IDA, Temasek - Keeping S'poreans In The Dark
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http://www.telecomasia.net/article.php?id_article=14301
Telecomasia.net, 23 Jul 2009, Robert Clark
In the dark in Singapore
He could’ve been the biggest guy in Singapore telecoms – but Chip Goodyear decided not to go to Temasek.
In declining the CEO post the former head of BHP Billiton thus foregoes the privilege – surely unique for the head of a fund - of being able to choose rival telco CEOs.
The government investment arm owns 55% of SingTel and, through 100%-owned subsidiary ST Telemedia, is the biggest shareholder in no.2 telco StarHub.
Temasek, which also has extensive finance, media and utilities holdings, announced Monday that US-born Goodyear would not take over as CEO on October 1 as planned, citing “strategic issues.”
The WSJ editorialized with $84 billion in assets at Temasek, “Singaporeans deserve to know what happened” at the government’s flagship investment firm. The paper didn’t have to mention that under the stewardship of the prime minister’s wife it lost $39 billion last year.
I mention all of this not because of Temasek’s control of the telcos but because the local regulator also has transparency issues.
The IDA is tipping S$1 billion ($693 million) in public money into the next-gen broadband project. That’s a lot of cash – equivalent to 12% of the revenue from the entire telecom sector last year.
IDA chief Ronnie Tay declines to say how much of this money has been spent and how and by whom, and says he has no intention of doing so. For someone whose air-conditioned office, government-issued vehicle and generous salary are part if not wholly taxpayer-funded, this seems ungrateful to say the least.
No one doubts that it is within the spirit of the Singapore ruling ethos, but you have to wonder whether is within the spirit of the 21st century.
The IDA also shares with Temasek an important role in choosing telco CEOs, namely the right to veto. For example, it reserves the right to block Neil Montefiore from taking up the CEO post at StarHub.
I am not clear why the IDA, which has a good record as a lightish-touch regulator, sees the need to vouchsafe for the executive appointments of private companies (even - or especially – those controlled by the government).
Neither, it seems, is the IDA. It has yet to respond to the question posed a week ago.
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3. Singapore to cease full guarantee on bank deposits by 2010
4. Hong Kong Banks Agree to Repurchase Lehman Minibonds
5. MDA To Sponsor US$2.5 Million For Korean Monster Movie Sequel
6. Temasek to Stick With Ho After Ending Goodyear Hire
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Everything in Singapore that can't see the the light of day is a state secret.
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that is the way of leechgime.
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But seriously, him leaving like this is really bad publicity for the country.
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Originally posted by charlize:
But seriously, him leaving like this is really bad publicity for the country.
Guess the negative publicity of being a patsy surpasses the benefits in terms of salary.
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This whole thing stinks.
Fucking PAP regime.
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Originally posted by charlize:
But seriously, him leaving like this is really bad publicity for the country.
Please pardon me for saying it is not bad publicity for the country, it is bad publicity for PAP. -
This place is more secretive than North Korea!
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I mean, Singapore depends so much on importing foreign talent.
Now what will real foreign talents think now after this episode?
Will they think twice about coming here to work and contribute after seeing this?
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even goodyear didnt wan to take the rap for hoching
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Let the companies and management worry about this.
This is beyond our control
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just another form of play acting within the regime?
for once i tot the leefamily really wish to relinguish some power in singapore. how wrong and naive can we singaporeans be at times.
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Originally posted by reyes:
just another form of play acting within the regime?
for once i tot the leefamily really wish to relinguish some power in singapore. how wrong and naive can we singaporeans be at times.
I think a lot of people are like you - starting to waver in their thinking and support.
They keep telling people to trust them but in the end, it seems that singaporeans keep getting the short end of the stick.
Haiz.
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i am never a PAP man. in fact i am quite the opposite.
never waiver. but justfor once, i think they realise they should relinguish some power.
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Well someone got to turn off the Lights.....!
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Originally posted by Arapahoe:
Well someone got to turn off the Lights.....!
How many foreign talents will it take to fix a light bulb at Temasek ?
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Originally posted by Atobe:
How many foreign talents will it take to fix a light bulb at Temasek ?
its not how many foreign talent to fix the light it is who instructed the foreign talent to fix the light.
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Originally posted by Arapahoe:
its not how many foreign talent to fix the light it is who instructed the foreign talent to fix the light.
So now it becomes - how many "local elite talents" does it take to decide the required number of "foreign talent" to fix the light bulb ?
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Originally posted by Atobe:
So now it becomes - how many "local elite talents" does it take to decide the required number of "foreign talent" to fix the light bulb ?
Why ask elite talents to fix the light bulb, ask the electricians.
Light bulb rocket science????
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Originally posted by Chew Bakar:
Why ask elite talents to fix the light bulb, ask the electricians.
Light bulb rocket science????
Looks like you may not have one that the Elite Talent can fix - perhaps your electricians can help fix yours ?
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funny part is that when Singapore remove a foreign talent, Singaporeans fell so much pitiful and sympathise with him, but in the public, they like to condemn FT and support the local.
Well, isn't govt listening to you all and put a local back at the helm of Temasek.
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Originally posted by Atobe:
Looks like you may not have one that the Elite Talent can fix - perhaps your electricians can help fix yours ?
Nice pic but wrong assumption.
Getting the wrong tool for the wrong job.
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Originally posted by Chew Bakar:
Nice pic but wrong assumption.
Getting the wrong tool for the wrong job.
Try chewing on something else if you cannot exercise the grey matters by chewing constantly on the wrong stuff.Do you need any tool to change this kind of light bulb ?
It does not need too much talent to know that the dim light in Singaporeans is due to Singaporeans being forced to chew too hard to survive, while the voltage needed is purposefully turned low to prevent any heat being raised.
Obviously, the simple picture cannot help light up your bulb, nothing short of a jolt will do and which may just stop your heart.
In any case, it may not be worth attempting to do any more for your case.
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Originally posted by Atobe:
Try chewing on something else if you cannot exercise the grey matters by chewing constantly on the wrong stuff.Do you need any tool to change this kind of light bulb ?
It does not need too much talent to know that the dim light in Singaporeans is due to Singaporeans being forced to chew too hard to survive, while the voltage needed is purposefully turned low to prevent any heat being raised.
Obviously, the simple picture cannot help light up your bulb, nothing short of a jolt will do and which may just stop your heart.
In any case, it may not be worth attempting to do any more for your case.
Simple pic doesn't mean the righ pic. Your assumption is not mine. What is light to you is total darkness to others and vice versa. There is only comparison.
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Originally posted by Chew Bakar:
Simple pic doesn't mean the righ pic. Your assumption is not mine. What is light to you is total darkness to others and vice versa. There is only comparison.
No skin off my nose if you can or cannot see the light - as no else seems to be having any problems.The only one having an issue with the reply seems to be the one trying to chew the hardest for the sheer waste of energy and lack of imagination.