Andrew Loh
Temasek Holdings seems to be caught in a cycle of bad and inept decision making. In a country which brooks no failure, it is a wonder that despite the failings of the past few years, no one – at all – in the sovereign wealth fund has been held responsible.
In February 2009, Temasek reported a 31 per cent fall in its investment portfolio – and this was only for the period March to November 2008. Its original portfolio was S$185 billion. It now stands at S$127 billion. We still do not know how much in total it has lost from December 2008 to July 2009.
In a somewhat desperate effort to put a positive spin on things, the Minister for Finance said, as reported by the Business Times, that “Temasek Holdings’s portfolio grew $56 billion since March 2003 – as its $58 billion loss last year came after ‘a much greater gain’ of $114 billion in the five preceding years.”
And of course, that claim was published with a big bold headline which said, “Temasek’s 6-year report card shows $56b gain.”
A $58 billion loss can be turned, with just a few words from the Finance Minister, into a $56 billion gain – overnight.
Losses aside, the manner in which such losses are revealed are also highly suspect. For example, as Mr Leong Sze Hian pointed out earlier: Both the Merrill and BoA losses came to light only after securities filings in other countries or when international news agencies reported them – and were not voluntarily disclosed by Temasek or the government. Earlier in March, the Minister Mentor revealed GIC’s losses to Reuters and not to Parliament which debated the issue a few weeks earlier. (Source)
The latest twist is the resignation of Mr Charles Goodyear which again is shrouded in mystery. Despite the mainstream media’s spin on it, it is clear that Temasek has serious management problems – both in its renewal process and its investment acumen.
So, where do we go from here? Singaporeans seem powerless to hold Temasek, and for that matter, the GISC as well, to account. Our Members of Parliament too are either inept in questioning the government or are just as helpless. The mainstream media, being a state-controlled propaganda apparatus, cannot be counted on to provide any meaningful role in this.
Singaporeans must realize that it is dangerous for an organizations such as Temasek and the GISC to be in charge of half a trillion dollars of their money, make huge losses and remain secretive. It is dangerous because, in a time where financial scandals can bring down giants in the industry, and with no political accountability in the system, those who are responsible for such losses remain at the helm, and indeed seem to enjoy the support of those in government.
Perhaps the only hope which Singaporeans have in making a serious statement that they want more openness is at the ballot box.
But the question is: Are Singaporeans angry enough? Are they angry at all?
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mice is nice,
are there any foreign mice living in Singapore ? haha
For the curious if you have time try to read about “Institutional Theory” and “Network Theory”. You will understand further all the elements that shapes Singapore to what it is today.
“the largest in the nation with $180 billion in assets” pays its boss
“$408,000 to $612,000 in salary and can qualify for a performance bonus of up to 75 percent of that salary, will be judged by portfolio returns”
http://www.nytimes.com/2009/07/24/business/24calpers.html?em
(All in US$)
hi Daniel,
////are there any foreign mice living in Singapore ? haha////
got many, even cats & dogs
foreign mice, to at the low salary scale,
foreign (fat) cats, who earn alot, do little,
foreign dogs, who will do 1′s bidding!!
hahaa…
#89 KopitiamApek
Gd one.
@102) Passerby on July 25th, 2009 2.48 pm
Hi Passerby,
I doubt the FTs are in for the ballots, more (solely?) for the GDP number. Sure they would vote for the hand that fed them in due time, but as my post#78 shows, the current mechanism is sufficient to ensure majority in parliament, whether new or old citizens. Anyway, everyone including govt knows these FTs can’t be depended upon once another country tangle a sweet carrot in their faces; and then bye-bye Singapore. Someone mentioned MM Lee even happy with 30% staying.
Your recommended theories look interesting but rather chim! Just look at today’s ST article titled “China’a corporate world ruled by princes” is simple enough for my understanding. Maybe U just mentioned elitism, then it’s clearer.
Also, “Shanghai pushes two-child policy” article. Any theories on U-turns in policy making – whether deliberate, hasty, reactive, lost, guesswork, genius-thinking, strategic, political, buy-high-sell-low, etc. especially for “long-term KPIs”?
108) A tan
Thank you
The population boom scare was created by the West, as a boogieman, and a tool, (like human rights, deforestation, copyright, WMD, etc) in their quest for perpectual world domination.
Then 3rd world countries have to act to control their birth rate or face all kinds of inconvenmience the West is able to dish out to them.
The other global phenomena is that birth rate in urban centres are ever decreasing compared to rural areas.
Hi theforgottongeneration ,
I hear you…but just give it a try , personally I manage to put issue into perspective better. You can almost tell what the next moves or news going to be like .
So, am I angry yet? Of course, what. Very, very angry indeed!
aiyoyo
those elite INVESTORS, so long dont make anymore loss investments,
cpf $ can withdraw earlier/use for other commoners needs,
hdb flat prices dont skyrocket (eg. 3rm >=250k),
then think elites do good deeds liao..
dont make commoners life more stress liao la.
go work on local economy 1st la, elites.
aiyoyo
With due respects to LKY and PAP, it is no point getting angry with them. Just vote against PAP will do. For every vote against PAP there are 5 for them.
We need better quality PAP MPs. This bunch is lousy and not up to standard. They came in by GRC. NCMP are a poor substitute.
Almost any opposition MP is better than PAP MP. Name me a good PAP MP. All are in it for the million $ salary.
We only need to get about 5 opposition MPs and life in S’pore will be much better.
Iskandar can’t be taken seriously, more likely a PAP boot-l**ker.
good PAP MP Ms Lily Neo, Mr Khaw BW (despite that JB nursing home suggestion).
yeah, need better quality MPs, MPs who do not take up posts for the money.
intrinsic vs extrinsic motivation!! ;)
@113) Passerby on July 25th, 2009 8.07 pm
Sure, nothing to lose. But it’s like chess, it is not bliss if the opponent’s next move(s) can be predicted but one is powerless to counter it. Otherwise ignorance is bliss.
Care to share what the next steps are so someone may have some ideas what to do/be prepared? Will the true-blue S’poreans be better off by your reading of their “plan”?
116) No point getting angry
//We only need to get about 5 opposition MPs and life in S’pore will be much better./////
20 / 81 would be a good number
Enough to rock the boat, but not sink it.
Is this kia-su of the people?
My opinions as follows, feel free to debate, especially iskandar.
Point 1 -
999999999 votes spoiled, 1 voted PAP. PAP wins and they stay in power – you people can continue to complain. In politics, as long as you win, nothing else matters.
Point 2 -
If you start voting irrationally, and bring up the opposition to power – even they are not tested. PAP will fear you, the people! Fear changes you, and similarly, it will change them as well.
Point 3 -
Actually, for singaporean to win, you don’t really have to vote out all PAP. You just need to vote out the leaders. Just vote out LHL and LKY and singapore political landscape will change. Some will argue that PAP will pass stupid law & Policy to put them back again, but this is a political warfare, even PAP in-fighting from time to time (look at OTC, TKL, and you know what I mean).
Lastly, I think TOC should start a blog on how to vote out PAP. A strategy of some sort like games and the forumer can introduce their ideas and options before this coming election. This will be more constructive than mere complaints whereby most of the forumer are getting numb. Lastly, this will not only increase viewership, but also increase the fear of PAP.
Re. post 121
Point 1. In case that the vote is 9999999 against 1 for the incumbent, how do you think the press will react? How about international press? It shows. It shows that there is an overwhelming vote of no confidence for the incumbent. Granted that in theory they hold the power but what would go on in their mind? Shame. Inner defeat. It will not be the same like say they win 51% to 49% against. In that case they could still garner the media and cover up. But not with 99999999 to 1, as 9999999 against 1 is a resounding complaint that we have no confidence in them, and we are also not perfectly comfortable with opposition. With a vote of 9999999 against 1, even the state media will be stumbled for words to angkat the incumbent for sure.
Point 2. I disagree to just blindly vote for the opposition just for the sake of getting rid ot the incumbent. The opposition has been given ample opportunity to prove themselves but i see nothing but personal glorification of a cause, and personal grievences due to a valid reason. I truly sympathesize with their leaders who are courageous without doubt and had been unfairly judged numerous times, in my opinion. However, the correct way to respond is to continue do do good and think positive solutions for the people. That is the sure way to earn respect and votes. What i mean is that you find zero “positive energy “on the opposition websites. Why don’t they create open lines for comments just like TOC? Create solutions for the investors, just like what TKL is doing? The opposition has completely missed out on doing positive things. Instead they keep their websites just as archive records, very bureucratic useless website that does not inspire positive energy, unlike TOC or TKL blog.
Point 3. This seems a good idea provided that there is a credible oppostion who is shown to be doing some positive work as at to-date. As i mentioned, the oppostion has plenty of chances on the internet to explain what things they have done, but all i see is historical records. I prefer to see 99999999 to 1 then to blindly vote an Ah Beng into the House.
Iskandar
#86 Mice is nice
Old habits of thinking die hard? )))). He PAP member for over 25 yrs
#88 Mayhem
F*** ALL — but better than ranting anon. Gives petitioners cheap thrill, more names. And sabo them if you not investor ))))) and they don’t check.
hi A Tan,
////Old habits of thinking die hard? )))). He PAP member for over 25 yrs////
you got a point. :)
122) Iskandar
With a vote of 9999999 against 1, even the state media will be stumbled for words to angkat the incumbent for sure.
>> Read below. I don’t think our MP will be stumbled for words. You have definitely underestimate their capabilities.
Extract from http://www.singapore-window.org/sw04/041117st.htm
SINGAPORE on Wednesday, Nov 17, slammed a media watchdog for ranking the island in the same league as authoritarian North Korea and Myanmar in press freedom, saying outsiders shouldn’t equate freedom with criticizing the government.
Tightly controlled Singapore placed 147th in the annual index put out by Reporters Without Borders – by far the lowest ranking of any developed country in the annual ranking – and just one notch above Iraq and 18 above Myanmar.
Others countries in the bottom two-dozen included Libya at 154, Zimbabwe at 157 and China at 162.
North Korea was ranked worst at 167; Cuba was 166.
Information Minister Lee Boon Yang said the index imposes a standard that fails to take into account “special circumstances” in Singapore, where he said journalists contribute to the nation’s development and are not necessarily adversarial.
Lee said the Reporters Without Borders index “is based largely on a different media model which favours the advocacy and adversarial role of the press.”
“We have a different media model in Singapore,” Lee said in a written comments distributed by the government.
“This model has evolved out of our special circumstances and has enabled our media to contribute to nation building,” he said, adding the government simply “did not agree” with the organisation’s rankings, which were released late last month.
Lee said Singapore’s media “has to be sensitive to our national interests. The city-state’s leaders have repeatedly said it would not change to cater to a more “Western” set of media values.
…..
However, the correct way to respond is to continue do do good and think positive solutions for the people. That is the sure way to earn respect and votes.
>> The same PAP is asking from the people. Trust them. You trust them?
What i mean is that you find zero “positive energy “on the opposition websites. Why don’t they create open lines for comments just like TOC? Create solutions for the investors, just like what TKL is doing? The opposition has completely missed out on doing positive things. Instead they keep their websites just as archive records, very bureucratic useless website that does not inspire positive energy, unlike TOC or TKL blog.
>> PAP’s website is more worse and you get more frustrated when you try to engage them in their forum – it’s worst than talking to a wall…. everything don’t know, cannot tell you…. skewed perception like GST increase is to help the poor PERIOD, etc.
I prefer to see 99999999 to 1 then to blindly vote an Ah Beng into the House.
>> If you choose this approach, you are guarantee to get more Ah Beng or Ah lian into the house. Look at STTA LBW – the classic case, LOL.
Dear Dumb and Dumber
The article your quote is irrelevant. The article you quoted was a comment from foreign press ranking singapore 147th., Lee Boon Yang is not totally wrong to condemn foreign criticisms of singapore. I do not like foreigners to interfere with my country. I dislike opposition party getting help from angmo. Although this is last resort and they are forced to do so as i know it, i just dislike angmo interference in my country. Today the angmo help you, tomorrow you are beholden to them. Politics dirty game. Singaporeans must solve its own problems!! So, to be objective if within Singapore itself 999999 to 1 spoilt votes, what can the government say? It is not foreign interference. Domestically nobody believes in the incumbent. What kind of thing will straits times write? it cannot be positive, how to angkat and paint a white picture if all black? We are not dealing with foreign interference this is totally a Singaporean thing.
Yes i agree with you that my argument is similar to incumbent, that the opposition is not capable. The only difference is that i protest and say that the incumbent is equally if not worse!! I totally agree with you the incumbent is not trustworthy too. So i spoil my vote, until such time that I see some potentially competent opponent. I mentioned before, the opposition parties have plenty of opportunity NOW, TODAY EVEN, to prove themselves on the internet, that they care about the minibonds issue, the cpf issues, etc, and OFFER POSITIVE SOLUTIONS TODAY not ride on the condemn-incumbent bandwagon and get a free ride only during election time. I will spoil my vote rather than to put another opportunist ah beng there. 9999999 to 1 is better. Having said that if there are some positive recommendations by any good oppostion to the problems singapore faces, it will definitely be worthy of total support.
Iskandar
Thank you for the insightful blogpost. The Singapore Democrats have featured your post in our blogs of the week section – http://yoursdp.org/index.php/news/blogs-of-the-week
To Iskandar,
it cannot be positive, how to angkat and paint a white picture if all black? We are not dealing with foreign interference this is totally a Singaporean thing.
>> I think they just did it again. Read the latest post : Ho Ching’s Temasek appointment is not decided by the Prime Minister, says High Commissioner.
The only difference is that i protest and say that the incumbent is equally if not worse!!
>> I beg to differ. Find any opposition MP worst than STTA LBW. I think she set the new low record.
I will spoil my vote rather than to put another opportunist ah beng there.
>> I respect your choice. It’s your vote.
9999999 to 1 is better.
>> I bet to differ.
hello dumb and dumber
well… , I have no strong reason to doubt the “Great Leader’s” words at all, in this particular instance. The decision could have come from a “very enthusiastic” official. I don;t like it, same feeling for all Singaporeans, well maybe not all.
Regarding LBW i also agree with you everythin you said. But what made me more sad is the fact that the two opposition leader in parliament just let matters pass by. What’s the point of this TOC and numerous other sites complaining. We have no power. Dato Sri Dr Mahatir Mohamed made a statement nearly twenty years ago which i do not forget to date. “You can be very right in your thinking but without power nothing moves”. We have opposition parties now, they have power or potential power. But they are not necessary right in their thinking., They just do mud slinging, complain here complain there, they do archiving of speeches, compiling information from blog sites, Anything original? anything postiive that will help the lehman investors? Why didnt they harness the power of internet like TOC or TKL? I don;t like it.
In conclusion, I feel that the parliamentarians WHETHER INCUMBENT or OPPOSITION, are the employees of we, the citizens of Singapore. And since I am one the Boss, I would like to sack everybody, they failed the KPI (Key Performance Indicator) of bringing value and justice in a reasonable manner countless times, both sides.
9999999 to 1.
Iskandar
Iskandar
To 129) Iskandar,
In conclusion, I feel that the parliamentarians WHETHER INCUMBENT or OPPOSITION, are the employees of we, the citizens of Singapore.
I agree. Let’s show them who’s the boss in our own ways.
Many are angry of the cumulative abuse of trusts we face …. but many are short memory
before GE, they will give u
1) Free breakfast… but if they still can’t win your constituency, they demolish your old flats …
2) waiver of 2 months conservancy charges ( what is that amount compare to the 12 highest paid titans in Govt ?)
3) Give you a children play ground, ( they actually treat u as a kids all these years )
4) Give you help to get back a new job that earns 1/3 of original salary
5) Ask you to upgrade yourself while u can’t even use your CPF for own upgrading, study
6) For 9 short days of campaign, theywould tell you one candidate is a lier, threaten to suit another, flood the main stream press with all these talks ( infact we are REALLY angry at this !) and then
7) Increase minister pay, GST, Ultility bill, Bus fares, all within 90 days of new government
That came from 9 days of campaign, voted in by less than half of Singapore eligible voters ( many GRC are un-opposed); got 63% of vote, so a mandate of 27% of eligible voters; support, then they slaughter you, milk you dried sadistically, and tell you right on your face, WE HAVE MANDATE To govern.
And in the new Parliament, we hear noises from newly elected MP, in order to score points, asking the 2 opposition members to come our alternative government plan ! what a shame, when these new ruling pap absent in most parliamentary sessions !
People, u can’t be short memory, w emust make Singapore better, maybe we would do the ruling party a great favour, push them back to be real people’s action party,
This arrogant party must change, they must embrace the fact that they are not fail-proof, infact they failed in many policies….
The we say the pledge loudly and proudly, maybe in 2015
Hi,
Please don’t get angry get even. Use your vote wisely and if that failed vote with your feet. Australia, New Zealand, UK, USA and many more other places one could try our luck. I voted with my feet a long time ago. I won’t recommend anyone to get involve with opposition politic like seeking election because there is a high propability PAP will use the justic system to bankcrupt you or put you in prison.
The sad truth is that one day, there will be a mighty explosion of anger. LKY could live to 100 may be 110 but like all of us we have to go to meet our maker one day. History tell us that when a strong leader depart from this world after ruling for a long period without building a political structure that could support itself without depending on a single personality, that dynasty will fall soon after he is dead.