Like PAP, mainstream media journalists treat their readers as goondus and have been helping their paymaster conceal poor investments by Temasek and GIC. Example:
After GIC had sold Merrill Lynch Financial Centre in 2014, mainstream media published misleading articles which left readers to conclude that GIC had made a handsome profit. It did not.
Information published was incomplete:
Why MSM did not disclose the 2007 purchase price in S$ is obvious: GIC made a capital loss of S$288 million. ($1.488 billion – $1.2 billion)
GIC had invested near the stock market top in 2007 when property yields, net of costs, were likely to be peanuts.
The return on this investment was likely zero – or negative – after 7 years.
Our S$376 billion CPF which forms part of government reserves – managed by GIC – is all invested in overseas assets.
Like it or not, GIC’s poor performance affects CPF members. As is evidenced by PAP constantly tweaking CPF rules to retain more of our retirement savings, especially post global financial crisis.
Singaporeans should be wary of misleading MSM articles on Temasek and GIC. Besides a handful of PAP ministers, nobody – including all MPs and unelected President Halimah – knows the true state of our reserves.