Andrew Loh
Anyone expecting Temasek Holdings to shed further light on the departure of Mr Charles Goodyear will be disappointed. Don’t hold your breath. Despite calls for more transparency and openness in its dealings, the state sovereign wealth fund (SWF) is notoriously secretive.
Singaporeans will be left to speculate on the reasons for the sudden and unexpected exit of Mr Goodyear.
Having said that, lets take a look at the selection process adopted by Temasek through which it appointed Mr Goodyear to take over Ms Ho Ching, wife of Prime Minister Lee Hsien Loong, as Chief Executive from October 1st.
In the Parliamentary sitting of 4 March 2009, then-second Minister for Finance, Mrs Lim Hwee Hua, stoutly defended Mr Goodyear’s appointment. She explained how Mr Goodyear came to be offered the position of CEO of Temasek:
Mr Charles Goodyear was identified and approached by the Temasek Board as a potential CEO candidate in 2007. Once he agreed to be considered as a CEO candidate, Mr Goodyear was interviewed by the Board members, individually and as a group. The Board engaged with him for over a year before it finalised its decision. Temasek picked Mr Goodyear as its next CEO because its Board assessed that he was the best person for the job, based on merit…. The Board was also satisfied that he shares Temasek’s values and is committed to building long-term sustainable value.
As Temasek is a Fifth-Schedule Company under the Singapore Constitution, Mr Goodyear’s appointment both as a Board member and as a CEO successor was subject to the concurrence of the President. Cabinet first discussed the Temasek Board’s nomination of Mr Goodyear. Cabinet decided that the Government should have no objection to Temasek appointing a foreigner as CEO if he was assessed by the Board to be suitable and the best candidate available. Cabinet, therefore, endorsed Mr Goodyear’s nomination, but also reaffirmed the need for the Board of Temasek to remain in the effective control of Singaporeans.
Temasek Board’s recommendation was then put to the President for approval, and the President met Mr Goodyear before giving his concurrence. (Parliament)
So, the president, the cabinet and Temasek’s Board of Directors all had a hand in assessing and approving the appointment of Mr Goodyear over an extended period of time. He was identified as a potential CEO in 2007 – two years before he was offered and took up the job in March 2009.
In its news release on 6 February 2009, where Temasek announced Mr Goodyear’s appointment, its chairman, Mr S Dhanabalan, said: “Ho Ching has been instrumental in bringing Chip on board. We have been working on this appointment for more than a year.” (Temasek website)
Less than three months before he was to replace Ms Ho Ching as CEO, Temasek announces Mr Goodyear will no longer be its CEO come October 1st – and that Ms Ho Ching will continue as its chief. The problems seem to have started immediately after Mr Goodyear was designated as the new Temasek CEO. According to the Associated Press, “Goodyear… had been working alongside outgoing chief executive Ho Ching since March.” One would imagine that in the four months since, the two may not have got along as well as what has been reported.
So, what happened?
The reason given by Temasek in its news release of 21 July 2009 said that “there are differences regarding certain strategic issues that could not be resolved.” However, this runs counter to what Minister Lim had said, that Goodyear “shares the values of Temasek and its position as a long-term investor committed to delivering sustainable returns.”
It therefore raises the question: Did not the president, the cabinet, Ms Ho Ching and the BOA of Temasek ask Mr Goodyear about his strategy for Temasek before appointing him as CEO? And what does Temasek mean by “strategic issues? Did not Minister Lim say Goodyear “shares… the values” and its long-term position?
More curiously, on 21 July, Ms Ho Ching said: “I am sorry he is unable to continue with the leadership transition, and hope to complete the initiatives that he has started.”
If Temasek cannot reconcile Mr Goodyear’s ideas on “strategic issues” with its own, why is Ms Ho Ching going to “complete the initiatives” which Goodyear started? What are these initiatives? And how sure is Temasek that Ms Ho Ching is up to the tasks, given that she herself admitted, in February, that “Chip brings capabilities that I don’t have”? (Straits Times)
So, is there more to Mr Goodyear’s departure than meets the eye?
The New York Times:
“This is not good news for Temasek,” said Carl Linaburg, co-founder of the Sovereign Wealth Fund Institute in Roseville, Calif., which tracks data on the investment funds. “Prior to Chip’s arrival, Ho Ching had been widely criticized for Temasek’s major losses in financials. Chip’s departure makes people wonder why Temasek can’t seem to make firm decisions with sound judgment, which is essential for managing the assets of a country.”
Some have suggested that it is a clash of culture – according to the Financial Times (FT):
“… there has been intense speculation since Mr Goodyear’s appointment was announced about how he would deal with Temasek’s senior management, and the close-knit community of Singapore business executives in charge of the Temasek-owned companies that dominate the city-state’s corporate landscape. These include Singapore Airlines, Singapore Telecommunications and DBS Bank.
Many observers said that Mr Goodyear might encounter a culture clash if he attempted to shake up the management of Temasek and its affiliated companies.”
The FT also reported that “Nomura Securities, in a recent research report, suggested that Mr Goodyear might increase Temasek’s borrowings to make new acquisitions in an effort to rebalance its portfolio. Such a move would have been a break with Temasek’s conservative cash management.”
We will probably never know the true reasons for Goodyear’s departure. But perhaps that is not the real or important question we should ask. What should be of concern to Singaporeans is the process of selection adopted by Temasek and the seemingly rubber-stamp approval which the president and cabinet gives to Temasek’s actions. This is especially important given that Temasek guards and invests billions of dollars which belong to Singaporeans, which have resulted in monstrous losses in the past year or so.
Another important point to note is the question raised by Workers’ Party chairman, Ms Sylvia Lim, in Parliament in March. She had asked why the hiring practice of the Civil Service, which restricts access to state secrets to Singaporeans, was not applied to Temasek Holdings. (Parliament)
In her reply, Minister Lim said, “Temasek is not part of the Civil Service or the public sector. It is a commercial company that is wholly-owned by Government.” Turning to Mr Goodyear’s appointment, Minister Lim said, “As Temasek CEO, Mr Goodyear would be privy to information about the company’s operations.” Her only defence regarding the question of keeping state secrets to Singaporeans was that Mr Goodyear is bound by the Official Secrets Act (OSA). But as the WP chairman said, what good is the OSA given the fact that Mr Goodyear may leave and never return to Singapore? “Does the OSA really help us?” asked Ms Lim.
Minister Mentor Lee Kuan Yew has always rejected calls for Singapore’s two sovereign wealth funds – Temasek and the Government of Singapore Investment Corporation (GIC) – to reveal its investments. Indeed, in a letter to the Wall Street Journal on 27 June 2007, the press secretary to the Prime Minister said “it is not in Singapore’s interest to publish the details or reveal their size.” (Wall Street journal)
Mr Goodyear, now no longer taking up the CEO position, has such confidential information about Temasek’s investment strategy, as Minister Lim Hwee Hua admitted in her parliamentary reply.
How will the government ensure that this is not used to compromise Temasek’s investment strategy, besides relying on the OSA, which may be useless anyway?
‘We hired the best,” MM Lee said in June, referring to Mr Goodyear. (Source)
While Mr Goodyear’s credentials may indeed be impeccable, perhaps the more important question lies with the selection process itself. Clearly, despite having been intensely interviewed by the president, the cabinet, the BOA of Temasek and Ms Ho Ching herself, the exit of Mr Goodyear has shown that the selection process has flaws.
And the flaw seem to be a fundamental one – the selection process failed to determine Mr Goodyear’s stand on “strategic issues” which Temasek now says is the reason why he will no longer be chief.
As blogger Lucky Tan put it:
“Gee, nobody bothered to ask him about what his strategies were and his views on key issues when he was interviewed for the job? Is that how we hire people to manage billions of tax payers’ money?”
—-
this can ONLY happen in singapore under the present climate. looks like there is not even a breeze to blow the oppressive hot, humid heat away. the torment lingers like eternal hell of fire…
in western oz, duriing the summer heat (47C) there is what is known as the “Albany Doctor” , a sudden cool breeze to cool things down. but this doesn’t exist here at all.
Singapore is run as a FAMILEE business. And there are many skeletons locked and hidden away. What do you expect when you leave one familee to rule over many years. They were good and still good but over time had made many countless mistakes and today refuse to admit it. That is their only problem. So, we citizens must ensure we bring in new blood who will check, recheck and ensure right decisions are made. Don’t just let leave it to one familee to run our business. Sooner or later, all will come out. Goodyear will not keep quite for long. One day, he will speak and we will get to hear his side of the story. But we already know that somethings are just not right in our city.
101) borderless on July 24th, 2009 7.53 am
” this can ONLY happen in singapore under the present climate.”
You may be right.
Although little voices here and there on the net are questioning,
i am not confident to say that the majority , who are really educated , would question this as I have not seen a lot of interest generated on this issue from the public except from non-apathetic singaporeans on the net who I assume are the strong minority.
Due to lack of transparency and the reluctance/refusal to release more details for the “strategic differences” being the reason to terminate this contractual agreement of the century in the history of Temasek and also in the history of Singapore, please allow me to speculate a little bit.
Speculation 1:
Goodyear was hired to defray, most probably, the damage done by Ho Jing in her buying spree of failed banks which resulted with at least a 30% loss of people’s money.
Now that there seems to have a certain percentage of recovery of part of the foreign investment losses and also probably because of sales of local assets such as the Senoko Power, etc, a certain degree of covering the losses could have occurred. Therefore, on paper, the financial balance-sheet at Temasek might not look as bad as before.
Moreover, Chip has already thrown in some of his best chips which Temasek claims to be valuable and would be put into implementation. Money’ invested in Goodyear for the last six months at least has seen some returns.
Thus, there is no further need for a “scapegoat” to shield the blow for any foreseeable eventuality. So, why should there be a need for a foreign “agent” to be planted into the highly secretive establishment?
Speculation 2:
Chip Goodyear, as pointed out by one foreign blogger, could possibly be a CIA agent because certain part of his personal history seems to be missing or dubiously unsubstantiable.
Perhaps, the Temasek Board has been questioning him about his background further but could not get much answers to verify or refute the claim that he is a CIA or US agent. Therefore, in view of such a situation, it is best for both sides to not go ahead with the contract of employment.
Would a highly secretive establishment actually and seriously allow a foreigner to fully know and understand its modus operandi, tactics, strategies and idiosyncrasies? Of course, not.
Speculation 3:
It is highly very likely that Chip Goodyear, being very earnest in his new appointment, has crossed swords with the “Old Emperor” and the “Mini Emperor” to such an extent that they can no longer see eye-to-eye. Therefore, the “strategic differences” Nobody in this tiny island state ruled by an iron fist has ever “live and survived” in his/her job when the knuckle duster is being used in a cul-de-sac. So, Goodyear has to become Goodbye.
Those are only 3 speculations, just for fun. Don’t take them seriously.
104) New Fortune Teller
Speculation 3 sounds like what most people are looking at
and speculate in whatever way You want.
Will it change anything ?
Dhanabalan’s wife is a Chinese and she hailed from Penang.
I saw them play golf at SICC when I was a golf marshal years ago.
Dhana was hang of a nice guy as he speaks Hokkien and the Chinese caddies liked him a lot.
She was quiet and had to toe the husband’s line.
So, do not know whether she is a difficult person.
One of the biggest jokes was in the SAF where we sent General Tan Huck Ghim to command a UN force in Timor Leste. The guy did a good job and was recognised internationally. When you consider the SAF has never gone to war, General Tan was the only soldier in the whole place who had anything close to “real” experience – was he qualified to lead the SAF and transmit his experiences down the line? – Definitely – but what happened – he came back to Singapore and we took away his extra star because as one MINDEF baby said – “He’s Old.”
Sure this was made known before he reach age.. nothing surprising anymore.
Why do we need a CEO? Cut cost!!! Dhanabalan take over and run the show!! don’t going round the bush brothers.
Dear Mr S Dhanabalan,
You, being the chairman of Temasek, has made a mess of the entire situation. We use to respect you for the many contributions you made to this country, but now, you are NOTHING, repeat NOTHING. You have not been able to assert your authority as an old guard and ensure that the organization that holds our money is properly run. You’ve allowed politics and self interest to take precedent over national interest. You have not let your better judgement overcome the dictatorship of one man. You look the other way when things go wrong.
Look at your good friend former president Ong Teng Cheong. We are still singing his praises after he is gone, for his courage and strength, for willing to stand up against against the self serving system created by one man. It shows that he cares for the man in the street, our cares and concern, and the well being of present and future generation. Your bank account may be rich, but your soul empty. You will be judged harshly by history and all your good deeds in the past will be whitewashed by your sins of the present.
104) New Fortune Teller
If I may be allowed the honour of the sequel
Speculation 2.1
Chip Goodyear is indeed a CIA agent.
And he was reported to be having a sexual reslationship with Hilary Clinton in, outside, and under the White House.
Chip’s plan for Singapore, it was reported, included complusary use of Goodyear tyres for all cars in SG. This was exposed during questioning of Mas Selamat in JB by Malysian intelligence and it was revealed to be a clandestine plan by CIA to prop up the dying US car industry to force us to buy Goodyear tyres..
This infurated MM, who insisted on sticking to Michellin, because it begins with M.
I wonder which singaporean knows the exact reason?
1 thing for sure, Charles GoodYear should know, even though he is non-citizen.
wow.
Please guys don’t be fooled by all these wayang!! Chip was brought in to show that Temasek is fair in hiring honchos solely based on merit. The big splash about HC leaving makes everyone feel that Temasek is fair and responsible in
addressing the loss of billions with a change of CEOs. But now they can put HC back with a good excuse. How brilliant but pity poor Mr Chip
When the market is bad, Goodyear need to come in as the goat but once the market turn better, he has no need. HC can become the head again….
Do most of the commenters here think that the Goodyear
was been ‘used’ liked a pawn ?
Is he of that low calibre ?
Is he not part of the ‘Act’ ?
111) thumos on July 24th, 2009 8.24 pm ,
well said!!
“When the market is bad, Goodyear need to come in as the goat but once the market turn better, he has no need. HC can become the head again….”
Where do everyone get the idea that the market has been better now and will improve soon ? From Shitty Times ?
“Is he not part of the ‘Act’ ?”
Do anyone really care if he is a actor or not now that the whole script has been backfired and is a big hoo-ha ? Even a world-class and expensive actor will feel ashame and embarrass of acting in such a poor predictable script.
Maybe Andrew Loh should be the next President. At least he will ask the tough questions and maybe he will cost much less ….. But has the PAP pre-disqualified him … :-(
96) peysen on July 23rd, 2009 8.52 pm ,
u wont see it unless lky’s time up.
As a nation which claims that her corporate governance practice among the top notch, such issue should have not surfaced at all. PAP should not feel threathened if they are on the right side. Let Singaporeans know what actually transpired that led to Goodyear early exit.
If Singaporeans in general are readily and usually with “loud Mouth” bashing their neighbours about nepotism and cronism, and jubilantly take pride in their “ideal” meritocracy, shouldn’t the obvious being put in her place rightly for losing billions of tax payer money.
Singaporeans generally are led to believe that only PAP is capable of leading them. In one occassion in the past they were told should they slack, there would be a possibility that they have to be reunited with their neighbour in the north.
Over the years the issues brought about by the government also change and in/with certain subtlety. The issue of FT and new citizens is the latest. Why is there such sudden influx? Are Singaporeans not good or worthy enough to take up key post especially when it comes to tax payer money? Have the so called top notch schools and education system based on world standard failed to produce citizens of such calibre? If this continue Singaporeans will never have their own learning curve as their capabilities are not being tap and tested.
Have Singaporeans forgot about “Nick Leeson”? For a nation that claims efficiency as the key success factor, such major scandal should not have taken place. The structured finance debacle should have been avoided and just like what their neighbour in the north did. The current Broke School scandal is another.
Perhaps the presence of new citizens is not so much of filling in the gap in terms of economic needs but rather to create a buffer for the coming general ellection (if they are allowed to vote by then), These new citizens will be forever indebted to the ruling government for taking them in.
For whatever reason it is, Singapore can’t afford to lose its stablity, socially and economically.
…irreversible accounting strategies that Mr. Goodyear finds it too hard to compromise…
A scapegoat was hired to clear the mess and take the rap. The one who hired the scapegoat will still be calling the shot behind the curtain. Unexpectedly, the highly regarded scapegoat realised his precarious position and threw in his unused towel.
Due to the sudden turn of events, the best excuse would be:
“there are differences regarding certain strategic issues that could not be resolved.”
A reminder:
HC sets Temasek’s future direction for investments when she announced her “resignation” decision. Isn’t it laughable that a badly tarnished outgoing CEO still have the audacity to chart the future of the firm?
Is this not a signal that she’s still in charge? How not to with her background support!!!
Hello guys, is just go back to the square one again. Wasteing resources, time and money. Who should we blame: Ourselves. We are the one who voted them in. So do remember to vote wisely in the next election. Action!!! Don’t just know how complain but take Action to it. Remember YES WE CAN!!!!!
It sure is disgusting to see the party banners flying the fotos of Ping Pong Aunty and the Father of “Elite face gal” along Ang mo Kio, Sembawang and etc. As long I’m still a Singaporean I know who’s table to flip. I’ll remember ‘Yang’. : )
The ISA should be use on Goodyear. State secrets may be leaked if he’s allowed to roam freely.
122) Passerby on July 25th, 2009 234pm
Why is there such sudden influx?
The aim is to have a 6m population melting pot to contribute to future GSTs maybe up to 12%, ERP, COE, hefty traffic fines, cigarette taxes etc etc. Of course not forgeting you have to pay substantially if you need to replace your damaged IC, go for emergency treatment if you are knocked down by a car, test for H1N1 virus if you have a fever etc etc What happened to all the compulsory taxes collected annually? Why so greedy and need so much money? To pay the over 30 pirates their million dollar salaries of course. Then what happens to the Singapore born hoi pollois? Too bad coz they have made their choice and now they better wake up and pay for it.
aiyoyo
if it’s true, then get some idea why elite INVESTORS make $billions loss liao..
sad story; with all the TOP brains, sigh sigh sigh……………….
“The president, the cabinet, Ho Ching, Temasek’s Board of Directors –
all got it wrong?”
aiyoyo
the Chairman of Temasek is hardly or not mentioned in the discussions.
Has he no role in what’s happening to/in Temasek ?
Ref: comment 3, definitly the next candidate to pick will be a china man or china lady. china goods in competitively cheap. Do U known in History China has control of the world enconomic sice the Han Dynasty (since the silk route). Till today is more than 5000years , cans food export to Africa poor country & even American. From the starting they should have choosen China Man/Lady.
Instead of loosing taxpayer money. See Pek Song
aiyoyo on July 26th 2009, 748am
Quote: The president, the cabinet, Ho Ching, Temasek Board of Directors all got
it wrong.
Think very much harder. Nobody got it wrong. There are lots of unknowns. But what is known is this: Temasek has a representative on the boards of some of
the financial giants like Citicorps, Bank of America, Goldman Sachs, Merril Lynch
etc. So they know well ahead of anybody the direction markets are heading. So why do they publicly announced that they were going to invest billions on the failing banks at the wrong time? Then they also announced subsequently that they had to settle the billions lost when the markets crashed. The key question to
ask is who actually won all the money lost and where did the money go to?
The way things are unravelling it does not seem that Temasek will need to have
any change of CEO. They seem to be swinging their swords around like a drunken Samurai except that the swords are our hard earned money.
132) Sick2theBone on July 26th, 2009 8.10 pm
“The key question to
ask is who actually won all the money lost and where did the money go to?
The way things are unravelling it does not seem that Temasek will need to have
any change of CEO. They seem to be swinging their swords around like a drunken Samurai except that the swords are our hard earned money
QUOTE FROM OTHER THRADE”
THEY WERE DRUNK WITH THE MADE BELIEVE WORLD CLASS STATUS THAT WAS THROWN AT THEM BY THE VULTURES
“89) Passerby on July 26th, 2009 8.05 pm 88) Buffett invested US$5B, gained US$4.1B on July 26th, 2009 12.55 pm
It is a zero-sum game. One’s lost is the other’s gain. Try to see whether it is linked in someway up or down the line. I m not surprise if it is.
The thing is when you have a lot of money (though it is not righfully yours since you are only the guardian of it) and you go bragging around the globe about it,, the smart pundits will praise you through and through (via media and accolades and oh! remember once upon a time one of the most powerful women in Asia) and led you believe that you are the best until one day “Bang! you kena Sabo” FIRST CLASS (PUN INTENDED)
The vultures will keep praising you over and over again with all sort of accolades and you will be happily splashed it across the news paper, for as long as your piggy bank is still fat. That is a basic sales pitch, you build the rapport by sweet talking not necessarily selling at first, until one day the door is open and you go in for the kill.
SO THE NEXT TIME THE NEW ACCOLADE COMES ALONG, BE CRITICAL AND SKEPTICAL . OH WAIT! WHY SOULD WE, WE LIVE AND DIE FOR IT IN OUR FIRST CLASS WORLD. Nah… not me
THINK ABOUT IT ” UNQUOTE
I watched and was kinda disappointed with the contents of Prasenjit K. (PK) Basu .
He gave praise when i was expecting more constructive criticism.
Despite the losses incurred, I heard him praise HC and T stellar performance.
maybe he could have provided more strong criticism. but maybe it was just me, i failed to hear him criticise strongly except he said its embarassing to u-turn.
Oh and he is a chief econo of Daiwa working in singapore.
127) pancake on July 26th, 2009 2.45 am The ISA should be use on Goodyear. State secrets may be leaked if he’s allowed to roam freely.
Fully agreed. Detain Goodyear! Detain him under ISA! This is a real threat!
[i]FUNNY on July 26th, 2009 5.29 pm the Chairman of Temasek is hardly or not mentioned in the discussions.
Has he no role in what’s happening to/in Temasek ?]/i]
he would had said
we are complacent by allowin HIM to hire goodyear
it was OUR faults for not optin against him hirin goodyear
and last but not least
he too would had said
i told my son not to fire hochin in whatever cost
she is idolised by the ntuc inc
if not
why would the ntuc minister gave her an award?
because i says so?
[i]FUNNY on July 26th, 2009 5.29 pm
the Chairman of Temasek is hardly or not mentioned in the discussions.
Has he no role in what’s happening to/in Temasek ?[/i]
he would had said it our FAULT
for not optin goodyear out
he also would had added
he told his son that hoching is irreplaceable
she is the best
if not
why would ntuc minister
award her the best employer award?
because i say so?
although chip never really took over, does this episode allow people to say that T is able to have hired a foreigner, non-citizen as CEO of a SWF?
I am curious to know will this episode raise their transparency or some standings?
IT IS A GAME.
LONG STANDING DICTATORS’ GREATEST ENEMIES ARE THE PEOPLE. ONCE THEY LOSE CONTROL OF THE PEOPLE, THEY ARE FINISHED.
DICTATORS SPEND TRILLIONS OF DOLLARS DEVICING PLANS AS TO HOW TO PROLONG THEIR GRIP ON POWER BY KEEP THE PEOPLE AS OBEDIENT SHEEP.
DICTATORS ENSURE THAT THE PEOPLE WILL FOREVER REMAIN AS SHEEP SO THAT THEY RULE FOREVER!
ONCE THE SHEEP START ACTING LIKE LEOPARDS OR TIGERS, THEY WILL ACT TO FINISH THEM OFF IN WHATEVER WAYS THEY HAVE AT THEIR DISPOSAL.
NO, DICTATORS DON’T CARE A HOOT IN HELL ABOUT ‘PATROTISM”, “NATIONALISM” OR ANY OF THOSE BULLSHIT.. THEY USE THESE SORTS OF EMOTIONS JUST TO KEEP THEMSELVES IN POWER. AND OF COURSE A POWERFUL STANDING ARMY AND SPECIAL FORCES ONLY TO PROTECT THEMSELVES.
BOTTON LINE : THE PEOPLE MUST ALWAYS BE AFRAID OF THE DICTATORS AND FOREVER REMAIN AS SHEEP.
DO YOU WANT TO BE A SHEEP?
Being sheeps are good. Why should all of us be wolfs, leopard or tigers? We can be coordinated as a herd of sheep that ram the beast down the cliff. If all of us become tigers and wolfs there will be more chaos and trouble. Sheeps are good but we must stand behind as a herd to make the unjust pays.
Accountability is the key word. They can talk about talents from anywhere in the world but when something goes horribly wrong some physical being had to be held responsible. That physical being is missing in the picture. Mdm CEO of TH either you are a ghost, spirit or are you really a physical flesh and blood person? That you got to appear in front of all Singaporeans to justify our money ($58B) that has been turned into Hell notes. Burned and gone with the wind………………….
141) ABC on July 27th, 2009 11.15 pm
“Accountability is the key word. ”
May i ask you a question i have no answer?
I mean, do you think the majority EVER demanded clearly they want T or G to reveal in full transparency to non party members the accounting books of these complex companies?
one guy gave complex as partial reason for the less than total clear full transparency what exactly is going on inside. I wonder how substantial is such a reason? If valid and substantial enough, I wonder does this not mean FOREVER as long as such companies exist, they can always use SAME reason not to full disclose? like till the sun rises from the south to the west?
@139) BORDELESS on July 27th, 2009 7.59 pm
@140) ABC on July 27th, 2009 11.09 pm
Well, a big bunch of mices can theoretically kill an elephant.
I will NOT tolerate people making false accusations of the great LEE family who have brought singapore peace and prosperity. SO WHAT IF HO CHING LOST BILLIONS OF DOLLARS. IT WAS A GLOBAL FINANCIAL MELTDOWN. NOBODY WISH THAT WOULD HAPPEN. I AM SURE IT IS NOT IN HO CHING’S INTEREST TO LOSE HIS FATHER IN LAW RETIREMENT FUND.PLEASE LA.YOU BUNCH OF SINGAPOREAN. YOUR COUNTRY IS SO WELL-MANAGED LEH. ALWAYS LOOK AT MALAYSIA IF YOU THINK SINGAPORE IS POORLY -MANAGED BY THE LEE
144) Misterlee xiao long on July 29th, 2009 11.55 am
He! He! the issue here money is the only tangible assets that you have. Other than that Singapore has nothing to fall back on. Singapore largely depends on her network to suceed and that is why the country is among the first to get into recession when the network it depends on fails .
Your north neighbour despite whatever you call , can still save her people hard earned money from structured finance and other debacle. What excuse do you have to fall into pieces when you claim and praise the efficiency that you have all this while.
Read more from outside sources and don’t be like frog under the proverbial coconut shell.
[i] NOBODY WISH THAT WOULD HAPPEN. I AM SURE IT IS NOT IN HO CHING’S INTEREST TO LOSE HIS FATHER IN LAW RETIREMENT FUND[/i]
wah you malaysian realLEE realLEE bolehed
just because hoching wore a pants
you automaticalLEe assumed she a HE
you malaysian been sodomy too many heman buttocks as well?
off course
nodoby wished thats HAPPENNED
i also wished to strike malaysian 4 digits
that i even kelon kelon with answar…
he said bent over
i say what?
bolehed settle?
hello, everyone,
The government leaders are not worring the huge loss in Temasek’s foolish and incompetent investment, because they are not taking CPF in their retirement,
They are taking out yet another HUGE sum, called PENSION, that has NO MINIMUM SUM LIMIT.
is that not clear enough why they say, 20/30/40, that is to say, we can wait for 2, 3 or 4 decades to withdraw your CPF
Just read something interesting that there are 2 “Goodyear IV” at http://johnharding.com/2009/07/21/charles-waterhouse-chip-goodyear-iv-fired-by-singapore/
“Thousands of people read my post of February 8, 2009 on the possibility that Charles Waterhouse Goodyear IV, new head of Singapore’s investment company, Temasek Holdings, was an impostor. In this post, I wrote, “Are there two Charles “Chip” Goodyears? One was born in 1958, and the other in 1933! They even have the same parents! Can this be true, or is one of them an impostor? A CIA plant? You tell us, we can’t figure this one out!” …..
On February 13, 2009, in a second post, we exposed Goodyear’s prior “corporate office” as being a tiny run-down house in a very inexpensive neighborhood, in an out-of-the-way New Orleans, Louisiana – an ideal spot for a CIA safe house.
Now, without further explanation, Temasek Holdings has fired the talented Mr. Charles Waterhouse “Chip” Goodyear IV. Here is Temasek’s tersely worded press release:”
Is that the reason why Goodyear was so quickly dismissed to save the embarrassment of making a mistake in the hiring?
SinKapore should be renamed because it had become a private property of LKY and famiLee. All SinKaporean are just employees and they could do what they like. You worked hard and they take your hard earned money. All state owned companies are managed by famiLee members or relation. When are we going to wake up to the fact that we have a tyrant ruling over us.Gahment are elected to rule the country by consent but our views and consent are not needed anymore. They owned us and could dispose of us as they see fix. Goodyear being an American is most unlikely to be a Yes Sir 3 bagful sort of guy. So it did not sirprise many observers that he decided to cut his losses before he end up being the fall guy. There were too many ulgy things in there and to clean it up will cause too much grief for famiLee. So it is good bye even before hello.
There are 583,000 former Malaysian become Singapore citizen. I am not surprise if Misterlee xiao long is one of them. Typical of them to constantly throw stone at Malaysia. Always use Malaysia bad policy to compare with Singapore. Cannot blame them because got nowhere to migrate except here.
Singapore, Malaysia and Brunei are good allies.
At Mrs Lee’s wake, Prince Muhammed, #2 brother of Sultan Hassanal Bolkiah came to pay his respects.
In addtion, MMLee’s laywer, Dato Setia Davinder Singh is the ‘rusputin’ for BOTH leaders.
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