7/17/2009
The relative truth
What is truth is all relative and depends on a person's background and what he/she wants to believe in. Some once exclaimed that $600k is peanuts. Temasek and GIC lost several tens of billions, near to $100 billion, but no one really bats an eyelid and no one say that it was a huge sum. Today we heard MAS lost $9.2 billion and the phrase used is this - 'So heavy were its losses that they wiped out about 80 per cent of MAS' combined gains of $11.29 billion in the preceding two profitable years...'
Why was this loss described as so heavy when several tens of billions were simply another loss? If I were to put it, I will say $9.2b loss is peanuts. The truth, the real truth, depends on the person saying it, and the people listening to it also have their own truths and interpretations of the truths.
When Chiam See Tong asked for some money from the reserves to be used to help the citizens, the response was that it would kill the golden goose. And I think he was not even thinking of a billion bucks. After losing several tens of billions, the golden goose is still healthy and swaggling around, still can afford to loose a few billions.
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5 comments:
Looks like it depends on who is at the helm of the organization.
GIC... the old man
Temasek... the hole of Singapore
MAS... ??? sorry I dun know... that's why its massive loss.
"After losing several tens of billions, the golden goose is still healthy and swaggling around, still can afford to loose a few billions."
The golden goose has now turned to a shade of silver.
It is no longer swaggering but waddling about finding the true North compass point. Ever seen a goose get drunk. I have.
It cannot loose any more billions and the likes of Citibank, ML, BOA etc. was a nightmare which will not be repeated or else...........
Time to move on and go forward. The boom times will be back with us within 2 years and all these brickbats will become accolades. Trust me.
IMO, truth cannot be relative, but concealed. Truth is truth, either revealed partially or wholly.
The whole truth, nothing but the truth is what we get when there is total transparency.
Little wonder why our SWFs are not so transparent.
They loose and you have to pay for it.
That's the truth. Just wait and see.
Lost Citizen
1) Why is MAS also investing in stocks and equities just like GIC & Temasek Holdings? Something is just not right.
2) It should be a principal that each fund GIC, Temasek & MAS ivest in different core. Why? Simple When stocks and equities are down - all three gets burned.
3) Only lost 3.5%? Stock had lost value up to 30%. Why wait till now to report?
4) Public should asked this serious question - WHY is MAS also investing public money in the same manner - should MAS be the MOST conservative of the whole lot.
5. If MAS had lost monies, it loses its moral authority to censure GIC or Temasek for their losses. I often wonder why MAS kept quiet over GIC & Temasek losses... now you know the reason.
6. At all levels, they al play the same game. Monkey see monkey do.. Where's the talent?
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