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5/26/2009
How much did GIC lose?
The amount lost by Temasek, 31% or about $58 BILLION has been well reported. In Parliament yesterday, this amount was again confirmed, from S$185b to S$127b.
How much did GIC lose? The figure quoted in Parliament was 25%. 25% of what? How much was GIC managing? S$100b, $200b or $500b? Presumably GIC was managing more than Temasek. At $200b, 25% is $50 BILLION. At $500b, 25% will be $125 BILLION. So what is the actual amount lost by GIC?
The MPs were asking for more transparency. Will more be made known given the changing mindset towards a more transparent and more accountable system? The leader of the opposition, Inderjit Singh, was speaking in his usual role and supported by several MPs on this issue.
$50b, $100b, $200b, who knows? Could GIC be one big Ponzi scheme? Again who knows? Peasants have more pressing matters at hand than to poke their noses into places that are the purview of the Singaporean First Family.
ReplyDeleteif not for the bad luck and fate, they cud have made trillions by now. losses are only temporary setbacks, what is important is that they must not let fear do them in.
ReplyDeletebut wait for the next opportunity, the right mah to come along; then wack it with everything in their pockets. things may turn out differently, next time; it is impossible to lose ten times in a row rite?
Does it matter to us the people ?
ReplyDeleteWhen they make profits(money), they kept it, do we get the slightest share ? When they lost the money, they say there are capitals left that can be invested and win big again. Or, the investments are not totally wiped out, gains can be made in the long run, up to thirty years or more.
Whatever they do, win, we get nothing, lose, there are plenty of excuses that we simply just got to accept. How does it matter to us ?
patriot
Gentlemen, what is theirs is theirs. What is ours is actually also theirs.
ReplyDeleteSo, does it matter how much GIC or Temasek lose? Or does it matter to the peasants if GIC or Temasek makes trillions out of those investments? It is still theirs to enjoy and peasants can't even get a sniff of the trillions.
Peasants will all be happier if they just sleep soundly at night without worrying too much about those investments.
Ignorance is indeed bliss.
Lost Citizen
you people got your points. make or lose none of our business. better not to know. no need to get angry when the money is lost. and no need to be happy about when more is made.
ReplyDeletejust return us our cpf money on time.
Talking about Ponzi scheme, a former colleague of mine did mentioned previously to me that our CPF scheme actually functioned like one.
ReplyDeleteBecause the Govt has so much of the CPF monies tied up in GIC/Temasek investments, that is why they had to keep postponing the withdrawal age backwards until now the whole CPF scheme has really become meaningless because we cannot withdral our CPF monies when we reached 55 because of the minimum sum imposed now.
And I was told that was another reason that they had to increase the foreign talent intake and giving them PR so soon afterwards so that there is an increase pool of contributors to keep the CPF monies flowing in so that they have enough cashflow to maintain the whole scheme.
How true is it, you judge for yourself.
hi alan, that is the story that is circulating. it will be exciting if an opposition party put this as their election promise, to return the cpf money to the people earlier.
ReplyDeletethe hypothetical question is, if they are elected to form the govt and has to deliver their promise, would they be able to find the money to return to the people?
Readbean, that is another time bomb! Rest assured the pappys will be the first to warn you about that. Funny thing is they themselves do not know about it now or pretend not to.
ReplyDeleteBy the way, they already discovered many time bombs in the Worker's Party manifesto.
I can assure you this CPF time bomb will not escape their detection, especially if put across by the WP and particularly before election season.
Lost Citizen
> The MPs were asking for more transparency. < All for show lah. There is no way the govt is going to come clean on this.
ReplyDeleteYou have to be joking! The money is gone. Finetto. Vapourised.
First it was reported Temasek lost $3.6 billions in BOA, then today it was $4.6billion..The figures are no longer truthful and fluctuates like a ping pong ball.
ReplyDeleteThese loosely reported figures are clearly designed to distract & confuse. With such fluctuations,it is clear they can do anyhow and get away. They had lost credibility & respect from SIN.
We have Goh Chok Tong, he will get the money back... dont worry. dont worry..
ReplyDeleteDont worry we have Mah Boh Tan, he will get the money back.. dont worry ..faith...
Better still we have Wong Kan Seng, he will track where the billions went.. dont worry..
re: redbean, alan
ReplyDeleteactually the cpf is a big grey area.
from what i know;
first, the ordinary account are locked up, and then returned on a gradual installment basis upon a certain age if the principal is not dead by then.
then there is the medisave account that most principals NEVER get back unless he happens to be dead sick whereby he will draw till the last cent.
most of all, there is the special account that ensures all the money is retained and rendered unusable till death do them part.
i am not sure what is the exact meaning for all these, if enough people question this, i think they will do something to change that.
righfully, the cpf belongs to the individuals, therefore the state has no right to retain that beyond a certain period of time.
ALL shud be returned to the individual ASAP, not when he is half past dead.
"redbean said...
ReplyDeletehi alan, that is the story that is circulating. "
Redbean, this is not fabricated story but it is in fact a effect. It is happening in the background because that is how thing works as the increasing foreigners means increase CPF contribution which can be used to cycle ponzi scheme. This is a known mechanism and systematic effect for any system.
As I have been saying ad nauseum. The only way to get back your cpf is to renounce citizenship. For as long as you remain a Sinkie, you will never, ever get your hands on all of your cpf. Thousands of former Sinkees have seen the light and have done just that, including yours truly. To me, it is a small price to pay to get my hands on my own money which would otherwise be locked away and used by Temasek to 'invest' in dubious companies.
ReplyDeletethe singaporeans must thank the govt for keeping their money. if not they will squander it away anyway.
ReplyDelete"the singaporeans must thank the govt for keeping their money. if not they will squander it away anyway."
ReplyDeleteYes, we should thank the govt for keeping our money and squander it away secretly. At least we didn't squander it away ourselves and feel guilty, let the government be guilty. We should sleep peacefully everynight.
dun ever be fearful, i told you already. losses are but a state of mind. tomolo, reorg and draw down deep on whatever credit lines left. borrow or steal if you have to, what these smart aleks really need is just ONE damn chance to be chun; one moment in time to meet with mr destiny. then whack it big, in korea they say, all in. you can bet their names will be in the forever hall of fame shud lady luck smiles; but then, what have you to lose?
ReplyDeleteya man, just be 'chun' on one big one and come out as a winner. this reminds me of the tv ad, one last time, give me your piggy bank.
ReplyDeletebut this is gambling, not investing. investing is all about intelligence and calculated risk and not about being too trusting.
Redbean,
ReplyDelete"but this is gambling, not investing. investing is all about intelligence and calculated risk and not about being too trusting."
you still don't get it ?
Our gov is investing in gambling which in turn gambling masquerade as investing.
How can our gov not lead by example in gambling if they are be the largest banker in IR ? They learn to gamble in Temasek and GIC, and that is the first step.
Exactly.
ReplyDeleteAny fool can spend money which is not his own on "big ideas" — like attempting to "profit" from an "investment".
"Lose lose lah! Who cares? Just get more money from the people. We've fixed the political process, so we'll stay in power anyway!"
I don't blame the govt. I'd do exactly the same — given the same absolute power and inexhaustible source of funds, and so will the rest of you hypocrites.
i praying that they will park some money with me. i don't think i can do any worse.
ReplyDelete