Petition for President Nathan to request for full disclosure of Temasek and GIC's accounts sign now

Dear President Nathan,

We are writing to you as citizens of Singapore and stakeholders of the countrys reserves.

Just this week, we were told in Parliament by Senior Minister of State for Finance, Mrs Lim Hwee Hua that Temaseks assets had lost some $58 billion in value since March 2008. (While no details were given for GIC, another report suggested that GICs assets might have lost even more - up to $200 billion - refer Temasek takes severe hit, The Nation, 9 Feb 2009, http://www.nationmultimedia.com/2009/02/09/headlines/headlines_30095260.php)

If The Nations figures on GIC are accurate, between both these two Sovereign Wealth Funds (SWFs), they had managed to lose some $258 billion of stakeholders money under their management thus far. (This is equivalent to losing some $70,879 of each citizens stake based on Wikis 3.64 million Singapore citizens)

As the Elected President, one of your primary duties is to safeguard the countrys and stakeholders reserves via the second key. Therefore, you are entrusted with the responsibility to ensure the stakeholders reserves are prudently managed by the incumbent government - for the future of Singaporeans and generations to come.

Clearly, a grave mistake and repeatedly wrong judgements have been made by the government (via these 2 SWFs of Temasek and GIC) in the $258 billion loss which would include the billions invested in failed or failing banks like Citigroup, Merrill Lynch (now Bank of America), Barclays, UBS, etc.

The question wed like to find out is:

(1). Were they potentially misled by the banks into which they had invested ?;

or

(2). Did they go in with their eyes open, ie. knowing that there were billions or even trillions of toxic assets on the banks books ?

If its (1) above, the government, via Temasek and/or GIC, as shareholders of these potentially insolvent banks, should consider taking legal action/joining in the class action against these banks and/or their officials, shouldnt they?

But if its (2) above, then the government owes its duty to its citizens and stakeholders to come clean and explain why it went in to invest in these banks despite knowing the extent of toxic assets on their books - with a high likelihood of the investments totally wiped out.

Since we do not expect the government to volunteer the information, can you, as the President of Singapore and the de-facto guardian of the reserves, require the incumbent government to disclose such important information to its citizens and what actions have been taken or are to be taken so that such mistakes are learnt and not repeated in the future?

Please also take note of the polls conducted here about the government handling of the Temasek debacle:

http://wayangparty.wordpress.com/2009/02/13/polls-on-the-temasek-debacle/

Adapted from Mr Jeffrey's Ho letter which was first published here:

http://wayangparty.com/?p=5100

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Goal reached !
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Latest Signatures

  • 08 November 2015150. Th L
    Our goal of building a "gracious society" will be hard to achieved if we do not have the culture and spirit of "Being Honest", "Trustworhty", "Sense of Responsibility", "The Guts of Admitting Mistake and Correct it" etc etc. My concern is that we are not
  • 28 October 2015149. Kho Kwangp
    I support this petition
  • 23 October 2015148. Chua Boone
    I support this petition
  • 14 October 2015147. Serene Hill
    Do something to justify your fat paycheck
  • 18 September 2015146. Billy T
    Damned the corrupt PAP govt. Open your books and come clean with it! Return us our CPF $$$.
  • 05 July 2015145. Chin Sieww
    I support this petition
  • 27 June 2015144. Ong Rongz
    I support this petition
  • 26 June 2015143. Dawn T
    I support this petition
  • 16 May 2015142. Tan B
    I support this petition
  • 05 May 2015141. Victor L
    I support this petition
  • 30 April 2015140. Kelly Johnston
    I support this petition
  • 26 April 2015139. Siewwah Jordan
    Million $ salary for ministers; yet their investment knowhow cannot produce profits on the funds they invest; their salaries should be cut further- benchmarked against CEOs of US companies
  • 24 April 2015138. Sarul Mcmillan
    we need transparency,thank you.
  • 20 April 2015137. Terry Knox
    I support this petition
  • 16 April 2015136. Kc Ford
    I support this petition
  • 12 April 2015135. Alvin Spears
    I support this petition
  • 21 March 2015134. Koh Tsel
    I support this petition
  • 21 March 2015133. Leslie Harrell
    Be accountable. 58 billion is not 58 dollars ok
  • 15 March 2015132. Mick Levine
    We want to know the truth and hold those people who are responsible for the loss of our nation's reserve
  • 26 February 2015131. Vs L
    I support this petition
  • 13 February 2015130. Serena T
    I support this petition
  • 05 February 2015129. Samuel H
    Down with PAP, Lee family goto Hell!
  • 03 February 2015128. Steven C
    В
  • 27 January 2015127. Ted Terry
    be honest
  • 16 January 2015126. Pang Yannk
    I support this petition
  • 11 January 2015125. Cheong Fooc
    Transparency Please
  • 04 January 2015124. Lau Cunningham
    Is my CPF retirement money still safe ?????

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Information

Jeffery HoltBy:
People and OrganizationsIn:
Petition target:
President of Singapore, H.E. Mr S R Nathan

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