What’s the Fuss over Singapore CPF and Roy Ngerng?

By MIKOspace

Nagging Questions abound on Roy Ngerng’s "Shocking Facts About CPF" .

Did PAP Take Our CPF to Pay for the GIC’s and Temasek’s Losses? Unfortunately, or fortunately, Roy and his co-writer DID NOT answer his own question in the undisputable affirmative.

I read many times Roy’s arguments over several posts regarding CPF, income inequality, Government Reserves, HDB Car Parks, Medisave and Medishield, poverty and a host of social issues he so passionately advocates. Most of these issues are unrelated to each other. It is however plainly painful to see Roy’s desperate attempts to persuade his readers to connect his missing dots so as to make some kind of connections between his interesting infographics in order to arrive at his “conclusions” regarding some kind of sinister motives in the PAP Government to conspire against Singaporeans and, particularly, to expropriate our hard-earned CPF funds.

It is known that GIC and Temasek Holdings lost $117 billion in 2008, mostly due to the US financial crisis. The writers produce lots of “official” statistics in beautiful charts and infographics. But statistics are not arguments. Not a single shred of evidence - no smoking gun - is produced to trace the flow of funds from CPF to their supposed end eventually to cover GIC and Temasek’s losses.  It would have been better if the writers had “follow the money” and show the “missing funds” in the CPF, and trace their path, in some forms - whether as loans, equity, advances, gifts or bonds – into the books of GIC and Temasek.  They did not do so.  It would also be a better bonus revelation for them to reveal that these “losses” – an astonishing S$117 billion were never paid back into the CPF. 

The alleged big dark hole of $117 billion in the CPF’s books is surely difficult to miss since the CPF reported its Funds to have only about S$252.5 billion as at 31 December 2013.  And if no money were actually “missing” from the CPF – please check audited public accounts in CPF Annual Reports – how could the CPF have been used to cover up GIC/Temasek losses?  In fact, the writers already refuted their own conclusion when they observed that since 2007, “CPF balance Grew by 90% … but GIC grew by only 69% and Temasek Holdings grew by only 21%.

The writers fail to grasp the significance of their own discovery. Their statement is by far the clearest evidence that GIC and Temasek DID NOT receive CPF Funds. The figures are true and only make sense if both GIC and Temasek were just “fund managers” and therefore the funds under their  “management” are not technically Temasek/GICs’ and therefore cannot be entered into their accounting books or balance sheets in accordance with standard accounting procedures and practices.

This should have been the end of the allegation that “the PAP took our CPF to pay for the GIC’s and Temasek’s losses”.  It did not.

Perhaps, “Shocking Facts About Singapore CPF” was NOT and was NEVER intended to argue that “CPF was used to pay for GIC/Temasek losses”.  That conclusion was seized upon only sometime at the end without leading logical arguments towards it. Therein lies the fundamental weakness and failure of of “Shocking Facts”.

The “Shocking Facts” posts began by pointing out and illustrating that the contribution rates to CPF was “unusually” high relatively when compared to other countries’ provident and pension contribution rates. Nothing “shocking” here. This is neither new nor revealing.  There is nothing sinister; and the associated reasons for this to be used for national development, housing and medical are transparent, and are not unduly unreasonable....

It is clear that the writers did not understand the concepts that they used to argue poverty and income inequality in Singapore. If they did intend to use “Poverty” defined and measured by the World Bank as daily earning of just US$1.25 (or S$1.50 per day), the writers have actually asserted that 28% of Singaporeans or 963,200 persons in 2013 earn just S$39 per month!  In 2013, the Singapore labour Force was 3.44 million as at June 2013.

I wonder whether I have been reading and fed blatant falsehoods and lies. Or it is simply just sloppy research, ignorance and poor analysis. Better analysis, better research, credible statistics and direct relevant evidence cannot be substituted by loud and emotional political slogans to cover up for illogical and bad arguments.

Kopi Level - Yellow

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What's the Fuss over Singapore CPF and Roy Ngerng?

Alibaba – The Chinese have arrived

After all the sneering, doubting and badmouthing, the dusk has settled. Alibaba, owned by Jack Ma, a nondescript Chinese man who would not get a second look by anyone on the street, has launched a successful IPO in New York Exchange with a record IPO opening price and record gains on the first day of trading. At an issue price of US$68, it opened at US$92.70 and hit a high of US$99.70 before profit takings set in to close at US$93.89. The closing price would put Jack Ma in the company of Bill Gates and Warrant Buffet, among the richest man in the world.

The rich communists’ day has arrived. The Chinese have arrived in the form of Alibaba. Times are changing and the stereotyping of poor Chinese immigrants and cooks would be retired to a bygone era. The confidence in Chinese stocks and enterprises would regain some credibility after some dramatic failures in the recent past. Alibaba is seen as the real thing, a very profitable company in a rapidly growing economy. No American investors with some money would want to miss this wagon like how the West was won.

A few more Chinese companies in the same genre as Alibaba would likely help to reinforce the value of investing in Chinese stocks. But along the way there are bound to be some jokers that would come and go to ruffle the confidence of investors.

Alibaba was so big that it eclipsed all interest in the launch of iphone 6 on the same day. Wall Street held a live roundtable telecast with its top crew talking non stop for more than 2 hours on the early opening hours of NYSE. The listing of Alibaba was delayed by nearly 3 hours as the opening price was deemed too high and they were scrambling to bring it lower on fear of creating a bubble. Nonetheless it still opened very high and closed higher.

Jack Ma and his Alibaba suddenly become the darlings of the American investors for the day. Many just could not believe what they saw and were scrambling for more. The biggest company in value listed on the American stock exchange is Chinese.

Kopi Level - Yellow

Why a Coalition of Forces against IS?

In the first place who created this monster called ISIS?  American media have touted this honour to Hillary Clinton, calling her the grandmother of ISIS. The ISIS was given life by the Americans when they went in to kill Saddam Hussein and intervened in Syria. With Saddam gone, with Assad on the defensive, there is no Arab leaders or dictators with the stature and power to put a leash on the ISIS fighters. And they morphed into a new and more powerful military force with equally powerful appeal and mission. They have no need to call for a coalition or twist the arms of any country to form a coalition. The fighters went there voluntarily, fighting with their hearts.

The Americans are rounding up a coalition by force. They are demanding a coalition against the wills of other nations. The sickening thing was that when they bulldozed their way into Iraq and other Middle East countries to do their regime change and to kill their leaders, the Americans did not see a need to get any approval or agreement from their allies. They brazenly and rudely did what they wanted to do, even against the wishes of their allies, countries they are coercing to be part of the coalition now.

Why is there a need for a coalition when the Americans could do it on their own? Thomas Friedman had put it simply, that this war cannot be seen as the West attacking the Arab countries. This war cannot be seen as Christians against Muslims. The Americans need to camouflage this war as a war by a coalition of countries against the IS.

What are the implications or consequences to the other members of this unwilling coalition? In a simple analogy, the Americans are holding the hands of their allies to catch a poisonous snake. The hands could be beaten by the snake in the process. The Americans started a dangerous war, releasing a very brutal and powerful force, they branded it as an evil force. Now the American wanted other countries to participate in the suppression of this force.

If the Americans were to do it alone, they would be the one and only target for the IS to attack. By forcing a coalition of many countries, these countries will share the risk and also become targets of ISIS. To the Americans, it is spreading their risk.

To the members of this unwilling coalition, they are force to fight a war that they have nothing to do with and would end up as enemies and targets of ISIS. The weaker members of this coalition, especially those with a substantial Muslim population and with sympathizers of the ISIS, would likely to bear the brunt of retaliation by the ISIS. The attacks by ISIS would not be confined to Iraq and Syria. It could be anywhere or in any country, but likely to be in countries that are members of the coalition.

Welcome to the Coalition of the ‘Willing’ and share the risk.

Thomas Friedman’s latest article ‘Helping the Arabs to help themselves’ revealed an American hard truth. I quote ‘But then he asks: “(Is the Islamic States) really a problem for the US?  The American interest is not stability, but the existence of a dynamic balance of power in which all players are effectively paralysed so that no one who would threaten the US emerges….’

Now, would the Arabs understand what the Americans are doing to them? Would the rest of the world understand the intent of the Americans around the world? Thank you Tom for this hard truth that many Afro Asians are too dumb to appreciate, refused to see, or wanted to know.

Tom Friedman has a good advice for the Americans in Washington, let the Arabs fight and defend themselves. They have bigger stakes and interests to protect themselves if only the Americans take their hands off their problems. What Tom forgot is that the American war industry would want to be involved and would want Washington to be involved. That’s where the money is.

Should Singapore be part of this coalition?

Kopi Level - Yellow

Story of a Super-Wealthy Widow Fell into the Trap of a Tour Guide from China

Please see the story I have written on my long time family friend who was cheated of all her possessions by a Chinese tour guide, Yang Yin. Yang is unemployed but is now rich enough to enjoy a leisurely life! He volunteers his service to Ang Mo Kio community centre and posed for photos with MP and PM Lee. Did these helped him to obtain his PR status? Would other senior citizens become his next targets? ….

Kathleen's situation raises a number of question:

(1) how our law could allow a foreign national to obtain a LPA so easily, without the knowledge and consent of any relative?

(2) Why did our medical and legal professionals help Yang Yin apply for a LPA without contacting her relatives and friends in Singapore? Would they do anything, including harming a fellow Singaporean if they were sufficiently well paid. I am sure Singaporeans would be grateful if you can interview them and know their views a reasons.

(3) It also makes a mockery of our government’s expressed wish to attract Foreign Talents. How could such a selfish and scheming Chinese national be treated by our government as a Foreign Talent and granted him his PR status? The criteria for PR appear to be very lax. I fear that there is insufficient investigations of the PR applicant’s background.
If this kind of person is permitted to remain in Singapore, he is likely to target other senior citizens by offering himself as their adopted son or grandson to rob them of their CPF and life savings.

(4) What criteria, if any, are used to assess the suitability of volunteers and leaders in grass-roots organisations? ….

The con-man must be brought to justice, prosecuted for his crime, stripped off his PR status, and barred from ever entering Singapore to harm other senior citizens.

It Koon

The above is a condensed version of a letter by a Dr Tan It Koon that is circulating in social media. Dr Tan must have found this episode very tragic to have happened to a helpless old lady. Now that she has been reduced to a non entity, suffering from dementia and her wealth stripped from her, many questions are being asked.
 
I would like to touch on a few more pertinent questions raised by Dr Tan about how a vulnerable old lady could so easily be stripped of her assets and possessions so easily and legally. There are likely to be medical and legal professionals involved in the whole process and everything seemed to be done legally and with medically acceptable given her conditions.
 
My questions, are there anything that would have warrant the medical and legal professionals involved in the process to have raised a red flag or eyebrows? The processes involved a very rich and lonely old lady with probably signs of medical conditions and a totally unrelated young man from a foreign country. And the whole process is putting the old lady at the complete dependency on the young stranger with totally no relations to her. And did anyone bother to ask about the possibility of the old lady having some living relatives that may have an interest in her well being and her assets?
 
No? Everything is absolutely normal and legal. No further questions need to be asked?
Another question, would any normal person of sound mind, no need to be a medical or legal professional who probably have access and experience in such cases, think that something is just not normal? Or would it be a case of everyone just their job they are paid for and mind their own business?
 
What have we become as a people if no one thinks that this is very unusual and suspicious?
 
I will leave you people with this sad story to ponder over the weekend. We have heard of politically apathetic Singaporeans. We have heard of Singaporeans that would not lift a finger when someone is in trouble in public, someone being bullied, being beaten. Etc. What more shall I say? Passionless, conscienceless, bochap?
 
Kopi Level - Green

Good news for Alibaba

Despite all the critics and venoms, Alibaba is hot favourite among the Americans. The typical analysts and anti China lobby were cursing and swearing and crying foul, pouring cold water at Alibaba or anything Chinese as usual. But the smart investors know where to put their money to make money. The last Baidu IPO had benefitted the investors by more than 300% in price gain. They know that China is the growth engine of the world.
 
In the case of Alibaba they are throwing US$22b to Jack Ma in his IPO listing in the New York and still demanding for more. Jack Ma’s net worth is now in the realm of Bill Gates overnight and could possibly overtake him in the near future.
 
Cheers to the Alibaba business and Jack Ma.

Kopi Level - Green