The latest revelation by Reuters that Temasek has off-loaded its stakes in Barclays Bank, resulting in an estimated loss of more than a billion dollars, is worrying. This comes on the heels of Temasek shedding its shares in the Bank of America in May. What is of more concern is that these losses were not revealed by Temasek or the government but by foreign news agencies and securities filing in the United States.
Even in Parliament, where several MPs called for more transparency, ministers continue to insist that Singapore’s Sovereign Wealth Funds (Temasek and the GIC) invest for the “long term”, contradicting the latest actions by these funds.
It seems that even our Members of Parliament are helpless in demanding transparency from these two funds.
The following video is from Singapore News Alternative.
When we invest, we are investing for 10, 15, 20 years. You may look as if you are making a big loss today, but you have not borrowed money to invest. You will ride the storm, the company recovers, your shares go up.
MM Lee Kuan Yew, February 2009, Channel NewsAsia
We’ll most probably stay with the financials… Eventually, it must recover. It is the circulation system of the world.
MM Lee Kuan Yew, March 2009, Reuters
Temasek is a long term investor, not a short term trader of assets.
Finance Minister, Tharman Shanmugaratnam, May 2009, Straits Times
Temasek sold its near 2 percent stake [in Barclays Bank] in December [2008] and January [2009]..
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singapore remains a slave to the world financial institutions. then again most of the countries of the world are too.
the true rulers of this world hides in the shadows, faceless. they run the financial institutions,military complexes, drug companies …
Must watch!!
http://www.zeitgeistmovie.com/
48) SingaporeBorn
///The lack of transparency is everywhere in Singapore, even in insurance.///
Hi,
Sorry to learn about your loss.
Insurance policies packaged with investment components has not risk free.
Unfortunately, it been marketed aggressively, and the us subprime crisis has negativley impacted a lot of investors, like yourself..
Whether it is due to lack of transparency of these financial instrument, I think we should not be putting our money in what we do not know enough of.
Insurance is one of the many jobs that can employ the jobless.
The barrier to entry is low, very very low.
With insurance, unemployment rate can technically become ZERO basically instantly.
By being employed need not mean having an income.
I hope this simple concept can be understood easily by all.
Else, ask me to enlighten you.
Thus, I say 1% unemployment is too easy to achieve, according to me.
unemployment rate in this aspect is meaningless as well.
I believe they have a good strategy for their investment…..cos we indirectly choose the people who run it……BLINDLY…..& STUPIDLY
PAP came to power by slogan of clean, transparent and efficienct govt
now it is bloated with arrogant ministers, MPs untested, one voice direction and well, after 50 years, the only founding ruler stands firm
We had more democracy in 1959 than 2009
We were poor, even National Service needed people donation in 1967, after a year, it gathered S$ 3 million
In 2008 to 2009, within 7 months Temasek lost S$7B or more, what a contrast, is there any check and balances ?
Quite clear that PAP MPs are somewhat standardised texts… to give the well orchestrated impression in parliament that there are differing views …..but only one opinion when it matters to PAP.
Points scored … now for an overseas trip to accompany a cabinent minister…
Who would not want to do it
Dear everyone,
Pls do not use long statements or questions as your nicknames. This will not be allowed.
Nicknames or handles should be just that – nicknames.
Thank you.
15) prettyplace on June 6th, 2009 10.38 am ,
you and i as well as so many others ordinary folks out there are thinking alike, these million dollars paid **ss ministers think otherwise or dont give a damn about it??
Abu Dhabi boleh!
What an apple-to-apple comparison. TH-vs-AD
KopitiamAhpek, eat your heart out. Here’s your Apple-2-Apple strudel comparison. What have you got to say about this level of performance?
Regards
Chiam Thia Kiang
“Fooled me once , shame on u….you fooled me you can’t get fooled again…”
“I read everywhere ranting on how many gazillion bucks temasek lost, how hopeless gahmen is in every aspect, not that there is no truth to them, but when it get to become a universal answer for every topic, then how to dicsuss.”
gazillion bucks lost can solve many small universal problems (which may be worth a few tens, hundreds or thousands of dollars individually). lesser mortals are not so expensive afterall.
57) theonlinecitizen
///Dear everyone,
Pls do not use long statements or questions as your nicknames. This will not be allowed.
Nicknames or handles should be just that – nicknames.
Thank you.///
Thanks TOC
59) Supporter of The TRUTH party
///KopitiamAhpek, eat your heart out. Here’s your Apple-2-Apple strudel comparison. What have you got to say about this level of performance?////
You did not get my point
In order to understand the way things are in this world, Singaporeans must caste away that “frog-in-the well” mentality. We must nit allow the controlled mass media to brainwash our mind.
Thank goodness, we have the internet!! Boycott ALL mainstream media.
Free your mind and watch this :
http://www.youtube.com/watch?v=XQRnjBRET6k&feature=channel_page
And now ladies and gentlemen, may I proudly present
“Zeitgeist – The Movie: Federal Reserve (Part 1 of 5)”
http://www.youtube.com/watch?v=_dmPchuXIXQ
FREE YOURSELF FROM THE CHAINS OF MIND CONTROL!!
Let’s not fall prey to media lies!
Our last chance is the internet!
Never allow them to take it away from us!
Support the 9-11 Truth Movement!
Visit :
http://www.911truth.org/
65) borderless on June 9th, 2009 3.16 pm
I have watched the whole movie (full) twice already …. I do believed that financial institutes are controlling a lot of happenings in America and Europe…. However, it has been trying to reach its hands into Asia but still have not have a grasp of it yet.
In Singapore and many South East Asia countries, our monies are not based on loans from a central reserved institute. We may have a central bank, but it is in the control of the governments of these countries. In America, the currencies are being privatized to a reserve banking institute giving them full power to manipulate the economy and control of the government in certain degree.
Zeitgeis – did try to reveal the uncovered truth, but in their quest they make a lot of assumptions and guesses and jumped into too many conclusions …. so you cannot take their so-call truth 100% as they tend to be a little to the extreme in their evaluation. I would trust maybe only 65% of their claims. Which is very good already.
Singapore is the other extreme, the government controls everything, making them like the Federal Reserves in America. They use monies to make more monies in the expense of the citizen well being. They make decisions based on financial gains and have ignored the needs of its own people. They destroy and condemn individual trying to expose them and bring thr truth to light.
But we should watch the show. Because when true democracy comes to Singapore, we must be careful of this institutes that will come will poison on a silver cup trying to help but having evil intentions hidden beneath.
Do not be overly affected by the movie. Take it with a pinch of salt.
I am itching to hear what is the UNBIASED, non-PARTISAN , SINCERE, swear-to-luved-ones-grave HONEST , Sub-Conscious comment of their supporters’ on the non-Reply and all the many LOSSES ( but only those reported).
Several have invited these nation-caring individuals to respond.
Where is the response?
Why Unable reply? Just 1 question only you know?
Lee Fatt Yew
The truth is … GIC, along with Temasek, have lost nearly 50% of the entire Singapore’s reserve, a reserve accumulated by sucking people CPF and through various direct and indirect taxes (high HDB being one of them).
So what’d happen after they lose the other 50%? Are we going to declare bankcrupt? Who will help us if we run out of money? Can we simply print more money like what US is doing?
One more stone unturned is the “act blur” strategy played by our politicians cum businessmen. Those who are responsible to GIC and Temasek are none other than Lee Kuan Yew and his daughter-in-law Ho Ching. They are closely related and share one common traits – claiming credit for the good jobs and “act blur” when things go wrong. Ironically, noone beside online voices seem to criticize them. Nobody seems to be involved. Even finance minister does not dare to question them, and instead have to back them up with some crappy excuses. PM Lee, son of Lee Kuan Yew, is again missing-in-action and avoids the question all together. Everyone simply wash their hand off. In time, people will forget the money lost, and nothing happens.
Untill one day when Singaporean suddenly wake up from their slumpy dream to realize that their nation is no longer rich, Singapore dollar weaken, and they cannot afford to even go to neighbour country to spend, then they will probably do something about PAP. Till then, i forsee everything to be status quo. Singaporen is just too lazy, or too weak to make any changes to the government.
68) sadsg on June 11th, 2009 10.31 am
When everything is lost …. then PAP will have to “Run Road” and Singaporean can only blame the president…. if he is still around.
I wonder does he knows he have to answer to Singaporean eventually for allowing the government to loose our reserves.
Now times are different, we will know when the next GE comes…