Ho Ching to leave Temasek Holdings
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good riddens for her resignation ! I really do not wish to see HC's pharking face in any other govt agencies. She has caused enuff bleed to our national funds and should be prosecuted for her incompetencies that led to such a ginomous $58B loss !
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With her fantastic abilities at giving money away, she should be heading the LKY Foundation and convert it into a philanthropy to help the foreign rich.
We will be in a better position to manage our own monies without the interference of the Lee Family and their PAP to such and siphon any more of our monies.
At 31 PERCENT loss that equal S$51 Billion - shared amongs a populaton of 3.5 million citizens, each citizen would have received S$14,571.
A household of 4 would have received S$58,284.
Instead, our money has enriched the rich in the USA and Europe.
Now we hear of the discovery that Merrill Lynch had quietly made bonus payments to a select group of 700 top executives - receiving US$1-Million per head.
So much for the capabilities of the First Family's talent in management and in the practice of due diligence.
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ML paying themselves $m means nothing to the PAP, for they themselves are doing the same. they think it is a necessity too because ML/PAP needs to retain the `talent' within their fold. if they don't pay, these `talents' may leave....go figure.
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Originally posted by Atobe:
With her fantastic abilities at giving money away, she should be heading the LKY Foundation and convert it into a philanthropy to help the foreign rich.
We will be in a better position to manage our own monies without the interference of the Lee Family and their PAP to such and siphon any more of our monies.
At 31 PERCENT loss that equal S$51 Billion - shared amongs a populaton of 3.5 million citizens, each citizen would have received S$14,571.
A household of 4 would have received S$58,284.
Instead, our money has enriched the rich in the USA and Europe.
Now we hear of the discovery that Merrill Lynch had quietly made bonus payments to a select group of 700 top executives - receiving US$1-Million per head.
So much for the capabilities of the First Family's talent in management and in the practice of due diligence.
ha ha you know what she might just take up that role. what other role do you want her to take.....CEO of Kidney foundation? -
Originally posted by Arapahoe:
ha ha you know what she might just take up that role. what other role do you want her to take.....CEO of Kidney foundation?
Any role that will help her to give more of the LEE's monies away - and cause him more heart burn - will surely satisfy me.It will not be a surprise that she was the cause for LKY having to put a pace maker into his body ?
It seems that the writings on the wall may have come one full circle, and LKY maybe reaping the seeds that he sowed years ago - in defending her misguided decisions.
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What makes you think that he will get a heartburn? After all, it is not HIS money... it is OUR money?
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Hey this is an eye opener the regime is incapable of remote viewing the future. Ha. Yeah baby! Bring it forward and may they collapse. lol
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It is strange for someone so closely affiliated to the People's Action Party to resign for spectacular failure because Singapore does not have that kind of accountability. I think the most probable explanation is the overwhelming foreign pressure to depoliticise sovereign wealth funds. After all, Ho Ching sleeps with the Prime Minister, bears his children and sparked a military coup in Thailand. No doubt, many economies have become increasingly protectionist and nationalist in this global financial crisis.
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i also don't believe that her stepping down has got nothing to do with the huge losses. Ho Ching The S$58b plunge The terrible loss was revealed three days after she quit, fuelling talk that they’re related; sadly, she’ll not lead the recovery. By Seah Chiang Nee, littlespeck.com Feb 14, 2009 SINGAPORE’S hard-earned reserves, which are tied to the island state’s global investments, have plunged in unprecedented proportions over the past year. In just eight months, the invested portfolio of the state investment corporation, Temasek, fell by a staggering S$58bil – or 31%. That it has dropped from S$185bil (RM443.3bil) in March to S$127bil (RM304.3bil) in November is confirmation of the extreme pessimism that had been privately spreading among informed citizens for more than a year. The government has been reluctant to reveal much about where its money was placed even in good times, but the dramatic downturn has increased public pressure for greater openness. Singaporeans are deeply worried about losing such a big slice of their collective savings, and it’s not even final yet. Many people are fearful that they may eventually be asked to bear a heavier financial burden for it in higher indirect taxes. The feared news was announced in Parliament on Tuesday – three days after Temasek’s powerful CEO, Ho Ching, said she was leaving the company on Oct 1. (Ho Ching, wife of the Prime Minister and the world’s eighth most powerful woman, was instrumental for Singapore’s major investment decisions during the past six years she was there.) The company emphasised that her exit had nothing to do with the losses – but very few people really believe it. Predictably, the two deveÂlopments have come as a shock to a people already facing a terrible recession that’s bleeding jobs by the week. The S$58bil loss does not include the foreign bank equities’ sell-down since November, which means the red ink would have continued to flow. Neither has it taken into account similar losses in the republic’s second – and larger – sovereign wealth fund, Government Investment CorÂporation (GIC). It is too early to count their total losses. Taken together, the global woes and poor investment decisions could have reduced Singapore’s reserves by more than S$200bil, not all of which are recoverable. To be fair, the spectacular losses are caused by the global meltdown that originated from America’s sub-prime woes, which is punishing economies – and investments – everywhere, with Singapore being one of the worst affected. Kuwait’s Investment Authority has also announced that its oil-rich sovereign fund had lost US$30.73bil between March and December last year. In its own defence, the government here has said its investment record is better than two main stock indexes. The leaders have assured the citizens that most of the losses are on paper, and recoverable when the crisis blows over. No time frame is mentioned, but Minister Mentor Lee Kuan Yew talks of 10 to 20 years. “We went into these investments as a long-term investment – for up to 30 yearsâ€� was the rationale behind the 40% invested in the troubled banking sector. Not always red ink One sympathetic writer pointed out that despite Temasek’s poor performance, its devalued assets of S$127bil last November were better than the S$90bil in 2004. This meant that Ho Ching had merely lost back some of the money that she had made since joining in 2002. As pressure mounted from the public for information on how badly their reserves are faring, Lim Hwee Hua, senior minister of state with the Finance Ministry, finally went to Parliament on Tuesday with some figures. The next target could be GIC, which manages the country’s foreign reserves, estimated at some $550bil pre-meltdown. If it loses by a similar 30% as Temasek, it could mean a decline of about S$170bil. Observers believe that, in this crisis environment, it is not possible for any government to remain secretive about losses of such magnitude for long. “Secrecy is not good for SingaÂporeans or the government,â€� argued a semi-retired professional. “In the absence of official news, the populace tends to believe the worst of rumours, and trust in leaders is affected.â€� Compelled by its increasing role as a major global investor – often in “sensitiveâ€� businesses, the Singapore wealth funds have been opening up their books – slightly – in recent years. Temasek Holdings under Ho Ching began releasing annual statements several years ago, albeit without revealing too much. The government, however, still adopts a general attitude of secrecy – or tells the least possible. Critics say this is untenable in the modern age of globalisation, especially with the emergence a better-informed younger generation at home. Some businessmen I talked to find it hard to understand this unwillingness to trust their own people and to tell them like it is. A friend who grew old with Lee Kuan Yew said: “This was what Lau (old) Lee would have done in his years, when our problems were bigger than this. “Speak frankly about the problems, and say ‘Please, I need your help. This is what is happening to us, and what you can do’.â€� The younger leaders, he added, seem to be interested only in talking about the good things that they and their political party can claim credit for – not the bad news. He is right in one respect, however, when he said that despite the current debacle, Singapore has enjoyed a good track record in investing Singaporeans’ savings for many years. These are extraordinarily bad times for many Singaporeans. But despite the investment bloodbath, their savings remain awesome, and I have little doubt that, barring more disasters, these will enable the city to bounce back strongly when the trouble ends. I may or may not be around to see it, but I am very sure that it will happen.
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Originally posted by lotus999:
i also don’t believe that her stepping down has got nothing to do with the huge losses.
Ho Ching
The S$58b plunge
The terrible loss was revealed three days after she quit, fuelling talk that they’re related; sadly, she’ll not lead the recovery.
By Seah Chiang Nee, littlespeck.com
Feb 14, 2009SINGAPORE’S hard-earned reserves, which are tied to the island state’s global investments, have plunged in unprecedented proportions over the past year.
In just eight months, the invested portfolio of the state investment corporation, Temasek, fell by a staggering S$58bil – or 31%.
That it has dropped from S$185bil (RM443.3bil) in March to S$127bil (RM304.3bil) in November is confirmation of the extreme pessimism that had been privately spreading among informed citizens for more than a year.
The government has been reluctant to reveal much about where its money was placed even in good times, but the dramatic downturn has increased public pressure for greater openness.
Singaporeans are deeply worried about losing such a big slice of their collective savings, and it’s not even final yet.
Many people are fearful that they may eventually be asked to bear a heavier financial burden for it in higher indirect taxes.
The feared news was announced in Parliament on Tuesday – three days after Temasek’s powerful CEO, Ho Ching, said she was leaving the company on Oct 1.
(Ho Ching, wife of the Prime Minister and the world’s eighth most powerful woman, was instrumental for Singapore’s major investment decisions during the past six years she was there.)
The company emphasised that her exit had nothing to do with the losses – but very few people really believe it.
Predictably, the two developments have come as a shock to a people already facing a terrible recession that’s bleeding jobs by the week.
The S$58bil loss does not include the foreign bank equities’ sell-down since November, which means the red ink would have continued to flow.
Neither has it taken into account similar losses in the republic’s second – and larger – sovereign wealth fund, Government Investment Corporation (GIC).
It is too early to count their total losses.
Taken together, the global woes and poor investment decisions could have reduced Singapore’s reserves by more than S$200bil, not all of which are recoverable.
To be fair, the spectacular losses are caused by the global meltdown that originated from America’s sub-prime woes, which is punishing economies – and investments – everywhere, with Singapore being one of the worst affected.
Kuwait’s Investment Authority has also announced that its oil-rich sovereign fund had lost US$30.73bil between March and December last year.
In its own defence, the government here has said its investment record is better than two main stock indexes.
The leaders have assured the citizens that most of the losses are on paper, and recoverable when the crisis blows over.
No time frame is mentioned, but Minister Mentor Lee Kuan Yew talks of 10 to 20 years.
“We went into these investments as a long-term investment – for up to 30 years” was the rationale behind the 40% invested in the troubled banking sector.
Not always red ink
One sympathetic writer pointed out that despite Temasek’s poor performance, its devalued assets of S$127bil last November were better than the S$90bil in 2004.
This meant that Ho Ching had merely lost back some of the money that she had made since joining in 2002.
As pressure mounted from the public for information on how badly their reserves are faring, Lim Hwee Hua, senior minister of state with the Finance Ministry, finally went to Parliament on Tuesday with some figures.
The next target could be GIC, which manages the country’s foreign reserves, estimated at some $550bil pre-meltdown.
If it loses by a similar 30% as Temasek, it could mean a decline of about S$170bil.
Observers believe that, in this crisis environment, it is not possible for any government to remain secretive about losses of such magnitude for long.
“Secrecy is not good for Singaporeans or the government,” argued a semi-retired professional.
“In the absence of official news, the populace tends to believe the worst of rumours, and trust in leaders is affected.”
Compelled by its increasing role as a major global investor – often in “sensitive” businesses, the Singapore wealth funds have been opening up their books – slightly – in recent years.
Temasek Holdings under Ho Ching began releasing annual statements several years ago, albeit without revealing too much.
The government, however, still adopts a general attitude of secrecy – or tells the least possible.
Critics say this is untenable in the modern age of globalisation, especially with the emergence a better-informed younger generation at home.
Some businessmen I talked to find it hard to understand this unwillingness to trust their own people and to tell them like it is.
A friend who grew old with Lee Kuan Yew said: “This was what Lau (old) Lee would have done in his years, when our problems were bigger than this.
“Speak frankly about the problems, and say ‘Please, I need your help. This is what is happening to us, and what you can do’.”
The younger leaders, he added, seem to be interested only in talking about the good things that they and their political party can claim credit for – not the bad news.
He is right in one respect, however, when he said that despite the current debacle, Singapore has enjoyed a good track record in investing Singaporeans’ savings for many years.
These are extraordinarily bad times for many Singaporeans.
But despite the investment bloodbath, their savings remain awesome, and I have little doubt that, barring more disasters, these will enable the city to bounce back strongly when the trouble ends.
I may or may not be around to see it, but I am very sure that it will happen.
Be careful of what you write here.
You will be labelled as a "despot ass-licking dog" soon.
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They could be expecting more losses to come and thus need to get her out of Temasek asap.
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Dear sirs and madams many many,
I have a question . ask can?
ok, it goes like this.
Given that TODAY reporter said : "Based on merit, she is without doubt a talent. Today"
can I assume the investments solid solid?
and a uncle said its for the long term, when share price go up, profit.
So, shouldn't they pour in even more billions or trillions into these investments which i am given the impression are great investments? If you ask me, I would pour in every cent i have since the decision is a correct one i assume?
maybe I should ask
Christie Loh
deputy business editor
you reckon?
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Originally posted by teraexa:
..., the spectacular losses are caused by the global meltdown that originated from America’s sub-prime woes, which is punishing economies – and investments – everywhere, with Singapore being one of the worst affected. Kuwait’s ...
Middle Eastern countries' reserves came from selling oil.
Singapore reserves from Singaporeans.
Now you see why so many people kpkb.
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Mideast countries sell oil and let their people enjoy the riches.The citizens of these countries live like kings. Free education, free healthcare, cheap cars, cheaper gas, big houses...perhaps "hard working"singaporeans don't really want to live like that :)
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About Chip Goodyear. Anymore news other than what i surfaced at
http://gasweek.wordpress.com/2007/10/02/outgoing-bhp-billiton-chief-chip-goodyear-banks-salary-package-worth-a89m-company-profits-at-a15bn/
about his taste for huge salaries.
Clebrity exeucitve like this or their emplyers should make proper disclosure of their pay packets. Dn't you think?
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Finally she left after so much shit happens.Good luck to the new AngMoh.He has to clean and wipe the shit she make
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She steps down, she's still a rich woman... We complain and bitch till the cows come home also, we're still paupers and expecting the Govt to help us in times of need...
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Originally posted by NellyJT:
She steps down, she's still a rich woman... We complain and bitch till the cows come home also, we're still paupers and expecting the Govt to help us in times of need...
I concur,especially this time where the GST offshit is double,Sure got something double in return too