Tuesday, June 05, 2012

Issues raised by Christopher Balding on our reserves...

Professor Christopher Balding's blog: christopherbalding.com raises a number of issues related to our reserves. These issues are very interesting but there is insufficient information available explain the discrepancies - we were supposed to elect a president who would ask these important questions about our reserves but we elected Tony Tan...so what has he done in this area? With hundreds of millions of our CPF money moved to the reserves and much of the heavy debt we incur to pay for HDB flats going into the reserves, the secrecy is surrounding our reserves is not longer acceptable. I hope elected representatives from the opposition raise these questions to pierce through the secrecy. Singaporeans are increasingly concerned and want answers.

Issue 1 : Temasek claims average returns of 17%...how is this possible? 
[Comparing Temasek’s Performance in Two Pictures]

1. Temasek assets  are mostly in the form of  in a diversified portfolio of listed companies many listed in Singapore.

2. Since 1974, the annualized returns of the MSCI Singapore and other Singapore indices have performed nowhere close to the 17% return reported by Temasek.

This issue has been discussed by a Singaporean J.P Tan. I first read about J.P. Tan from a a highly acclaimed book on Warren Buffett by authorAndrew Kirkpatrick. J.P. Tan had independently deciphered one of Buffett's investment move and wrote to Buffett....a very impressed Warren Buffett replied to J.P. Tan to say his analysis was spot on. J.P Tan's letter and Buffett's reply both appeared in "Of Permanent Value: The Story Of Warren Buffett".

J.P. Tan has used his analytical skills to decipher Temasek's accounts from 1992-1993 and found that Temasek had book a $40B in gains following the listing of SingTel[Link]. J.P. Tan explains that this is most probably achieved by the transfer by the Singapore govt of SingTel to Temasek at book value of $20B and when SingTel was listed, the market value of $60B was used to record profits of $40B. J.P Tan takes issue with this as it "misrecords" profits at Temasek. The $60B should be record as cash infusion rather than profits. This form of accounting obscures the actual fund management performance at Temasek and makes it impossible to tell how well managed our reserves are at Temasek. It is very dangerous for us not to know the actual performance of Temasek.

Deceptive as it seems, I wrote to Prof. Balding that this is one possible explanation for the high investment returns claimed by Temasek. He agrees that this is a plausible explanation.

The question that our MPs can raise in parliament for this issue that concerns all of us are 1. How are assets transferred Temasek accounted? 2.  How does Temasek record profits from sales and listing of these assets? 3. What is the real performance of Temasek if we take out these 'profits'?. Our power plants are a good example. They were transferred to Temasek and then later sold off to foreign investors. Temasek shouldn't book any investment profits from these sales as it would these are "inherited assets" and booking returns on them will obscure the real performance at Temasek.

Issue 2: What happened to hundreds of millions?[Singapore, Inc.: Just When You Thought it Couldn’t Get Any Worse]
1. Professor Balding compiles a spreadsheet showing our surplus all the way back  to 1980. He also compiles the net  liabilities incurred per year.

2. The sum total of surplus, liabilities and returns should give us the size of GIC assets. GIC return is given as roughly 7% per annum.

3. Prof. Balding estimates the size of GIC's assets to be  $2 trillion.

4. GIC has assets reported to be $700B.

I think the simple explanation is nobody knows the size of GIC's assets and how much surplus is transferred to GIC. We just don't have enough information to tell if there is something really wrong here.  The PAP govt simply refuses to be transparent and accountable when it comes to the accounts of the GIC. - they just simply refuse to let us know and we are supposed to just accept this.

Voting for an independent presidential candidate would have help to answer some of these questions but we missed this chance.in 2011.

"Unfortunately, I have this crazy idea that governments should be responsible to the people. Whether it is the United States, Chinese, or Singaporean government, I believe leaders should be accountable and transparent to the people of their country. Governments do not have unlimited powers. I believe that the government of Singapore should be accountable and transparent with the people of Singapore. I believe that the people of Singapore have a right to demand answers from their government." 
- Professor Christopher Balding[My only vested interest]

131 comments:

Anonymous said...

If the truth gets out then investor confidence might be affected leading to the STI plummetting. Of course PAP will not reveal the ugly truth. The only way to reveal this is to vote them out of Parliament and then have the new ruling party disclose all their shenanigans gradually.

Ghost said...

Nothing special here. What Prof Balding is saying has been said before by many people, including members of the PAP. The numbers just don't mesh, it haven't for years but if Ong Teng Chong can't get to the bottom of it, I doubt if anyone can.

Anonymous said...

Prof Balding, JP Tan, Lucky Tan or what not Tan can think, analyse or say what they want about the reserves or the returns lah. Or even about PAP lah.

So what if they are right or wrong?

Because they cannot change the reality that PAP still remains the best available party by majority 60% voters to vote for, right?

Anonymous said...

You are right but got no power to make things right.

So what's the use of being right?

Anonymous said...

"Voting for an independent presidential candidate would have help to answer some of these questions but we missed this chance in 2011."
Lucky Tan

You remember what happen to Ong Teng Cheong?

Anonymous said...

Lucky Tan says;
"The question that our MPs can raise in parliament for this issue that concerns all of us are 1. How are assets transferred Temasek accounted? ..... "

Do you think PAP candidates like Desmond Choo are capable of asking such questions? See the attached youtube of Desmond Choo in action

http://www.youtube.com/watch?v=jfAzc8FWypc

Hougang people voted in the right candidate to ask these questions in parliament.

http://www.youtube.com/watch?v=DOMHhgX0iCw

Anonymous said...

"Do you think PAP candidates like Desmond Choo are capable of asking such questions? See the attached youtube of Desmond Choo in action"

Isn't Desmond Choo already told you to vote him for local issue , not national issue since Hougang is about local election ? Your CPF is national issue not local issue.

Anonymous said...

It takes 56 man years to compile our assets and reserves.

It's 47 years since 1965.
56-47 years = 9 years.

Will it take 9 more years before we get an answer?

Can we get an earlier answer?
4 more years in 2016.
GE 2016.

Anonymous said...

Vote Desmond Choo.
You get an MP who is only good enough to tackle local issues in parliament.
A "small boy" in parliament.

Vote Png Eng Huat.
You get an MP who can tackle both local and national issues in parliament.
A "real man" in parliament.

Clearly.
The better man won.

Anonymous said...

The parliament is a NATIONAL parliament.
Not a local parliament.

If Desmond Choo wanted to run on local issues.
He is running in the wrong elections.

Anonymous said...

Regardless of whether the money accrued under TH and GIC are cash infusion or profits generated, the crux is that Singaporeans do not benefit from it nor even have any clue on the actual amount. No public listed company can get away with keeping its stakeholders not in the know, much less Singapore Inc. "Servant leaders" MUST account to the people.

To those who still think that "PAP still remains the best available party", recall many in that party thought Durai was the best man to run NKF...

Anonymous said...

GIC doesn't have a balance sheet of 700 billion according to prof balding. it is the govt of Singapore who has that in its submission to IMF.

you made a mistake.

Prof balding is pretty clear about this. Either the returns of our swf is wrong or there is huge chunk of unreported assets of 1.4 trillion. (the total wealth of top 25 wealthiest ~1 trillion)

Anonymous said...

Anonymous 5/6/12 16:25:

/// Prof Balding, JP Tan, Lucky Tan or what not Tan can think, analyse or say what they want about the reserves or the returns lah. Or even about PAP lah.

So what if they are right or wrong?

Because they cannot change the reality that PAP still remains the best available party by majority 60% voters to vote for, right? ///

FOREVER 60%??? YOU ARE TOO FCUKING CONCEIT!

Anonymous said...

prof also made it clear in the questions that if you add up all the surplus (in either the imf or the govt stat version- which are different), you don't get 700 billion. so, how does the govt ended with 700 billion in assets?

He also raised the issue on the quality of the assets declared by govt. about half is not liquid. so in times of stress, govt , if need to sell, will end up losing monies.

that's why they are holding on to our cpf monies for a longer period of time - in the hope that their illiquid investments become liquid.

Anonymous said...

Singaporeans have allowed these dangerous situation to develop by giving the pap Leegime too much power. If we don't know how much is in GIC, we will never know if some of them are transfered somewhere else.

Anonymous said...

If all PAP MPs are only allowed to ask questions about their local constituencies;

That means no PAP MP will ever raise any questions about national issues like GIC or Temasek.
So Ministers and government will never be accountable to the people of Singapore on national issues.

The choice is clear.
We must vote Opposition if we have concerns about our CPF money.

Anonymous said...

The Hunt for Nazi gold.
The Missing Spoils of War

http://detecting.org.uk/html/Nazi_Gold_The_Spoils_of_War.html

Lye Khuen Way said...

I see that Lucky Tan is now half convinced that the Prof do have reasons to wonder.
Of course, there were others before him, saying similar things about our "cannot -see-light" accounting of GIC & Temasek Holdings.
Sure, we have an 'indepedent', elected President.
Unfortunately, he happened to be one of the top GIC guys just months before his becoming The Singapore. President.!
How?

Anonymous said...

That is the reason why we must have Tony Tan as our president. He, along with the previous president, will not ask questions. If he asks, he doesn't mind being ignored.

Unless some other rascal president who doesn't deserve a state funeral. Serves him right for asking too many question.

Anonymous said...

That is the reason why we must have Tony Tan as our president. He, along with the previous president, will not ask questions. If he asks, he doesn't mind being ignored.

Unless some other rascal president who doesn't deserve a state funeral. Serves him right for asking too many question.

Anonymous said...

http://www.youtube.com/watch?v=C9zfLMG5dik&feature=relmfu

Anonymous said...

Don't worry so much. Just take it that you won't ever be able to see your CPF money again. Just focus on your take-home portion of your salary. There, problem solved.

PS: This is why many people are too eager to throw as much of their CPF as possible into properties, even if property prices are already at rich valuations. This is the only way to take out your CPF money.

Anonymous said...

Trains are so fucking crowded that it's insane to bring my baby in a cradle in there! It's literally dangerous with all the people shoving to get out and pushing one another. What is the government doing? Stupid PAP. You're destroying the quality of life here and you're threatening singaporeans not to speak the reality of things. How to bring your child around in a cradle in the MRT? What is all this talk by goh chok tong about being gracious? Is the pap government's policies of flodding the trains being gracious? Is this what LKY means by growth at all cost? What kind of lifestyle experience is the government talking about? They are selfish and greedy. I just hate them now. Have they have a family and carry a cradle to the the overbloated trains? Have they? And when you turn to the taxis, they raise the prices!!

Stupid fucking pap. No wonder singaporeans dont want children. You fucking hell make it such a disincentive.

Anonymous said...

DOnt talk so much mr tan. Go and join a political party. If you don't want to set up a political party of your own, fine and dandy. but you should, at the very least, join one anonymously and contribute to them to effect greater change. That's more helpful. Much much more helpful. Where's your moral courage? And stop glossing over this invitation, it reflects the same appraoch you criticise of the pap for addressing key issues.

Anonymous said...

balding's website is not accessible anymore.

Anonymous said...

Hmmm... strange... it seems that Professor Chris website (christopherbalding.com) has been suspended can can't be access anymore (see the link below). Some special and/or invisible power has taken action?

http://christopherbalding.com/cgi-sys/suspendedpage.cgi

Anonymous said...

@6/6/12 00:53
We sure admire the moral courage of an anynomous invitation. At last Lucky Tan has a spine.

Anonymous said...

"Hmmm... strange... it seems that Professor Chris website (christopherbalding.com) has been suspended can can't be access anymore (see the link below). Some special and/or invisible power has taken action? "

Relax. This likely could mean that the site has become so popular that it exceed its traffic limit, and hence get suspended.

Anonymous said...

The government cannot fix Christopher Balding now as it will jeopardise Yale joint NUS programme. Remember that Yale is from US and so is Christopher.

Prince Lee said...

The WP voted for the budget which was presented in Parliament despite their speeches which were critical of the ruling party. I dont understand this. They just dont have the what it takes to take on the ruling party on any level. I still support them but WP are not passionate enough to stand up for those with no voice.

Anonymous said...

I actually disagree with the paper. 1. the average prices of chicken rice is $3 and it does not mean no one sells it at $15. moreover, we should not be looking just at the chicken rice per se. 2. there is nothing to prove that the surpluses are unaccounted for. 3. 25 cents for every $1 is not accurate. should review the assumptions. have he taken into account of national security, internal security, education etc?facts: 1. he has not taken into account of GIC, MAS in the fund management. 2. looking at the porfolio, using just Singapore MSCI as a benchmark is not reasonable. 3. a brief look in the paper, he uses selective countries for comparison on budget surpluses. why no China? or regional economics like HK or Taiwan if the data from China is hard to gather. (i thought he is based in China).annual report for temasek holdings are audited by KPMG. it is up to public to realise whether KPMG is more credible or just one paper from someone we do not knowif i am not mistaken, our public funds are vested not just in Temasek Holdings, but also in GIC, MAS, SLA, all government buidlings and lands, military assets such at planes and weapons, our expressways and railways etcust to add that the most indebted country in the world is always China or maybe India.

Anonymous said...

Remind me. Who audited Enron, NKF, Madoff's hedge fund, China Aviation Oil and the many China companies that were listed on SGX?

Anonymous said...

Our own local version of Enron?

Amused said...

How they achieve 17% annual return when there are NO successful Singaporean companies is beyond me. Perhaps all the gains are from land, property, and "privatizations."

Does the emperor has any clothes on? That is the question.

Anonymous said...

"Publicity is justly commended as a remedy for social and industrial diseases.
Sunlight is said to be the best of disinfectants;
electric light the most efficient policeman."

"We must make our choice.
We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both."

Justice Louis D. Brandeis

http://www.brandeis.edu/legacyfund/bio.html

Anonymous said...

All leaders except those in Singapore need not be accountable and transparent to the people of their country. All Governments except Singapore's cannot have unlimited powers. All government except Singapore's should be accountable and transparent with the people of Singapore. People of other countries except Singapore have a right to demand answers from their government.
The reason is PAP knows best and the people of Singapore are really daft and will not know even if they are screwed.

Anonymous said...

Glad that Balding's website is now suspended.

He should learn to keep his mouth shut, just like Tony and Nathan.

Anonymous said...

As far as our leaders are concerned, the island of Singapore do not belong to its citizens but to, you know who. So the citizens have to pay their rights to stay on this island. Whatever taxes,direct and indirect or wealth accumulated belong to you know who. Since it doesn't belong to the citizens, citizens have no business to know.

Anonymous said...

"The reason is PAP knows best and the people of Singapore are really daft and will not know even if they are screwed."
Anon 6/6/12 09:43

60% are rich and have a good life and are happy and satisfied. That's why they voted PAP.

Of course if you are poor or cannot make good money so no good life, then you are daft and screwed!

Anonymous said...

Never mind what reserves or returns lah. I think the rich poor gap is 60:40, that is 60% rich, 40% poor.

Critics may say this gap is very wide but still acceptable for PAP, right?

Why?

Because PAP can win 93% seats with only 60% votes what.

sgcynic said...

Screw you!

Anonymous said...

Lucky Tan is speaking for the 40% minority in his blog.

That's why no negative effect for PAP at elections. Already factored in.

CUNT-FUSED said...

Makes no sense to me

I am not trained in accounting principles, book keeping etc.

If IMF uses one principle
and SIN uses another, what is there to compare?

Add in the fact that before a certain time another accounting approach was used

Then there is foreign exchange
There is surplus
There is privatisation


So bloody confusing!

Who to believe?
What to believe?

Only thing I can think of is the intent.

From either side...

the intent to mislead
the intent to hide
the intent to confuse

All these lead to only one thing:

The intent not to explain the truth

Anonymous said...

Chris Balding's account suspended? They sure move very fast. I hope Prof. Balding is safe.

Anonymous said...

The PAP can do whatever they want as long they dont blacklist me or make life difficult for me as long as i dont vote for opposition.

With this kind of stupid mentality among many sinkies, how do you expect Opposition to win?

Anonymous said...

The fact that they have to move in forcefully to suspend his account, goes to show they are getting uncomfortable with the questions and truths coming out. The fact that GIC/TH/MAS have remain silent and not responded with facts and transparency goes to show they have something to hide. If they show their hands and challenge Professor C.Balding, they will be forced to show more hands. Thus, they chose to send some trolls to warn and threaten the Professor (for those of us who have read the responses), followed by doing a suspension most likely through the host company. I won't be surprised if there is a law suit coming at him as we speak/write now.

This government is truly acting like a mafia.
The whole fiasco about Alan Shakdrake, now Dr Balding only goes further to consolidate the impression and reality of what a suppressive and insecured govt this is. When they can't fight the truth with truth. they resort to such methods. As in the case of the Operation Spectrum too. They bring national shame to us, Singaporeans. These are shadows and conscience that we have to bear ?!! For what? All that robust debate and arguments against the tyranny and unfair judgement lashed out at Yale-NUS saga, are all just hypocrites. Where are those forceful voices and so-called independent academics or law-practising professionals now? Where are they critical thinking and questioning now? Where are they all crounching now?

All just a bunch of weak-ass milquetoasts!

Anonymous said...

In Singapore,it is often better to die in ignorance,than to die knowing the truth but doing nothing to change/improve the situation.

Anonymous said...

Can someone create a chart to present how money from CPF is channeled?

If no one dares
If no one knows how it is channeled
If it is too complex

Then all of us will never know.
Only the old man.

and I believe Anthony too.
( That is why he has the keys!)

Gimme a pictogram please!!

Anonymous said...

Singaporeans, take action lah.

Join an opposition party or a special interest group! Volunteer! Participate in events! Donate! Reach out!

Anonymous said...

The Badling site has been shut down! It's frightening.

ah lian said...

The Ministry of Finance, in answer to why our reserves are not disclosed, has this to say:

From the MOF website:
http://app.mof.gov.sg/reserves.aspx

"MAS and Temasek already publish the size of the funds they manage... It is the size of the GOVERNMENT'S FUNDS managed by GIC that are not published... It is not in our national interest to publish the full size of our reserves. If we do so, it will make it easier for markets to mount speculative attacks on the Singapore dollar during periods of vulnerability. Further, our reserves are a strategic asset, and especially for a small country with no natural resources or other assets. They are a key defence for Singapore in times of crisis, and it will be unwise to reveal the full and exact resources at our disposal."

Er... I've not studied Economics before, I can't tell if the MOF statement is logical not. So I did a bit of juvenile googling, to see if other countries also keep their reserves secret.

"How much money does the US have?" brings up many links, one of which is this with lots of actual figures:
http://www.fedstats.gov/cgi-bin/imf/imf.cgi

"How much money does Switzerland have?" brings up many links also with actual figures, eg:
http://www.indexmundi.com/switzerland/reserves_of_foreign_exchange_and_gold.html

Just for kicks, I also googled, "How much money does North Korea have?" Heh.

Anyway, back to the MOF page again. There's even an assurance that: "Yes, ALL CPF MONIES ARE SAFE. CPF monies are invested in bonds that are issued and guaranteed by the Singapore Government. The full resources of the Government are backing this guarantee that CPF monies will be paid back."

!!!

Lucky, pls could you explain/challenge/refute the MOF statements? Esp since the Minimum Sum and Medisave has just been raised?

Anonymous said...

I remember Mr Leong Sze Hian had some interesting articles on this before,perhaps those with expertise and who are interested should discuss this subject.
Personally,I do not think Chris Balding's articles are reflection of true situation,but the fact is that he based all the articles on the government statements,so the ball is now with the government.
And I have no doubt that all the Singapore citizens want to know the true situation,so perhaps An Open Letter to the President of Singapore could be useful as he is the authority on our national reserves.

thereformparty.net/.../an-open-letter-to-the-president-of-singapore/

Anonymous said...

"An Open Letter to the President of Singapore could be useful as he is the authority on our national reserves."
Anon 6/6/12 13:14

If the most they can do is to write Open Letter, sigh.

They, and for that matter any other opposition, must aim to win 60% of the votes and 93% of the seats at the next GE!

If not, Open Letter or close letter no use.
Blog no use.
Complain no use.
.
.
.
X#$^&*+^%$(), no use.

Anonymous said...

"There's even an assurance that: "Yes, ALL CPF MONIES ARE SAFE. CPF monies are invested in bonds that are issued and guaranteed by the Singapore Government. The full resources of the Government are backing this guarantee that CPF monies will be paid back."

I am expected to have complete faith in this.

Very much when insurance agents tell me my returns are guaranteed at 5% per year?

There must be another way.

I need a co-driver to slap the driver...

Cynical Investor said...

Thks for that bit abt telling Balding abt the SingTel profit. I got a strange feeling abt the quality of his work based on something I saw in an earlier version of his piece on Temasek that was floating around before it became well known.

Add to that the surprise that he dared analyse and write on our SWFs without knowing of the publicly available balance sheet data General. KennethJ alerted him data's existence, something to his credit the prof acknowledged.

Watch and wait is what I'm doing on his stuff.

Anonymous said...

"I am expected to have complete faith in this."
Anon 6/6/12 13:34

You should also have complete faith in your bank account having lots of monies, much more than CPF monies!

Then you will really feel rich, not like what Lim Swee Say said see his CPF money feel rich.

Anonymous said...

Anonymous said...6/6/12 13:34

<"An Open Letter to the President of Singapore could be useful as he is the authority on our national reserves.If the most they can do is to write Open Letter, sigh>

Sir,it seems that you are a rich man and does not wish to find out from our beloved President Dr Tony Tan what is the value of our national reserves.

OK lah,my statement shall be changed to

"And I have no doubt that MAJORITY of Singapore citizens want to know the true situation,so perhaps An Open Letter to the President of Singapore could be useful as he is the authority on our national reserves."

I am very sorry for this,it is true that some rich Singapore citizens are not interested to find out.thank you for pointing this out.

Press For Hard Truths said...

You want the President, who was by the way an ex-GIC head & CEO up until last year, to give you a full account of his 'monkey opaque business'?

What did we say during PE 2011?
Electing him is like electing the CFO of a previous company and asking him to be an independent Audit & Guardian of the company you're going to now oversee!!

Machiam asking the cat to watch over the fishbowl!

Forget about this President who is now a gagged and useless symbolic sitting lame duck. We need to do better than that. Singaporeans need to demand an open book from this govt.

Anonymous said...

In PE 2011, 70% voted for Presidential candidates closest to PAP - ex PAP minister, ex PAP MP.

And majority of the 70%, or 35% of total, thought Tony Tan was the best candidate to be President and to safeguard our reserves.

So what can you say?

Anonymous said...

Press For Hard Truths said...
6/6/12 13:48



Well,as I have said I do not think Prof Chris Balding's calculations are correct as he did not have the full picture,but mainly based on promotional statements made by PAP,so it is fair that Dr Tony Tan can clarify the situation.

Pl do remember that Dr Tony Tan just won the mandate.

Anonymous said...

Anonymous 6/6/12 03:21

It seems that Prof Chris Balding's calculation was based on Temasek Holding's claim in 2010 that it made 17% growth since its inception,and that is the main problem.President Tony Tan can explain how TH Holding arrived at that figure of 17%,and the situation can be clear.
Actually this morning,I just switched all my USD and EURO to S$,as I believe Euro and USD would probably go before us.
just my personal guess.

Anonymous said...

Was reading Christopher Balding's articles abt Sgp's reserves on his blog for the past couple of weeks and was wondering when and what the 'official' response will be. His blog has been suspended.... I whole heartedly hope he is able to defend his claims factually ...
Hope someone has saved his articles... may come in useful in 2016...? Anyway Thank you Mr Balding and Lucky for highlighting this 'taboo' issue

Totally agree with Mr Balding that the people have a right to know what their government is doing Unfortunately this govt operates in a confucian/asian culture where it is the other way around ie it is those in power that have the right to govern in any way as long as the common ppl are provided with adequate food and shelter. In return the common ppl have to respect and be grateful to those in power. Anything in excess of these basic provision is considered generous thus seen in this context one can understand why many ppl continue to vote for the pap. After all in SGP, everyone has a roof over their head and no one has died of starvation!
Now I truly understand the significance of democracy becos this is the best form of governance to counter any abuse of power. Unfortunately many still perceive democracy as a dirty word used by western politicians against asian countries for political gains. Will this mindset change...?

Anonymous said...

Temasek's financial year ends in March and reports are usually made in July-August.

Temasek Holdings report for year 2011.

Portfolio value at record high S$193 billion.

Sustained long term shareholder return of 17% compounded annually.

http://www.temasekholdings.com.sg/

Anonymous said...

Prof Balding website is not suspended. Someone hack into it and posted the message. This is a common message from hackers.

Dodo said...

Lucky, an equally important issue is whether that $20b valuation was correct in the first place. My view is that it was artificially depressed to provide that "filip" at IPO. Even a very simple comparison of the balance sheet of a similar size telco can tell us that Singtel was injected into Temasek at below market value, using government accounting rules which essentially expensed off all capex prior to IPO, resulting in alot of physical assets transferred to future shareholders at rock bottom value.

As for GIC, the constant shuffling of funds from GIC to MAS, CPF and other government boards probably make a clear accounting quite tough even to the "brilliant but wet behind ears scholars" in MoF. Until now the AG have probably not been allowed to audit these accounts. I recall when President Ong requested data, Goh CT replied it would take hundreds of man years to account for them, and frankly I think GCT was shooting from hips. So its not because they want to obfuscate, its probably because no risk managers would understand what is going on. Look, JP Morgan with a $2tr balance sheet showed us how screwed up their own risk management could get, and this was the foremost wall street bank. The red dot uses only second class indians and third class PRCs (yes some are now scholars but they are still 3rd class to me), how you expect clarity?

Anonymous said...

Fear is a very good tool

Just say " its for our own security"
and the kids are suppose to swallow it.

Play the same game in return:

"If you don't let the people know, you will not have a secure future and all your million dollar salaries and pension will evaporate."

1st warning at GE 2011
2nd warning at BE 2012
3rd warning at GE 2016 ( tentative.. can be earlier )

Anonymous said...

//Prof Balding website is not suspended. Someone hack into it and posted the message. This is a common message from hackers.//

Is a no-brainer who would want to hack into it and stop-press. Have money will buy you the best hackers.

Anonymous said...

If this is true than Suharto and Marcos were just making peanuts. Now I know why they are afraid the declare their assets. The hard truth is that the people have been cheated with the CPF scheme with due interest.

TEP said...

Streisand effect, anyone?

Anonymous said...

If they don't tell you what's there, and you try to figure out what's there, when nobody know what's there, isn't that a waste of time?

They don't have to tell, don't want to tell, are not going to tell. Until check and balance returns to the political system, good luck guessing.

Anonymous said...

Anonymous@20:30 : Until check and balance returns to the political system...

Was there any check and balance in Sgp's political system before...?

Anonymous said...

" I believe leaders should be accountable and transparent to the people of their country. Governments do not have unlimited powers. I believe that the government of Singapore should be accountable and transparent with the people of Singapore. I believe that the people of Singapore have a right to demand answers from their government." 

TRANSPARENCY should be a big issue with those who want to bring the powers to their knees.

People who ever cross swords with the authorities will know what I mean. You can write them. Often then not, they will keep silent, unreasobly delay reply or reply to the minimum and never to your questions.

Lack of transpancy is prevalent in every sector of our society and in the market places. The bigger the entity, the bigger a bully they are.

If you are the receiving of injustice, good luck to you - especially if you lack the resources,network/connection and time to seek justice. Even then, anyone who had experiences dealing with the corporate culture - and vultures - will tell you that it is one hell of a frustrating experience to seek justice or recourse in SIN.

And why do you think that the lack of transparency is rampant in our society?

Because they IMAGE after the power that be. Hence, the people and the consumers are at the mercy of money makers!

We need to press for transparency in ALL sectors of society, not just the government, if you want to see TRUE justice for the common man.

Walk in the LIGHT or darkness will consume your soul!

Anonymous said...

Our government is a respected and honourable government. They are clean and honest, so stop finding fault with them. They are good and the best. They don't make mistakes like other governments and they also give us money from time to time. What more can you ask for?

PAP is the best. That's why 70% of us voted for them as Presidents and 60.1% of us voted for them to be churning the policies.

They are the best there is, the best there was and the best there ever will be.

Anonymous said...

I agree with anon 23.01.

It is very dark when you cross swords with the higher ups. In particular, they are afraid of lawyers. Because these folks can sue them and blow their bubble.

TokyoSingaporean said...

"
Lye Khuen Way said...
I see that Lucky Tan is now half convinced that the Prof do have reasons to wonder.
Of course, there were others before him, saying similar things about our "cannot -see-light" accounting of GIC & Temasek Holdings.
Sure, we have an 'indepedent', elected President.
Unfortunately, he happened to be one of the top GIC guys just months before his becoming The Singapore. President.!
How?

5/6/12 19:48"

With regard to the above, what you mention is valid but why is that there is still a large majority that is giving the PAP the benefit of the doubt?

Is it because many Singaporeans do not know? Or are they simply apathetic? When you have a government who constantly stirs and plays up insecure emotions and condones a seige mentality about the vulnerability of being a tiny island, then people vote according to their emotions and not according to their reasonable facts. Singaporeans don't make informed political decisions. It's a quick affair. Some even see it as a waste of time to have a polling day.

Many injustices in terms of policies and laws abound in Singapore but a large majority are not paying attention to the issues. Many are in a frame of their own world.

Unlike other societies, Singaporeans do not have a social identity. The government has given up nation building and is now focused on money building.

Money is important but so are virtues in wanting to live in a genuinely pleasant environment. $35 million dollar was recently given to the nuclear disaster in Fukushima by the Ministry of Foreign Affairs. That money could have gone a long way to improve the quality of life among Singaporeans. But our leaders' priorities are misplaced at such a time.

Japan has its own resources. Given that Japan is one of the most earthquake-laden islands in the world, it has managed to build itself into an economic powerhouse from zero. The people enjoys a genuinely high standard of living with pleasant subways (rush hour on central Tokyo is an exception), clean air, healthy food and good products and quality service.

What have we to be proud of? ISA? We need to a change from the old dinosaur thinking that is permeating every fact of life in Singapore - from the civil service to the elderly who needs to wash young Singaporeans faeces in the MRT restrooms to survive retirement.

We have an uncaring health care system and are too far behind the first world international standards of minimum wage and universal health care.

I cautioned that if we don't have a consciousness raising, we will do ourselves in. The two casinos is a clear indication that we have run out of ideas and now searching for whatever goes -including indiscrimate massive immigration.

Even as I write this, I'm sure, many Singaporean parents are busy sending their children for enrichment and tuition classes to outdo other kids to get into the top spots; believing that this would help secure their childrens' future in Singapore.

If we promote such outmoded thinking among the citizens, we will be far down the path of innovating ourselves and remain fossilized in the 50 and 60s era . Today's era is an era of creativity, innovation and values. International values, cultural awareness, language acquisition and enterprise takes over.

We need to move from the age old users and consumers of technology to producers; and creating new knowledge structures.

Today's Singapore is a tragedy. We don't have leaders with vision. Wr have administrators who are good at operationalising old schools of thoughts and ways of doing things.

I see a long way for Singapore, probably 80 to 100 years before it gets things right.

There is too much political machinations in Singapore when we're living in a time where such a narrative is not something to be worth aspiring for.

Cheers!

Anonymous said...

"I see a long way for Singapore, probably 80 to 100 years before it gets things right."
TokyoSingaporean 7/6/12 07:38

Does that also mean PAP will rule Singapore for another 80 to 100 years before a better alternative party take over to get things right?

Anonymous said...

"Does that also mean PAP will rule Singapore for another 80 to 100 years before a better alternative party take over to get things right?
Anon 7/6/12 08:41

That's right. You may not be alive to see things get right. So forget about change in 2016, 2021, 2026 etc etc

Anonymous said...

"Does that also mean PAP will rule Singapore for another 80 to 100 years before a better alternative party take over to get things right?
Anon 7/6/12 08:41

That's right. You may not be alive to see things get right. So forget about change in 2016, 2021, 2026 etc etc

Anonymous said...

Prof Christopher Balding has suspended his Blogsite.

Anonymous said...

TokyoSingaporean said...7/6/12 07:38
(I see a long way for Singapore, probably 80 to 100 years before it gets things right)
Citizens of Singapore generally are of high intelligence,with good education,many are armed with plenty of knowledge,but sadly not enough wisdom.
But the main reason in my view being we have been ruled by PAP since 1959,and we had many General Elections which were all 100% free but 0% fair,and citizens of Singapore had chosen to vote for PAP.
The situation changed in 2011 General Elections,when it was a 100% free and perhaps 50% fair general elections,the results stunned the PAP government.
With new media now playing an increasing role in the world,the world is moving into a new dimension,the PAP would soon have to carry out proper reform in order to survive or else give up political power all together.
It would definitely not be 80-100 years.

Anonymous said...

"If we promote such outmoded thinking among the citizens, we will be far down the path of innovating ourselves and remain fossilized in the 50 and 60s era . Today's era is an era of creativity, innovation and values. International values, cultural awareness, language acquisition and enterprise takes over.

We need to move from the age old users and consumers of technology to producers; and creating new knowledge structures."

You have contradicted yourself. Basically, you want your cake and to eat it too.

Anonymous said...

Prof Christopher Balding, please address the suspension issue. Otherwise you are considered as being bought.

Anonymous said...

TokyoSingaporean 7/6/12 07:38

"I cautioned that if we don't have a consciousness raising, we will do ourselves in. The two casinos is a clear indication that we have run out of ideas and now searching for whatever goes -including indiscrimate massive immigration."
I agree with you,we need to have a consciousness raising,and I hope that the PAP government would stop licenses for new Leegalised gaming dens.

Anonymous said...

The Pro Alien Party is against a Singaporean identity.
That is why our National Pledge is just an aspiration.

They want to monopolize or control or buy by hiring, any and all "talents".
So that when there is a problem, all Sinkies have to run to them for help.

They control the definition of "talent" by saying only scholars are qualified.
And they use tax payers money to give out scholarships.

LTK is not a "talent" by the Pro Alien Party's definition.
But he has captured an SMC.
He & his team has captured a GRC.
On his own merits.

This is a true Singaporean talent.
A self made man.
Who achieved much without blood sucking on tax payers' money.

Anonymous said...

Prof Balding posted this update yesterday:

Recent email from my web provider:

"your account was compromised"

I am in the process of switching service providers and should be up and running hopefully by within the next 24 hours.


Read this Hardwarezone thread for further update:
http://forums.hardwarezone.com.sg/eat-drink-man-woman-16/make-believe-world-temasek-holdings-singapore-inc-3719918-108.html

Anonymous said...

Not many people know that our economy can be divided into 2 distinct areas:

A) Oil Exports

B) Non-oil Exports

Oil exports accounts for 5% of GDP
We are one of 3 refineries in the world that generates lots of petro chemical products.

Regional economies do not have things like hydro cracker plants.
This is an important process to produce almost all things from condoms to vehicle dashboard materials.

The Non-oil exports will include biomedical products, financial services, oil rigs,

Tourism, casinos, F1, WOMAD, are just distractions. The purpose is to draw in people to spend and consume here.It has been succesful.

These 2 sectors are the ones that keep the SME alive, including property companies..

Don't worry too much about 'slow downs' etc.. we have a balanced economy..

Anonymous said...

" Don't worry too much about 'slow downs' etc.. we have a balanced economy.."

Tell that to the elderly folks scavenging for rubbish to sell in the evening.

It's complacency like this that got us in trouble in the first place.

Where was this guy during the Asian crisis of 1997 ?

The Pariah said...

Lucky - do check-out Tharman's written parliamentary reply, esp para 6:

http://www.mas.gov.sg/news_room/parliamentary_questions/2012/Reply_to_PQ_on_SG_4B_pledge_to_IMF.html

Not part of Govt Budget - so is it Monopoly Money that fell out from the game set box?

Comes from MAS' Official Foreign Reserves (OFR) - so exempted from Presidential Consent and what other categories of "Reserves" are also exempted?

Standby Line of Credit - on or off Balance Sheet?

Convert from Asset to Loan - merely financial accounting conventions WITHOUT any provision of IMF 30-year track record of debt forgiveness or debt recovery?


QUOTE:
6 Singapore’s US$4 billion contingent line of credit to the IMF means that Singapore is expected to lend the funds when the IMF considers necessary. In the event that Singapore’s commitment is tapped upon, the money will not come from the Government Budget. The loan will be part of the Official Foreign Reserves (OFR) held by the MAS. However, there will be no change in OFR if the loan is drawn on by the IMF; what would happen is a conversion from a foreign investment asset to a loan to the IMF, which will still count towards OFR. (This is similar to how permanent quota subscriptions to the IMF remain part of OFR.) Loans which are drawn upon by the IMF will also be repaid to contributors with interest.
END QUOTE.

Anonymous said...

"we were supposed to elect a president who would ask these important questions about our reserves but we elected Tony Tan...so what has he done in this area?"

That's why Tony Tan is the best choice to be president. He is just like the previous president. They both won't ask embarrassing questions.

Just collect a fat salary, pose for photos, shake hands with dignitaries, and look forward to a state funeral when it is time to go.

Unlike some unruly late president whom I shall not name.

Anonymous said...

Where are the world class professors in our world renowed National University of Singapore and NTU?They have the responsibilities to advise the people of Singapore where do they stand with their life long earning?
Those with conscious should now speak up and tell us whether Professor Chris Balding is correct.

Anonymous said...

Where are the world class professors in our world renowed National University of Singapore and NTU?They have the responsibilities to advise the people of Singapore where do they stand with their life long earning?

They are well paid.
They are well fed
They are FT
They cant be bothered with you
They just lecture
You just sleep ok?

"What about local professors?"

They make 1 statement only
They do not have follow through
They drive TAXIS
They are too old
They cant be bothered either

John John said...

they cannot be termed investment, as our investments made by people/corporations will have an intended objective.
Like, to get an annual income stream for next 20 yrs;
get a lump sum for health expenditure; or expenditure on education.

What happens with our money with Temasek or GCI is one-way.
It goes in there and never comes back.

At best it can be called hoarding, and worst.....

Anonymous said...

Whether it's $1 or $1 trillion dollars.

The money in our "reserves" is unlikely to benefit most Singaporeans.

Anonymous said...

"The Non-oil exports will include biomedical products, financial services, oil rigs,"

What kind of biomedical products and oil rigs are you refering to?

Those industries are no longer producing. THe biomedical industry was a flop primarily because we are too small a population size for drug testing to occur.

Anonymous said...

Christopher Balding's blog has been suspended!! What a shame!

Anonymous said...

Never mind that Christopher Balding's blog has been suspended.

There is exact copy of Christopher Balding's blog found here:

Christopher Balding's blog

Anonymous said...

Never mind that Christopher Balding's blog has been suspended.

There is an exact copy of Christopher Balding's blog found here:


Christopher Balding's blog

ah lian said...

I discussed our secret reserves with a friend earlier today. Actually, I brought it up just to change the topic, coz I really didn't want to talk about people having sex in CARPARKS.

And my friend gave a real good Ah Beng answer to challenge the MOF claim that our CPF is safe! After he finished laughing on hearing it.

So, if ever a PAP supporter tried to hard sell the gahmen, I will ask them to explain HOW COME THE GAHMEN CAN'T RETURN OUR CPF IN FULL WHEN WE HIT 55? Or even 60? (And I can even use a combative tone.)

I know, it's glaringly obvious. And it's what people have been complaining about all this while. It's also WHY the MOF has to make a statement on its website to reassure people!

I totally missed the significance of that. If everything is transparent and accountable, why the need to "reassure"? And like my Ah Beng friend said, why need cheem analysis to proof otherwise? It's just a common PAP trick to daze and confuse people!

Now we come to the "secret" part. Even if the secrecy is for security reasons, surely ex-President Ong couldn't be a security threat?!

Anyway, it's no secret that TH / GIC always pays BILLIONS to invest in this or that company, which later goes bust. And seems billions in losses is NO BIG DEAL to our gahmen but raising the pay of low-income earners is!

Awakened said...

All I want to know as an NS-serving singapore citizen are these:

Why could Malaysians take out all their CPF (EPF) at age 55 but we, Singaporeans can't? And it's our hard-earned money.

Who is the government to coerce me against my will and right to my money at any time I want it?

Why is it about being a Singapore citizen that precludes me from not not being able to access my own life savings (CPF)?

Could all Singaporeans be daft enough to manage their own money?

Malaysians doing so much better at their EPF at 5.5% return. Why is our government underperforming at a mere 2.5% return? Why is the Malaysian government doing so much better than us and on top of that, allow their malaysian citizens to take it all out when they reach 55 years of age? Why can't we?

Why is our government undeperforming our CPF returns?

The malaysian govenrment holds onto the people's cash for a timing being and allows full access at age 55.

Why can't we?

Please explain.

Many Singaporeans who vote for the PAP do so, it seems to me, as if they were born into their father's religion and accept things unconditionally and uncritically.

When you are in the belief system that whatever that the PAP does is good for the people, it can seem, for someone who is in such a belief system to see that with that a presuppostion, it is understandable why, for such a PAP supporter, that their beliefs can be internally consistent for that person. That's how belief system works.

The challenge we face today is that our government's policies is the problem. And perhaps, their mindsets is part of the problem too.

Anonymous said...

If you shut up and behave,you will be rewarded with directorships in GLC or stat board, TH and GIC.

TH just had a new director. Not sure what relevant expertise he has in finance or stock market, but he still gets a top job. Probably because he knows how to behave himself and follow instructions.

Learn from him.

Anonymous said...

"Malaysians doing so much better at their EPF at 5.5% return. Why is our government underperforming at a mere 2.5% return? Why is the Malaysian government doing so much better than us and on top of that, allow their malaysian citizens to take it all out when they reach 55 years of age? Why can't we?"
Awaken 8/6/12 09:01

Why can't we? Because 60% voted PAP which enable the ruling party PAP to win 93% seats in Parliament!

Do the ruling coalition in Malaysia have 93% seats in Parliament? Is their oppositions like our opposition?

So are you more awaken now? And anyway, does it matter even if you are awaken or not?

Anonymous said...

Satire - Joke Only

We the slaves of Sinkapore,
Pledge ourselves as one united workforce,
Regardless of race, language or religion,
To build a meritocratic society,
Based on silence and blind obedience,
So as to achieve happiness, prosperity and progress for our masters.

Anonymous said...

Check and balance died when Barisan Socialis walked out of parliament.

Democracy is dead!

Long Live Democracy!

Anonymous said...

A popular government without popular information or the means of acquiring it, is but a prologue to a farce, or a tragedy, or perhaps both.-James Madision( America founding father)

Anonymous said...

Plse dont blame the academics for their silence. Firstly, they are not empowered to meddle wth state affairs, secondly, most are grateful to be employed by the state.

If Singapore had to have a cleaner to remind the government and the judiciary to uphold the constitution regarding by-election, what can we expect?

Anonymous said...

He who pays the piper
Calls the tune

Who pays your salary?

Anonymous said...

"If Singapore had to have a cleaner to remind the government and the judiciary to uphold the constitution regarding by-election, what can we expect?"
Anon 8/6/12 12:08

We can expect 37% in Hougang and 60% from all of Singapore will vote PAP. Not bad for PAP, right?

It happened in 2011 and 2012 so why not also in 2016?

Anonymous said...

The best opposition, the WP, did not become any stronger from 2011 to 2012. In fact the reverse happened, become slightly weaker, from 65 to 62% votes. And more disunited - resigned lah, sacked lah, see double just before nomination lah.

So how to expect it to be stronger from 2012 to 2013? Or even to 2016, tio bo?

Anonymous said...

It is difficult to become rich when you are in opposition.

To become rich, you must not go into politics even if you are talented.

And if you are talented and really want to go into politics, then join PAP. Then you will become rich because the best talents that join PAP are made ministers with million dollar salary.

That's why we can't blame 60% who voted PAP because PAP is a better party which has more talents than the opposition.

But the best talents may not be in the PAP because they don't want to be ín politics in the first place.

So for opposition to get talents, not much hope lah.

Same in 2011 and no reason to be different in 2016, right?

ah lian said...

Pls lah... PAP "talents"?!?!?!

There are some who still think the $-minded PAP are BEST!!! They must also ownselves see $ as the only important thing in life.

Hello people, no need to think 2016 will be the SAME as 2011... so long as you DO NOT mark a cross next to the lighting logo, it won't. Really, how difficult is that?!

Anonymous said...

"What is quite clear, is that while everyone needs to plan for his or her own retirement needs, the state needs to ensure that via the CPF, we can provide a basic level of adequacy for most, especially for our lower income Singaporeans."
Minister of State Tan Chuan-Jin

http://momsingapore.blogspot.sg/2012/05/being-retirement-ready.html

-----------------------------------

Here lies the problem with the Pro Alien Party's anti-people policy:

Singaporeans are responsible for ourselves.
But the Pro Alien Party wants to "double confirm" by helping themselves to our retirement money, the CPF.

You either help or get out of my face.
All in or all out.
No such thing as "I just want to double confirm that you are taking care of your retirement."

Since you can't even control a limping terrorist;
what makes you think you can manage my retirement money?

PUI! PUI! PUI!

Farking useless parasite!

Anonymous said...

Alamak, looks like I will never see my CPF money. They can assure that it is safe but they keep increasing the minimum sum and withdrawal age, looks like it will can only be used for coffin money. Perhaps they will re-introduce the estate duty to keep some of the CPF left to our children afetr we die. Chialat

Anonymous said...

Vote Opposition and you will get;
a.Free porridge
b.free hearing aids
c.return of your CPF money

Anonymous said...

Vote Opposition and you will get;
a.Free porridge
b.free hearing aids
c.return of your CPF money
Anon 8/6/12 18:43

You mean still got free porridge and hearing aids in Hougang after 26 May 12?

Return of all your CPF money at 55?
Tan ku ku lah. This one I 100% sure.

Anonymous said...

First vote Opposition.
Then CPF money sure will be returned.

Vote for the white party.
History shows.
Guaranteed.
More and more money will be withheld.

Anonymous said...

"When I examined our data, it is actually encouraging to note that despite the rising MS, the percentage of active CPF members meeting their MS at age 55 has improved over the years. In 2011, nearly 1 in 2 CPF members (45%) met their MS, compared to about 2 in 5 members in 2007 (36%). The RA balance at age 55 has consistently been rising as well. This will continue to improve with each successive cohort, as educational profiles improve and lifetime incomes rise. Among those starting work now, about 70 to 80 per cent should be able to attain the current level set for the Minimum Sum in cash (adjusted for inflation), by the time they retire, even after they have withdrawn money for a home."

Tan Chuan Jin, MInister of State.

With regard to the above, this why I really hate the level of manipulative remarks by our government.

A mere 45% of SIngaporeans could meet their MS and yet! this minister claims this is good news, an improvement. 55% of Singaporeans can even meet the cut and this minister is asking us to depend on our family and ourselves. Why are you a government in the first?

This is why PAP is full of self-interests.

They want to manage our money like a fucking bank and pay themselves high with their ministerial millions from the returns on our investments using our cpf money.

They're shortchanging us.

On the one hand, they do not want to promote a dependent mentality but they sure have no qualms whatsoever if we develop a dependency mentality from our children or others. Others but the PAP government that we vote for. So why do we need such a government?

Fuck you 60.1%. IF there is a god, I hope he puts all the 60.1% into hell.

Stupid has a price and we have to bear in mind that we should never underestimate the power of stupid people in large groups.

Come on PAP, bring on the foreigners. Let's aim for your 6.7 million.

Come on! Bring it on! And all the young Singapreans including myself will leave Singapore. Building an inclusive society?? My fucking foot!

Anonymous said...

"We can expect 37% in Hougang and 60% from all of Singapore will vote PAP. Not bad for PAP, right?

It happened in 2011 and 2012 so why not also in 2016?"

Exactly. You must be daft to expect any significant change of events in 2016. That won't happen. Unless you're blind in the head and heart.

From 2012 to 2016 is less than 4 years more to go, who the fuck rationally thinks that PAP will not be in charge? Da fuck are you thinking? I agree completely with TokyoSingaporean.

Another 80 to 100 years more for Singapore.

Anonymous said...

If the CPF is to meet our baseline, how come 55% of Singaporeans still can't meet the government's Minimum Sum?

Thos young chaps who are still dreaming better wake up! Soon it will be your turn hor.


If the CPF is to meet our baseline, how come some ministers are becoming rich from the CPF, which meets more than enough for them?

http://www.youtube.com/watch?v=ElKCso_muLs

CPF is more our PAP retirement needs not Singaporeans. I curse myself for being born in this fucking country! For being conscripted to National Slavery and reservist and protecting an island for 3rd world foreigners.

Damn unlucky. No freedom of speech in this cursed land.

Anonymous said...

"Malaysians doing so much better at their EPF at 5.5% return. Why is our government underperforming at a mere 2.5% return? Why is the Malaysian government doing so much better than us and on top of that, allow their malaysian citizens to take it all out when they reach 55 years of age? Why can't we?"

Walau eh, the best part of it is that the cost of our Malaysian ministers are much much much lesser than our own ministers. Malaysian ministers are paid in ringgit yet they are doing and performing so much better than our government.

We pay these ministers so much and we end up with 2.5% peanuts of a CPF return. How to even earn 2.5% return when all the CPF wipe out to pay for flat all throughout your 30 years of hdb loan?

Our government is undeperforming for the people. Stop talking about GDP when the impact of the GDP hardly impacts the quality of our lives just as Tharman claims that the rising inflation doesn't affect us. What kind of distorted logic does our government have?

What kind of picture are they trying to paint?

Anonymous said...

http://www.youtube.com/watch?v=VCtQkb3DhE4&feature=related

Anonymous said...

http://www.youtube.com/watch?v=Xn43Im3H5C0

DanielXX said...

So many sheep can't meet minimum sum not becos they earn little but becos sheep earnings all funnelled into property.

The garment does not dare rock the boat becos of this. If I were to suggest one way to prick the ppty bubble, it is to remove the allowance for housing downpayment out of CPF. After all, one decade ago housing downpayment used to be more from cash than CPF, before the rules were relaxed.

I would suggest it to be done before it's too late. Median housing price to median annual household income is not 5X as the Straits Times suggested today; it is actually closer to 10X. In the US, anything above 3X is considered overvalued.

Singapore can one day end up like Spain with its housing bubble. When people buy because they think prices will rise further, that is called speculation and is doomed to reverse with big impact.

Anonymous said...

The people in the Blogosphere are no match for the Sin Regime la.
You people dont even SEE THAT ALMOST ALL CIVIL SERVANT VOTED AND WILL KEEP VOTING PAP. THE BUSINESS COMMUNITY DID AND WILL DO LIKEWISE AND SO WILL THE TAXI DRIVERS AND NTUC MEMBERS.

What about those aunties that just get infatuated with young PAP Candidates. And the old uncles who were ex-civil servants? With all these Sinkies around, another 100 years is not far fetched. In fact, it is the reality, any freak result and the MAINLY CONSCRIPTED ARMY WILL POINT THEIR WEAPON AT THEIR OWN FAMILIES, FRIENDS AND FELLOW COMPATRIOTS. Got fight?

Why are the intellectuals wasting their time? JUST GET YOURSELVES OUT OF SIN.

UNLESS AND UNTIL SINKIES CAN WAKE UP, IT WILL BE WORSE FOR MOST, IF NOT ALL, FOR THE NEXT FORSEEABLE 50 YEARS. HOWEVER, LET US HOPE THAT THERE WILL BE A FLOOD HITHERTO UNKNOWN FOR 500 YEARS THAT WILL HIT SIN. IT CAN BE A NATURAL FLOOD OR IT CAN BE A POPULATION FLOOD THAT GETS OUT OF CONTROL AND THUS BRINGS CHANGE.

NEVER EXPECT SINKIES TO CHANGE!

Anonymous said...

A new Global Consciousness is now being formed around the world,Arab Spring,Occupy Wall Street movement,etc
Singapore will change!

Anonymous said...

Singapore SHALL CHANGE,
But,
NOT SINGAPOREANS.

Anonymous said...

I voted Tan Kin Lian as President. How I wish the rest of the Singaporeans did the same. If you had been the President, at least you could help us ask questions now. With Tony Tan as President, he will ensure that skeletons(if any) in the closet will always stay inside the closet. After all, GIC's skeletons are his skeletons because he was in charge before becoming President, if any. Was it the reason why he was PAP's candidate for President? Whatever secrets (if any) will never be out.

We have a useless but highly paid President in Singapore. Sigh. Don't expect him to look after our reserves. He is probably there to prevent another more probing president like Tan Kin Lian.

Anonymous said...

Talking about the President; Singaporeans can occupy the Istana during it's open house. They can then ask President Tony about the Reserves, CPF and what other informations that need to be transparent and disclose.
Will the people do it?

Anonymous said...

Just like many people who trade shares in SGX, they only report the gains and not losses. I do not think GIC or TH gets 7% return year after year. Look at EU now, most assets have fallen 40-70%, wiping off previous years gains.

Anonymous said...

Guys, read through Balding's article carefully. He is merely matching what he say is missing money to figures in other financial documents by the Singapore government. His analysis is fatally wrong the the get go. He needs to be Singaporean to understand how CPF and how investment works. Its a poorly-research and badly lied out article. Don't let political affiliations get in the way of hard facts.

Anonymous said...

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