Doc, I can assure you that the reserves and the strong SGD is the bedrock of PAP's very existence and their long tenure and why they are able to hold Singaporeans , Singapore business owners and property owners at ransom. This has been their compact.
What they have been doing clearly is siphoning off the much of the returns for themselves and handing over peanuts in the case of CPF. They have been been covering losses on investments on bad decisions by skilfully acquiring nationals assets such as power stations, national companies at below market rate with the supposed altruistic intention of helping the nation to privatise them to unlock their true value.
Not that GCBs are treasure trove with many in senior government and politics in it.
In essence they are screwing the citizens while paying themselves handsomely. A good example is the way TT Durai ran NKF, the intended recipients of the donations actually received less than 10 cents for each donation dollar received while senior staff and board members were travelling on 1st class tickets visiting Vegas and staying on high end hotels. The NKF reserves were usually high and gave the impression that it was financially well managed.
Say you inherited your father's business and you hired a professional manager to run it. He does very well each and every year but he has thru various means has been siphoning of more than you receive as profits but as the profits increases 10% per year, you are pleased and think that all is well.
