Originally posted by bigmouthjoe:
The president approved the touching of the reserves. If they need
to bleed further regarding the Shin Corp issue, will the President
give the go ahead again? Not sure about this issue... anyone? Or
did he give the go ahead already?
Does Temasek need the President to
approve any investment decision ?
More likely, Temasek will seek the approval of MM and the PM, and
one can only wonder if the SM's opinion is even sought.
In a January 2005, Herald
Tribune reported "Temasek,
which is wholly owned by the Ministry of Finance, has 90 billion
Singapore dollars, or $55 billion, of assets and controls companies
that account for 44 percent of the Straits Times
index."
The Singapore Department of Statistic's February 2007
report had published the Singapore's Foreign Reserve as at
US$136 BILLION.
It is very likely that Temasek has a huge operating funds that have
NOT been transferred into the Reserves that require the approval of
the President or Parliament.
Temasek's operating funds came from the Annual Surplus from this
Government, who prefer to move the surplus into the various
Government Linked Companies such as the GIC and Temasek - so as to
allow itself a free hand to generate additional cash.
What is the real size of our Singapore Reserves ?
This 'gold mine' of 'loose cash' remains UNAUDITED
in the annual reports from GIC and Temasek - and is probably the
cause of LKY's nightmare that some other political party will take
over the reins of Government, and let some sunlight to shine onto
the accounts that have been kept in the dark since the
incorporation of the GIC and Temasek.
To prevent this nightmare from happening, LKY had implemented the
first obstacle that prevent any new Government - (formed by any
other political party) - from spending any cash that has not been
generated by itself.
In other words, all cash holdings generated by the present Ruling
Party that formed the present Government will not be available to
the next Ruling Party that form the next Government to run its own
program - even if the next Ruling Party has the overwhelming
support of the Singapore Population.
For the first term of any Government - formed by an Alternative
Political Party elected - Singaporeans will have to tighten our
belts and live in poverty or suffer higher taxes while the New
Government generate its own surplus, whle the previous surplus and
reserves continue to be managed by the GIC and Temasek with LKY and
his daughter-in-law at the helm, respectively.
The other obstacle that LKY has put in place - is to have cronies
from within the present Ruling Party to sit as Chairman and CEO of
every one of the many Government Owned and Government Linked
Companies in its huge stable.
Will all these Government Owned and Government Linked Companies
submit themselves to any New Government formed by any other
Political Party ?
The present Ruling Party that formed the present Government has set
the foundation for a chaotic system that will not allow for any
smooth transition of political rule in a Multi-Political Party
System - such as that of the REAL First World Countries in West
Europe, UK, USA; and closer to home in countries such as Australia,
Philippines, India, and South Korea.
