Very Possible Familee LOST All Sg Reserve

[makapaaa]

Greenspan Says Financial Crisis May Be `Once in Century' Event

By Vivien Lou Chen
Sept. 14 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the financial crisis that began with the collapse of the subprime-mortgage market last year ``is probably a once in a century event'' that will lead to the failure of more firms.
``There's no question that this is in the process of outstripping anything I've seen, and it is still not resolved,'' Greenspan said in an interview today on ABC's ``This Week with George Stephanopoulos.'' Greenspan, 82, retired from the Fed in January 2006 after serving for 18 years as chairman.
Treasury and Federal Reserve officials are working on a sale of Lehman Brothers Holdings Inc., the 158-year-old investment bank that reported a third-quarter loss of $3.9 billion. U.S. Treasury Secretary Henry Paulson, who spearheaded a government takeover of mortgage giants Fannie Mae and Freddie Mac last weekend, has said he's reluctant to use Federal funds to rescue Lehman.
``What they are trying to do with Lehman is find a way in which there is no government money involved in this particular set of negotiations,'' Greenspan said. ``If they can't, they have to make a very key decision as to whether they allow it to liquidate or support it,'' he said, adding that he doesn't know enough details to recommend the right move.
To contact the reporter on this story: Vivien Lou Chen in San Francisco at [email protected]
Last Updated: September 14, 2008 12:01 EDT

 

[madmansg]

greenspan has no shame presiding over a financial bubble.

 

[DerekLeung]

You see in 2006/2007 every fund managers and remisers made all their money here with a fantastic front show !
And disappear as soon as cracks show up !

You can see the amount !

Singaporean government choose to invite all this mobile and homeless people here !

They got no where to call home and being
Mobile and evasive , living a life on the run !

Making tons of money round the world !

 

[imperialarms]

no leh i shorted fannie and freddie like siao

 

[DerekLeung]

S'pore to amend Constitution to draw more income from reserves
By Ng Baoying, Channel NewsAsia | Posted: 15 September 2008 1756 hrs

SINGAPORE: The government wants to increase the amount of income it can spend from investing Singapore's reserves.

This requires an amendment to the Constitution, which was tabled in Parliament on Monday.

Singapore's aging population means higher social spending in future. Coupled with plans to develop the country's capacity and overall competitiveness, it means government expenditure is going up.

Part of this extra spending is being funded by the Goods and Services Tax, which was raised from 5 per cent to 7 per cent last July.

But to preserve a competitive tax environment, the government has said that raising taxes is not the preferred option.

So it is now looking at other ways, such as what it can use from the country's investment income.

This follows studies on how large state funds in other countries operate.

Currently, the government can spend up to 50 per cent of actual interest and dividend income gained from investing Singapore's reserves.

This spending rule is meant to safeguard the country's reserves.

The government now wants to expand the pool of investment returns to include capital gains and losses, while maintaining the 50 per cent spending cap.

It will look at total returns on a long-term expected basis, over 15-20 years, to avoid inherent volatility of actual capital gains and losses.

Inflation will also be taken in account.

The proposed new framework will apply to assets managed by the Government of Singapore Investment Corporation (GIC) and those owned by the Monetary Authority of Singapore (MAS).

Other assets, which include Temasek Holdings, will still use the existing formula.

The idea of redefining the income that the government could spend from investing Singapore's reserves was first mentioned in Budget 2007 and again in Budget 2008.

The Finance Minister is expected to elaborate further on this amendment later in the year.

If the amendment to the Constitution is passed, the changes will take effect at the next Budget in 2009.

- CNA/ir

 

[DerekLeung]

Updated: 15th September 2008, 1941 hrs
Temasek to be unscathed by Merrill's sale
Sources say Temasek Holdings had little say in Merrill Lynch's surprise decision to be sold to Bank of America, despite being Merrill's biggest single investor.


But they add that Temasek may emerge from the crisis relatively unscathed.

One source who was familiar with the matter told Dow Jones Newswires that Temasek was not informed of Merrill's plans until late and then had a minimum role in the talks with B-O-A, as it doesn't hold a seat on Merrill's board.

B-O-A has agreed to buy Merrill for 50 billion US dollars, or 29 US dollars a share, in an-all stock transaction.

The source added that Temasek had bought Merrill's shares for an average of 24 US dollars each, so the investment firm is above water.
Temasek is the largest single investor in Merrill, with a 14-percent stake, indicating it could earn as much as 1 billion US dollars in paper profit based on current prices.

A second person said Temasek has yet to decide whether it will keep or sell the B-O-A shares it receives.

Analysts said Temasek may welcome the opportunity to own a portion of a commercial bank rather than an investment bank because the former may be more stable and has firmer backing from the U.S. Federal Reserve.

 

[DerekLeung]

Our own local versions of bailouts !

If we meet with inflation then deflation. We are farked since no one ever protested !

 

[Tiu-leh-see-fart]

Dont anyhow say, if they lost sg reserves, they would have protest at Hong LIm park !

Greenspan Says Financial Crisis May Be `Once in Century' Event

By Vivien Lou Chen
Sept. 14 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the financial crisis that began with the collapse of the subprime-mortgage market last year ``is probably a once in a century event'' that will lead to the failure of more firms.
``There's no question that this is in the process of outstripping anything I've seen, and it is still not resolved,'' Greenspan said in an interview today on ABC's ``This Week with George Stephanopoulos.'' Greenspan, 82, retired from the Fed in January 2006 after serving for 18 years as chairman.
Treasury and Federal Reserve officials are working on a sale of Lehman Brothers Holdings Inc., the 158-year-old investment bank that reported a third-quarter loss of $3.9 billion. U.S. Treasury Secretary Henry Paulson, who spearheaded a government takeover of mortgage giants Fannie Mae and Freddie Mac last weekend, has said he's reluctant to use Federal funds to rescue Lehman.
``What they are trying to do with Lehman is find a way in which there is no government money involved in this particular set of negotiations,'' Greenspan said. ``If they can't, they have to make a very key decision as to whether they allow it to liquidate or support it,'' he said, adding that he doesn't know enough details to recommend the right move.
To contact the reporter on this story: Vivien Lou Chen in San Francisco at [email protected]
Last Updated: September 14, 2008 12:01 EDT

 

[DIVISION1]

There is no point in speculating that the government of Singapore is bankrupt. If this does become true and mismanagement is determined, no one is above the law. Otherwise, such speculation tantamounts to defamation. So long, internationally, Singapore is not perceived as bankrupt, Singapore is not bankrupt. The same applies for the United States. It is in no one's interest for the United States government to declare itself bankrupt like what Mexico did in 1982.

 

[myfoot123]

The timing to analised our CPF savings, to sell our national assets, erecting dozens of ERP gantries and up every single basic things from food to transport to housing...and squeezing peasants with FT so that they can milk more. Are we bankrupt to deserve such TAXING punishment?

Greenspan Says Financial Crisis May Be `Once in Century' Event

By Vivien Lou Chen
Sept. 14 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said the financial crisis that began with the collapse of the subprime-mortgage market last year ``is probably a once in a century event'' that will lead to the failure of more firms.
``There's no question that this is in the process of outstripping anything I've seen, and it is still not resolved,'' Greenspan said in an interview today on ABC's ``This Week with George Stephanopoulos.'' Greenspan, 82, retired from the Fed in January 2006 after serving for 18 years as chairman.
Treasury and Federal Reserve officials are working on a sale of Lehman Brothers Holdings Inc., the 158-year-old investment bank that reported a third-quarter loss of $3.9 billion. U.S. Treasury Secretary Henry Paulson, who spearheaded a government takeover of mortgage giants Fannie Mae and Freddie Mac last weekend, has said he's reluctant to use Federal funds to rescue Lehman.
``What they are trying to do with Lehman is find a way in which there is no government money involved in this particular set of negotiations,'' Greenspan said. ``If they can't, they have to make a very key decision as to whether they allow it to liquidate or support it,'' he said, adding that he doesn't know enough details to recommend the right move.
To contact the reporter on this story: Vivien Lou Chen in San Francisco at [email protected]
Last Updated: September 14, 2008 12:01 EDT

 

[Einfield]

Thus the term "Economic Hit Man"

SG Kana sodomized by them and keeping quite about it.

 

[The_Latest_H]

Well, its too early to say that they have lost it entirely. My gut feeling is that they have lost quite a bit, but they still have some.