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[h=1]WE LOST 84% OF ALL OUR CPF IN 1 YEAR?[/h]
Post date:
11 Feb 2015 - 5:11pm
According to the Straits Times news report “Singapore isn’t Greece, Temasek tells S&P in 29 pages” (Feb 6) - “Temasek said in January 2014 it was looking at ways to offer bonds to individual investors in Singapore. Issuing fixed-income products will provide an “alternative investment opportunity” for investors seeking stable returns with lower risks, the company said in a statement that month.”
GIC lost $59b in 1 year?
Since we are on the subject of risk – according to the article “Singapore’s GIC Suffers $41.6 Billion Loss” (The Wall Street Journal, 30 Sep, 2009) – “Government of Singapore Investment Corp. suffered a loss of about 59 billion Singapore dollars (US$41.60 billion) in the fiscal year ended March 31, making it one of the worst years for the sovereign wealth fund since it was started in 1981, people familiar with the situation said Tuesday.
One person said GIC’s portfolio currently stands at around S$265 billion after drops in equity investments and property valuations. GIC, which doesn’t disclose the value of its portfolio or amounts of yearly gains or losses, said in its annual report that its portfolio lost more than 20% in value in the latest fiscal year.”
Lost $127b or 84% of our CPF?
So, if we add Temasek’s “negative Annual Wealth Added of $68.1 billion in 2009″ to GIC’s estimated loss of $59 billion in 2008/2009 – does it mean that we may have lost about $127 billion?
To put this amount in perspective, does it mean that we may have lost more than double our total Government spending in a year (2008) or about 84 per cent of our total CPF funds then of $151.3 billion in 2008 (CPF Trends, October 2013) in just one year?
Cannot be transparent because … ?
Singapore’s total sum of foreign reserves is secret. Some of the reasons given as to why Singapore’s foreign reserves cannot be transparent were:
Singapore’s Minister of State for Finance: “You asked how much reserves we have. I’m sorry – I am not able to give you that answer. There are many, many people who are interested in how much we have. It has nothing to do with not wanting Singaporeans to know. It’s only if we go public with you, a lot of other people will know”. (March 15, 2008)
Singapore’s finance minister: “People do want to know, there is curiosity, it is a matter of public interest. That is not sufficient reason that there is curiosity and interest that you want to disclose information” ( August 18, 2009).
Win battles lose war
Reference: “CPF: LOST MORE THAN $100 BILLION OVER THE YEARS IN BAD INVESTMENTS?” (The Real Singapore, 15 Nov, 2014)
Win Battle Lose War
TRS Contributor
Post date:
11 Feb 2015 - 5:11pm
According to the Straits Times news report “Singapore isn’t Greece, Temasek tells S&P in 29 pages” (Feb 6) - “Temasek said in January 2014 it was looking at ways to offer bonds to individual investors in Singapore. Issuing fixed-income products will provide an “alternative investment opportunity” for investors seeking stable returns with lower risks, the company said in a statement that month.”
GIC lost $59b in 1 year?
Since we are on the subject of risk – according to the article “Singapore’s GIC Suffers $41.6 Billion Loss” (The Wall Street Journal, 30 Sep, 2009) – “Government of Singapore Investment Corp. suffered a loss of about 59 billion Singapore dollars (US$41.60 billion) in the fiscal year ended March 31, making it one of the worst years for the sovereign wealth fund since it was started in 1981, people familiar with the situation said Tuesday.
One person said GIC’s portfolio currently stands at around S$265 billion after drops in equity investments and property valuations. GIC, which doesn’t disclose the value of its portfolio or amounts of yearly gains or losses, said in its annual report that its portfolio lost more than 20% in value in the latest fiscal year.”
Lost $127b or 84% of our CPF?
So, if we add Temasek’s “negative Annual Wealth Added of $68.1 billion in 2009″ to GIC’s estimated loss of $59 billion in 2008/2009 – does it mean that we may have lost about $127 billion?
To put this amount in perspective, does it mean that we may have lost more than double our total Government spending in a year (2008) or about 84 per cent of our total CPF funds then of $151.3 billion in 2008 (CPF Trends, October 2013) in just one year?
Cannot be transparent because … ?
Singapore’s total sum of foreign reserves is secret. Some of the reasons given as to why Singapore’s foreign reserves cannot be transparent were:
Singapore’s Minister of State for Finance: “You asked how much reserves we have. I’m sorry – I am not able to give you that answer. There are many, many people who are interested in how much we have. It has nothing to do with not wanting Singaporeans to know. It’s only if we go public with you, a lot of other people will know”. (March 15, 2008)
Singapore’s finance minister: “People do want to know, there is curiosity, it is a matter of public interest. That is not sufficient reason that there is curiosity and interest that you want to disclose information” ( August 18, 2009).
Win battles lose war
Reference: “CPF: LOST MORE THAN $100 BILLION OVER THE YEARS IN BAD INVESTMENTS?” (The Real Singapore, 15 Nov, 2014)
Win Battle Lose War
TRS Contributor
