2/17/2009
Are our reserves affected?
We have been told that Temasek lost $58b and GIC is likely to fare worst in absolute numbers, maybe more than $100b. The combined sum is no small change, not the kind of money that people burnt away for the nether world. This is real money and a huge sum in all counts.
So, how much of the loss is from our reserves? Or shall I ask, are our reserves affected at all? Can we presume that GIC and Temasek are managing some money that came from our reserves, or what they are managing are independent funds that have nothing to do with our reserves? If the latter, then there is no need to ask further questions about losses or depletion to our reserves. So far we are led to believe, from all the official statements made, that there is a dent, big or small depends on one's appetite, in our reserves.
Sometimes back the media reported that our reserves were about $200b. If the combined losses of GIC and Temasek were part of this $200b, we are in big trouble. Oh, another question. How much of the reserves or the losses were the people’s money from the CPF?
I am asking these questions because they have not been asked and it is awkward to expect the MPs or ministers from the govt to ask them. I will be glad if they prove the public expectations wrong and start to ask for more clarifications instead of leaving the bulk of the asking to the NMPs and opposition MPs. Inderjit Singh is one of the few exceptions to ask questions related to our reserves. But we are not getting any wiser and the above questions could clear some air as to how bad is the damage to our reserves, if there is any damage at all.
The other incredulity is that despite the thick layers of protection to our reserves, once in the hands of fund managers, they could be used for high risks investments. We protect our reserves from our people but not from fund managers. Does this make sense? Oh, if all the money lost is not part of our reserves then all my comments are hot air.
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18 comments:
I would also like to ask why the two so called opposition are not asking what you asked in a more forceful way short of engaging in the theatrics of Taiwanese monkeys in parliament.Maybe, just maybe, sometimes the Taiwanese apes' tactics DOES bring results.No?
Also, since we are not paying peanuts for all the clowns who are watching over our reserves, why do we still need to feed the ang moh fund managers. What's with the redundancy? We are told of the sophisticated tools used by OUR brains to analyze our investments so what truly is the job of the Ang Mohs?
Cordon Immortal Tan
DBS bank has a special counter at each branch to cater to 'high net worth customers' ie those with at least $200k with the bank. I believe it was the majority of these customers who were taken to the cleaners by DBS over the Lehman Brothers failure.
Some of these customers will nevertheless learn not to trust banks, even when banks give them the VIP treatment in future. But some will never learn. Pity the rich old folks.
I personally think banks and insurance companies have been making piles of money at depositor's expense. Banks earn interest through leverage lending, many dozen times what miserly interest they paid on FD and savings. What can poor folks do? Pity the poor folks.
Insurance companies will never pay you more bonus than what they projected in their proposals, even when they make big money, far above projections, but will reduce your bonus when they make a little less. Or even lie to you that they are making less. Everything is skewed in their favour. Pity the poor folks here too, including me.
I am quite surprised, maybe because this old foggy does not read enough, to learn just recently that CPF contributions are treated like insurance premiums, collected and taken as income by the Government into the amalgamated account for distribution, either as budgeted expenditure or reserves. It is just much like a Ponzi scheme used by Madoff. Is this true? Pardon the ignorance of this oldie.
Lost Citizen
hi guys, we have demigods and immortals. the ang mohs are the gods. without them we can't go far. asians are forever second grade human beans.
as for the cpf money, where else can one sell 35,000 life insurance policies every year by the stroke of a pen? and each policy premium is between $40k to $70k.
how much money is that? and the buyers have no choice but to pay up.
i met this sinkie guy who was delirious to employ an angmoh. and he went further trying to employ another even when he had no jobs available for the angmoh.
If I have a company, I will employ Ang Moh tea ladies and Ang Moh security guards.
How's that to salvage some of our Sickaporean pride?
LOL
Cordon Immortal Tan
hi cordon,
i remember someone when queried on the losses of town council investment in minibonds told the losers to be grateful.
There is an online petition in circulation currently. Check this out:
http://informationreadbyme.blogspot.com/2009/02/its-our-loss-yes-you-and-i.html
Regards
it is about time someone does it.
i saw an aunty burning one stack of money along the roadside the other night. yes, must be billions of dollars worth. and she was burning them away happily.
Hi Redbean,
Did you see if that aunty is wearing a cheongsam and the stack of bills she was burning was in Singapore currency?
Humour la you.
jaunty, when i see aunty or uncle burning money or gold papers by the roadside, i normally stay as far away as possible.
don't get too close. : )
Ok, so you stayed as far as possible and peek.
Then, did you see whether that aunty, when she is almost finishing with her burning of that huge stack of dollar bills, an ang-moh came over to help clear up the ashes?
Stand from far can see if there is ang moh or not right?
no lah, hdb estate where got angmoh? she be lucky if a foreign worker comes by to clean up the mess.
oh, i have restarted the orchid series.
Jaunty thought got ang-moh entering the scene and even took-over from that aunty.
The gorgeous orchids are pleasing Jaunty's eyes, thanks !!
less anyone reading this blog thinks that i am anti angmoh. not really. the idolation of the angmohs, and the willingness of some asians to go on their knees only reflect an inadequacy in the asians. it is not the fault of the angmohs. it actually proves that mentally they are still superior to the dumb asians.
until the day the asians can feel and live as equals to the angmohs, they deserve to be treated as the inferior of the two species.
well done angmohs. you deserve to be well regarded.
Now digressed to talk about angmohs? No, it is about national reserves and an aunty burning away hugh stack of money.
hi jaunty, we have been assured that our reserves will not be depleted. let's trust them ok?
if they can't keep our reserves safe, no one else can. that's our A team.
Ok, will heed your advice to trust them, even when you eye-witnessed dollar bills been burnt away you gotta drill into your own head that the act was a logical and sensible one.
Not "can", but "have to", A Team have to ensure that the reserves are really "fire-proof".
let's see if anyone is going to confirm the latest position of our reserves. just saying will not be depleted is not enough. how much lost, how much left.
can we expect the professional journalists to do some investigative journalism?
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