20150704 PAP outrageous, not Roy’s allegations about CPF

CPF members should remember that Roy’s defamation suit by PM Lee resulted from his speaking up on our behalf. The court case is a lose-lose situation for everyone – tax dollars lost in court hearing, PAP will lose even more votes and CPF members still can’t get all OUR money back at 55.

Roy’s cross examination of PM Lee has actually revealed how our leaders think. Below are some of PM Lee’s the statements on the first day of the hearing. I think it’s frightening to have a leader who places self above all else.

PM Lee: “You have been skirting closer and closer to defaming me for a long period, I have been watching this. I have not responded … eventually it was unambiguous (and) I decided that I have no choice but to act,”.

PM Lee was preoccupied with trying to pin Roy down on a defamation suit and waited for the opportune moment. He must also have known that CPF members were increasingly fed up with CPF goal posts being shifted anywhere and anytime PAP wanted, so long as it retained more of our CPF. This has reached a point of absurdity where our CPF is being withheld by PAP until we are six feet under.

There wasn’t a whisper heard in Parliament on the CPF issue until Roy came along. And what’s more outrageous – PM Lee did nothing because he had probably assumed zero transparency and zero accountability did not matter, as during his father’s time.

PM Lee: “He wanted to make as big a dent in my reputation as he could”.

With the defamation suit reported internationally, PM Lee is the one making as big a dent in his reputation. Foreign leaders will be cracking jokes about the most powerful man in Singapore bankrupting an ordinary citizen.

PM Lee must be exaggerating to claim an ordinary citizen blogger could make a dent in his reputation. If Roy could, the PM Lee would have been finished years ago by more powerful opposition politicians, no?

PM Lee built up his reputation over decades and in all likelihood, PAP supporters are not easily swayed by Roy’s image and articles. Unless of course LKY was right – they are daft.

Will an American who blogs about how corrupted Obama is dent the President’s reputation? It appears other heads of state have a solid reputation which our PM doesn’t have.

Please la, if PM Lee’s reputation could be dented so easily, was there any reputation to begin with?

PM Lee: “Because you have been making more and more outrageous allegations about the CPF, ..”.

If Roy’s posts made outrageous allegations about the CPF, how could its CEO have done NOTHING? Why were more than 200 articles written by Roy met with silence from ex CEO Yee Ping Yi (2011 to 2015)? Does PAP think Singaporeans are still as daft as LKY thought and easily fooled by Roy’s outrageous allegations?

No, these allegations made by Roy are not outrageous:

Truth exposed: The dirty CPF-HDB Scheme to trick Singaporeans
Your CPF is not your money. This is how.
The truth about the CPF Advisory Panel’s recommendations: PAP never wanted to increase our CPF at all.

The fact remains CPF members are not convinced by PAP arguments, never were. This fact will remain regardless of the outcome of Roy’s court hearing.

I have also researched on CPF, especially its investments, and have been shocked to discover that GIC has been speculating with our CPF. Not only that, it has been sitting on unrealised losses, throwing good money after bad and forced to exit after investments had been almost wiped out. This is anything but professional fund management.

I have likened CPF to a Ponzi scheme which of course PAP has been unable to convince CPF members otherwise. Providing total transparency is the only solution but how could PAP after it has concealed CPF-related data since GIC was formed in 1981?

But unlike a Ponzi scheme, there is no intent to cheat CPF members for personal gain. What I suspect is there are too many embarrassing investments which would be ‘game over’ for PAP if disclosed to the public . PAP has created high public expectations of itself, not just of its investing ‘prowess’, but has fallen way too short of them in reality.

What’s outrageous:

– Conversion of CPF into government reserves via the purchase of government securities by CPF Board. Once the status of CPF monies is changed and CPF becomes government funds, PAP does not need to disclose any official information to CPF members.

– PAP claims the disclosure of GIC’s asset values will make it easier for speculators to attack the Singapore dollar during an economic crisis. But isn’t it outrageous to subject our CPF monies to high risks by lumping them together with official reserves? CPF members did not give the PAP any mandate to defend the Singapore currency with our CPF!

– GIC claims to have made real returns (above inflation rate) of 4.1% and assumes the inflation rate to be between 2% and 3%. In reality, our real inflation rate is much higher and this is evident from the increase in housing prices. During the last 3 decades, prices of new HDB flats increased by about 500% and any increase in real estate prices ultimately trickles down to all goods and services.
2.5% to 4% is definitely below the inflation rate experienced by ordinary Singaporeans. Using an unrealistic inflation rate to compute GIC’s real returns is outrageous. Paying CPF members below this rate is … I think Tin Pei Ling has the answer.

What’s really outrageous is PAP treating CPF members as fools, expecting everyone to unquestioningly accept its statements and justifications for non-disclosure of material information pertaining to the usage of OUR retirement savings.

After 4 years of sleeping on the job, ex CPF CEO Yee Ping Yi returned to the civil service as if there wasn’t any issue with CPF. MOM Perm Sec: “The Ministry of Manpower would like to put on record its deep appreciation to Ping Yi for his significant contributions during his tenure at CPF Board.” With issues unresolved for 4 years and an increasing number of disgruntled CPF members, is it not outrageous that PAP wants to put these on record as “significant contributions”?

PAP has again shown it has never been serious in resolving the CPF issue – Yee Ping Yi has been replaced by scholar, ex paper general (Rear Admiral) Ng Chee Peng. Ng served in the the navy from 1988 to 2014 and has zero relevant experience in the management of a national pension fund. Isn’t succession planning in our statutory boards by the parachute system totally outrageous?

To sum up, blame has to rest squarely on PAP – matters wouldn’t have escalated to the High Court if it had not been concealing material information on our CPF investments.

If Roy has made outrageous allegations about the CPF, Singaporeans would have dismissed them and Roy would have made a fool of himself. But Roy’s articles resonate with hundreds of thousands of CPF members.

It is the PAP which has been making outrageous statements and justifications to retain increasing amounts of OUR CPF.

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2 Responses to 20150704 PAP outrageous, not Roy’s allegations about CPF

  1. anon says:

    Thanks for article, just a note that perhaps you meant – “This is anything but UN-professional fund management.” instead of – “This is anything but professional fund management.”

  2. Pingback: Lee Kuan Yew on CPF | Singapore Politics: Blog

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