Did GIC lose 41% of its portfolio?

[Cthulhu]

From: http://www.choongyong.com/2009/02/12/watch-it-live/

That day happened to be the day when the budget for Ministry of Finance was debated. Many MPs, including Ms Sylvia Lim, filed ‘cuts’ asking the Ministry of Finance to disclose how much reserve Singapore still has, and how much losses have the 2 SWFs - GIC and Temasek incurred.

Mrs Lim Hwee Hua, SMS (Senior Minister of State, and yes, they used this acronym there) for Finance, read her reply from her file, and gave a fluent answer (re-hashing) of the Government’s stand on why we should not disclose the amount of reserves we have, and that the SWFs did not do as badly as the various indices tracking the similiar markets.

She also added that Temasek Holding’s portfolio fell 31%. When it was time for clarification questions, Ms Sylvia Lim rose to ask about the exact figure for losses incurred by GIC, since no specific number was quoted, while the 31% was disclosed for Temasek. Mrs Lim Hwee Hua was stumped for words for a few seconds, stammered a little, mumbled something about “it was reported during the budget debate last week”, while frantically flipping her file infront of her to look for an answer. Sylvia Lim spread her hands in a gesture asking “what number”, and Lim Hwee Hua, after not being able to give a specific number, suddenly succumbed and threw out a number, “41%”. The Speaker was nice to Lim Hwee Hua, seeing that she was not very sure of the number herself, and asked if she wants to clarify the number later. She took the opportunity, and since it was also time for the recess at 1520hrs, the Speaker declared that the Parliament go into recess.

 

[sgnewsalte]

This is the kind of millionaire ministers that we have in our government. She appears cool and confident reading from her prepared speech, but was totally stumped when Sylvia asked about GIC losses. Without any ready answers from her prepared text, she fumbles badly until the Speaker give her a lifeline. However she did mumbled a 41% figure, which is more than Temasek's loss of 31%. If it is true, then Sporeans really are screwed big time. GIC's portfolio is estimated to be 300 billion. 41% means about 123 billion losses, which is two times of Temasek. Now you should know why they want to keep GIC as state secrets. As expected, our state media choose not to report this incident in parliament. So is there still any doubts why we need more opposition members in Parliament.

 

[funglung]

This is the kind of millionaire ministers that we have in our government. She appears cool and confident reading from her prepared speech, but was totally stumped when Sylvia asked about GIC losses. Without any ready answers from her prepared text, she fumbles badly until the Speaker give her a lifeline. However she did mumbled a 41% figure, which is more than Temasek's loss of 31%. If it is true, then Sporeans really are screwed big time. GIC's portfolio is estimated to be 300 billion. 41% means about 123 billion losses, which is two times of Temasek. Now you should know why they want to keep GIC as state secrets. As expected, our state media choose not to report this incident in parliament. So is there still any doubts why we need more opposition members in Parliament.

What do you mean by "more opposition members in Parliament"?

LKY AND ALL HIS SELF SERVING BASTARDS IN WHITE MUST BE KICKED OUT

EVERY MOTHER FUCKER OF THEM

NOT A SINGLE OF THOSE BUGGERS IN WHITE BE INSIDE THE PARLIAMENT AND THEY ALL SHOULD BE IN JAIL

THEY FORCED LAWS ON US WITHOUT JUSTICE

BLEED US OF THE HUNDREDS OF BILLIONS SO THAT THEY LIVE BETTER

AND THEN TELL US TO GO DIE IN OLD FOLK HOMES IN JOHORE BAHRU

DO THEY REPRESENT SINGAPOREANS?

OR THEY REPRESENT THE ANUS OF LKY

 

[DerekLeung]

She should be jailed as a la Ponzi scheme collaborator and head of Ponzi Temasek !

 

[singveld]

are you saying CPF is the world largest ponzi scheme???

kind of think of it, new tax payers pay to give old tax payer, when there not enough new tax payers, pap open the floodgate and let in more FT. oh no we are all in a ponzi.

sinkies ponzi. ponzi sinkies. which one rythmn?