Ch8 News: GIC loses money in Olympus Scandal

[Speedsun]

But the problem is, they are not dealing their own $. It's like if one is not dealing with his/her own $, they are more reckless, and when it make losses, they will be thinking, well, it's not my $ anyway.

 

You think most GIC local personnel do not pay tax? They do not want to get promoted by doing a good job to earn more salary?

[Mecontle]

we need a robin hood to give it back to the poor

[Speedsun]

If it's a mistake, then the presenter will soon be no more.

Peasants cannot make honest mistake and expect to get away with it.

 

Why presenter has to take the blame? She was just reading the script written by someone else.

[Tigerwoods]

i certainly cannot agree to this lassire faire method of investing our hard earned monies to only hope that the management of the invested companies do a good job. actually not just Temasek and GIC. I believe even EDB Joint Ventures lost a good deal of our state's monies in investments that turned wayward. example, my previous american company has EDB Joint Ventures as one of their major shareholders.

Part of EDB strategy to take small startups, including those based in usa, to greater heights. the problem is that my ex company finally went bust after 5-6 years of sustained losses. i am sure EDB also lost quite a bit there. the bigger problem is i never foresee my previous company usa management to be capable of greater things after 1 year of joining them and i am appalled EDB had pumped in money and allowed this american company management team to continue running business without much accountability to EDB as major shareholder.

 

if i would have my way, as a major shareholder, i would like to have representation in the board of director and in fact, would want to have a regular assessment of the operations and strategies of the company. i would not like to take a back seat only to realize a few years down the road that it is a bad investment. for such huge sum of monies invested, the management of the invested companies should be held accountable to me.

Totally agree with you.

That is the Biggest flaw in EDB investment stretegy. They suck up to all things Ang Mo sometimes.

There are so many Ang Mo putting up very good Mambo Jumbo startups to suck our money.

If you listen long enough to Ang Mo talk... most are Air Bags but to a novice EDB scholar, its like a promise to the Moon.

The secret to success of many VCs is their business acumen and foresight, of course they have their fair share of dead ends too.

But EDB are made up of scholars with 0 experience...

 

[Scion]

CPF withdrawal age to be raised higher?!?!?!?!

MORE GOOD YEARS AHEAD!

 

 

and the worse thing?

open the floodgate bigger to allow more to come in as PRs and FTs...

can collect more CPFs to continue their punting

[Scion]

not too long ago, Chinese giant forestry company Sino-Forest conned USA and Canada with its imaginary hectares of lands...

one of the biggest frauds

 

now, Olympus shocked the world with a super fraud that goes back all the way to 1990 (Nikkei was close to 40k then)

 

are there any companies we can really trust?

 

 

anyway GIC scores with another "buy high sell low"...

[Curahee]

Imo the reason why they do better in local stock is becoz they can control the companies here. Try that in oversea company. Wanna see how good they r is to look at their oversea investments.

[Tigerwoods]

Imo the reason why they do better in local stock is becoz they can control the companies here. Try that in oversea company. Wanna see how good they r is to look at their oversea investments.

You have made the obvious observation of our obnoxious overconfident officials.

[Happily1986]

As much as i would like to believe what the MIW say about the safety of our CPF money.. i can't help to add 1 + 1 = 2 and somehow think that the raising of CPF min sum and withdrawal age is somehow related to the losses made by GIC/Temasick..

Either that or they announce that they are going to divert more of your CPF contribution towards SA rather than OA. Folks like you and me who are depending on CPF to service the HDB loan might have issues if the skew is absurd.

[Gz0707]

 

anyone seen this yet? although this is old news, showing the manoeuvrings behind the Lehman Bros meltdown, it goes to show that no govt shd just put their money behind any highly rated investment fund or company - it explains why in detail.

[Ysc3]

Either that or they announce that they are going to divert more of your CPF contribution towards SA rather than OA. Folks like you and me who are depending on CPF to service the HDB loan might have issues if the skew is absurd.

 

to be fair, has anyone come across anyone that had issues utilizing their CPF (according to rules) ??

 

CPF is unseen money or a token ... you can use it to buy a flat and HDB will recognize this token. Has HDB refused this token before ? they dun ask to see the stacks of dollar notes on their tables, just that you sign over the tokens in your CPF account right ?

 

so what has CPF got to do with and GIC investments ?

 

even if their investments fail, our CPF amounts will remain the same. you wun suddenly see that your CPF account will missing 10k r 20k.

 

for me, i am thankful CPF is there, else i wud have never been able to save enuff to buy my own flat (as a single buyer).

[Curahee]

to be fair, has anyone come across anyone that had issues utilizing their CPF (according to rules) ??

 

CPF is unseen money or a token ... you can use it to buy a flat and HDB will recognize this token. Has HDB refused this token before ? they dun ask to see the stacks of dollar notes on their tables, just that you sign over the tokens in your CPF account right ?

 

so what has CPF got to do with and GIC investments ?

 

even if their investments fail, our CPF amounts will remain the same. you wun suddenly see that your CPF account will missing 10k r 20k.

 

for me, i am thankful CPF is there, else i wud have never been able to save enuff to buy my own flat (as a single buyer).

 

Imo depend on how u wanna see it. CPF gone to their pocket every mth. What u see is printed numbers on ur cpf a/c statement. Where the money go to we dunno. U can use it to buy HDB i agree, HDB belong to the govt hence its still inside their pocket and where this money go to we dunno. But i know every mth my cpf a/c statement will show zero for the next 30 yrs after buying the flat.

[Happily1986]

to be fair, has anyone come across anyone that had issues utilizing their CPF (according to rules) ??

 

CPF is unseen money or a token ... you can use it to buy a flat and HDB will recognize this token. Has HDB refused this token before ? they dun ask to see the stacks of dollar notes on their tables, just that you sign over the tokens in your CPF account right ?

 

so what has CPF got to do with and GIC investments ?

 

even if their investments fail, our CPF amounts will remain the same. you wun suddenly see that your CPF account will missing 10k r 20k.

 

for me, i am thankful CPF is there, else i wud have never been able to save enuff to buy my own flat (as a single buyer).

 

yes i certainly agree that CPF is a lifesaver. However, if they announce that they are going to divert a greater share of your contributions to SA (which has happened once already), there is a possibility that some people might have issues servicing their loan. of course, the proportion of contribution going to SA must be very very drastic to make such a problem reality. notice i wrote absurd skew in my earlier post?

[Tigerwoods]

Imo depend on how u wanna see it. CPF gone to their pocket every mth. What u see is printed numbers on ur cpf a/c statement. Where the money go to we dunno. U can use it to buy HDB i agree, HDB belong to the govt hence its still inside their pocket and where this money go to we dunno. But i know every mth my cpf a/c statement will show zero for the next 30 yrs after buying the flat.

Your pay don't increase one arh ?

Our President already say : Confidence for THE FUTURE - I have full confidence that salary in the future sure up one sure one but Up rate faster than Inflation or not you must ask our Prezzie.

[WTF]

Response from GIC.....

 

http://www.channelnewsasia.com/stories/sin...1164962/1/.html

[Without_a_car]

The thing is, as losses from bad investments increase, they can priced a HDB flat, so that it effectively wipes out husband and wife's accumulated CPF savings in their entire working life, without CPF having ever having to return a single cent.

[Ysc3]

The thing is, as losses from bad investments increase, they can priced a HDB flat, so that it effectively wipes out husband and wife's accumulated CPF savings in their entire working life, without CPF having ever having to return a single cent.

 

come on lah ... its not as if the whole govt only depends on selling HDB flats for income ??

[Picanto]

how mcuh they actually lose?