly paid dude loose it on my behalf.

at least in the form of cold hard cash i can use or not use it as i deem fit. dun give all the crappy reason the money can only be used for the limited this & that or only can be used after retirement.

my money is my money, times have changed. its time to do a survey on whether CPF should be scrapped? we as a citizen (on the whole) are more financially savvy (my assumption lah) than those of the early generation.

if i am wrong on anything, please correct my impression.

btw, nobody is talking about an imminent election already?

i think with this kind of report card, they will be smart to lie low for a while…

Dear TOC,

I dont know why you spent so much time analysing a TH letter that basically says nothing. I mean, they say market is bad, long term view, diversified investments, realignment of investments, blah, blah …. just talk to any low-grade DBS financial advisor or even auntie/uncle investor and you hear for free! But wait, such highly-paid advice causes things like the Lenman Bros. case, right?

Maybe TOC should do an article on how many keys were needed to let TH invest such LARGE amounts. I mean, we require a Presidential second key to unlock 4.3 billions of reserves to kickstart the economy. So, I imagine at 39B losses (as of last Nov.) would require authority nearer to a bunch of demi-Gods. No point asking FM who dont even know a plus from a minus budget. What is “substantial gains” previously made by TH — did they start with 1B, grew (without further capital injections) to 125B and then lost (on paper?) only 39B? Or invested overall 100B, grew to 125B (substantial 25% gain) & blew 39B?

Hell, I am probably wasting my time …… Just to leave a quote:

An army of asses led by a lion is vastly superior to an army of lions led by an ass — George Washington. TH, STTA, Mas Selamak …. etc. who is leading? Donkey?

Hi

Whatever +ve returns that TH and GIC earned during the years, are they transferred back to us at all?

If not, short term or long term, it does not matter. Cos we dont see the money anyway.

Don’t worry too much as my friend said you got CPF mah?…..Cash Paid Funeral
lah!

If in the short term(foreseeable) one can not make money and if one happens to make money in the long term(unforeseeable) then it must be pure luck.

Among all the crap PAP cook up so far, the mega losses suffered in western financial investment is by far the most stupid, idiotic, ignorant, and arrogant.

It really makes my blood boil looking at PAP “act blur” attitude. Not only nobody admit or apology, yet they still come up with stupid excuses to misled Singaporean.

Can somebody tell them that our generation are smart enough to see through their tricks?

Our president should be partly responsible for not querying the losses. He should be vigilant too and not simply busy himself with grandstanding. As a 2nd key holders, the citizens put their trust on him and he is paid highly to do his job well. Now that we loss billions of dollars through his nose, is he not answerable? What is our president for and why is he there for not serving any purposes?

I urge citizend to presurrize the president to do his job, we cannot afford another billion dollars losses. It is too painful just by hearing it. Singapore should not become another poor country after our people have put in all their hard work.
I hope Tan Kin Lian can be brought into istana and and checked on the record of nathan’s work there.

…the People’s reaction about this matter, their mentality, their response.

They enabled.

Another brilliant title! Well done, TOC.

Sze Hian,

An excellent article. Logical arguments and logical questions.

Kudos to you.

Precisely, nothing meaningful has emanated from Temasek.

Someone recently asked about HC’s qualifications/experience. This person was probably unaware that she is the wife of the PM and the daughter-in-law of MM. Those are her biggest qualifications. What more by way of qualifications can a woman ask?

The evidence is clear – nobody, in Temasek or the govt, is going to take responsibility for Temasek’s losses. And no one dares to engage in finger-pointing. Because he/she herself may also be implicated. Or because it may mean termination of services, or being ridiculed as a traitor. In which case the citizenry will not know the facts. Facts in this case are to be seen as esoteric, confined to a few, perhaps.

This is a textbook example of opacity and double-speak which should henceforth be taught in business schools around the world.

QUOTE

We are mindful of the risks we face as we invest. We reinforce this risk-return balance through a compensation framework which puts the institution above the individual, emphasises long term over short term, and aligns employee and shareholder interests for both the upside and downside, over the medium and long term.

UNQUOTE

Can anybody explain to me in plain English what this means ?

Ms Myrna Thomas, highly paid Managing Director of Corporate Affairs of Temasek Holdings: we really expected better from you.

The corporate communications staff of Temasek Holdings, no doubt reflecting the attitude and culture of its board of directors, has much to learn where it comes to openness and honesty when dealing with its stakeholders, in particular the people of Singapore. It is not for them to dispense information in dribs and drabs, as they please, on sufferance; rather it is a duty they owe to the people. They must discharge this duty fully, frankly and with complete honesty. The people expect and, will accept, nothing less.

On a separate note, imagine a junior to middle ranking officer of an investment bank informing his super officer that he had just lost the bank between 2 and 4% of its net worth in a single trade. Do you think he would hold his job beyond 5:00 pm that afternoon??

{#45 Peter Sellers]

Great post, Peter.

“Can anybody explain to me in plain English what this means? ”

Lol. Only Myrna Thomas. She wrote it or sanctioned it, presumably.

anything to do with temasek or hc will easily draw attention, we love kpkp

honestly, how do you expect temasek to tell much when it lost so much?

It is shameful you know, having lost so much.

They are not going to waste time telling you how they screwed up.

It is common sense.

Imagine they tell you the truth like, I got drunk that night before… It will have an enormous impact on Singapore youth.

This is a joke.

OK, guys let’s be fair to the Temasek crowd here – if you claimed to be a genius and that God reported to you ….you would not want your losses of other people…..ooopppps I mean the Nation’s money to be revealed here.

The fish rot starts from the head, as the saying goes.

Ho Ching fumbled that’s all, and like everyone from that family, nobody is beneath himself to apologise or to admit mistakes,except to bulldoze their way through thick-headedly and insist that they are right.

I have never seen such audacity, such gall, and such gumption to defy and deny the weight of the truth.

Her father-in-law may be powerful politician but lousy gambler. She may be a good engineer, but a damn lousy CEO. Her hubby, so far, nothing good memorable has happened under his watch, except escape of a terrorist, losses in investments, reserves, jobs, votes, confidence and overall credibility.

45) Peter Seller

“…On a separate note, imagine a junior to middle ranking officer of an investment bank informing his super officer that he had just lost the bank between 2 and 4% of its net worth in a single trade. Do you think he would hold his job beyond 5:00 pm that afternoon??…”

Depends who that person is. In SGP context, at 2D losses, may even be upheld for “courage to …. differ” and given a platinium award somehow. Why u think we need 2 IRs urgently — what better way to study the effects of gambling with chunks of money. Arrg!, I’m wasting my time again…

1 Sickest PAP Political Joke of the Millenium (not just Century):

To promote Singapore as Financial/Business Hub as well as “Good CORPORATE Governance”, her former Finance Minister hubby had constantly preached “transparency and accountability; level playing field; checks and balances; encouraging whistle-blowers to report mismanagement; blah,blah,blah…”
BUT apparently all these talk does not apply to his lovey-dovey wifey !!!!!

2 Biggest Tragedy for SINGAPORE (the Nation) and SINGAPOREANS (the People):

As to the long-overdue and sorely-needed “CHECKS and BALANCES” in Good POLITICAL Governance, the “cunningly-clever” [ NOT "competently-clever" ] PAP Govt has chosen to interpret this as “big fat payCHECKS and big fat personal bank BALANCES” !!!!!!!

3 Our parents were “British Subjects” who have to sing “GOD SAVE THE QUEEN”.
ALAS, as Singapore Citizens (who have completed National Service), we now have to sing “GOD SAVE SINGAPORE” !!!

Hold back our min. CPF sum for investment making retiree poorer and yet lost them. Might as well don’t hold back and give us the money for us to invest.

Errata & apologies for quoting wrong figures in 35) :

President’s second key was for 4.9B.

TH reported losses till last Nov was from 185B to 127B, meaning about 60B negative.

aiyoyo

$60B, how many SPURS can be supported?

how many jobs can be supported?

how many households can be supported? etc. etc.

aiyoyo

52) DavidSeeLeongKit ,

not only that, i see we are joke of world among all in political arena uniquely super. flawless, 100% PAPs, one man show, highest vote nos 81-2 ratio,
and the one and only FATHER, SON AND THE HOCHING GANG………..WOW!!!

Another case of “Privatise profit and socialise losses”?

These monies can be used to build North-South Expressway IMMEDIATELY ( yes, we don’t need to wait for year 2020 for congestion to worse further before something is done ) to alleviate congestion on road which can reduce the EPR road toll, improve public transport, more subsidise for Next-generation Broadband Network to lower the stubbornly high price of broadband by ISP (which Temasek or GIC has stake in), increase research grant, set up more schools and nurseries.

Yes, the government is doing these but more can be done to increase employment and build up Singapore infrasturcture for the next rise in market when recovery comes .

Not to mention negative return of investment that has incurred and loss in cost of opportunities if these money is deployed for other attractive investment at current market.

The govt will never admit nor apolgise in their failures. They will find s’thing glorious to publicise to cover for their mistakes. These has been happening for the last few decades so don’t expect any changes from this present team of govt.
In regards to the cpf monies, I bet that they will table a motion to further change the retirement age again, thereby delaying any payment to the citizens. Let face it, if PAP loses the next GE, S’pore will be in political turmoil ( not to mention financial turmoil ) and if they continue to win, we the citizens will still have these group of so-called elites who don’t understand the sufferings of the people, running the country. Either way, we lost.

In today’s scenario the average HDB BTO / ReSALE 4R & 5R Flats average between $400,000/- and $500,000/- respectively and in 4 yrs time i.e. July,2103 the min. sum in your CPF must be $120,000/-
Now how to make ends meet if you are starting life or to retire in 4 to 5 yrs. time?
so what quality of life are we talking when our children can’t even make ends meet……….

The title “Temasek: Lose so much, tell so little?” says a lot. In addition, this Temasek issue looks like one where parties at the ’spotlights,’ want it to blow away as soon as possible, but the public just kept digging and digging by now.

Over time, this gets worse because lots of digging happen online, and we all know how the internet works : it’s near timeless, and such records will only grow, not diminish.

‘Investment Thesis’.I Iike the words but what the hell does it mean,Myrna?

[#59 RecessionBlues]

Good observation. And I am with you.

Some years ago, someone wrote an article criticizing our govt as the greatest culprit for fueling the inflationary costs of living in Singapore and he provided reasons for his critique. When I first read it I thought to myself : how right you are, mister.

And my own opinion of the govt has not changed. The govt is still the No 1 culprit for the high costs of living in Singapore and many people are finding it difficult to make ends meet. Just step into a Kopitiam foodcourt and one can see how inflated food prices have become.

Govt ministers and other high wage earners are of course completely unaffected. If you are paid by the millions you would not be affected by high food prices or high property costs. Such things may even seem as peanuts to you.

Living essentials may be peanuts to people who earn millions but other people are finding it increasingly difficult even to acquire peanuts.

This govt has been f&#@ing blind in so many areas. Singapore desperately needs a change in govt policies, or better still, a new political party to helm the govt.

Please cast your vote wisely in the next elections. rgds

Finally, some news on the radio this morning scrutinizing temasak & gic over severe investments losses

63) toiletmatter on May 26th, 2009 10.59 pm – “Finally, some news on the radio this morning scrutinizing temasak & gic over severe investments losses”

With the MSM also part of the lie weaving machine, further excuses will surely be forwarded such as longer term horizon outlook, loss is temporary setback, the new team will ensure renewal blah blah blah …. typical hallmark of the ruling regime to just gloss over the mistakes they committed.

My money and it’s Gone ?

I was thinking.Maybe TH sell BOA to GIC.
Then all will be carpet under GIC exceptional gain

Why Temask sold BoA shares

It is conventional wisdom that banks with littele emerging mkt exposure will underperform

” there seems to be broad consensus among industry observers that average returns on equity through the economic cycle will be in the low- to mid-teens henceforth, well down on the 20%-plus achieved before the current crisis.

Another way of looking at the industry is to compare its growth with GDP growth. In emerging markets, the industry should still be able to grow faster than GDP as the use of financial products spreads. In mature markets, with the turbo-boost of leverage gone and bank balance-sheets still to be slimmed, a growth rate in line with GDP is probably as much as can be hoped for.”

Economist

“Our investment thesis”
Where can we read your world-class thesis ? Since the government is funding the thesis, why can’t the thesis available publicly ? So is the title of your thesis “How to bankrupt a country using the strategy of Buy high and sell low” ?

I think that CPF Min. sum in 2013 will be $120,000/-
But first we must cross 2012 End of Mayan Calendar
So why worry?………….Be happy NOW!

UNIQUELY SINGAPORE Political Jokes

SG = Screwed-up Gabra-men [not Singapore Government]
BUG = Bloody Useless Government (also, a disgusting Political Pest)
WKS = Won’t Kena Sacked
[not the $3m DPM Wong Kan Seng behind Mas Selamat Great Escape Fiasco]
SARS = Shameful Abdication of Responsibility Syndrome
[even more deadly than the disease of same name]
NTUC = Never Trust a Union Chief
[especially a PAP appointee eg $2m Minister Lim Swee Say]

PAP (in Malay) = “Papa Anak Parti” [Father and Son Party]
PAP (in Cantonese) = “Phui And Phui” [spitting twice in disgust]
PAP (in Hokkien) = “Pien Ah Pek” [bullshit the Old Folks they can live till 85, hence no need to withdraw their CPF retirement savings so soon --- thus ensuring more supply of cheap funds for GIC/Temasek to "play tikam tikam" with the People's hard-earned monies]

MSG = Money-Sucking Government [not MonoSodium Glutamate]
MM = Million-dollar Minister [not Minister Mentor]

PAP = Pay And Pay
PUB = Pay Until Bankrupt
HDB = High Debt Bankrupt
[bloody hell, HDB new/resale flats so bloody costly ---
no thanks to that bloody $2m Minister Mah Bow Tan]
MBT = Minister who Bull-shit in Tampines ward
[for saying HDB flats are "heavily subsidized"]

GST = Got Screwed Thoroughly (by the PAP after voting for the PAP)
GST = “Gasak Sampai Teruk” [in Malay, Pay And Pay until drop dead]
COE = “See Hor Yee” [in Hokkien, Pay And Pay until die standing]
ERP = Everyday Rob People
MRT = More Ridiculous Taxes

> PAP say: Pay Peanuts, and you will get Corrupt Monkeys!
S’poreans say: Pay Big Bananas, but still get Incompetent Chimpanzees!!!

> Favourite pop song of:
The Father: “MY WAY” by Frank Sinatra
The Son: “MONEY, MONEY, MONEY” by ABBA

> “Never in the history of mankind has so many Singaporeans been milked for so much monies over so many years by the PAP Government!”
[with apologies to Sir Winston Churchill]

> SINGAPORE is a supposedly-democratic little red dot nation of:
self-proclaimed “First-World” obscenely-paid Million-dollar Ministers and
self-proclaimed “First-Class” over-paid Bird-Brained Bureaucrats
— not to mention obscenely-priced “pigeon-holes” (private condos) and over-priced “bee-hives” (HDB flats).

70) DavidSeeLeongKit on May 27th, 2009 11.34 am ,

bro, you are damn right!!

good one!!

When you pay tope salaries – you expect top performance and if that is not coming – you simply remove the individuals . This has been the case with croporate world. We ahve a a situation where we pay top corporate salaries with no requirements for performance and no accountability . If this is not corrected, we will breed a class of highly overpaid but very mediocre politicians – our fate is sealed .

How much is S$5B loss ?

It is roughly

1) The original North-South, East West MRT network, each has 26 MRT stations

2) Says, 5 Sport Stadium Hub

3) 10,000 old folks home with 500 bed each ?

4) 1,322 months, 0r 110 years of our PM salary

5) How many A380 SIA can buy ?

6) 3,000 HDB block to add with 2 new lifts without charge to residents

All this just vaporized in 7 months, how sad, will Temasek do the same if this is thier own pocket money ?

WHERE IS THE ACCOUNTABILITY ???

I was wondering what will happen if any opposition members were to create such a mistake? I am sure it will be definitely be drastic & dramatic & loads of firing!!!

#70

Too many Abbreviations (Stressed out) can cause SDS-Sudden Death Syndromes too.
Any idea on RECESSION Index here?

Re{

67) A Tan on May 27th, 2009 8.07 am

Why Temask sold BoA shares

It is conventional wisdom that banks with littele emerging mkt exposure will underperform

” there seems to be broad consensus among industry observers that average returns on equity through the economic cycle will be in the low- to mid-teens henceforth, well down on the 20%-plus achieved before the current crisis.

Another way of looking at the industry is to compare its growth with GDP growth. In emerging markets, the industry should still be able to grow faster than GDP as the use of financial products spreads. In mature markets, with the turbo-boost of leverage gone and bank balance-sheets still to be slimmed, a growth rate in line with GDP is probably as much as can be hoped for.”

Economist

————-

“Emerging markets”, so says the Economist.

Is India not an emerging market?

Yet Temasek also sold its entire stake of 3.6 million ADS of India’s largest listed bank, ICICI which is also listed on the New York Stock Exchange, as mentioned in the Dow Jones report which also mentioned that Temasek sold its Bank of America shares at an average price of US$7 per BOA shares with a total loss of US$4.6 BILLION which is equivalent to about S$6.9 BILLION.

#59) RecessionBlues– well said, after 12years, I still owes S$170K. I took a loan of S$210k . When I ask the officer., pls explain? it must be interest lor. I still got 13 more years to pays my instaLment.. Now I cannot sell, I need to put aside S$106k in CPF and S$170k outstanding loan. Tell me how to get out of it. PAY And PAY until I Die lor.
No wonder No.1 high risk- HEART ATTACK.
God’s 2nd coming? how come still dun come, I cannot wait until 20-12-2012

#77
At 62 no MNC wants you so just stay home and observe events unfolding!
If I were at your situation, I believe you will have to work till 70 or later …….as you mentioned Heart Attack but put it in perspective as what I term SDS = Sudden Death Syndromes are all stress related……really cannot balance ones own balance sheet……..such as outstanding HDB or Private Housing Loans, restricted investment opportunities unlike before, Medical Insurance to ponder, High Cost of Living and many many stress related problems to tackle.
Best Bet is for a Big Windfall or in the worst case scenario Wait for END Times or New World Order!

Recommended reading “THE MONEY TRAP” by Ron Gallen…..Interesting!
Blame no one except youself ! Live within your means.

Can or no-can?
If can, we should be asking the president to help check right?
I mean he is our elected president based on justice and equality that we as society helped achieved and he is the independent one that can oversee right?

We should be responsible for our decisions made. Asking on the internet, who has ever received THE answer? I am sure none. Maybe they nono these questions exist?

regards
We Are Responsible – the hardest truth

We seems to be stumbling from from one blunder to another on a slippery slope down the tubes. There was a time when those at the helm used to run a pretty tight ship. But nowadays it seems that this 3rd generation highly paid scholars in their ivory towers, running various gahmen ministries and the areas under their perview, are totally out of touch with the ground. Just recalling the actions of LTA/SLA, Home affairs, Finance etc… can make one’s blood boils.

This TH fiasco would just be added to the list of memorable quotes from our Ministers/MP etc…

I am always reminded of a famous quotation from Lord Acton which I first heard in school – “Power corrupts and absolute power corrupts absolutely”. Given time and without adequate checks and balances this will always be true.

Hey, why keep talking about the 2-4 billion we have lost selling BoA shares??? Just on the 31% contraction of TH from Oct 08 to Mar 09 amounts to $58,000,000,000!!! Yes, $58 BILLION!!! and the 21% contraction of GIC??? $2-4 billion is PEANUTS!!! We should FOCUS on the loss of both TH & GIC owing to the contraction of their portfolio! We do not EVEN know if it is PAPER LOSS or ACTUAL, if some of the shares in the portfolio have already been DIVESTED at a LOSS. What’s the point of a 2nd KEY just to get a $4.9billion for so called workers welfare(last Budget) when more than $58billion minimum have GONE DOWN THE DRAIN!!! Even the most IDIOTIC fund manager will know WHEN TO TAKE PROFIT and not WASTE $58 BILLION! and in 6 SHORT MONTHS!!! Both TH & GIC really GOOFED BIG TIME!!!
OH, IT HURTS SOOOO MUCH WHEN NOBODY BOTHERED TO BRING THEM TO TASK!!! and INSTEAD tried to PACIFY us with the LUNATIC IDEA that IT WAS ALL FOR LONG TERM. Just WHO are they trying to KID??? HEADS SHOULD ROLL especially when TH & GIC staff are supposed to be TALENTED and so WELL PAID!!! NO EXCUSES! NO EXCUSES! NO EXCUSES!
WE WANT ANSWERS! WE WANT ANSWERS! WE WANT ANSWERS!!!

Wah! Breaking News!!! Just heard from the 6.45 pm news on the way home that Tharman mentioned about the $58 billion contraction of TH. Said we must look in perspective of the over$100billion (didn’t hear properly exactly figure) gain TH had in the last 5 years. BIG DEAL!!! GAINED more than $100 billion in 5 years i.e 60 months and LOSE $58 billion in 6 MONTHS???? Aiyah, can still praise people at TH, meh??? They have already got heir pay and fat bonuses for the last 5 years for their efforts. So it’s payback time when they LOSE $58 billion in 6 months. NO iron rice bowl, pay according to MARKET RATE WAGES, so when NON OR UNDER PERFORMANCE, must also take RESPONSIBILITY and GET FIRED!!!!

Accountability ?

Ruling without true representation for 2 decades, results in such mess, are we world class nation ?!?!

world class only on paper!!

look at most of the international rankings. in reality ler…

PAP(er)?

Sideline Watcher.
Some of the gain may as well due to selloff of all electricity plant station of Singapore. This is not gain that attribute to competency but mismanagement. It is traitorous to sell off national asset to feed their gambling addiction.

$58 billions ? Do you believe they only lost this much ?

Tharman’s defence of Temasek in Parliament is just another of those pull wool over your eyes method.

Tharman, while attributing a large part of the fall in value of Temasek from March 2008 to Nov 2008 to the decline of the share prices of its Singapore owned companies (GLCs) but failed to furnish figures to show how much of the supposed gains of Temasek value from 2003 to March 2008 to its portfolio of holdings in the GLCs, not to mention the receipts from the sale of the 3 Temasek owned POWER STATIONS totaling $12 billion. Singaporeans should ask Temasek/Tharman what Temasek’s COST of the 3 power stations ORIGINALLY including most importantly the LAND cost of builidng the power stations and whether the cost of land component of the power stations sold to overseas investors were valued at the then current market price when the sale took place.

87) Lies, Damn Lies & Statistics on May 29th, 2009 12.13 pm

Not lies lah, just presentation at the finest. We must learn how this presentation is done lah. How I wish the whole nation is highly educated in this area.

Since he mentioned 6-year cycle. It would be nice if he could give us the 6-year rolling performance since the inception of funds also giving breakdown performance both from local assets and foreign assets. Hey did I mention local assets ? Just like in football, you have home advantage right ? Just imagination lah.

By long term, Temasek is refering to the gains made since the Big Bang. Archaelogical records in of National Archives will give concrete evidence that when the Big Bang occured, the value of Temasek Holdings was zero. So mathematically, the gains made is infinity.

So what are we complaining about. It’s Long Term !

i m not sure how tharman for the figures abt th doing well nett since mar 03. for example, do we noe if sales of local assets are available viz losses from overseas investments?

86) Daniel on May 29th, 2009 2.56 am

$58 billions ? Do you believe they only lost this much ?

Thats the reason why those MIW and their party will not, at all cost allow to lose in the next coming GE, or else those real figures and many other hidden stuff will start surfacing, and those involved knows damn well that they will be in real deep shit. Opp parties, please be strong and united to help Singaporeans seeking to find out nothing but the whole truth of what’s been hidden from the people all these years.