Dear President Nathan,
I write to you as a citizen of Singapore and a stakeholder of the country’s reserves.
Just this week, we were told in Parliament by Senior Minister of State for Finance, Mrs Lim Hwee Hua that Temasek’s assets had lost some $58 billion in value since March 2008. (While no details were given for GIC, another report suggested that GIC’s assets might have lost even more - up to $200 billion - refer “Temasek takes severe hit”, The Nation, 9 Feb 2009, http://www.nationmultimedia.com/2009/02/09/headlines/headlines_30095260.php)
If The Nation’s figures on GIC are accurate, between both these two Sovereign Wealth Funds (”SWFs”), they had managed to lose some $258 billion of stakeholders’ money under their management thus far. (This is equivalent to losing some $70,879 of each citizen’s stake based on Wiki’s 3.64 million Singapore citizens, or for my family of four, some $283,516! Argh……)
As the Elected President, one of your primary duties is to safeguard the country’s and stakeholders’ reserves via the “second key”. (I wonder how the government managed to circumvent this second key safeguard to end up losing $258 billion unless you were a party to all those decisions that resulted in such losses, a fact we are not privy to). Therefore, you are entrusted with the responsibility to ensure the stakeholders’ reserves are prudently managed by the incumbent government - for the future of Singaporeans and generations to come.
Read rest of letter here:
http://wayangparty.com/?p=5100
I write to you as a citizen of Singapore and a stakeholder of the country’s reserves.
Just this week, we were told in Parliament by Senior Minister of State for Finance, Mrs Lim Hwee Hua that Temasek’s assets had lost some $58 billion in value since March 2008. (While no details were given for GIC, another report suggested that GIC’s assets might have lost even more - up to $200 billion - refer “Temasek takes severe hit”, The Nation, 9 Feb 2009, http://www.nationmultimedia.com/2009/02/09/headlines/headlines_30095260.php)
If The Nation’s figures on GIC are accurate, between both these two Sovereign Wealth Funds (”SWFs”), they had managed to lose some $258 billion of stakeholders’ money under their management thus far. (This is equivalent to losing some $70,879 of each citizen’s stake based on Wiki’s 3.64 million Singapore citizens, or for my family of four, some $283,516! Argh……)
As the Elected President, one of your primary duties is to safeguard the country’s and stakeholders’ reserves via the “second key”. (I wonder how the government managed to circumvent this second key safeguard to end up losing $258 billion unless you were a party to all those decisions that resulted in such losses, a fact we are not privy to). Therefore, you are entrusted with the responsibility to ensure the stakeholders’ reserves are prudently managed by the incumbent government - for the future of Singaporeans and generations to come.
Read rest of letter here:
http://wayangparty.com/?p=5100
