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Serious Anatomy of a S’pore Financial Disaster: GIC’s investment in UBS

nayr69sg

Super Moderator
Staff member
SuperMod
Consider the following:

GIC is a Pte Ltd company. If it was listed on SGX, it would be one of the largest capitalized companies in it. Now imagine a large SGX listed company lost over $1.5 billion. What would happen? It shares will plummet in Price. Its stock might even have been suspended from trading. All shareholders and investors will be calling for the CEO and the BOD to resign. MAS will hold an investigation. People will be sacked and made accountable. Except, non of this happens for GIC. If the President Tony Tan is supposedly looking after our reserves, should he not immediately launch an investigation. After all, isn't lost money part of our reserves? Why isn't the auditor general calling for a complete audit of this company? Why has no one in GIC been sacked? Truly fucked up zikapore.

Because 69.9% of the shareholders (sinkies) vote to keep current management in place and continue doing what they are doing.

If you own shares in this type of company where 69.9% of shareholders are so F*ed up what would you do? Sell your shares right?

Oh sorry forgot that you love your shares very much. Point is Singapore is not a company lah. Although it is run like a company.
 

mojito

Alfrescian
Loyal
This nayr69sg is a real cannon and asshole.
A while say he doctor say he open maid agency.
Support pap then u turn again.
Fuck this dog.

Of course must shift position. You sit in one place all the time? You get piles! :eek:
 

Ralders

Alfrescian
Loyal
I guess you voted for the winner then? LOL!

I can no longer vote in Singapore GE. :biggrin:

Ralders what you doing up so early in the morning?

Just fark off n go find a place to die where no one can find u.
Fucking loser cum mentally ill moron.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
its amazing,how Singapore banks actually had very little to do with the MBS securities toxic throughout the crisis.....but PAP and Temasek,in one fell swoop just dived right into the pool of odourous shit.

This is true. Major sinkie banks direct exposure to the subprime debt mess was very limited (Thangevelu 2009). Who would have thought that prudent banking would be completely undone by imprudent PAP govt. By Buying UBS, BA, and other toxic banks stock the PAP exposed zikapore to the full negative effect of the world subprime crisis, when there was no need to do so. We went out and bought ourselves into all the problems. If we had waited just one year longer, the world's best companies shares could have been bought at a steep discount.

That is why the PAP is our worse enemy and a national danger to the whole country. We don't need to spend $10 billion on defence, when our own internal enemies are within the IStana. ISIS, JI, Al Quaeda, etc. combined could not cost $40 billion damage to our economy. These fucking morons in office have. why bother to do terrorist drills and prepare for terrorist attacks? As long as these assholes remain in power, more of these billion $ mistakes will continue. Some, we can ascertain, others will be buried and not seen the public light.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
I guess you voted for the winner then? LOL!

I can no longer vote in Singapore GE. :biggrin:

Ralders what you doing up so early in the morning?

Raiders is fucking your mother's cheebye. Ever ask why your mother is always not around in the morning?
 

nayr69sg

Super Moderator
Staff member
SuperMod
Raiders is fucking your mother's cheebye. Ever ask why your mother is always not around in the morning?

As ever got no smart reply then the limbic system takes over and all he vulgarities come out to mask the inability to answer intelligently.
 

scroobal

Alfrescian
Loyal
I doubt if anything can be done. These guys would have moved their assets, sent their families over etc. We probably end up with elderly blur grassroots leaders who will probably hang around the hawkers centres looking for guidance. Also remember the entire scholar class and their salaries are a product of the PAP and they will protect their interest. The moment the Gurkhas open fire, Singaporeans will quickly go back to home.

If PAP lose, the first thing the new gov should do is lock down the airport and seal all other exits until all investigations on every single mother fuckers in White are completed.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
As ever got no smart reply then the limbic system takes over and all he vulgarities come out to mask the inability to answer intelligently.

Vulgarities are reserved for people who pretend to be one thing and then are something else. You know, like you.
 

whoami

Alfrescian (Inf)
Asset
That is why the PAP is our worse enemy and a national danger to the whole country. We don't need to spend $10 billion on defence, when our own internal enemies are within the IStana. ISIS, JI, Al Quaeda, etc. combined could not cost $40 billion damage to our economy. These fucking morons in office have. why bother to do terrorist drills and prepare for terrorist attacks? As long as these assholes remain in power, more of these billion $ mistakes will continue. Some, we can ascertain, others will be buried and not seen the public light.

So u agree with tat old man fucktard Retard Devilwithin tat all Malay/Muslims r terrorists?
 

Fugitive

Alfrescian
Loyal
Please correct me if I'm wrong isn't Singapore's sovereign funds kept separated from CPF so if sovereign funds are used by GIC for investments then CPF should be safe no?

Seeking clarification from knowledgeable members here.
 

frenchbriefs

Alfrescian (Inf)
Asset
Please correct me if I'm wrong isn't Singapore's sovereign funds kept separated from CPF so if sovereign funds are used by GIC for investments then CPF should be safe no?

Seeking clarification from knowledgeable members here.

HUAT AH!!!!!!LONG ZHONG HUAT AH!!!!!!


CPF issue: GIC manages CPF monies along with other govt funds: DPM Tharman

SINGAPORE - Central Provident Fund (CPF) monies are not managed as a separate entity by the Government of Singapore Investment Corporation (GIC), they are pooled and invested with the rest of the Government's funds, said Deputy Prime Minister Tharman Shanmugaratnam on Tuesday.

The Government pools the proceeds from SSGS with its other assets, and invests long-term funds through the GIC. The GIC does not in fact manage SSGS monies on their own, separate from the Government's other assets. This is an important distinction, which I will come to later. GIC is fund manager for the Government, not owner of the assets and liabilities. It seeks to achieve the Government's mandate of achieving good long-term returns, without regard to the sources of the funds that the Government places with it - for example, whether they are proceeds from SGS, SSGS or government surpluses.

Over the long term, our investments in GIC have earned a creditable return. For example, over the last 20 years, GIC earned 6.5 per cent per annum in USD terms, which translates to 5.0 per cent per annum when expressed in SGD.

But that is not the whole story. This average long term return masks wide fluctuations in returns from year to year. To answer Mr Gerald Giam's question, over the last 20 years, there were 8 years where GIC's investment returns were below what the Government pays on SSGS.

A good example was the Global Financial Crisis (GFC). As I stated in Parliament at the time, GIC's portfolio value in USD terms declined by about 25 per cent during the 14 months from October 2007. GIC's performance was similar to that of other funds with a similar mix of asset classes, but it illustrated the market volatilities faced by every long-term investor.

Even over the 5-years following the crisis, ending 31 March 2013, GIC earned an annualised return of just 2.6 per cent in USD terms, which translates into a mere 0.5 per cent in SGD terms. GIC's Annual Report explains the reasons for this weak recovery from the crisis, especially in illiquid asset classes like real estate. Its 5-year annualised returns are expected to improve significantly going forward.

Hence while the Government expects to earn returns through the GIC over the long term that exceed what it pays on SSGS, and has done so in the past, there is no assurance of GIC's returns exceeding SSGS interest rates over shorter periods, much less every year. This is also because of the guaranteed floor on CPF interest rates, which do not follow declines in market interest rates.

How then is the Government able to meet its SSGS obligations in the years when the markets are weak and GIC's returns fall below what the Government has to pay SSGS? The reason is that the Government has a substantial buffer of net assets, which ensure that it can meet its obligations. In years when investment returns are poor, the net assets have helped to absorb any losses and ensure that the Government can meet its obligations on the SSGS as well as its market-traded SGS. Correspondingly, when investment returns are strong, the net assets grow.

To address Mr Gerald Giam's further question, therefore, no extraordinary measures have been necessary to enable the Government to meet its SSGS obligations in the years when GIC's returns fall short.
 

whoami

Alfrescian (Inf)
Asset
Please correct me if I'm wrong isn't Singapore's sovereign funds kept separated from CPF so if sovereign funds are used by GIC for investments then CPF should be safe no?

Seeking clarification from knowledgeable members here.

Where do u tink CPF get d $$ to pay sinkies 2.5 - 4% annually?
 

halsey02

Alfrescian (Inf)
Asset
I doubt if anything can be done. These guys would have moved their assets, sent their families over etc. We probably end up with elderly blur grassroots leaders who will probably hang around the hawkers centres looking for guidance. Also remember the entire scholar class and their salaries are a product of the PAP and they will protect their interest. The moment the Gurkhas open fire, Singaporeans will quickly go back to home.

If this was say thirty years ago, I would have agree with you on the moment the Gurkhas fire, Singaporeans return home....we live in a very different world, where people are much more defiant.....you push them into a corner....see , what will happen & many traps, etc...can be learnt from the internet....you can make poison etc..from things found in any home....just do a study, you will know what I mean..

What I mean is...we are living in an entirely different world, your outlook of the world has to change a bit....30 yrs ago....Donald Trump can never be the President of the USA...get my point! & the Gurhkas are not the same, as their forefathers...who fought alongside the British Raj...
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Tharm is really a snake oil salesmen, these apunehs really have the gift of the gab. So let me summarize for Tharm.............

CPF collect monies from peasants.
CPF turns around and gives money to MOF/Govt in return for promissory notes called SSGS
Govt/MOF takes these monies along with other money from other sources and gives it to GIC to manage
GIC takes the money and manages it by buying UBS notes and stocks
So, if you follow the money, CPF funds does end up along with other monies into UBS.
 
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