Can somebody please explain to me why our statutory boards playing investments??

[mwjng]

Losses on credit-linked notes
Tue, Nov 18, 2008
The Straits Times


FOUR statutory boards suffered a 14 per cent loss this year on their investments in credit-linked notes, Finance Minister Tharman Shanmugaratnam said in Parliament on Tuesday.

Infocomm Development Authority of Singapore, along with statutory boards Singapore Land Authority, Professional Engineers Board and Civil Service College, had 'paper losses' on credit-linked notes, he said.

Only one of them had investments linked to collateralised debt obligations and credit default swaps, Mr Shanmugaratnam said in Parliament on Tuesday.

===============================================
Can someone knowledgeable about our government explain to me, a humble nobody, why our statutory boards is not just doing their duties and obligations and are playing investments in the market?

Is it time for us to have a full audit on these stat board accounts over the past years?

Unfortunately it has to take such market conditions that shows us the cracks in the money dealings in the government. If this financial crisis did not take place, nobody will know what's going on.

 

[Dan Now]

Bro,

The answer is pretty simple.

Because they can do anything they want and are beyond any accountability and checks.

No matter how you figure it out there is simply no fear left in them even if they screw up big time. As peasants, if we screw up, we pay dearly for the mistakes. But for our mighty MIWs elites, screwing up is part of their rights.

If we ask for accountability, the press will come down hard on us and Singaporeans will be branded as ignorant complaining whinning Singaporeans and we are forever asking for welfare and we are simply good for nothings as compared to the THRASH that the PAP have been importing to displace us.

Let's be eloquent here. ONLY if their jobs are threatened, then can only change be possible. Never forget that the citizens are their employers and not the other way round. Besides the MPs are paid millions. Its only fair if they can lose their job. Thats REAL meritocracy.

Come the next election, do the right thing.

Dan

 

[Man in the streets]

well said Dan!

nice to see you again .

the next GE is the last chance to change.


The answer is pretty simple.

Because they can do anything they want and are beyond any accountability and checks.

No matter how you figure it out there is simply no fear left in them even if they screw up big time. As peasants, if we screw up, we pay dearly for the mistakes. But for our mighty MIWs elites, screwing up is part of their rights.

If we ask for accountability, the press will come down hard on us and Singaporeans will be branded as ignorant complaining whinning Singaporeans and we are forever asking for welfare and we are simply good for nothings as compared to the THRASH that the PAP have been importing to displace us.

Let's be eloquent here. ONLY if their jobs are threatened, then can only change be possible. Never forget that the citizens are their employers and not the other way round. Besides the MPs are paid millions. Its only fair if they can lose their job. Thats REAL meritocracy.

Come the next election, do the right thing.

Dan[/QUOTE]

 

[theblackhole]

more govt linked boards will be revealing their paper losses after prudentl investments...singapore losses big time this time round...i day again: damned jialat one!

 

[theblackhole]

can anyone calculate or estimate how much have singapore lost in this financial meltdown?

 

[DerekLeung]

It's not the crime that kills you, it's the cover-up !

 

[theblackhole]

Singapore government statutory boards have no exposure to Lehman-linked products

By May Wong, Channel NewsAsia | Posted: 18 November 2008 1529 hrs

SINGAPORE: Singapore government statutory boards are not exposed to the structured products and credit notes linked to bankrupt US investment bank Lehman Brothers.

Finance Minister Tharman Shanmugaratnam told Parliament that none are holding the Lehman Minibonds, Pinnacle Series, DBS High Notes Five, Merill Lynch Jubilee Series products.

Mr Tharman says four statutory boards - the Civil Service College, Singapore Land Authority, Infocomm Development Authority and the Professional Engineers' Board - have invested in other credit-linked notes.

He says the notes suffered a 14 per cent paper loss this year, not very different from the recent global market performance.

The exposure of the four boards to such notes make up only 0.05 per cent of the total investment portfolios of all of Singapore's statutory boards.

One of the statutory boards also has financial products linked to credit default swaps, but this makes up only 0.1 per cent of its portfolio.

Mr Tharman also says the government has advised all the statutory boards to maintain sound principles of diversification and risk management when investing.

- CNA/yt

 

[Dan Now]

Gosh been a while

Great to see you again !

Cheers !

Dan

 

[makapaaa]

Cum on lah! Dogs also need some entertainment and pocket $ what! *hee*hee*​

 

[Neh_Neh_Pok]

Probably due to the decisions by the jia liao bee top management of these sectors. They have no third-party auditors checks, monitoring and compliance measures to control the flows of their assets. Really a shame

 

[Einfield]

===============================================
Can someone knowledgeable about our government explain to me, a humble nobody, why our statutory boards is not just doing their duties and obligations and are playing investments in the market?

Is it time for us to have a full audit on these stat board accounts over the past years?

Unfortunately it has to take such market conditions that shows us the cracks in the money dealings in the government. If this financial crisis did not take place, nobody will know what's going on.

They actually carry the cash to a DBS counter for Fix deposit and was told by the teller that they can get better
yield investing in Lehman Brothers.

Non of those clowns there understand the complexity of a structured fund, they buy what the relationship manager sold them, believing in that "Your Capital is protected" crab.

Like old fart says, They went in with their eyes open.

I'm sure they try to pull a fast one by trying to qualify for the Ah peh and Ah Soh special refund but was rejected.

 

[jesus]

Under the current PM, Spore is in a complete mess. Starting to look more and more like Badawi. LOL

 

[Manchu]

What you are hearing now is perhaps only the tip of the ice-berg of the financial loss. I would love to bet with anyone that there will be more news of greater financial mess made of Singapore's reserves by govt., statutory boards, quasi-govt bodies etc..... Slowly but surely, one by one of these bad news is released day by day.

 

[NissanViP]

Losses on credit-linked notes
Tue, Nov 18, 2008
The Straits Times


.

Being a singaporean is already a horror not able to hold the goverment accountability using state fund, well... the right words should be "Singaporean MONEY" and to have a check and balance by the independant administrations and auditors.

If you are a singaporean, its mean your life is fucked by LEE KUAN YEW GOVERNMENT.

 

[Leegimeremover]

Gong jiaowei. Using money that is not yours without permission is called stealing whether eye open or close. I let you manage the condominium estate does not mean you can come into my house take my things and do what you like in the name of better good. You are my son does not mean you can take my money and invest without telling me. It is called stealing and this called corruption and a crime. Voting a party into parliament does not give you the right to invest money anyway you like, fuck it up and say you are not beneficiary. Extra money should be returned to people to stimulate domestic economy, even if prostitution. If prostitution is good business, GLC the business and after that, do what you want with the remaining after tax. You still 2 sets of different monies maybe with the same ultimate purpose. But remember not everyone will go Geylang. Taxing money not to use, but to invest is fucked up and to fuck it up is called super fucked up. Where got economic theory and fairness tell you can take my money for you institutional gambling?

Singapore's low domestic spending will fuck the economy up big time. If the taxed money goes in welfare state, I say yes. So much indirect tax, such that total tax is 50-60%, but used for investment is the mother of all fucks.
Invest in the people not on the roulette wheel. But you cannot expect of LKY. I am not the beneficiary lanjiao argument. Well you fucking blew the cash so we as Singaporeans will not be the beneficiary. Since quite a lot of money will go into smoke, value and wealth destruction is the beneficiary. How fucked is it?

 

[tommy]

Transparency? Looks like not?

 

[imperialarms]

no we cannot tell peasant unless u have HarBIRD or StandBIRD degree

 

[DerekLeung]

anything the government touchs, it turns into shit !

 

[metadata]

I work in the IT line and stay in the trading floor day in day out,

The brokers boast of a 4 lcd per desk and basically do nothing, the only
crunch time is when a few phone call come in and they need to recommend
a few "profitable" stock to the client. And they earn big money from that

And who are the client? Any entities you wouldn't even dream of, from education (ntu,nus etc), charities, religion, government

Believe me this incident is just the tip of an iceberg

 

[Leegimeremover]

Lanjiao one lah. My good friend good trader say you see 4 screens, eye par jiao one. U see screen no one buy from you is like fucking spider. My friend very succesful also investment project consultation of more billions than normal trader can count. Not Sinkaporean and not in Singapore some more. So oredi very credible.