The recent calls for more transparency on the two sovereign funds and reports on their performance have elicited an official reply from the MOF. It is now official that GIC and Temasek would not report their numbers as disclosure would put the nation’s interests at risk. Thus divulging such information will come under the OSA, the Official Secrets Act. Maybe there can just report just the profit or loss without stating how this is related to the total assets. At least it will give the people a glimpse or feel of whether the two funds are making money or losing money. If not they will just have to look at other ways to guess if the funds are doing well. A convenient indicator is the CPF savings and whether more schemes will be schemed to delay or push back the withdrawal dates.
We are a small country and very vulnerable. Not only should GIC and Temasek be protected under the OSA, DBS, ST Eng and a few other big GLCs should also come under this umbrella. We just cannot afford to expose too much or else our security would be compromised.
The other important pillar of our national security is the ISA. Just because Malaysia is lifting this skirt, it does not mean that we should also do so. We are small and very vulnerable, especially with terrorism becoming a big threat. We should take this very seriously and not to compromise the happy situation we are having at the moment.
I would recommend that all the digital maps in the internet be removed and anyone in possession of them be monitored carefully. These are highly sensitive and strategic information that should not be easily made available. Also, the schedules of SIA and SMRT must also be made available on a need to know basis. Terrorists will be most happy to have maps and schedules to plan their operations.
Now what else should be protected and covered under the OSA and ISA? Some of you may not realized, taking photos of sensitive and security institutions and their infrastructure is not allowed, including embassy layouts.
Don’t pray pray with our national security. The OSA and ISA are the silent guardians of our national security and survival. Ok, please feel free to disagree with me. This is just my current view. I will change my view if there is convincing feedback to do so. I may even cancel this article.
Good piece.
ReplyDeletePAP pulling wool over our eyes again.
The money belong to the people of Singapore.
ReplyDeleteThe people were given a choice in the recent free and quite fair(not 100% of course) elections (The first one due to new media mainly)to decide who they trusted to be in charge.
Around 60% decided that it was PAP they trusted.
So PAP leaders were given the choice to make the call,regarding our money.
I agree that it is possible that not the best available managers are now in charge of our money,and may be selffish motives were involved.
But 60% of the voters made the decision to go that way(by the way,I did not vote for PAP)
So that is the way to go,regardless.
The people can change their minds only comes 2016!
The average working singaporean are so kiasi of not having a job that they do not mind paying the cpf tax to enable GIC and Temasek to gamble. Win or lose, the people running the swfs get their salaries and bonuses. The people of singapore just consider whatever can get back from cpf a windfall when they decided in the GE and reaffirmed by electing TT president that they do not mind paying the cpf tax nor desire to know the outcome of our swfs' gamble. They are just thankful to the PAP to have a chance to struggle for a living. No regrets.
ReplyDeleteWarren Buffet have no issue with disclosure to investors in his funds and still manage to consistently make billions. Imagine the additional trillions he would have made if he did not have to disclose and put the funds at higher risk.
ReplyDeleteAnother bullshitting from the party in power. It is their leaders' way of covering and hiding their ineloquence and inefficiencies through bluff, rehtoric and demagaguery. Remember how the honourable President Ong Teng Cheong was told that it would take decades for the government to count the reserves and not possible to know exactly where the reserves are parked. Well, to avoid this type of disgusting self satisfying and self aggrandizement leaders, just vote in the opposition parties in the next General Election in 2015.
ReplyDeleteSG
What is OSA and ISA Laws??
ReplyDeletesome said they are Draconian Laws, me says they are RADICAL LAWs, as radical as religious extremism. They are subject to the widest interpretations of the Authority. There is no need for trial and conviction in any Court Of Justice.
patriot