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Fap think tank now says cpf is not invested in gic

Discussion in 'The Courtyard Café' started by makapaaa, Dec 10, 2014.

  1. makapaaa

    makapaaa Alfrescian (Inf)

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    [h=1]GOVT THINK TANK NOW SAYS CPF IS NOT INVESTED IN GIC[/h]
    <!-- /.block --> <style>.node-article .field-name-link-line-above-tags{float: right;}.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;}</style> Post date:
    10 Dec 2014 - 2:44pm


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    In a sudden about turn, government think tank Institute of Policy Studies (IPS) now say that the CPF is not invested in the government investment firm GIC.

    “CPF funds are not managed by GIC,” research fellow at IPS Christopher Gee was quoted by The Online Citizen to have said.

    “CPF funds are invested in SSGS – which are essentially IOUs issued by the government – that pay interest at rates pegged to those payable into CPF members’ OA and SMRA.

    "The proceeds from the SSGS are combined with other funds from the issue of standard Singapore Government Securities, and placed with the Monetary Authority of Singapore together with other government assets.

    "Periodically, transfers are made from all of these co-mingled funds to the GIC to invest for the long-term.

    But this is markedly different from what the government had said earlier this year.

    In July this year, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam had said, "after the GIC was set up in the early 1980s, it was essentially the GIC that manages CPF assets."

    Mr Tharman then said, "Which brings me to the next question about whether GIC knows it is managing CPF assets.

    "GIC knows it is managing Government assets. That is the Government’s mandate for the GIC.

    "The mandate is irrespective of the sources of funds it manages, which comprise the SSGS, the SGS, Government surpluses, the proceeds from land sales - all Government funds."

    However, the GIC Board of Directors is made up of the Singapore prime minister Lee Hsien Loong as the Chairman, the ex-prime minister Lee Kuan Yew as the Senior Advisor, Mr Tharman himself as one of the directors, and the other deputy prime minister Teo Chee Hean and several other ministers as the other directors as well.

    As such, it is without a doubt that the GIC would know that it is is managing the CPF.

    Thus the about turn by government think tank IPS is surprising.




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    The sudden flip flop also comes on top of denials by the Singapore government on the use of CPF by the GIC over the past many years.

    In 2001, Mr Lee Kuan Yew had denied that the CPF is invested in the GIC. He denied this again in 2006.

    Mr Lee had said, "The CPF invests members' savings only in absolutely risk-free Singapore government bonds."

    It is evidently not true.

    Then-manpower minister Ng Eng Hen also denied this in parliament in 2007.

    When the Worker's Party Secretary-General had asked, "Does the Government of Singapore Investment Corporation (GIC) use money derived from CPF to invest?," Dr Ng had said, "The answer is no."

    The PAP government has continuously denied taking Singaporeans' CPF to invest in the GIC until May this year when prime minister Lee Hsien Loong sued blogger Roy Ngerng, before the government finally admitted to the truth that it does.

    As such, an about turn just after six months is suspicious.

    What is even more shocking is that Mr Gee also said, "The way in which the GIC manages its funds is therefore a separate matter of overall governance and its responsibility to its client, the Singapore government."
    However, since the CPF is indeed invested in the GIC, the government cannot claim that the governance of the GIC is separate from the CPF.

    Since the CPF is fully invested in the GIC, there is every responsibility that the GIC accounts in a fully open and transparent manner to CPF members and Singaporeans.
    As of today, the government still has not provided full reports on the GIC's usage of Singaporeans' CPF funds.

    RELATED:
    GOVERNMENT STUDY: CPF GIVES GOOD RETURNS AND IS SAFE
    DPM THARMAN ANSWERS ROY NGERNG'S QUESTIONS AT CPF DIALOGUE
    BACK IN 2007, IT WAS CLAIMED IN PARLIAMENT THAT GIC DOES NOT INVEST CPF FUNDS
     
  2. po2wq

    po2wq Alfrescian (Inf)

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    dey demselves dun even noe where dey haf placed peasantz moni! ...

    u dun nid further proof dat all moniz gone! ... :eek:
     
  3. syed putra

    syed putra Alfrescian Old Timer

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    The cpf money was a loan to garblemen who then passed it to gic.
     
  4. mojito

    mojito Alfrescian Old Timer

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    Of course! Loan we only need to pay interest and principal. If we say GIC managed funds for CPF, some people will ask whose pockets do the extra returns go to? :)
     
  5. Poomer

    Poomer Alfrescian Old Timer

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    It's like telling people that it's your money, but you can only see it on paper, cannot touch it. Then they tell you that since you cannot use your money, they invest your money for you, but not they invest, you buy their compulsory bonds, so it's no longer they invest, it's you buy bonds. Well done PAP, full marks for bullshit.

    Furthermore, if one day, Singapore does become insolvent, they'll pay you first, but at end of the day, because they pay you already, they no more funds, so they tax you more. End of the day, they still get their million dollar salary, and we continue to get fucked by our government.
     
  6. shittypore

    shittypore Alfrescian Old Timer

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    Surely, many hve experience such situation, lend $$$ when time to collect the borrower will give 1001 excuses if he dont hve the cash to repay. First it was 55 to 65, than it wast he minimum amt and all the medisafe shit. The writing's on the wall, BETTER to admit thats its all gone into thin AIR! and save Sinkies the agony frm playing this guessing game.
     
  7. Cerebral

    Cerebral Alfrescian (InfP) [Comp] Old Timer

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    By muddling the water with monies from other sources does not mean that GIC does not manage our cpf money... They are indeed trying very very hard
     
  8. Papsmearer

    Papsmearer Alfrescian (InfP) - Comp Old Timer

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    The question is very simple. How do you ultimately use our retirement fund given to you to manage? The PAP and Old Fart have hum and haw for decades over this question, twisting and turning to avoid a direct answer and beating around the bush. If the whole process is so transparent, why the need for all this shenanigans? It is not enough just to say that the funds are used to buy SSGS. SSGS are issued by the govt., so what? Govt. fail and collapse all the time. Witness the Greek, Spanish, and other European countries. We are owed the explanation of what and where are the underlying value and assets purchased by the CPF.

    The fact is if they admit that the money is with GIC, then the public will closely scrutinise the company, as it rightly should. If GIC makes good money, people are not happy with a mere 2.5% return. If GIC loses money, people are not happy that their CPF is being depleted. The PAP knows they are in a no win situation. But he lack of transparency is really the issue.

    People don't realise that Temasek and GIC unlike other country's sovereign wealth fund are set up as Pte Ltd companies. Imagine that for a moment. Who sets up Pte Ltd companies? People who are in business and want to limit their liability in the event of a loss or bankruptcy. If either Temasek or GIC ever amass enough losses that it wipes out their equity and still owe people money, the shareholders will simply shut it down and limit their losses. The shareholders in this case is MOF or the govt and people of singapore. MOF is so lacking in confidence that this corporate structure is used. Don't forget that Temasek issues billions $ in bonds. SO, they do have debtors. The point is that these companies are not as strong as they are made out to be. Its not a foregone conclusion that CPF money is 100% safe.
     
  9. winnipegjets

    winnipegjets Alfrescian (Inf)

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    Which would you choose - invest your CPF money in the SPY (etf of S&P) to earn 10 percent annually or leave it with the government for 2.5 percent return?

    Only the dumb would accept the latter option.
     
  10. mojito

    mojito Alfrescian Old Timer

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    You need usd to buy in on an etf or an index fund. On a sgd basis, you might not have even broken even over the last 10 years. Best is still sg properties. It can only go up thanks to the PAP.
     
  11. frenchbriefs

    frenchbriefs Alfrescian (Inf)

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    "The proceeds from the SSGS are combined with other funds from the issue of standard Singapore Government Securities, and placed with the Monetary Authority of Singapore together with other government assets.

    "Periodically, transfers are made from all of these co-mingled funds to the GIC to invest for the long-term.

    wtf is this shit?arent u basically saying the same shit?CPF funds is used for investing?are they taking us for idiots?if u take CPF money and put them into SSGS bonds and use those SSGS bonds to invest arent u essentially using SSGS bonds paid for with CPF money to invest in?

    omg they are really calling sinkies a bunch of retards.can sinkies pls wake the fuck up and vote these assholes out?
     
  12. frenchbriefs

    frenchbriefs Alfrescian (Inf)

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    the S&P has been on a massive FED funded bull run for the last five years.nearly 220 percent growth in 5 years.thats better than any sgd appreciation or CPF interest PAP can conjure for you.
     
  13. eatshitndie

    eatshitndie Alfrescian (Inf)

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    if you drink freshly squeezed, unadulterated orange juice, it's orange juice.

    if the same orange juice is blended with carrots, lettuce and cilantro, it's not orange juice anymore, but simply a fruit and vege blend. it's just like combining food, bile, gastric acids and pancreatic fluids to produce shit. composition and decomposition derive a different product.

    got it? you must thank the pappies for being creative blending and juicing geniuses. :D
     
  14. Cerebral

    Cerebral Alfrescian (InfP) [Comp] Old Timer

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    But eventually the orange is still in the juice...
     
  15. halsey02

    halsey02 Alfrescian (Inf)

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    Who manages the money deposited into CPF?? Cheat People's Fund...oops! Central Provident Fund? MOF right? Ministry of Finance...who "lend" the money to GUC etc...the 'toe bone is connected to leg bone, is connected to the.......'

    Only the blind, deaf, slow in thinking 60% fail to see....the 'bones connection'...& they cannot feel it in the bones!...& many do not even have a boner...hmmm!
     
  16. frenchbriefs

    frenchbriefs Alfrescian (Inf)

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    going to drink some orange juice now!!!
     
  17. winnipegjets

    winnipegjets Alfrescian (Inf)

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    Fresh orange juice is worth $1.3 million. After PAP mixed it up, it is worth only $450k. Why would you hand it over to the PAP?
     
  18. winnipegjets

    winnipegjets Alfrescian (Inf)

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    Do your own backtesting over 30 years for the SPY. See the average returns. During that period, there was internet bubble burst, financial meltdowns, numerous downturns. When you are investing long term - which retirement funds should do - you will be fine.
     
  19. Lizzert

    Lizzert Alfrescian Old Timer

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    1. Ah long lend $$ to hawker auntie
    2. Auntie go resort world casino and loose everything
    3. Auntie call ah long borrow more $$$ go to Resort world and MBS but also loose 80% of the money
    4. Auntie now have some problem paying monthly interest to Ah Long..so
    5 Auntie ask powderful relative to convince Ah Long to change interest payment due dates from 5th May to 6th May
     
  20. GoldenDragon

    GoldenDragon Alfrescian (Inf)

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    Boot them out next GE to get the hard and painful truth. Still not too late.
     

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