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?
—
HELP keep the voice of TOC alive!
If you like this article, please consider a small donation to help theonlinecitizen.com stay alive. Please note that we can only accept donations from Singaporeans. Thank you for your assistance.Do you have a flair for writing? Volunteer with us. Email us your full name and contact details to theonlinecitizen@gmail.com
What was the sinister omen that the solar eclipse of the century brought ?
Answer – Ms. Ho Jinx is reinstated back into TemaSick !!
VOTE THEM OUT before Ho Jinx loses the rest of the reserves !!
VOTE THEM OUT before 7% GST become 20% GST !!
VOTE THEM OUT before Singapore become Chinaspore !!
To #48 Ironman
I am sure you have Iron RIce bowl from our gahmen since you ungkat them so much in your comments !!
If not, may I ask how much they pay you for each comment you post in this forum ??
Hi fellows, u think they stupid. They already planned how to distill votes by introducing immigrants to vote for them. Is too late. Even a S hole Malaysian Khaw ask us to retire in Malaysia. S Hole Mah is worst, increases prices every Ministry he goes. Is this the Local Talent Singaporean wanted.
How I hope he is the MP for YCK. People will sure take good care of him since
he take care of himself and gangs so well.
Was it not true that GY was supposed to take over only somewhere near the 4th quarter?
So, did GY ever saw and read the books ?
Ironman get this clear, PAP does not run the country, it is the people, civil servants working in the ministries who have a PAP as a minister , perm sec.. If the PAP is voted out, the civil servants do not get “voted” out with the PAP guy, even the top brass, maybe and hopefull, a pay cut. I’ve been educating the older folks and people on this point. It is only certain policies or direction might change. What might be the future be with the opposition, we will never know. Yes I am very angry with events at Temasek and all the losses. One thing is very clear for me, VOTE THEM OUT
[i]But think of what happen if the country is not run by them. Would you bet your future on any one of the oppositions? no way. [/i]
off course malaysia is bankrupt
no oil
no proton saga
no twin towers as well
maybe inhabitated by orang asli as well?
you liked sodomy?
i liked you backside
even if its an ironcladded a s s
http://www.youtube.com/watch?v=QMBZDwf9dok
“i’m a human being! my life has value!”
“i’m mad as hell and i’m not going to take this anymore!”
I am angry as hell.
But I doubt PAP will be voted out totally. Singaporeans are conservative creatures in general.
The best we can hope for is a minority government where PAP occupies less than 50% of the seats to check their authority.
Hope the opposition contests in my area, otherwise it will just be another walkover again…..sighs…..
When I trace back to what if ?……It makes sense for me to be damn angry with the Japanese…..they should have castrated oldfart when he was working for them
during the occupation of S’pore……the Lee dynasty would not exist.
Now you can see it will take a supreme effort from the people to end it.
Our anger to the current pap estalishment & system are no less than what we encounted thru Ex-NKF and the current Ren Chi Hospital saga. It is a matter of timing which worm will crawl out earlier . Those maggots that stay longer will further rot the fruit of our labour and we have only once in 5 years to destroy those maggots.
Yes, I am angry, annoyed, fed-up, disappointed, dismayed and irritated…
I wonder if the capaign period will be longer this time round – since obviously the PAP can’t use the ‘things are very good’ strategy.
Someone should document every single happening and highlight it to all Singaporeans during the next election. As we all know we have the shortest memory and aided by a few hundred dollars, we tend to forget all past misgiving.
Not angry ………………… but very furious!!!
What’s happening to the leadership? It’s a monumental embarrassment. International disgrace really.
First disastrous errors with investment – buy wrong stocks and sell wrong time. Then try to justify good performance with apples and oranges comparison. Now error with CEO appointment and this is after thorough assessment and collective decision to hire him. Can’t they do anything right??
If we’re lucky, US will recover soon. If we’re lucky, more jobs will fall from the sky, if we’re lucky,………… Looks like it is all about luck and they are not having much lately.
How to celebrate National Day???
How to listen to National Day message?????
Re,#33 and #35 post.
I’d like to re-visit the idea again of casting a vote of no confidence, as in, a deliberate spoil vote. What happens if out of 10,000 people, there are 9999 spoilt votes of such kind and 1 vote for the incumbent? Does it not show something, that the People are fed-up and angry? In my opinion, You don’t have to vote for the opposition to voice your anger. This will only cause your anger to be misdirected to the benefit of any tom, dick or harry opposition who may be even worse than you imagine. Politics is a dirty game, one entity sometimes get a free ride because of the wrong reasons!!!!!!!!!!
As mentioned, i doubt very much the calibre and characters of the opposition which exist today,.. In my opinion, even after so many years and so many chances to outshine the incumbent, we hardly notice from the opposition any CONSTRUCTIVE suggestions for matters which are really important to Singaporeans. You might argue, they tried but didn’t get the support of mainstream government media. BUT, internet is here. If TOC can be so effective in generating feedback, why is the opposition parties websites not making any efforts on the internet? Their websites are just advertising spaces for them to glorify their leaders and to smear dirt on the incumbent. It does not encourage creative thinking and positive outlook solutions. And their key leaders don’t even make any representation or appearances in their own websites, just leaving it to run perhaps by a clerk, as if it were an archiving facility for their nice little speeches in parliament.
I am also asking myself, more opposition members also costs more to taxpayers money, yes?. The cabinet members’ salaries is already obscenely high. Put 10 more opposition members in and we have to pay another 10 times!! What happen if you get a lousy opposition guy in, then you don’t get value for money. He would just occupy space, enjoy the singaporeans’ wish of having an opposition, but he morph into another Chiak Liau Bee, of which there are already uncountable in the incumbent clique of clowns.
There was a comment that opposition is currenttly not effective because there are just two of them. I beg to differ. This is NOT a numbers game. Quality is more important than Quantity. All you need is just one person, who instead of getting emotional, should be more aggressive in the right way with the pushing of Constructive Ideas … instead of creating a scene to discredit the ruling party. Those are irrelevant points. Every thinking Singaporean can see the fault of the incumbent, there is absolutely no need to elaborate it, we are not stupid.
So I would prefer to see 9999 spoilt votes and let the incumbent win with their 1 votes, if nobody with the right calibre and dispostion, turns up at this election. Anyone support this idea?
opposition just need to win AMK GRC, hit the dragon balls!
Will our economy collapse to a point of no return if the PAPs are voted out of Parliament? When that happens, I can see waves of FTs flocking in and the elites fleeing off to some remote island..leaving the lesser mortals to fend for themselves..
i made a spoil vote on last election, don’t like PAP and fear opposition not good enough. What we need is our rights back, so that we can supervise this gov.
For goodness sake, we, the people, are paying these guys salary. We are not their slaves!
i think spoiling a vote is a foolish thing to do…….it has got no effect at all to the incumbent and you are just wasting your opportunity to voice out. might as well not go to the polling booth and enjoy the holiday with your family.
the purpose of an election is to let one decide either a change is needed or to let it be status quo. by spoiling your vote you are just letting others lead you by your nose again.
when the barisan communist were the main party
while the pap is the minority
things worked out fine
although the barisans were mostly ahbengs
but from their angles
they are the peoples’ people
the pap were the pompuass posh party comprised of a FEW good men
only the ole gheezer made himself as mr allcando
in the end
the barisans were so stupid which the ole gheezer taunted them
and they left on their own accords
from that day ONWARD
the ole gheezer planned his moved
1 DECADE ahead
remember what i says about my MENTOR?
his moverments were so predictable that the FEW good men worked side by side and retired gracefuLLEE not for their pockets but for the benefits of the fellow singaporeans in which we grow to be number 2 or 3 just behind japan
we were then AHEAD of korea and china includin over hongkong
remember the days when goods imprint
made in hongkong?
we laughed
the whole world laughed
today?
made in hongkong is a wellsought product
especialy made in korea
what are we today?
with only the ole gheezer aroun?
a 3rd world goodtosee nogoodtoeat arrogant kiasoo kiasee singaporeans
who brin us to today standard?
the holy father
the evil son
and the ambitious daughterinlaw
~sigh~
To #65:
Whether you spoil your votes or not, the budget for the MP had already been catered for. The seat will always be occupied by some one. If you spoil your vote, then the PAP take the seat, and nothing change.
I think the best thing that can happen to Singapore at this junction whereby the opposition is still weak is to strip power from the PAP while let it governed for another term.
For example, vote out AMK GRC to show the seriousness of the people in response to weak leadership for the past 5 years. Reduce the no of PAP seat to just above 50% so that they can’t change our constitution which pure numbers.
I hope that Singaporean will understand how exploited we are in the middle and lower income tier. We had to work 12 hrs a day, 7 days per week while some elites can boost a 5 wks cooking course vacation in France.
Almost all sectors, there are fierce competition from “Foreign Talents”. We have to introduce some competition in the political arena too, so that they can earn their keep. Not talking about the obvious or singing some stupid “Upturn the downturn” song.
The young are not as ignorant or apathetic. in the recent NE event to ask students to write what they wish to see for Singapore in their future, some actually wrote to say they wish to see the end of nepotism.
some people can twist and turn nepotism into meritcoracy with clever words, media manipulation and outright threats but even children can see through it and call a spade a spade.
64) Iskandar,
“You don’t have to vote for the opposition to voice your anger. This will only cause your anger to be misdirected to the benefit of any tom, dick or harry opposition who may be even worse than you imagine. Politics is a dirty game, one entity sometimes get a free ride because of the wrong reasons!!!!!!!!!!”
Your suggestion and reasoning sounded very familiar. If I am not wrong, PAP always gives the same advice and reasoning to discourage us from voting for oppositions. You have persistently and strongly repeated after them here instead of reasoning with us. I wonder if u r the spokesman of PAP?
“As mentioned, i doubt very much the calibre and characters of the opposition which exist today.”
You sounded as if you know every Singaporeans to conclude that. If you are happy with the status quo, I guess TOC is not the place for you?
“There was a comment that opposition is currenttly not effective because there are just two of them. I beg to differ. This is NOT a numbers game. Quality is more important than Quantity. ”
Iskandar, you don’t even remember who commented that? Anyway, how about turning the scenario around… 2 PAP and 84 oppositions. Do you think PAP still can perform the way they did? Let’s try it out instead of guessing. :)
Hi (66) Dixon Lim,
“Will our economy collapse to a point of no return if the PAPs are voted out of Parliament? When that happens, I can see waves of FTs flocking in and the elites fleeing off to some remote island..leaving the lesser mortals to fend for themselves..”
Another similar scare tactics PAP used to say.
Staff of civil service sectors will still remain in their respective department, unless they are incompetent. You only change the bosses but not the workers. It’s just like a business buy over.. change owner, but the staff remains. So how can the economy collapse just because PAP is out?
In any case, I don’t think PAP will be totally out. There are still some good ones there. If they are really that good, they should be on the side of justice instead of party affiliation.
A quote for Iskandar:
“If we had considered them serious political figures, we would not have kept them politically alive for so long. We could have bankrupt them earlier.” – Lee Kuan Yew on political opposition, Straits Times, Sept 14 2003
Who are the bankrupted political opposition in Singapore? ;)
Unkappy — Migrate if you can.
If you cannot, then repeat “P P PAP”
All I hear is to vote, vote, vote. Sure, angry people may vote to send a message, may be irrational, etc, but the emotion doesn’t seems to take into account SGP voting mechanism.
Cos’ looking at the 2006 elections results (OK, I know this is a bore to many),
1) first hurdle is: will I get to vote? (2006 = 44% of eligible voters didn’t even get chance to exercise their constitutional rights as citizens);
2) opposition got 34% votes. Did this resulted in 1/3 representation in parliament or a pathetic 2.3%?
3) Spoilt votes/no turn was about 4.6% (aka Iskandar-style). Either case, they wouldn’t have turned the outcome.
4) dominant party got 66% ‘adjusted’ vote (“the mandate”) which translates to 98% parliamentary power.
So, if opposition gets say 51% (total/absolute) votes, what does anyone think their share of parliament voice will be? 51%? Or only 3.4% based on the 2006 trend?
Say, 99% spoilt their vote, or don’t turn up (a crime) or no chance to vote. Will the main party then have only 1% of parliamentary seats? I don’t like to be a wet blanket but pls think how we can really change the sad, sad, situation!
“The German newspaper also asked Mr Lee why there were ‘no signs of dissatisfaction’ with the Government, despite the country facing one of its worst recessions since independence. There were three reasons for this, said Mr Lee.”
- Striking a balance, straitstimes.com, July 23, 2009, By Aaron Low
http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_406914.html
Who said there is “no signs of dissatisfaction’ with the Government”? The author has instantly lost his credibility in this report.
(78) theforgottongeneration has raised a valid concern here: we need prevent the “walk over” scenario again.
78) theforgottongeneration on July 24th, 2009 1.32 pm
it is not a crime if you don’t turn up to vote…..you just lose your right to vote in subsequent elections that’s all.
Heard that GE is coming soon. One friend has already received the standby & training notice for the election comm.
For me, definitely not going to support this bu$$sh$t government anymore, and will surely vote against it, but first provided my GRC is not walked over in the first place.
57) anonymous on July 24th, 2009 1.23 am ,
that is a very good clip. From what show was it extracted from?
I hope you can tell me. I would love to watch that show!
Am I angry yet? Heh… I have been angry since I became aware of my surroundings.
Just give me a chance to vote. That is all I ask!
Election long time away and many may not be able to vote.
Best way to show yr anger (if angry enough) now — Sign this NOW
http://petition.b1.sg/
Tan Kin Lian is very angry abt many things in Singapore. Judge for yrself http://civicadvocator.net/why-sign-petition
So if you are angry enough sign this petition.
BTW not part of the team behind this petition. Juz tired of people who think that complaining anon on web is a substitute for doing something.
@80) not voting is nota crime….. on July 24th, 2009 1.58 pm
Thks for insight. No wonder I never get to vote — first time round as it was a walkover. Becaue I didn’t turned up then, the subsequent electoral boundaries were drawn so as to bar me from voting. My fault, sorry,lah.
Hi (75) creducator,
Maybe you do not understand what I mean by the ‘collapsing of the Singapore economy’.
I do not wish to elaborate on it. Hopefully you can decipher my hidden meaning..
hi A Tan,
i am afriad my opinion of Mr Tan KL is not a very positive 1, after some dodgy replies or non replies from him in his own articles- the ones where posts were no longer allowed.
40) h1n1seller
//////kopitiamapek
please take NOTES/////////
Who are you and why are you dragging me into this?
A Tan,
“Juz tired of people who think that complaining anon on web is a substitute for doing something.”
I am interested to know what will petition do.
Hi Andrew Loh
Your question in the title
“Are you angry yet”
is quite redundant.
TOC is not just a community of Singaporeans
It’s a community of very angry Singaporeans.
some are angry for a good reasons,
some are just angry with life,
angry with themselves,
or believe that anger should be a permanent state of mind
Hi KopitiamApek
Your remarks about the different reasons of anger is even more irrelevant.
90) Mayhem
You point of view is noted.
55) ACACIA on July 24th, 2009 12.54 am
“Ironman get this clear, PAP does not run the country, it is the people, civil servants working in the ministries who have a PAP as a minister , perm sec.. If the PAP is voted out, the civil servants do not get “voted” out…”
Technically speaking or in theory, I suppose it may not be wrong to say that the people can Vote any party out any election. By this merely, the People dictates.
Hi (85) Dixon Lim,
“Maybe you do not understand what I mean by the ‘collapsing of the Singapore economy’. I do not wish to elaborate on it. Hopefully you can decipher my hidden meaning..”
Maybe I do, maybe I don’t. But my answer to your question is still “No”.
I will vote for any opposition in the next election. In my opinion, I like to let the PAP know their way of governance is absolutely outdated and detriment to Singapore people. Nepotism and elitism are not acceptable in Singapore. Singaporeans deserve better service from the government, who is elected to serve the people and not rule the people. Stop running Singapore as a company. I do not want to sacrifice my rights, dignity and freedom as a human being for anything else.
I am not sure how many Singaporeans are politically aware of the situation we are in. I guess many cannot be bothered to find out due to ignorance and/or fear. Being a Singaporean, I feel sad and ashamed to know this is happening in Singapore. I am not happy about this situation, and I know I can exercise my voting rights accordingly. I also know I should let as many Singaporeans be aware of this situation, and let them be more informed to decide what to do. I certainly hope more Singaporeans will at least do the same thing as me!
Albert Einstein: “Insanity: doing the same thing over and over again and expecting different results.”
Nike: “JUST DO IT!”
[i]A Tan on July 24th, 2009 1.27 pm Unkappy — Migrate if you can.
If you cannot, then repeat “P P PAP”
[/i]
so what do you do
when your spouse pissed you off?
migrte as well?
if you cannot
repeat this phrase
i am sorry laupoh
my beloved wife
i need you
i beg of you
perhaps?
see?
i also can chant liked you
you are the 100% kiasoo kiasee singaporean
instead of ventin your anger direct @ the minister/government
heck you dared not even address them by their names
liked
leekuanyew
leehsienhloong
or our prince your royal highness……..
you want the 33% of us just to pack up & go?
you housin agent or what?
angry not enough…. put the pic in the link somewhere at ur blog or website as a reminder:
http://www.thomsonreuters.com/content/corporate/images/news_ideas/tr_vote_ar.jpg
no use to angry as many here are apathy and too busy to survive. but i have faith and believe that many like us want changes even though oppt placed one who wearing slipper.
this is to show not cos we are stupid and angry, this is to show how mad we are that the way thing go on for so many years and like nobody business and we all struggling with no light at all at the end of the tunnel.
many will change their mind about the pap.
94) enough crap already on July 25th, 2009 1.18 am ,
hi i am with you, and i believe many will think like wise cos we cant just sit on it and doing nothing at all. either way we die! but if we take chances at least we know survive rate is 50% whereas if you dont at all, it is 0%.
I don’t think the people of Singapore are angry at all. They don’t see the fund in Temasek or GIC as their hard-earned money. They consider money paid as taxes or contribution to CPF as money long gone and not going to get them back any time soon not unless they are 55 or 65 years old. They have lost this attachment to these money. Taxes paid not their money anymore and CPF paid is delayed social welfare for their golden years. How the govenment manage these money now is not their problem. Even if Temasek and GIC are burnt down, they feel assure that they still get their delayed social welfare for the golden years.
The latest fiasco in Temasek is really strategic, because Goodyear is strategically not their god-son. They cannot entrust their money to an agreed insider who decided to turn an outsider.
Ballot Box to the rescue? Nah…I doubt so. Why do you think there is influx of new citizens? Do you think they are going to vote for the opposition in due time? Think about it.
They always think one step ahead of you…..
not all new citizens will vote for the ruling party, its not a given. ;)