Should CPF members blindly trust government financial statements?

I am no financial expert and CPF members don’t really have to be one to realise that the CPF is one mother of all Ponzi schemes.

Excluding wealthy citizens, the majority of CPF members will be in trouble come retirement. Notice that the government fears engaging citizens and bloggers but prefers to dish out their propaganda on MSM.

Critics of my posts on CPF and GIC have failed to provide counter arguments supported by facts. This amounts to speculation on my …. speculation? ūüėČ

Some point to the government’s Statement of Assets and Liabilities (SAL) and claim that CPF money has not been lost. Don’t worry, they say, because the government stated so. ūüėČ

But CPF members have to bear in mind that we are talking about a government that has been concealing material information for decades!

PAP may have stated the government has $X dollars in Government Securities, ie CPF monies. But whether the money is there – or probably not – remains to be seen.

The veracity of its financial statements, eg SAL, can be ascertained only after PAP has lost it majority in Parliament.

In a functioning democracy, material information pertaining to our $1 trillion in reserves and CPF should at least be disclosed to all elected MPs. When the PAP does not even trust elected MPs – implying it does not trust citizens – why should CPF members blindly trust PAP?

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Finnish Transport Minister ‘playing piano to a cow’

During an interview with CNA, Finland’s transport minister advised Singapore to “Let private sector lead way in offering innovative transport services“.

Minister Ann Berner: ‘..‚Äč government is to provide the legislative environment for there to be level playing field so that these companies can compete and offer services that meet the needs of commuters…”.

Ms Berner should understand that Singapore Inc is unlike Finland which is run as a country. Where there’s money to be made, PAP will be involved. Public transportation, housing, healthcare, education or even the defence industry, you name it.

While this is certainly good advice, unfortunately, Ms Berner has wasted precious time in ‘playing piano to a cow’: PAP elites never listen to others.



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SMRT signaling fault again? Commuters should ‘signal’ to PAP that enough is enough at next election

(SMRT has announced that this is a ‘train fault’ but most faults are related to the testing of its new signaling system.)

It should not surprise MRT commuters that there was yet another major disruption – during peak hour – on the EW Line this morning.

It’s getting more stressful to be able to get to work/school/meeting/airport in time. ūüė¶

During the past few months, LTA had warned of major disruptions due to signaling tests and it seems this will be the new normal for the next 2 months, hopefully.

With more than 1 million man hours in productivity losses this year, no one has been held accountable so far.

Although SMRT’s ‘predictive analytics’ had warned of inconvenience, adequate alternative mode of transport is usually unavailable or arrive very late. In fact, SMRT does not even have adequate manpower during a massive disruption and is therefore unable to provide real time information to advice commuters. If SMRT were serious in addressing guaranteed massive disruptions, it would have beefed up manpower at all MRT stations, no?

‘Real time’ info could come like half an hour later or an announcement of a¬†5-minute delay¬†could turn out to be 20 or 30 minutes.¬†It appears that sometimes, or maybe it’s the new normal, SMRT has¬†resorted to lying.

However, lying is not new as this was observed more than a year ago in February 2016. ūüė¶


LTA has said that there’s no choice but to test the new signaling system throughout the day due to the sheer number of commuters. But what caused the number of commuters to increase exponentially during the past 2 decades?

Answer: PAP’s ill thought-out population policy.

Is PAP willing to reduce the rate of foreigner intake? Obviously not as we die-die must head towards 7 million and beyond after 2030.

Bear in mind that our MRT is a physical network, not virtual. A system that is not designed for the current passenger load cannot be simply tweaked to run faster at a higher frequency without serious consequences.

MOT Minister Khaw has already prepped commuters to expect months of delay, attributing this to the new signaling system trials. This is obviously only a half truth as is evidenced by his ministry’s engagement in propaganda to deflect blame. ūüė¶

Our MRT system needs nothing short of a revamp if we want it to be brought up to real First World standards.

But so long as PAP keeps appointing incompetence to LTA and SMRT, commuters can only be assured of increasing massive disruptions. If PAP couldn’t properly manage a MRT system for a population of 5 million, can anyone expect it to do so for a 7-million population?¬† Come 2030, will there be a replacement of the new signaling system?

While commuters and businesses are affected by these guaranteed breakdowns, PAP elites continue to enjoy their million-dollar salary with no accountability. Some in their chauffeured-driven private vehicles have not been affected one bit.

PAP’s model of appointing former generals and civil servants with kosong relevant experience and skillsets must go. If not, there is really no alternative to signaling to PAP that enough is enough at the next election.

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PAP serving Singaporeans? Only fools will believe this.

Singaporeans have been repeatedly fooled for decades.

PAP is a self-serving party and the appointment of Halimah as President is to serve PAP. Singaporeans are not that stupid. Why are many angry if Halimah is capable of serving us? Bear in mind that Halimah does not have finance/investment background to¬†understand what’s happening in Temasek and GIC which manage hundreds of billions of our reserves and CPF.

The entire process leading up to her crowning took years and everything was done behind behind our back. How was PAP serving us when they had already decided the racist EP would proceed without even consulting citizens?

The only way to ascertain the truth is for PAP to disclose minutes of all meetings leading up to the PE. Of course this will never happen because it will only confirm their real intention of amending the Constitution.

There are numerous unanswered questions:
Who first floated the issue of the need to have a minority president? When? Who were involved? Why was the Malay community not consulted? Etc.

If PAP had been upfront, questions would have been raised by the public with follow up debates on the racist EP in Parliament.

There are very serious ramifications in selecting a presidential candidate not entirely based on merit. This could have been avoided

If Singaporeans even think a little about issues concerning us, not just the racist EP, they would have known PAP is not a party that can be trusted.

In fact, many issues could have been avoided if only PAP was honest in dealing with the people.

The question which every Singaporean should ask ourselves:
‚ÄčSingaporeans should think about this and don’t be fooled again.

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Say sayonara to PAP business empire soon?

Top management executives of GLCs have always been selected by PAP politicians – not based on merit – similar to our Kelong President. Without a day in the private sector, former army generals or civil servants could suddenly become business executives overnight?

Domestically, GLCs hardly face any competition. Their ‘success’ is simply based on favourable legislations by their political master. For example, PAP gifted them with unlimited foreign workers to help lower costs after failing to raise productivity since decades ago.

Or if they are about to drown, just throw them tax dollar lifelines to support, perhaps, rights issues. Should any incompetent scholar eventually fail, use the MSM to mask their incompetence and transfer them to another million-dollar post, eg former NOL CEO Ng Yat Chung.
Ng (below) has been posted to another million-dollar position after sinking NOL last year.
Ng Yat Chung.png
‘Success’ of PAP elites has always been dependent on PAP’s open-leg policy: increasing the foreigner population to increase GDP.

GLCs are unable to survive in the face of market competition because top management are mostly book smart scholars. These book smarties have always been resting on their laurels as the result of success and failure is the same: million-dollar bonuses are assured/no accountability.

A good example is ComfortDelgro whose shares have been sinking fast.

Ride-hailing app Uber and Grab have been in Singapore for at least 3 years. Since 3 years ago, taxi drivers have seen their income decline with many quitting altogether.

Comfort did practically nothing but simply hoped to wait out the competition and prayed for a miracle. While other taxi operators attempted to retain their drivers by at least lowering rental, Comfort continued to squeeze¬†drivers by maintaining its rental. 5 months ago, other taxi operators had enough and decided to tie up with Grab.¬† But Comfort continued to watch its drivers suffer. ūüė¶

Since no miracle happened, Comfort’s only option presently is to negotiate a tie-up with Uber. However, it is in no position to dictate the terms of any potential agreement. At most, a tie up will allow its taxi revenue to decline at a slower rate.

If¬†the negotiation doesn’t lead to an agreement, Comfort shares will take a hit, similar to SPH.
SPH, previously helmed by PAP-appointee Alan Chan, has seen its shares warded in ICU.

By the way, one potential presidential candidate, Bahren Shaari, is a director of PAP’s propaganda machine, SPH.

It should not surprise anyone that dinosaurs are found in Comfort’s top management. Former¬†top dinosaur is ex CEO Kua Hong Pak who recently stepped down after turning 73. Taking over Kua was Yang Ban Seng and here’s why no one should expect the former civil servant to work wonders:
Unfortunately, there are other prominent dinosaurs on its board, eg Lim Jit Poh, Ong Ah Heng, etc.
Link to Ong Ah Heng’s comments here.

‚ÄčThe fate of Comfort may have already been sealed with these 2 jokers (below) as top management executives.
Gan is a former SAF and President’s scholar.
Ang Wei Neng is a PAP MP who was recently appointed CEO of Comfort’s taxi business.

With former civil servants, scholars and own kakis helming a private sector company, how long can such an organization survive?

GLC NOL did survive for decades but was still ultimately sunk last year¬†– by its inept management. ūüôā

Comfort has been profitable because of its monopoly in Singapore. And it was also given pow chiak vehicle inspection and testing (including non vehicle inspection) business, VICOM, whose operating profit is about 30% of revenue.

Despite its merger with Delgro in 2003, as well as other foreign acquisitions along the way, increasing contributions continue to come from its local operations. This confirms it has been making little headway overseas without PAP’s presence.

Revenue down everywhere except Singapore and Vietnam (insignificant).
Comfort’s failing taxi business will have a greater impact on its bottom line which should not be underestimated.

GLCs are mostly losers when faced with real competition and our scholars make really bad judgements. For example, Singtel overpaid for Australian Optus 16 years ago and shareholders are still paying the price today.

SMRT is a bigger joke. It would have collapsed if PAP had not pumped in more than $2 billion and privatized the company … into Temasek. With the new rail financing framework and bus contracting model, SMRT has morphed into a landlord with super prime properties earning guaranteed rental and advertising income.

GLCs make tons of money via their monopoly. For example, NTUC has achieved high margins for their supermarket operations, unlike in other countries, because there is basically no competition.

In summary, most GLCs have survived by depending on PAP’s grow-population-grow-GDP model; they have never experienced real competition. With former ministers, MPs, civil servants and army generals in top management, GLCs are simply committing hara kiri – in slow motion.

GLCs should not assume their PAP-backed business model can be replicated elsewhere.

Looks like things are about to change and GLCs may soon be buried by disruptive technology.

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