Rogers also expressed doubts about the capability of GIC’s fund managers, including Tony Tan,
“I know these people, and they have never given me the impression that they’re smarter than anyone else
…They HAVE GIGANTIC Amounts of MONEY, but they’ve Made a BAD JUDGEMENT in these cases.”
The news was naturally censored by the Singapore media,
but the Wall Street Journal reported that GIC suffered a loss around 59 billion Singapore dollars (US$41.6 billion) in 2008, making it one of the worst years for the sovereign wealth fund since it was established in 1981.
Now PM Lee says that ministers should be accountable, whatever the pay, but “Singaporeans must evaluate ministers fairly”, and “they cannot expect ministers to never make mistakes.”
The key point is, if your ministers and your government didn’t make people’s lives better, you do not deserve the pay you asked for. If your ministers made serious mistakes, you should just fire them if they didn’t offer their resignation already.
Business is business (在商言商)...all business deals are sealed with an intention to make a profit, what matter most in the deal is that, who makes the most profit, not who're the big losers. Temasek's billion-dollar purchase of OLAM and Watson — Interesting comments from man in the street.
Though not ruled out entirely, is the possibility of nationalizing the company. Hard to imagine why that should be the case. We do not think it is in the interest of the government to “own” back the company, and subject itself to further abuse from disgruntled commenters whenever trains breakdown, or fare increase is necessitated. Yes, granted that Temasek owns 55% of the company, but this is not so Olam-like. Of course, many of us are left scratching our heads on that transaction.
This is so funny. LOL
In the US: "Don't fight the Fed". In Singapore: "Don't fight Temasek and GLC stocks".
SMRT's share price still has the last catalyst to impact the current strong downtrend and the best one is none other than nationalisation. In other words, when a listed-company makes good profit, the shareholders benefit but when a listed-company makes losses and/or gets into sticky problems, get the government to fix it, i.e. bail out the listed-company with tax payers' money, similar pattern like OLAM.