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Economics/Business Singapore Apres Ho Ching, Le Deluge?
Economics/Business Singapore Apres Ho Ching, Le Deluge? | Apres Ho Ching, Le Deluge? |
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| Written by Our Correspondent | |
| Monday, 09 February 2009 | |
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Ho Ching, the wife of prime minister Lee Hsien Loong, is departing from stewardship of Temasek Holdings in good time for her successor to have to be the one in charge when the disastrous performance for 2008 and 2009 comes around. Such are the circumstances that the Singapore leadership has decided that it is best that a foreigner replace her – not that Temasek's earlier recruitment of Wall Street whiz-kids has done it much good. This time former BHP Billiton boss Chip Goodyear just might shift Temasek's attention away from disastrous forays into finance towards the natural resources which are so abundant in Southeast Asia but so conspicuously lacking from its Temasek's portfolio. BHP is in good shape compared with the other major mining companies such as Rio Tinto and Xstrata. But do not be deceived by this into thinking that Goodyear is the cautious, far-sighted manager needed by a sovereign wealth fund such as Temasek. BHP owes its relatively strong position largely to luck. Goodyear, a Wharton-bred former investment banker, made his reputation through an array of acquisitions in a rising metals market. He stepped down as chief executive in September 2007, but remained with the company and close to his successor Marius Kloppers when BHP launched a typical top-of-the-market US$66 billion bid for rival miner Rio Tinto, itself then trying to digest its own acquisition spree, notably aluminum giant Alcan. Only Rio's determination to resist the takeover saved BHP from the potential disaster of such a costly acquisition and Goodyear being classified with the Wall Street crowd whose hubris and arrogance has become the biggest ever bonfire of the vanities. Ho Ching proved the classic bull market player with Singapore's public funds. At first she could claim success in raising returns by more active management of Temasek's investment portfolio – and in rising markets always report profits generated by disposals as well as by the operating profits of its major assets, the Singapore property, banking, power, telecoms, aviation and shipping companies. But under her leadership, and spurred by foreign advice, a larger and larger proportion of assets were invested in the financial sector. By March 2008 this had climbed to no less than 40 percent of Temasek's portfolio. Nor was that enough. It continued to believe in Wall Street's self-delusions that first half 2008 just saw a few "localized difficulties" rather than the richly deserved meltdown that occurred, increasing its stakes in Merrill Lynch, Barclays and others, and putting most of its China investments into banking.
Even as
late as the end ofAugust, a managing director, Marish Kejriwal, was
being quoted as saying "The financial services industry is one
we believe in… It is a proxy to the economic growth" –
an extraordinary statement and one which showed that Temasek had
learned nothing from the Asian crisis of a decade ago, or from
Japanese financial troubles, or indeed the mid-1980s banking failure
in Hong Kong and Malaysia etc. To make matters even worse, Kejriwal
also noted "We recently concentrated on US and UK primarily
because we see value."
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(54)
Colostomy..
written by Harry Lee Kuan Yew , June 04, 2009
Uggh... oooh... ahhh.... hehehehhe
Votes: +0
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4.5 MILLION UNITED
written by Blessed S'porean , March 19, 2009
You make. You lose. That's business anyway. intelligent readers don't get easily hoodwinked cos they are also aware that even premier, solid, established institutions like AAA Leemans, AIG, etc., could also collapse during such times.
Votes: -3
For sure, money must be invested and not be hidden in pillow cases. It's only Economics. That's how we, the 4.5 million Singaporeans and not others, get to collect our annual GST Credits, Bonus Dividends, etc., conveniently deposited into our banking accounts. What about geopolitics? Don't we also have to pay "protection money" in case big bullies in the region demand we surrender so-and-so and give up this and that to their whims & fancies? Wake up lah . . . bodoh! Btw, show us a CEO TODAY who can chalk up the pluses. Maybe AIG's CEO Edward Liddy? Where are the accolades when Mdm Ho built up the Reserves almost from scratch , nothing? Quick to blame slow to praise? Be a man . . . . . . think! It's a pity Madam Ho is giving up the position. You have been doing a wonderful job. More so YOU'RE A SINGAPOREAN MANAGING A BIG SINGAPOREAN FUND. OWNERSHIP IS VERY IMPORTANT. Sometimes, things don't work out well, for all intent & purpose, but no one doubts your sincerity, credibility and integrity given your past record these years. You've grown & protected our Reserves. Non-Singaporean CEOs will come and go in good and bad times and we are entrusting them with so much money to manage. I really don't know . . . . .????????? Anyway, best wishes to Madam Ho Ching. Many mature and grateful Singaporeans understand. No, there are also the non-s**tty Singaporeans around for sure. report abuse
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More than PLA Budget
written by Mao , February 18, 2009
Singapore loss of 68 US billions is much bigger than the PLA budget. It can be used to pay 2.5 million PLA personel and that also include new equipments, armanent and other logistics. No wonder all the Kweilos and their presses have a field day laughing behind your back (or losses).
Votes: +0
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Total GIC and Tumasek losses
written by Dynas Tee , February 18, 2009
is 108 billion SGD, much lower than 260 billion estimated to our relief. We have to sit it out the financial storm and meanwhile, don't worry too much and be happy.
Votes: -3
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Dumbkof! Aus! Aus! Aus!
written by 7th Son , February 17, 2009
Even Adolph Hitler doesn't like what he hears about Ho Ching's antics at Temasek:
Votes: +3
http://www.youtube.com/watch?v=nTDXosoa3jg report abuse
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No Freebies
written by SL (Ms) , February 16, 2009
Dear Seng Boon and Tai Hoo,
Votes: +9
Don't worry, we are good citizens....I paid my taxes and had never defaulted and will never will, please don't worry...I don't need your two cents worth, I have more than enough to keep me going....but I don't need freebies from any government who gives out from the right hand and takes back from the left. I am also not interested in politics. I had lived long overseas especially in Europe not to see more young people sleeping in the streets than the old....so, you don't need to convince me... I don't need to grow my brain, it is fine....At my age, I don't need Economics at "A" Levels...I have only a humble "O" Levels and I survived. See what TROUBLE all smart people with all the straight As got us into.... You don't need to borrow from loansharks, you have all the big banks like CITIBANK and STANCHART that charging you an arm and a leg for your outstanding credit cards interest (Sorry, to disappoint you but I don't have any credit card....)..I still believe cash is OK with me (that is the teaching of my Heavenly Father !)... So sad you missed the point.....I really don't need a freebie if IT IS NOT A REAL FREEBIE...O.k. The now Senior Citizens in Singaporea are all very dignified people, they are the ones who built up this nation so that you can now enjoy such a great time of security and prosperity (I hope this will endure).....So, do have a respect for them. report abuse
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Freebies, Lowly rated comment [Show]
Foolish Suggestions to Bankrupt Country, Lowly rated comment [Show]
Not All Are Faring OK
written by SL , February 15, 2009
We Are Stiil Faring Okay
Votes: +3
written by Tai Hoo , February 14, 2009 Again this little resourceless tiny island under the PAP continues to receive the GST Credits & Senior Citizens' Bonus (my family & my neighbors have just got the letter) plus other aids from schools, MP Meet-the-People sessions, town councils, etc., in this unparalleled global crisis. We are the the envy of the WHOLE WORLD. How can this be my cousin asks from HK? But it's true. We pray for Singapore during this time especially the world at large, for many many bigger countries are now really reeling from the effects of this deep financial tsunami. Unemployment, hunger, etc., are the norms. Thank God, Singaporeans voted in the PAP all these years to make the unlikely little red dot provide in good as well as bad times albeit lesser. Thank you MM! Tai Hoo, Lucky you indeed! This writer received a letter from the Tax Dept. even before you received your letter re the GST Credits & Senior Citizens' Bonus. This Senior Citizen ain't going to receive any of the goodies because money intercepted by the Tax Dept. for outstanding taxes. This, despite the fact that this Senior Citizen although having more than $S70,000 in Special Account and more than S$ 30,000 in Medisave Account cannot use money to settle tax because this is the law set, according to CPF Board. Really don't understand why I have no right to be using my money even after 55 and then people are talking people having the right to lose billions of dollars (some of them mine dollars). Such a sick joke! One friend told me she received letter from HDB saying her grant channeled to pay off loan for upgrading flat?....Mr. Tai Ho, you and your family surely are so very lucky!!!! Enjoy! report abuse
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We Are Stiil Faring Okay, Lowly rated comment [Show]
Men in Charge Again
written by Aaron Fu , February 13, 2009
You know guys, I’ve just realised that with Ho Ching’s departure, Sovereign Wealth Funds are led exclusively by men again: http://tinyurl.com/bflkjm
Votes: +1
It also seems that Singapore is the only nation who puts politicians in charge of its Sovereign Wealth Fund. report abuse
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conmen love bootlickers
written by ex conman , February 13, 2009
Being a ex-conman, I should know a bigger one. And there is none that can hold a candle to LKY.
Votes: +7
To the PAP mindless supporters, just like you chaps, the ex-conman in me greatly admired LKY. He managed to convince many s'pore citizens and foreigners that measures such as check and balance, transparency and accountability were in place. So there is no need to question LKY and the system he created which allowed his son to be PM and daughter-in-law, Ho Ching to be CEO of Temasek. Incidently, it takes a clever conman to interprete Ho Ching's masters in engineering as financial intelligence and over a period of time, exaggerate it as brilliance. Well, $58B is not a small sum to find out the truth about Ho Ching's ability. Do the sums and one can see that this mind-boggling amount can support 2 to 3 hundred thousand unemployed for a long time. report abuse
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Fall girl
written by Dynas Tee , February 13, 2009
Lost 260 billion, only Ho Ching asked to go. What about all the Directors and managements in Tumasek and GIC? Shouldn't they also share in the responsibilities?
Votes: +1
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Cronynism
written by Mamakthir , February 13, 2009
When Malaysia lost a couple of billion in forex, we have our fair share of critics in the little republic relishing the moment and screaming cronynism at Mamakthir. Now by comparison losing 58 billion is no small beer and is in fact larger than the GDPs of more than half of UN members. Citing the mantra that "We will survive" will not remove the pains and disappointments of the scores of Ah Peks and Ah Mas who are looking for tiny handouts to survive.
Votes: +2
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Mr. Dotee pls read
written by seaweed fiend , February 13, 2009
Not too bad either. From nothing to a 200-billion Tumasek. Take away the downturn you still have 130 billions. Not bad. Business is in the black. - Dotee
Votes: +0
So i suppose you think its okay to lose money if you've earned it then... Sure she made have good decisions and some bad decisions as well but if you are saying that she lost 70billion=200-130 then she should get the sack. It's true that in business you can win or lose but these usually when a lost is made, they will take into account the economy as well. If the company is losing when the economy is bad then the company will try to cut losses. If the reason the company is losing money is because of many bad decisions made by the head, then i think it is only right that they step down. Is it right to kill 35% of the people you save? Same logic. If the people you save die from accidents or die naturally then i assume you wouldnt be named a murderer. But let's say you were the one who planned the assassination of the one you saved then surely the law would not take into an account that having saved 100 you can murder 35. Also in your posts you were saying that there is nothing wrong with the Lee family having high positions. I think that if they are capable then there is nothing wrong with rising up. However, i am sure that Ho Ching was not the best candidate for CEO position and most likely she was chosen because she was the daughter-in-law of Mr.LKY. Nobody is complaining about Mr.LKY, it is just that perhaps he thinks that since Singapore was molded by his hand, he should have then most authority. This may not be something conscious to him but seeing that Singapore is his child, i am sure that all parents feel that way about their children although in the end, you have to let your children go. report abuse
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7th Son, Lowly rated comment [Show]
Non, je ne regrette rien...
written by 7th Son , February 12, 2009
"Ho Ching resigned I believe to take responsibility for the losses".
Votes: +17
Take responsibility? Really? Then Temasek's Chairman Dhanablan really ought to tender his resignation 'to do the honourable thing' too shouldn't he, since he did say at the press conference, 'Absolutely not...It has got nothing to do with performance...* I * was very instrumental in bringing in Ho Ching.' The truth is that the heat in the kitchen became unbearable and she had no alternative but to quit 2 years before time, even though, as we all know, the Lees don't ever make mistakes and can point to a 100% successful litigation track record to prove it. Ho Ching was in over her head and out of her depth as critics said of her appointment in 2001, and she (and her board, let's not forget) finally stumbled. But hindsight is famously 20/20 isn't it? How could anyone, even Temasek, possibly have anticipated this economic contagion? There was no warning. Or was ample warning ignored because it was an inconvenient truth? Cast an eye back at the infamous email that led to Andy Xie, Morgan Stanley's star economist, ranked No. 2 among regional economists, being sacked. A stroke of luck for him as it turns out, considering Morgan Stanley's eventual fate. "...Larry Summers and Paul Volker were very worried about the US economy. As you probably know, Alan Greenspan is talking the same way. At the CLSA conference last week, he talked like one of his critics. There is fear of a US collapse." Uh oh. BTW, that was in Sept 2006, two YEARS before the crisis proper. Banker Celicia Ong, a Singapore-based equity saleswoman, was also sacked for forwarding the email. Ong's clients included Government of Singapore Investment Corp. `We don't wish to comment,' GIC spokeswoman Loh Wei Ling said, when asked whether they received the e-mail from Morgan Stanley or information about its contents. (Ahem. Morgan Stanley was the second-ranked adviser that year on mergers involving Singapore companies, handling $6.5 billion of transactions. It advised Temasek Holdings Pte., the Singapore government's investment company, in the purchase of a 9.9 percent stake in Mumbai-based Tata Teleservices Ltd). By all means continue to be creative about the reasons for Ho Ching's departure if you wish, but you'll not exonerate her, Temasek, GIC, nor even the Town Councils from behaving like greedy stock punters rather than the sober guardians of the country's reserves - which is their solemn fiduciary duty to the people of Singapore whose money it is. Indeed, has anyone considered cornering the market in whitewash? There's likely a killing to be made in Singapore real soon now. Warren Buffett: "You only find out who is swimming naked when the tide goes out." report abuse
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...
written by YukPui , February 12, 2009
The only things Ho Ching should have invested in are clothes that are nicer than the pajamas she wears everywhere. Those, and etiquette lessons so she doesn't do things like walk in front of the Indonesian president when she tagged along on one of the prime minister's official trips to Indonesia.
Votes: +6
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Mr
written by Yest , February 12, 2009
Ho Ching resigned I believe to take responsibility for the losses. There is no attempt to hide the losses as the conspiracy theorist-writer stated. The losses have been made public in parliament, to the tune of 31%. The main mistakes were made in the acquisition of bank shares, the propect of owning a portion of the world's great banks perhaps proving too irrestible for the managers of Temasek. Perhaps, in the long run these purchases may be justified but looking at the economic and financial landscape at the present, this seems very unlikely. To be fair, with such a huge portfolio, it is asking too much that the valuation would not decline in these times. How much damage is considered ' a god' performance is difficult to say (my own investments declined much more than 31%), especially in view of the fact that you cannot separate politics from national savings. At least, she did the honourable thing.
Votes: -3
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Empty Vessels, Lowly rated comment [Show]
We're the evny of the world -global meltdown or not, Lowly rated comment [Show]
8-5
written by 999 , February 11, 2009
Govt scholar knock off work already. 8-5 then will reply. Saturday no work.
Votes: +1
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PAid comments
written by 999 , February 11, 2009
I honestly think Dotee and Octo are either taking shifts or are the same govt paid advocate. Eh dont jia zua leh. Argue back la. Thats what LKY paid you to do.
Votes: +2
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Wow Lost 258 billions
written by Dynas Tee , February 11, 2009
Is it real? Put in context of its 400 million population, US losses seem puny by comparison. If losses cannot be recovered, looks like our savings in CPF will be locked up for a long long time. Meanwhile I think that we will have to survive on chye poh.
Votes: +1
Thank you foreign talents. No need to say sorry. report abuse
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No worries, mate.
written by 7th Son , February 11, 2009
Well, well, so far so predictable. Answer a question with a question. Try to laugh off a financial disaster as an everyday hazard and nothing to worry about. Muddy the water with ad hominem attacks (' it could be worse; if [insert critic here] was in charge we might have lost the lot'). Ho hum. Or should that be Ho kerr-Ching!?
Votes: +10
Temasek forced into admitting bad investment decisions (Shincorp, Stanchart, Barclays, Merrill Lynch, Citigroup, ABC Learning...) lead to its portfolio shrivelling by more than one-third and counting? Oh, it's only $58 billion — a molehill. GIC estimated to have lost $200 billion of the $550 billion it had at the start of the crisis? Another molehill. Does the grand total of, at minimum, a quarter of a TRILLION dollars count as a mountain or is that also a molehill? Curious minds would like to know. You can try and put a brave face on it, apologists, but that would be like putting lipstick on a pig. Not a word on any official sanction on Ms. 'I regret nothing' Ho Ching or the supervisory boards of Temasek and GIC. Elsewhere, CEOs and directors have been burned at the stake for infinitely smaller errors of commitment but in LKY's Singapore the buck has the magical property of perpetual motion. "You have to pay the market rate or the man will stake out and join Morgan Stanley, Lehman Brothers or Goldman Sachs. You would have an incompetent man and you could lose money by the billions." — Lee Kuan Yew. report abuse
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Temasek and GIC, royal treasury.
written by spindoctor from emperor's court , February 11, 2009
the emperor send me here to thank fellow bootlickers for supporting him. yes that's right.
Votes: +8
so don't worry too much about the $58 billion losses, there is still plenty in the royal treasury. anyway the emperor says these investments are for the long long term, up to 30 years, so be patient. by the way , GIC and Temasek funds are part of the royal treasury, so it actually belongs to the emperor and his family. i agree with fellow bootlickers that we should wait for the upturn which will come sooner or later and our benevolent emperor will decree that some money be spent on the peasants....he is well aware of all the taxes paid into the royal treasury. also our benevolent emperor has given the assurance that should the time come for him to leave us, he can still keep track of the royal treasury from his grave....remember he has heaven's mandate. it is all about trust and everyone can trust the emperor....he has never hoodwinked his people. now everybody repeat after me...long live emperor Lee......x 3 report abuse
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We will survive
written by Dynas Tee , February 11, 2009
What is the combined Tumasek and GIC losses? Easily topped 100 billions or more than 20K per everyone in Spore including children.
Votes: +2
We have survived on chye poh and we will survive again. report abuse
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S'poreans are Smart, Lowly rated comment [Show]
No Sorry Lah
written by Dynas Tee , February 11, 2009
Just blew 58 billions but it is hard to say sorry because it is the market lah. We already got the best foreign talents money can buy.
Votes: -1
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No Promised Paradise, Lowly rated comment [Show]
Wonder where are the govt censorship people...
written by comesueme? , February 11, 2009
Wonder if the censorship people are looking into this...
Votes: +3
Anyway, I think most educated Singaporeans know very well what is going on when they see news like this. It is blatantly obvious, to the point where govt media whitewashing cannot adequately cover it up. We all know what the Lees are trying to do. Still, putting all this in perspective, the fault does not lie entirely with the greedy and power crazed "benevolent" dictator and his family. In fact, I propose that it also lies partially with the citizens too. Shame on us for allowing people like Ho Ching and Hsien Yang sit in those positions in the first place. Their credentials were never up to par, and it is undoubtedly true that many key political positions are held by paper scholars who never had a tried and proven track record. Herein I'm not suggesting a revolt or revolution of any kind, but that Singaporeans should practice their voting rights with proper consideration, instead of carrying the mentality that we shouldn't fix what isn't broken. report abuse
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Making Mountains Out Of Molehills, Lowly rated comment [Show]
Blood, sweat and tears.
written by 7th Son , February 10, 2009
So the ugly news is out then, 10th Feb '09, straight from the horse's mouth - Singapore's Temasek lost $58 billion in a mere 6 months, best case, under Ho Ching's watch. As a reference, the entire mass rapid transit system there cost no more than $10b over ten years. Are we surprised she quit 4 days before the announcement? She knew her position would be untenable as soon as the news hit the wires. Breaking news: rat abandons sinking ship, Singapore government-controlled media pretends to reel in shock.
Votes: +3
So wherefore art thou then, PAP apologists? Why the unnatural deadly silence? Whatever happened to 'Singapore is as good as PERFECT. And there is NO PERFECTION anywhere in the world. Keep or ruin it." and "we are realists not people who live in cloud 9"?? Cat got your tongue? Lee Kuan Yew's overweening hubris has resulted in Singapore being taken to the cleaners, despite the the army of super-qualified paper scholars at his disposal, despite the lowliest Permanent Secretary being paid more than the President of the USA, despite hs wielding unfettered power over life and death in his fiefdom. Explain, please. report abuse
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...
written by John Harding , February 10, 2009
Are there two Charles “Chip” Goodyears?
Votes: +0
One was born in 1958, and the other in 1933! They even have the same parents! Can this be true, or is one of them an impostor? A CIA plant? You tell us, we can’t figure this one out! The facts are at www.johnharding.com report abuse
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They are back!
written by yo yo , February 10, 2009
The sycophants are back. I was wondering where they were. Must be hard on their on their pocket - no response, no money. Hey, Read SDP's website where you can see why Temasek is in deep s**t trouble. All because of LKY - so blinded by his superiority that he cannot see the deep pits in front of him. Are there any better than him? Of course.
Votes: +0
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Is Charles Goodyear IV an impostor?
written by John Harding , February 10, 2009
It seems incredible, but there two Charles “Chip” Goodyears. One was born in 1958, and the other in 1933! They even have the same parents! This was discovered in an old family tree which the Goodyear family had posted on the Internet. I am not a conspiracy theorist, but am puzzled by this strange discrepancy. I published the document on my website, http://www.johnharding.com. Please, I'm not a kook - even wrote a best-selling book about Singapore.
Votes: +0
Beyond the identity of Goodyear, I do believe that Singapore was forced to purchase toxic US assets. The same was done with Abu Dhabi, and Saudi Arabia. All to bail out the US. report abuse
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Self-inflicted wounds
written by 7th Son , February 10, 2009
Come, come, proud LKY bootlickers — 'if he'll condescend to let us', would you believe! — where is your dignity and self-respect? Are you dogs or human beings? That is an utterly contemptible admission to make.
Votes: +14
Your man has trumpeted to the world 'his' achievement in making Singapore a First World country, he even titled his memoir "From Third World To First". Why then do you persist in comparing first world Singapore with third world nations like Thailand, Pakistan, India and so forth? Shouldn't your basis of equivalence be Norway, Ireland, Luxembourg...? Unfortunately for your argument, none of these similar nations suffers the chaos that you happily cite, nor do they appear to need the services of a nepotistic, authoritarian regime to put food in mouths, children in schools, ensure law and order, and provide social welfare. This article is about Ho Ching stepping down. Should she have been even permitted to step up to the plate in the first place? Nothing in her prior career qualified her for the position, least of all her stint as CEO of Singapore Technologies when she blew away $680m on buying Micropolis against all commonsense advice. Temasek rode the wave of the past decade's boom armed with lavish Singapore assets pumped in by the government. It would have been difficult NOT to produce a profit even were a chimpanzee to be put in charge. So tell us again — why does Singapore require daughter-in-law Ho Ching heading Temasek, son occupying the PM's post, and geriatric dad glued immovably to the GIC and Cabinet? Is it a family business to be plundered, this nation of Singapore? If this recession has had one benefit it is that of exposing their feet of clay in no uncertain terms. The bloated, overpaid government, the financial incompetence, the huge hole in the country's reserves, the destruction of all checks and balances against abuse, the moral turpitude, the gaping chasm between haves and havenots — should we fall to our knees in abject gratitude for this? Who bears the responsibility? This PAP one-trick pony had its day 30 years ago. Only repression keeps it on life-support. report abuse
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Time to pick up everything cheap
written by Dynas Tee , February 10, 2009
Stocks, properties etc at Lelong lelong prices
Votes: +0
Rental offices and shop spaces - Vacancy and rising bankruptcies Foreign Talents plenty out of jobs - Best time to recruit the Ang Mos to fill the GLC bureaucracy especially Tumasek, SingTel, DBS etc report abuse
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Wake Up
written by Bumi , February 10, 2009
Hi transferable mistake,
Votes: +0
Read this (latest)and stop farting:- "President Barack Obama warned Congress of "catastrophe" if it did not pass his stimulus plan this week, as America's dire economic plight cast a somber shadow over his first news conference." report abuse
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Real World, Lowly rated comment [Show]
it is brain and not bran
written by transferable mistakes , February 10, 2009
I don't see your point in the way you put forth your arguments,
Votes: +0
other than confirming that you are indeed a bootlicker. I believe you do more than that.....LOL. By the way, try to learn spelling....and thanks for the laugh. report abuse
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BE REAL, Lowly rated comment [Show]
better team decided by PAP
written by transferable mistakes , February 10, 2009
Does it matter if I have a better team in mind ? Any moron will be able to tell you LKY
Votes: +12
decides lah ! Is it a coincidence that LKY's son is the PM and daughter -in-law is CEO of Temasek...what about nephew Wong Kan Seng ? ...ex Chief Justice Yong ?....any idea? Either you are truly daft or just one of many well rewarded bootlickers. By the way , stick to the topic in this write-up...which is about Ho Ching and her "famous" achievements. Spare the readers your sermon on Spore's infrastructure, per capita GDP, public housing etc..... report abuse
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Farting, Lowly rated comment [Show]
elites in S'pore sleep together
written by transferable mistakes , February 09, 2009
Ho Ching's talent and appointment have always been highly questionable,
Votes: +9
and so are many of the talents in the PAP government. Those elites working for the PAP govt have the best track record in the world. Don't take my word for it , do a check and you will realize that they have never ever own up to any mistakes.....simply because they never made any. I think it has to do with "passing the buck trick"..... mistakes afterall can be transferable...LOL report abuse
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Our Saviours, Lowly rated comment [Show]
Better late than never
written by long long gone. , February 09, 2009
Though it is a little belated, still it's better to be a little late than never. This is the problem with having your own flesh and blood in important positions. It is always a little late to take action when things go wrong. Perhaps the government is feeling the heat of change emanating from the US. Probably good thing too. Looks like the government is loosening up a bit, but then the big knots are still tightly holding on. The iron fist is accustomed to being used, that to be held back is something to behold. Of course, it is still there in the backgroud. Will it be used again? I think not. Times have changed. Change is in the air. Time for the stale air to be expelled by the open window. Chee Soon Guan should take some credit for this.
Votes: +0
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The Sucker punch.
written by 7th Son , February 09, 2009
Ho Ching's bailing out before the brown fecal matter hits the rotating device comes as no real surprise. The Lees are past masters at reading the writing on the wall and hastily passing along the toxic package before getting too contaminated themselves. Hubby Lee Hsien Loong handed over the Ministry of Finance to his patsy Tharman and Lee Hsien Yang fled for the exit as CEO of SingTel when his poor investment decisions became too hot to handle. Doubtless the elder Lee will choose the right moment to duck responsibility and skip smartly away from the GIC if it begins to totter.
Votes: +13
Goodyear is nobody's fool and not 'wet behind the ears' as Ho Ching remarked at the stage-managed Temasek press conference. His golden parachute employment contract must be the envy of his Wall Street contemporaries. And the suckers are the usual suspects - Singapore's taxpayers. report abuse
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World 2nd most powerful woman
written by TimeWarner , February 09, 2009
As Mao would say, Going and gone to the rubbish of history. This is the least upbeat assessment of the fallen High and Mighty.
Votes: +1
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What are Tumasek pains
written by Geithner , February 09, 2009
are US Treasury gains. We need more of such gullible SWFs to buy up our toxic assets. It helps if these SWFs are run by US citizens as well.
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Long Live Mdm Ho Ping !, Lowly rated comment [Show]
Tumasek Big Losses is US Treasuries gains
written by Dynas Tee , February 09, 2009
Ho Ho Ho. Thanks to the famous couple, Tumasek has chokeful of foreign talents who are actually busy handing 50 billion dollars into foreign sink-holes. Meanwhile the government is extremely miserly in helping the hard-up poors who have fallen on hard times.
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Little Red Dot
written by Sparkie , February 09, 2009
These are bad times all over the planet.
Votes: -4
The Americans have done their job and the rest of the world has to clean up the ugly mess. Triple or quardruple 'A's institutions have also to succumb. It's it better to have a foreigner to run the 'State's' coffers? It may be politically expedious. I don't know. But I still prefer Mdm Ho Ping for her track record, her acumen and most importantly the ownership that of being a fellow Singaporean. Whilst bloggers may prefer their fancies to rule but remember Mr Oats? If I messed it all up I could stll collect my dues, pack up and just fly off. And what about us poor Singaporeans then? Use your head not your heart men! report abuse
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Lee Hsien
Loong's wife leaves Temasek just in time for her successor to
reap the bad news
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