Need to Change the PAP
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What the voters want cannot be found in the PAP no solid reasons to keep them.
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Bloomberg: GIC likely to take more than a decade to recoup its disastrous $10 billion dollar investment in UBS
March 3, 2010
According to a stunning report by Bloomberg yesterday, Singapore’s sovereign wealth fund Government of Singapore Investment Corporation or GIC, is likely to take more than ten years to recoup its massive S$10 billion dollars investment in Swiss bank GIC.
It was also revealed that GIC took only 3 days to make the decision to invest in UBS:
“Marcel Ospel, then chairman of Zurich-based UBS, called GIC Chief Investment Officer Ng Kok Song, according to comments they made at the time. Talks began on Dec. 6, 2007, and by the evening of Dec. 9, GIC had committed to make its biggest single purchase at the time,” Bloomberg reported.
[Source: Bloomberg, 1 March 2010]
For a multi-billion dollar investment, one should expect GIC to ponder over the implications carefully instead of making a hasty decision to invest which appeared so in this case. It is not known if Ng Kok Song was the one who made the decision or his superior PAP strongman Lee Kuan Yew, a lawyer by training with no prior experience in the finance indusry.
Better still, neither Ng Kok Song or any of his colleagues in GIC have to account for their actions after the disastrous loss. He said in GIC’s annual report last year that he still has “confidence” in the “long-term prospects” of the UBS investment though he acknowledged that “recouping the money might take longer than initially expected.”
An experience fund manager at Siwsscanto Asset Management in Zurich told Bloomberg:
“The game turned out not as easy as it may have seemed. It will take probably more like a decade than three years” for UBS shares to return to 2007 levels.”
GIC will receive 230.7 million UBS shares for its mandatory convertible notes on 5 March 2010 for 47.68 francs each. UBS shares closed yesterday at 14.98 francs which means that it is staring at a potential paper loss of more than S$10 billion dollars, or about 10 percent of Singapore’s national reserves, estimated at $100 billion dollars.
As expected, the article by Bloomberg was censored by the Singapore media to prevent further embarrassment to the ruling party and its minions.
As early as the beginning of 2007, prominent U.S. fund manager Jim Rogers had been sounding the alarm bells and appearing on TV interviews to warn investors to stay clear of the finance market.
“There was clearly outright fraud, as they were reporting earnings for years when they really had no idea whether they were making money — they were just making stuff up……Technically, it’s bankrupt, with gigantic off-balance-sheet derivatives positions whose value it cannot possibly know,” he said.
[Source: MSN Money]
After GIC made its disastrous investments in UBS and Citigroup, Jim Rogers predicted that it will lose a lot of money:
“They’re making a big mistake; these banks have many more problems still ahead. They should wait until these companies are really on the ropes a few years from now . . . and trading at $5 a share.”
He minced no words in questioning the intelligence of GIC fund managers:
“I know these people, and they have never given me the impression that they’re smarter than anyone else. They have gigantic amounts of money, but they’ve made a bad judgment in these cases.”
Perhaps Jim Rogers was not aware of the fact that the people he was referring were investing using taxpayers’ monies and not theirs. And the beauty of it all is that none of them will ever be called on to pay for their mistakes – they are still sitting on the GIC board.
The unique Singapore “system” is based solely on “trust”. It doesn’t really matter if one is smart or competent so long he/she stands on the right side of the political divide.
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For what he says and the way he says it, yes PM Lee in the context of the video doesn't deserve to be PM:
PM Lee says countries worldwide respect and admire Singapore's proven system, 03 May 2006 1839 hrs (SST)
http://www.youtube.com/watch?v=krtGW-xUSH4 (most links mentioned have since been deleted I believe)
Key upsetting comments there:
Mr Lee says: "What is the opposition's job? It's not to help the PAP do a better job ... because if they help the PAP do a better job, you're going to vote for me again and they're going to be out of a job for a long time. So their job is to make life miserable for me.
"Right now we have Low Thia Khiang, Chiam See Tong, Steve Chia. We can deal with them. Suppose you had 10, 15, 20 opposition members in Parliament. Instead of spending my time thinking what is the right policy for Singapore, I'm going to spend all my time thinking what's the right way to fix them, to buy my supporters votes, how can I solve this week's problem and forget about next year's challenges?" -
Need to change, the results of every election speaks otherwise.
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vote for him again, we sure die liao la
he really need to retire!!!!! hoping no more LEEs in charge of the goverment!!!!
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Originally posted by nature-ones:
vote for him again, we sure die liao la
he really need to retire!!!!! hoping no more LEEs in charge of the goverment!!!!
It will materialise one day, nobody knows when is that day.
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Originally posted by nature-ones:
vote for him again, we sure die liao la
he really need to retire!!!!! hoping no more LEEs in charge of the goverment!!!!
wat die liao larwe already died long time ago
but they still continue sucking from the
"dead"
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Originally posted by Dondontan:
It will materialise one day, nobody knows when is that day.
It's not hard to change, if there is a will for change.
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Originally posted by Clivebenss:
It's not hard to change, if there is a will for change.
Difficult yes.. but not impossible.
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Originally posted by Clivebenss:
It's not hard to change, if there is a will for change.
They are simply not interested. Bread and butter is more important to them. Too "short-sighted" to ignore the need to do something. -
Originally posted by Dondontan:
They are simply not interested. Bread and butter is more important to them. Too "short-sighted" to ignore the need to do something.They will wait until the fire start to burn their bums.
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Originally posted by Clivebenss:
They will wait until the fire start to burn their bums.
It was said that unless they are deprived of roof over their heads then they will wake up. -
Originally posted by Dondontan:
It was said that unless they are deprived of roof over their heads then they will wake up.When investment gurus think otherwise.
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Originally posted by reyes:
i think we needed a change but not drastic.
i am never a PAP supporters but my elder mothers and siblings are.
they are contented and invested heavily in the PAP projects such as ridiculous high price HDB flats. and shares of govt link companies.
the last thing on their mind is surprises.
we need to be rational in judging what kind of changes is necessary.
a democratic society need at least 2 party as a makeshift weight to counterbalance any policy that are anti democratic or against the wishes of singaporeans. No national socialist country can thrive. neither do we want to depends on state driven policy that could only strifle the intelligence of singaporeans. singaporeans are efficient workers but are dumbass when come to general knowledge. which many still think china is third world society , which in the first place, they only miggle around the third class china nationals that would only consider coming to singapore.
ministers such as Mr. mah, Mr lim NK, WKS , Mr George should really work harder and held accountability for their mistake and error in tacking such as HDB inflation, dropping reputation of home team, and how in the first place, we should stop the diplomats from leving singapore and failure so far to press charges against him.
well you have to ask them only 1 question if they still are stunch supporters:
Are they willing to bear with their dimishing retirement/coffin money growing smaller cause of the rise in the standard of living gets higher and also seeing their children and grandchildren just barely able to make ends meet but also have to rely on their money for a little support? if they can live thru that, i really salute to that mindset ,becase they are willing to sacrifice their own kin for their faith in what they believe in, even if it is wrong.
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Originally posted by Annilator47:
well you have to ask them only 1 question if they still are stunch supporters:
Are they willing to bear with their dimishing retirement/coffin money growing smaller cause of the rise in the standard of living gets higher and also seeing their children and grandchildren just barely able to make ends meet but also have to rely on their money for a little support? if they can live thru that, i really salute to that mindset ,becase they are willing to sacrifice their own kin for their faith in what they believe in, even if it is wrong.
That would be a religion.
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DONDON,
NO ROOF MEANS THE JOB SALARY IS INSUFFICIENT FOR ANYTHING EXCEPT FOR A BAD LIFE.
IN WHICH CASE THE GOV IS TRYING TO FORCE ITS CITIZENS TO SHORTEN THEIR LIFESPAN WITH INSUFFICIENT FOOD AND POOR NUTRITION.WITH THE WORK LOAD IN SINGAPORE...........AND WITH FOREIGNERS WHO ARENT HELPING SINGAPORE BUT ONLY TO LINE THEIR POCKETS BACK TO BUY A HOUSE IN CHINA OR MALAYSIA....I DONT SEE ANY HOPE IN SINGAPORE EXCPET STANDING OUTSIDE THE iSTANA AND SEEING A FAT POLICEMAN POINTING HERE AND THERE!
I THINK ITS A CRIME TO STARE AT THE ISTANA AND PHOTOGRAPH THE GATES APART FROM THE PUBLIC HOLIDAYS WHERE THE ISTANA IS OPENED TO THE PUBLIC!LIKE AS IF THERES SOME REALLY CLEVERGUY AT THE ISTANA WHO KNOWS HOW TO MAKE BILLIONS OF$$$ INSIDE IT!!!THEY BE LUCKY THE GUYS INSIDE THE ISTANA KNOW HOW TO MAKE $1MILLION EVEN!!!
.................................SO WHAT ARE THEY PROTECTING INSIDE THE ISTANA REALLY??IS THERE SOME KIND OF FORT KNOX WITH GOLD BULLIONS INSIDE THE ISTANA????
EITHER THEY ARE PROTECTING SOME FORM OF GOLD INGOTS OR THEY ARE PROTECTING SOME VIP'S FRIED CRABS OR SOMEONES SOUP KAMBING INSIDE ISTANA!
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Originally posted by Clivebenss:
That would be a religion.
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I see less pro PAP people in this forum these days.Does it mean that they have crossed over or are they damn YaYa Viagra confident of the next cumming Erection?
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No, most of them went undercover now...becareful ya
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and tho you are short, try not to take too much viagara, bad for your health ya...short nevermind, can stand ok liao...
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Originally posted by angel7030:
and tho you are short, try not to take too much viagara, bad for your health ya...short nevermind, can stand ok liao...
Oh you wake up oreaddy ar? -
Originally posted by TERMINATOR3000:
DONDON,
NO ROOF MEANS THE JOB SALARY IS INSUFFICIENT FOR ANYTHING EXCEPT FOR A BAD LIFE.
IN WHICH CASE THE GOV IS TRYING TO FORCE ITS CITIZENS TO SHORTEN THEIR LIFESPAN WITH INSUFFICIENT FOOD AND POOR NUTRITION.WITH THE WORK LOAD IN SINGAPORE...........AND WITH FOREIGNERS WHO ARENT HELPING SINGAPORE BUT ONLY TO LINE THEIR POCKETS BACK TO BUY A HOUSE IN CHINA OR MALAYSIA....I DONT SEE ANY HOPE IN SINGAPORE EXCPET STANDING OUTSIDE THE iSTANA AND SEEING A FAT POLICEMAN POINTING HERE AND THERE!
I THINK ITS A CRIME TO STARE AT THE ISTANA AND PHOTOGRAPH THE GATES APART FROM THE PUBLIC HOLIDAYS WHERE THE ISTANA IS OPENED TO THE PUBLIC!LIKE AS IF THERES SOME REALLY CLEVERGUY AT THE ISTANA WHO KNOWS HOW TO MAKE BILLIONS OF$$$ INSIDE IT!!!THEY BE LUCKY THE GUYS INSIDE THE ISTANA KNOW HOW TO MAKE $1MILLION EVEN!!!
.................................SO WHAT ARE THEY PROTECTING INSIDE THE ISTANA REALLY??IS THERE SOME KIND OF FORT KNOX WITH GOLD BULLIONS INSIDE THE ISTANA????
EITHER THEY ARE PROTECTING SOME FORM OF GOLD INGOTS OR THEY ARE PROTECTING SOME VIP'S FRIED CRABS OR SOMEONES SOUP KAMBING INSIDE ISTANA!
There are sufficient food in Singapore. At current, most of the Singaporeans are concerned about the FTs affecting jobs.There is no solution to deal with govt getting more foreigners to work here. The only way is to do it on voting day that they are not accepting this.
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Originally posted by Shorter ninja:
I see less pro PAP people in this forum these days.Does it mean that they have crossed over or are they damn YaYa Viagra confident of the next cumming Erection?
Whatever. They have lost touch.
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Originally posted by Clivebenss:
Whatever. They have lost touch.
I wonder if anybody knows the mathematics as to how many new citizens are there in Singapore for the past 12 years and how many of them are eligible to vote?
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Originally posted by Shorter ninja:
I wonder if anybody knows the mathematics as to how many new citizens are there in Singapore for the past 12 years and how many of them are eligible to vote?
20% or more.