GIC won't move to Temasek level disclosure: PM Lee replied by balance_else_complacent @ Wed, 14 May 2008 21:26:07 +0800

balance_else_complacent — Wed, 14 May 2008 21:26:07 +0800

Originally posted by pearlie27:

He forgot to issue the warning that anybody asking for more accountability might be sue for defamation!

you are not them, how can you say like so sure? unless....

GIC won't move to Temasek level disclosure: PM Lee replied by pearlie27 @ Mon, 12 May 2008 17:39:02 +0800

pearlie27 — Mon, 12 May 2008 17:39:02 +0800

He forgot to issue the warning that anybody asking for more accountability might be sue for defamation!

GIC won't move to Temasek level disclosure: PM Lee replied by rx7Savanna @ Mon, 12 May 2008 01:14:10 +0800

rx7Savanna — Mon, 12 May 2008 01:14:10 +0800

make the video a sticky!!!! and make it stay until the next GE!!

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Mon, 12 May 2008 00:47:05 +0800

Caitaokue — Mon, 12 May 2008 00:47:05 +0800

every fund manager knows how to suck out gains and hide losses, even with stringent regulation on full disclosure and public audit. Imagine what these buggers can do without the need to even disclose.

We do not expect every guys in there to be warrent buffet or george soros, we only need to know if they had invested the money properly. We want to see their performance. Are they buying into losses, do they cut loss, etc. Whether they exercise prudence and reasonable soundness to their investment decision.

Very funny, the Singapore government demands every fund manager to be a CFA but yet in their own investment institution, they don't even have the least fudiary duty.

Should report this to AIMR and have all the CFA licenses of GIC personnels revoked.

GIC won't move to Temasek level disclosure: PM Lee replied by balance_else_complacent @ Sun, 11 May 2008 22:12:15 +0800

balance_else_complacent — Sun, 11 May 2008 22:12:15 +0800

Originally posted by charlize:

Mee siam.

Mai hum.

Hey guys, I reckon if someone comes up this new flavor tasty treat, may take the industry by storm leh, like bubble tea, become millionaire can retire anywhere in the world leh. Maybe for a start, can give out free jokes when a customer buys a bowl of this kind of meesiam?

Is there any stalls in the PORE selling MEE SIAM MAI HUM ?

Please provide the address. Thankyou you many many.

I lup mee siam, even without the hum.

GIC won't move to Temasek level disclosure: PM Lee replied by Shotgun @ Sun, 11 May 2008 21:59:26 +0800

Shotgun — Sun, 11 May 2008 21:59:26 +0800

"We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar."

"Knowing exactly how many dollars I have and where exactly they are deployed doesn't help you understand what I'm doing. It doesn't explain my motivation, it doesn't explain my governance. It doesn't show you I am able to operate responsibly and commercially," Mr Lee said.

Wow... Don't bother to read between the lines.

To me, only 2 sentences strike out at me, and when added together, sums up everything.

"We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar."

"Knowing exactly how many dollars I have and where exactly they are deployed doesn't help you understand what I'm doing. It doesn't explain my motivation, it doesn't explain my governance. It doesn't show you I am able to operate responsibly and commercially," Mr Lee said.

I'm sorry Mr Lee, but you really need to re-organize and re-think the words you use. These are very negative words that jump out at people.

GIC won't move to Temasek level disclosure: PM Lee replied by will4 @ Sun, 11 May 2008 20:13:45 +0800

will4 — Sun, 11 May 2008 20:13:45 +0800

I wonder since GIC has invested into UBS, Merrly Lynch and for the past months, there have been more losses incurred by the two bank.

UBS has already planning to retrench 5500 employees.

GIC won't move to Temasek level disclosure: PM Lee replied by Medicated Oil @ Sun, 11 May 2008 18:00:25 +0800

Medicated Oil — Sun, 11 May 2008 18:00:25 +0800

Just a refresher from you tube.

http://www.youtube.com/watch?v=jCZJYPW3QXw

GIC won't move to Temasek level disclosure: PM Lee replied by Poh Ah Pak @ Sun, 11 May 2008 12:29:09 +0800

Poh Ah Pak — Sun, 11 May 2008 12:29:09 +0800

Laksa.

With hum.

GIC won't move to Temasek level disclosure: PM Lee replied by charlize @ Sun, 11 May 2008 12:27:39 +0800

charlize — Sun, 11 May 2008 12:27:39 +0800

Mee siam.

Mai hum.

GIC won't move to Temasek level disclosure: PM Lee replied by balance_else_complacent @ Sat, 10 May 2008 17:53:14 +0800

balance_else_complacent — Sat, 10 May 2008 17:53:14 +0800

I very green about GIIC and its investmentings lah.

I got a very commonsense question.

If no one except GIIC and gubbymen knows whats going on with GIIC investments,

what does this imply?

I think it implies that these people have to be and must be so wholesome that the PEOPLE do not need to worry what they do?

i no no de. i so stewpig wan.

as if anyone else knows.

This is the PORE.

We have PEOPLE who are generally ok with it?

Which place in the world as solid bombastic as this? Tell me, is you are so capable.

Uniquely is de PORE ?

i no no lah. again lor.

If MNCs got this kind of talent so wholesome, there wont be Worlcom and Enron fiascos.

Hey world peace. why not? ;)

GIC won't move to Temasek level disclosure: PM Lee replied by whiskers @ Fri, 09 May 2008 21:25:34 +0800

whiskers — Fri, 09 May 2008 21:25:34 +0800

Originally posted by Caitaokue:

Money is Power, too much power corrupts. Who can act righteous with the temptation of hundreds of billion at his sole disposal?

CPF is people's hard earn money. People depend on this money to survive after they are no longer fit to work. I am not saying enjoying life after retirement, I am saying just enough to survive. And that money rightfully belongs to them, it's their sweat and blood. They have toil and suffered hardship most of their lives, why is their right to survive taken away from them? Why are they throwing out so many weak and old people on the street, collecting cans, plastic bottles and newspapers?

Singapore is a fresh juicy apple on the outside, but right at the core, it's rotten. The outside world see Singapore as high achiever, with high efficient and righteous government. The reality is very clear, especially if you have been staying abroad for sometimes and have family living in Singapore. You feel the pain in your heart. People living in Singapore are numb to these injustice, the pain is gradual but increasing at the pace unfelt. Singaporean is living in a society highly manipulated and engineered by tyrants.

But i guess they have touched the treshold, three years before the next general election. It's a pity the person supposed to be named as hero in Singapore history book, will end up as a crook. At least the true story will be passed down from our generation to the next.

Back again, budget surplus should be distributed to the citizens in forms of subsidizes. Because we contributed to the surplus and we have the right to enjoy the collective fruit of labor. Now we don't even think about the discarded peeled fruit skin, our own fruits are taken a big bite before given to us.

Wow This is exactly what I always told my FT friends.... But as usual they say comparing to their country singapore is way better... I guess they cant bite the hand that feeds them...

GIC won't move to Temasek level disclosure: PM Lee replied by lotus999 @ Fri, 09 May 2008 19:36:55 +0800

lotus999 — Fri, 09 May 2008 19:36:55 +0800

Originally posted by Caitaokue:

Extracted from http://yoursdp.org/component/content/article/1/443

Wednesday, 07 May 2008

Reuters

Singapore's Prime Minister Lee Hsien Loong said on Tuesday its biggest sovereign fund GIC will not be as open as sister fund Temasek in disclosing details about its portfolio despite pressure from Western lawmakers on government funds.

"GIC and Temasek are different," said Mr Lee in an interview with Reuters.

"We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar."

"Knowing exactly how many dollars I have and where exactly they are deployed doesn't help you understand what I'm doing. It doesn't explain my motivation, it doesn't explain my governance. It doesn't show you I am able to operate responsibly and commercially," Mr Lee said.

Temasek, with more than S$160 billion under management, produces a yearly report that states its returns on investments plus its list of major stock holdings.

In contrast, GIC states that it manages well over $100 billion (S$136 billion) in assets but no other details. Some analysts estimate it could manage more than $300 billion.

"I'm even prepared to say in the long term how generally we have performed. But year-by-year, stock-by-stock, trade-by-trade ... We are not confident we are able to operate that way," he said.

"Temasek is a subset of our portfolio. What they declare is what they manage... The information is available from listed companies anyway."

Sovereign wealth funds from Asia and the Middle East have become more influential in financial markets after pouring billions of dollars into several big banks that were reeling from losses related to the distressed US mortgage market.

The Government of Singapore Investment Corp (GIC), of which Lee is deputy chairman, has to-date invested $11 billion in Swiss bank UBS and $6.88 billion in Citigroup.

Temasek has bought $5 billion worth of Merrill Lynch shares.

http://business.asiaone.com/Business/News/Story/A1Story20080506-63758.html

<"We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar."

"Knowing exactly how many dollars I have and where exactly they are deployed doesn't help you understand what I'm doing.>

aren't these 2 statements contradictory? if people don't understand what he was doing how could they take a run on s$?

anyway, this chap always thinks that no one understand what he is doing or his policies.

GIC won't move to Temasek level disclosure: PM Lee replied by charlize @ Fri, 09 May 2008 19:24:17 +0800

charlize — Fri, 09 May 2008 19:24:17 +0800

Who likes to tell people that they are losing money in their investments?

Using other people's money some more.

GIC won't move to Temasek level disclosure: PM Lee replied by Poh Ah Pak @ Fri, 09 May 2008 19:07:26 +0800

Poh Ah Pak — Fri, 09 May 2008 19:07:26 +0800

Time to rid Singapore of PAP rule.

They have entered into a dreamworld.

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Fri, 09 May 2008 18:59:29 +0800

Caitaokue — Fri, 09 May 2008 18:59:29 +0800

Money is Power, too much power corrupts. Who can act righteous with the temptation of hundreds of billion at his sole disposal?

CPF is people's hard earn money. People depend on this money to survive after they are no longer fit to work. I am not saying enjoying life after retirement, I am saying just enough to survive. And that money rightfully belongs to them, it's their sweat and blood. They have toil and suffered hardship most of their lives, why is their right to survive taken away from them? Why are they throwing out so many weak and old people on the street, collecting cans, plastic bottles and newspapers?

Singapore is a fresh juicy apple on the outside, but right at the core, it's rotten. The outside world see Singapore as high achiever, with high efficient and righteous government. The reality is very clear, especially if you have been staying abroad for sometimes and have family living in Singapore. You feel the pain in your heart. People living in Singapore are numb to these injustice, the pain is gradual but increasing at the pace unfelt. Singaporean is living in a society highly manipulated and engineered by tyrants.

But i guess they have touched the treshold, three years before the next general election. It's a pity the person supposed to be named as hero in Singapore history book, will end up as a crook. At least the true story will be passed down from our generation to the next.

Back again, budget surplus should be distributed to the citizens in forms of subsidizes. Because we contributed to the surplus and we have the right to enjoy the collective fruit of labor. Now we don't even think about the discarded peeled fruit skin, our own fruits are taken a big bite before given to us.

GIC won't move to Temasek level disclosure: PM Lee replied by reyes @ Fri, 09 May 2008 13:20:08 +0800

reyes — Fri, 09 May 2008 13:20:08 +0800

it is either i am stupid or he is crazy. i simply cannot understand what kind of message is he going to sent to singaporeans or global market.

GIC won't move to Temasek level disclosure: PM Lee replied by Atobe @ Fri, 09 May 2008 13:14:07 +0800

Atobe — Fri, 09 May 2008 13:14:07 +0800

MM LKY and his personally annointed team has always said that CPF monies are not managed by the GIC - nor even by Temasek.

It seems that the monies are from annual surplusses gained from the annual budget prepared by the Finance Ministry, and which are supposed to be transferred to the National Reserves.

With the POWER of ONE manipulating Singapore since 1956 - the Rules of the Games have been constantly changed through a majority control of Parliament that amends legislations ''requested'' by the Cabinet - {in which dissenting votes from Party Members are not tolerated}.

There was suppose to be a Two-Key system to protect the National Reserves - one held by the Elected President, and the other to be held by Parliament.

Legislations have been passed without any opposition that state - ''No succeeding government can spent the budget surplus accumulated by the previous government'' - which will effectively impoverish a new government elected by the people being unable to access the people's money in the National Reserves.

If ever an Alternative Political Party should form the Singapore Government, it should immediately audit the Finance Ministry, the National Reserves, GIC and Temasek - and give a public account of the true picture of the Singapore Reserves.

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Fri, 09 May 2008 01:29:53 +0800

Caitaokue — Fri, 09 May 2008 01:29:53 +0800

This is the most irresponsible statement a politican can ever make. It begs the question.

What is the reason behind injecting so much money to save Swiss bank and Citigroup, to protect a bigger interest behind? Personal or national?

I am sure by now they should have diverted away sizeable amount of money for the special "strategic" investment. Why are they still not compromising on the main accounts?

If they continue to choose non-disclosure, then at least separate the people's money i.e. CPF and State Fund. CPF management must definitely be transparent because it is truly the people's money. You cannot make losses on the investment and then implement a policy to delay or give excuse not to return that money. That is criminal offense.

GIC won't move to Temasek level disclosure: PM Lee replied by Atobe @ Fri, 09 May 2008 01:12:04 +0800

Atobe — Fri, 09 May 2008 01:12:04 +0800

Originally posted by Caitaokue:

Extracted from http://yoursdp.org/component/content/article/1/443

Wednesday, 07 May 2008

Reuters

Singapore's Prime Minister Lee Hsien Loong said on Tuesday its biggest sovereign fund GIC will not be as open as sister fund Temasek in disclosing details about its portfolio despite pressure from Western lawmakers on government funds.

"GIC and Temasek are different," said Mr Lee in an interview with Reuters.

"We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar."

"Knowing exactly how many dollars I have and where exactly they are deployed doesn't help you understand what I'm doing. It doesn't explain my motivation, it doesn't explain my governance. It doesn't show you I am able to operate responsibly and commercially," Mr Lee said.

Temasek, with more than S$160 billion under management, produces a yearly report that states its returns on investments plus its list of major stock holdings.

In contrast, GIC states that it manages well over $100 billion (S$136 billion) in assets but no other details. Some analysts estimate it could manage more than $300 billion.

"I'm even prepared to say in the long term how generally we have performed. But year-by-year, stock-by-stock, trade-by-trade ... We are not confident we are able to operate that way," he said.

"Temasek is a subset of our portfolio. What they declare is what they manage... The information is available from listed companies anyway."

Sovereign wealth funds from Asia and the Middle East have become more influential in financial markets after pouring billions of dollars into several big banks that were reeling from losses related to the distressed US mortgage market.

The Government of Singapore Investment Corp (GIC), of which Lee is deputy chairman, has to-date invested $11 billion in Swiss bank UBS and $6.88 billion in Citigroup.

Temasek has bought $5 billion worth of Merrill Lynch shares.

http://business.asiaone.com/Business/News/Story/A1Story20080506-63758.html

.
"Knowing exactly how many dollars I have and where exactly they are deployed doesn't help you understand what I'm doing. It doesn't explain my motivation, it doesn't explain my governance. It doesn't show you I am able to operate responsibly and commercially," Mr Lee said.

This statement alone will make it even more urgently important for the GIC to be more transparent and accountable to an independent auditors appointed by Parliament.

If GIC refuse to make itself accountable to anyone, and whatever information it is prepared to divulge do not help in explain or make itself accountable and understood by any Singaporeans - surely it has become a major issue

A Parliamentary Committee should be formed by representative from all political parties - {even if at present they have no one elected into Parliament} - and also include nominated People's Representative from different sectors of the Economy.

Such People's Representative must have some viable credentials before sitting on the Parliamentary Committee - such as being a CEO or CFO, or Accountant, or someone who has the experience of managing a multi-million dollar business.

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Thu, 08 May 2008 17:50:07 +0800

Caitaokue — Thu, 08 May 2008 17:50:07 +0800

Extracted from http://yoursdp.org/component/content/article/1/443

Wednesday, 07 May 2008

Reuters

Singapore's Prime Minister Lee Hsien Loong said on Tuesday its biggest sovereign fund GIC will not be as open as sister fund Temasek in disclosing details about its portfolio despite pressure from Western lawmakers on government funds.

"GIC and Temasek are different," said Mr Lee in an interview with Reuters.

"We do not want to tell people exactly how much we have, so people can take a run on the Singapore dollar."

Temasek, with more than S$160 billion under management, produces a yearly report that states its returns on investments plus its list of major stock holdings.

In contrast, GIC states that it manages well over $100 billion (S$136 billion) in assets but no other details. Some analysts estimate it could manage more than $300 billion.

"I'm even prepared to say in the long term how generally we have performed. But year-by-year, stock-by-stock, trade-by-trade ... We are not confident we are able to operate that way," he said.

"Temasek is a subset of our portfolio. What they declare is what they manage... The information is available from listed companies anyway."

Sovereign wealth funds from Asia and the Middle East have become more influential in financial markets after pouring billions of dollars into several big banks that were reeling from losses related to the distressed US mortgage market.

The Government of Singapore Investment Corp (GIC), of which Lee is deputy chairman, has to-date invested $11 billion in Swiss bank UBS and $6.88 billion in Citigroup.

Temasek has bought $5 billion worth of Merrill Lynch shares.

http://business.asiaone.com/Business/News/Story/A1Story20080506-63758.html

Recent Posts in 'GIC won't move to Temasek level disclosure: PM Lee' | sgForums.com

GIC won't move to Temasek level disclosure: PM Lee replied by balance_else_complacent @ Wed, 14 May 2008 21:26:07 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by pearlie27 @ Mon, 12 May 2008 17:39:02 +0800

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GIC won't move to Temasek level disclosure: PM Lee replied by charlize @ Fri, 09 May 2008 19:24:17 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by Poh Ah Pak @ Fri, 09 May 2008 19:07:26 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Fri, 09 May 2008 18:59:29 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by reyes @ Fri, 09 May 2008 13:20:08 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by Atobe @ Fri, 09 May 2008 13:14:07 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Fri, 09 May 2008 01:29:53 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by Atobe @ Fri, 09 May 2008 01:12:04 +0800

GIC won't move to Temasek level disclosure: PM Lee replied by Caitaokue @ Thu, 08 May 2008 17:50:07 +0800