Tuesday, March 3, 2009

Singapore's Reserves???

There's been so much talk about Singapore's reserves that I begin to seriously wonder what animal this "reserves" is all about?

What are "reserves" made of?

Are "reserves" real?

What's the worth of "reserves"?

Who actually control "reserves"?

Is the Singapore President protecting "reserves"?

I think it's time for me to get real to know what I don't know.

If it was such a hassle to draw down $4.9 billion (needing President's approval and all that jazz) in "reserves" (past or present or whatever) why was no approval needed for GIC and Temasek to mess around billions as if it were monopoly game money? While 007 James Bond is licensed to kill, is GIC and Temasek licensed to burn money like hell notes?

With all the clever reasons as to why we are not supposed to know since 2001 (read here), I've come to accept the fact that we'll never know. The bright side to not knowing is it hurts to know that 'reserves' have been treated like pokers chips being played by gamblers of "unflinching integrity" with no regrets. View video here.

Lehman Brothers collapsed. "Reserves" staked at AIG, Merrill Lynch, UBS, ABC Learning, ShinCorp, Citigroup have either tanked or declining like crazy. Will GIC and Temasek tank too?

Reserves? Not knowing is best.

Ignorance is bliss.

It's so sad that having been the Special Advisor for Citigroup for less than 3 years, MM Lee has to see Citigroup take such a free fall. Read here. It's good to know that he's able to see the light in 10, 15, 20 years according to CNA here



At March 4, 2009 at 1:11 PM , Anonymous Anonymous said...

Yes Mr. Fish,
the oldfart talks too much and talks too big.

Timely of you to remind us of his quote to justify obscene pay for his stooges. It just gets better, especially the big time financial companies which old fart admires so much, have become turtles on their back.

It has been a conflict of interest from the start with oldfart as GIC chairman and also advisor to Citi Group.

Let's not forget his daughter-in-law as CEO of Temasek. Also another conflict of interest.
And we know who put her there.

And we know about President Nathan.
We know who put him there, and we know he has no clue like us about the reserves. Please take confort that the biggest stooge does not know, then we lesser mortals ought to realise where we stand.

And we know who came up with the ingenious system to allow PAP stooges to enter parliament by the backdoor.

And we know who re-invent the zoodiciary which is not suppose to exist in our so called 1st world.

Frankly this bloody govt is a sham.
It is honest and decent folks out there that is slowing our slide downhill.

At March 4, 2009 at 1:17 PM , Anonymous Anonymous said...

Mr Fish,

I am afraid MM ca'nt see the light in 10, 20 or 30 years. That's why he has the license to say anything he wants.

At March 4, 2009 at 3:06 PM , Blogger Xtrocious said...

Same issue with Chinese companies listed on SGX these days...

A lot of them show very healthy cash balances but how can we be sure if the money is really there?!

Already we have seen a few cases of the owners overstating their cash and sales or even running away with the kitty...

And all this while, we have auditors and market regulators watching them...

Now if you tell me that we don't even know how much is our reserves...

Something just doesn't fly for me...

At March 4, 2009 at 4:30 PM , Blogger Tan Ah Beng said...

Indeed. It is for our own good, for lesser mortals like us, not to know too much about such things as the reserves. We should just leave it to the first class government that is serving us.

At March 4, 2009 at 4:55 PM , Anonymous Anonymous said...

If we just leave such issues to the first class Government and forget about it, one fine day we may wake up to realise that the reserves are gone, just like Christmas Island, without anybody knowing it. That's the danger of not talking about it.

Lost Citizen

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