In spite of the disastrous mistake made by Temasek and GIC in its risky forays into the finance sector which caused us to lose billions of dollars, the PAP spin doctors and apologists continue to insist that they have not “done so badly” compared to other SWFs like Kuwait and Abu Dhabi and that it is “inevitable” that the funds are performing badly in the face of the global economic crisis.
Even our highly paid Prime Minister appeared to be taken in by the spins of his own propaganda mouthpiece. Speaking at the Singapore Tripartism Forum last Sunday, he said:
“Some years it will go down, some years it will go up more. But on average it’s not bad. And we have to take a long-term view because this is not money for now, this is money for many years ahead. If you look at a long-term basis, on the overall on the way the government has managed the money, we haven’t done badly“.
Only fools will be taken in by such outrageous hogwash ! The unsavory truth is - Temasek and GIC’s performance is nothing short of catastrophe ! The extent of our losses beg the question whether the government had exercised due caution and diligence in the management of the funds.
It is a myth that it is unavoidable that our SWFs have lost monies. In fact, there are other SWFs which are making money in such troubled times !
Since the regime has always been quick to curry favors with China, why did they hide the performance of China’s SWF from Singaporeans ?? There were no reports on the performance of China’s SWF in both the English and Chinese dailies. Why withold the information from Singaporeans ? Shouldn’t they deserve to know how Temasek and GIC perform in comparison to the SWFs of other Asia countries ?
Read rest of article here:
http://wayangparty.com/?p=5552
Even our highly paid Prime Minister appeared to be taken in by the spins of his own propaganda mouthpiece. Speaking at the Singapore Tripartism Forum last Sunday, he said:
“Some years it will go down, some years it will go up more. But on average it’s not bad. And we have to take a long-term view because this is not money for now, this is money for many years ahead. If you look at a long-term basis, on the overall on the way the government has managed the money, we haven’t done badly“.
Only fools will be taken in by such outrageous hogwash ! The unsavory truth is - Temasek and GIC’s performance is nothing short of catastrophe ! The extent of our losses beg the question whether the government had exercised due caution and diligence in the management of the funds.
It is a myth that it is unavoidable that our SWFs have lost monies. In fact, there are other SWFs which are making money in such troubled times !
Since the regime has always been quick to curry favors with China, why did they hide the performance of China’s SWF from Singaporeans ?? There were no reports on the performance of China’s SWF in both the English and Chinese dailies. Why withold the information from Singaporeans ? Shouldn’t they deserve to know how Temasek and GIC perform in comparison to the SWFs of other Asia countries ?
Read rest of article here:
http://wayangparty.com/?p=5552
