How mainstream media help PAP masks poor performance of GIC

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.
1gicmerrill1Information 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.



This entry was posted in GIC. Bookmark the permalink.

2 Responses to How mainstream media help PAP masks poor performance of GIC

  1. Gunny says:

    I remember reading this article in the ST a few years ago with amusement. I vividly recall some of my fondest memories, travelling to and fro to London. One memorable one was takinh a black cab from Heathrow to Thistle hotel on Charing Coross in a warm summer early morning. The drive was quick and the meter was a reasonable £60. The driver has taken the fastest and easiest route. It was only when I had mentally converted back after paying for the ride in cash, the ride had cost me $180.

    The article just goes to prove how meticulous and savvy the power elites really are. They did not resort to falsehoods and told the truth while omitting an important minute detail – the currency exchange rate at time of purchase.

    Imagine how well prepared and savvy they will be in holding elections and maintaining their hold on power? This is why I have always commented that elections are won before they are even held. Its just a formal exercise to apply a veneer of legitimacy to their rule.

    Its a pity 95% of Singaporeans can’t or refuse to see this.

  2. Phillip Ang says:

    GIC invests 100% in foreign assets. While a stronger S$ reduces domestic inflation, all foreign investments have been impacted by huge forex losses. Tens of billion$.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s