And here's more to feast your eyes...

WON'T GET FOOLED AGAIN [till the next boo-boo]

[Updated October 22, 2009]
Click here for the BigO homepage

GIC chairman Lee Kuan Yew.

ANOTHER $INGAPORE GIC INVESTMENT AT RISK

New York: One of the biggest, most high-profile deals of the commercial real-estate boom is in danger of imminent default, say people familiar with the matter, signaling the beginning of what is expected to be a wave of commercial-property failures, reports the Wall Street Journal.

The sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town - acquired for US$5.4 billion in 2006 by a venture of Tishman Speyer Properties and a unit of BlackRock Inc. - is running out of cash. As of the end of September, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, according to the people familiar with the matter. At its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year, the people said. Others have said the venture could avoid default until February.

The chart shows $ingapore GIC's at-risk stake of US$575 MILLION.

Full article here http://online.wsj.com/article/SB125547827547583747.html#printMode

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A WAY OF LIFE

The nation-builder press, September 18, 2009.

The news that rocked the racing world. Last year's debut F1 race in $heep City was rigged. So what else is new? People get cheated all the time. Unlike their Hongkong counterparts, most of the 10,000 $ingaporeans who invested $500 million in minibonds never got a cent back, despite $ingapore's central bank's findings that the banks did not comply to its guidelines on selling such financial products. YAWN!!! Move along, nothing to see.

HOW MANY LAWYERS ARE THERE IN $INGAPORE?

Not unlike the state controlled papers of the old Soviet Union under Stalin whose statistics can change as required; the figure on the number of lawyers in $ingapore quoted by its similarly controlled newspapers appear to fluctuate by the day!

$ingapore's Straits Times online edition of Sept 12, 2009 has this story "Help lawyers adjust". The first line of the story has these words "Law Minister K Shanmugam on Saturday night threw down the gauntlet to the Law Society: Help it's 3,500 member lawyers adjust to the liberalization of the legal industry".

Further down the page there is this "These challenges will stretch the society's leadership role as the self regulatory body for the 3,500 practicing lawyers here, he noted at a speech at the Society's annual dinner and dance".

The next day, Sept 13, 2009, not only in the same newspaper but also written by the same reporter has this story "Help lawyers adjust. Law Society can be "thought leader" in dealing with the industry's liberalization!" It's first line says "Law Minister K Shanmugam on Saturday night threw down the gauntlet to the Law Society: Help it's 3,600 member lawyers adjust to the liberalization of the legal industry!"

Are we to assume that even though the number of lawyers has stagnated over several years at about 3,500 or less... suddenly over a day, the number of lawyers appears to have jumped from 3,500 to 3,600? - Gopalan Nair

Editor's note: For comparison of a similar sized island-economy, Hong Kong, as of December 31, 2008, has 6,205 solicitors, "with a current practicing certificate", almost DOUBLE the number in $heep City. More info can be found here: http://en.wikipedia.org/wiki/Law_Society_of_Hong_Kong

Compare with the entry for $ingapore's Law Society:
http://en.wikipedia.org/wiki/Law_Society_of_Singapore
A better place to look is here http://www.lawsociety.org.sg/about/genStatistic.aspx

The number of lawyers in $ingapore as at the end of 2008 is 3,490 according to the $ingapore Law Society website. Four years ago, the total was 3,522 lawyers. It is unclear where the nation-builder press got its figure of 3,600?

A more important question is "why are the number of lawyers in $ingapore declining compared to Hong Kong?" What is wrong with $ingapore?

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DIARRHEA EPIDEMIC IN $INGAPORE

Sept. 10: $ingapore has seen a 50 percent increase in diarrhea cases at local polyclinics in the past week. The country's 18 polyclinics, which are government-owned, treated 2,990 patients for acute diarrhea last week, or about 50 percent more than the weekly average of 2,072 cases.

When polyclinics see more than 2,668 cases a week, it is considered an epidemic. The last time such an outbreak happened was two years ago. Doctors who have seen many more cases than usual in the last two weeks, said it appears to be highly contagious. - Xinhua

$ingapore's water supply is supplemented with New Water. This New Water is piped into $ingapore homes via gestation at the reservoirs as well as for industrial use. New Water is made completely from toilet waste.

JUDGE FINES SINGAPORE OPPOSITION POLITICIAN $10,000 FOR SPEAKING IN PUBLIC

Just a reminder to all that public protest is against the law in $ingapore. $ingapore is a totalitarian state.

District Judge Thian Yee Sze convicted Dr Chee Soon Juan on two counts of speaking without a permit on Friday (Sept 4, 2009). She imposed a fine of $10,000 or 10 weeks imprisonment in default. The execution of the sentence was stayed pending appeal.

Dr Chee is charged with eight counts of speaking in public under the Public Entertainment and Meetings Act. He is already convicted of four, including the present two.

Judges Eddy Tham and Jasvender Kaur had previous found Dr Chee guilty of one count each. The SDP secretary-general served a five-week jail term in 2006 for Mr Tham's conviction. The sentence for Judge Kaur's decision in 2008 is still awaiting appeal.

The charges are over Dr Chee and his party colleagues selling The New Democrat during elections in 2006. He had asked for all the eight cases to be consolidated and tried at one go. The AG's Chambers and courts refuse to do this.

The SDP leader has repeatedly argued that the charge of him not having a permit is a red herring. The Ministry for Home Affairs and police have stated that no permit will be issued for outdoor political events.

Dr Chee pointed out that such a policy to issue a blanket ban on public speaking and assembly clearly violated the Constitution and are therefore legally invaild.

Citing legal authorities in common law jurisdictions, he drew Judge Thian's attention to the decision of the House of Lords in the UK that "a man commits no crime if he infringes an invalid [policy or administrative act] and has the right to challenge the validity of the [policy] before any court in which he is being tried."

Judge Thian refused to listen and proceeded to convict Dr Chee.

A transcript of Dr Chee's closing submissions can be read here:
http://yoursdp.org/index.php/news/singapore/2759-judge-fines-chee-soon-juan-10000-for-speaking-in-public

You be the judge of $ingapore's law against public protest.

REMEMBER WHAT VIVIAN SAID?

"With the SARS episode deeply entrenched in our minds, $ingapore has been more prepared to tackle the H1N1 (Swine Flu) outbreak this time round".

- $ingapore's multi-million dollar Minister for Community and Development, Youth and Sports Vivian Balakrishnan, August 11, 2009. See the result of $ingapore's preparedness in the following report.

HOW 'NEWS' IS REPORTED IN $HEEP CITY

The Sept 5, 2009 front page news was this report "Hospitals on alert for new flu wave". The opening paragraph is reproduced below:

"HOSPITALS are on guard for a possible second wave of Influenza A (H1N1), even as the number of cases dip. Infectious disease experts estimate that the first wave infected about 700,000 people here. This means more than four-fifth of the population still have not been exposed to the virus."

The $ingapore estimate of 700,000 people infected with swine flu is ginormous. To date Mexico reported only 22,763 cases while the USA has 49,214 cases.

$ingapore's "infectious disease experts" had to use the "fatality rate of 0.1 per cent - the ratio of deaths within the population - used by the World Health Organisation" to make a guess of 700,000 people infected because $ingapore stopped reporting the number of cases on July 7 when the total was 1,217 cases.

Why pay more? It would be cheaper to ask a layman to make a wild guess.

The full article is reproduced here:
http://wildsingaporenews.blogspot.com/2009/09/singapore-hospitals-on-alert-for-new.html

STILL THE WORLD'S MOST HANDSOMELY PAID HEALTH MINISTER

$ingapore Minister Khaw Boon Wan earns at least $2.6 MILLION.

Hong Kong - 12 swine flu deaths as at Sept 9 2009. First death in Hong Kong reported July 16.
Japan - 10 swine flu deaths as at Sept 2 2009. First death in Japan reported August 15.

$ingapore - 18 swine flu deaths as at Sept 8 2009. First death in $ingapore reported July 18.

Below is Khaw's boast from almost two months ago. 18 have died since.

$ingapore's boast from almost two months ago: the nation-builder press, July 12, 2009. A leg end in the making.

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POSSIBLY THE WORLD'S MOST HANDSOMELY PAID HEALTH MINISTER

Minister Khaw Boon Wan earns at least $2.6 MILLION.

Hong Kong - 7 swine flu deaths as at Sept 2 2009. First death in Hong Kong reported July 16.
$ingapore - 17 swine flu deaths as at Sept 3 2009. First death in $ingapore reported July 18.

Below is Khaw's boast from almost two months ago. 17 have died since.

$ingapore's boast from almost two months ago: the nation-builder press, July 12, 2009. A leg end in the making.

$ingapore now has more than twice the number of swine flu deaths than a similar sized city-state like Hong Kong. Hong Kong has continued to reveal all figures including the total number of swine flu victims which at Sept 2 has added a further 328 newly confirmed cases which brings the total to 12,135 cases with 7 deaths. Nine remain critically ill in hospitals.
http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=87255&sid=25220146&con_type=1

By comparison, $ingapore no longer reveals the number of swine flu infections. Its final update was on July 7. There is no way of telling how widespread swine flu has dispersed in $ingapore.
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_400818.html

This is how $ingapore's government controlled press reported the latest figures (Sept 2, 2009): "Polyclinic attendances for upper respiratory tract infections fell by nine per cent to 14,296 last week, compared with 15,720 the week before."

$ingapore does not distinguish between common flu and swine flu but have said Sept 2 that 42% of the cases are probably swine flu cases. By resorting to percentages, the full impact is not made clear.

Mr Khaw was appointed Minister for Health on August 12, 2004. He is paid a multi-million dollar salary including an undisclosed "performance bonus".

WHY SO QUIET $INGAPORE?

"People do want to know, there is curiosity, it is a matter of public interest. That is not sufficient reason to disclose information. It is not sufficient that there be curiosity and interest that you want to disclose information."

- Mr Tharman Shanmugaratnam, $ingapore's multi-million dollar salaried Finance Minister in Parliament, August 18, 2009 on why he cannot reveal why chief executive-to-be Mr Charles Goodyear left after just four months' work at Temasek Holdings, a government Sovereign Wealth Fund that spectacularly lost S$58 BILLION under CEO Ho Ching's watch.

Secrecy is EVERYTHING in $heep City.
Think Burmese druglords, tax haven, the mainstream press ranked 147th worldwide, white horse status for some national service soldiers, the multi-million dollar salaries of government servants, $ingapore's reserves, swine flu numbers and the list goes on.

HOW AMERICA'S FREEDOM HOUSE RATES $HEEP CITY 2008

$ingapore received a downward trend arrow due to the politically motivated handling of defamation cases, which cast doubt on judicial independence.

Overview
As part of a broader legal crackdown on government critics in 2008, opposition politician Chee Soon Juan was ordered to pay roughly US$400,000 in defamation damages to Prime Minister Lee Hsien Loong and his father, former prime minister Lee Kuan Yew. Another vocal critic of the government, Gopalan Nair, received a three-month jail sentence for insulting two judges on his blog.
Read the rest here http://www.freedomhouse.org/inc/content/pubs/fiw/inc_country_detail.cfm?year=2009&country=7700&pf

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HONG KONG HOLDS STEADY AS $INGAPORE SWINE FLU DEATHS RISE TO 13

$ingapore's boast from one and a half-month ago: the nation-builder press, July 12, 2009.

August 25, 2009: A $ingapore man with a history of chronic lung disease, heart disease and congestive cardiac failure became Singapore's 13th swine flu victim. The 80-year-old died at National University Hospital (NUH) on Monday.

$ingapore now has three times more deaths than a similar sized city-state like Hong Kong, which has reported only four deaths to date.

$ingapore's health ministry said the number of flu patients had dropped from some 20,435 for the week starting August 2, to 15,486 for the week starting August 9. $ingapore does not distinguish between common flu and swine flu but have said more than 50% of the cases are probably swine flu victims.

Hong Kong, by comparison, has continued to reveal all figures including the total number of swine flu victims which at August 25 stands at 9,756 with 4 deaths.

$ingapore's health minister Khaw announced more than one and a half-month's ago on July 12 that the swine flu infection rate would decline in "two weeks". He is paid a multi-million dollar salary including an undisclosed "performance bonus".

RAJA PETRA'S SILENT ROAR
[A Malaysia Day Special]

What better way to celebrate Malaysia's 52nd year of independence on August 31 than to sit down with a copy of Raja Petra Kamarudin's new book, The Silent Roar? Prominent Malaysian blogger Raja Petra has long been a champion of civil rights and social justice. He was part of the Free Anwar Campaign when opposition leader Anwar Ibrahim was jailed; and then launched the Malaysia Today site when Anwar was released.

The Silent Roar is not only a compilation of selected articles, commentaries and essays from Malaysia Today on unfolding developments and issues in the country, it also features new and unpublished writings exclusive to this publication. In it, Raja Petra describes the vast changes that transformed the landscape of Malaysian politics leading to the General Election on March 8, 2008, where the opposition denied the ruling government its two-thirds majority in parliament, and its aftermath.

As the blurb aptly puts it, "Raja Petra is someone whom you either love, or love to hate. It is difficult to not have any opinion about him. And whatever that opinion may be, it's likely to be extreme."

A warrant of arrest was issued against blogger Raja Petra on April 23 when he did not turn up in court for his sedition trial. Raja Petra has not been arrested and his whereabouts continue to remain unknown. He is still actively blogging at this website. Visit Malaysia Today (www.malaysia-today.net/2008/) for more updates.

HOW TO BUY THE BOOK

Alternative 1: to bank in money direct into the account

Bank in RM40 to Public Bank Berhad account of Mabel @ Marina Lee, Account Number: 4-4930154-03 and send an e-mail to rpksilentroar@gmail.com with the details of where to post the book plus details of the payment made.

Alternative 2: to buy through PayPal

Postage: UK and ASEAN (GBP2.75 or GBP1.50 for each additional item), US and other countries (GBP7.00 or GBP3.50 for each additional item)

Alternative 3: to buy through eBay
http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&rd=1&item=320395818957&ssPageName=STRK:MESE:IT

WEAR BLACK FOR MALAYSIA'S NATIONAL DAY

Malaysia's 52nd national day falls on August 31 and netizen TakingBackMyCountry1 has put up a video on YouTube asking Malaysians to protest by wearing black to "mourn the death of democracy in our country." The three-minute video clip features shots of the Speaker in the Perak state assembly being manhandled; opposition MP Tian Chua being led away; the Malaysian police firing tear gas into the people and raises questions about those who die while still in police custody. The video also spoofs new Prime Minister Najib Razak's 1Malaysia plan (to get close to the people) and makes the point that the prime minister does not care about the people. It says: "Patriotism is not short, frenzied outbursts of emotion, but the tranquil and steady dedication of a lifetime... We love this country not because it is great, but because it is our own."

The video can be viewed at Malaysia Today.
http://mt.m2day.org/2008/content/view/26020/84/

Malaysians continued their march towards democracy when the opposition won yet another by-election on August 25 when they retained the Permatang Pasir (Penang) seat. The opposition People's Alliance has won seven of the eight by-elections over the past year.

THE BIG, GAPING WOUND

The nation-builder press, August 21, 2009.

In the above, the Swiss government was reported to have successfully DUMPED all of their shares in UBS and probably did not lose any public funds. The Swiss government had paid billions in public funds to buy shares in UBS when the Swiss bank was in trouble. But when news broke that the bank had made a deal with US tax authorities to reveal the names of American depositors, the Swiss government quickly sold off their stake.

According to the BBC, UBS had been caught between two legal regimes, essentially violating US tax laws if it had not disclosed the names and violating Swiss secrecy laws if it did. Going forward, UBS may no longer be an attractive bank for "wealth management".

GIC hero Ng Kok Seng, The nation-builder press January 21, 2008.

The $ingapore government, using public funds, pumped 11 billion Swiss francs in UBS in December 2007 when the bank's shares were being publicly traded at around 50 Swiss francs apiece.

In January 2008, Government of $ingapore Investment Corporation's chief investment officer Ng Kok Seng thought it was a good buy and was gleeful in his interview with the nation-builder press.

But by September 24, 2008 he said: "We were surprised by the onset and magnitude of the market turmoil starting in July last year. What seemed like a contained problem of delinquencies in US sub-prime mortgages quickly spread to other segments of the credit markets." Doesn't he read widely?

At today's share price, $ingapore's 9 per cent stake in UBS is probably worth between 3 and 4 BILLION Swiss francs.

U Been Shafted $ingapore.

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HONG KONG HOLDS STEADY, $INGAPORE ADDS 12th DEATH FROM SWINE FLU

$ingapore's boast from one and a half-month ago: the nation-builder press, July 12, 2009.

August 21, 2009: A 41-year-old male foreigner is $ingapore's latest H1N1-related fatality, and the 12th so far. The cause of his death at $heep City's Tan Tock Seng Hospital was certified as pneumonia due to H1N1 flu infection. $ingapore now has three times more deaths when compared to a similar sized city-state like Hong Kong, which has reported only four deaths to date.

$ingapore's health ministry said the number of flu patients had dropped from some 20,435 for the week starting August 2, to 15,486 for the week starting August 9. $ingapore does not distinguish between common flu and swine flu but have said more than 50 % of the cases are probably swine flu victims.

$ingapore no longer reveals the number of swine flu infections. Its final update was on July 7. There is no way of telling how widespread swine flu has dispersed in $ingapore.
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_400818.html

Hong Kong, by comparison, has continued to reveal all figures including the total number of swine flu victims which at August 21 stands at 8,535 with 4 deaths and the mortality rate of 0.047%.

$ingapore's health minister Khaw announced one and a half-month's ago on July 12 that the swine flu infection rate would decline in "two weeks". He is paid a multi-million dollar salary including an undisclosed "performance bonus".

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THE LAST WORD ON "CHIP" GOODYEAR

Secrecy is EVERYTHING in $heep City.
Think Burmese druglords, tax haven, the mainstream press ranked 147th worldwide, white horse status for some national service soldiers, the multi-million dollar salaries of government servants, $ingapore's reserves and the list goes on.

NEWS EXTRA:
SWISS GOVT TO SELL UBS STAKE

August 19, 2009: The Swiss government said late Wednesday (August 19, 2009) that it will sell its 9 per cent stake in UBS. Once the government gets the shares [valued at US$5.6 BILLION], it will sell them to institutional investors. The Swiss government also plans to waive its right to receive future coupons on the converted notes in return for roughly 1.8 billion Swiss francs in cash. The payment won't affect UBS's third-quarter results, however it will reduce the bank's regulatory capital by about 1.4 billion Swiss francs, it said.

This move comes after UBS agreed to reveal the names of 4,450 Americans who have Swiss bank accounts. Swiss banking law permits banking secrecy. UBS's move to reveal the names runs counter to the country's laws. According to the BBC, UBS had been caught between two legal regimes, essentially violating US tax laws if it had not disclosed the names and violating Swiss secrecy laws if it did. It is unclear what this will mean to UBS's stakeholders.

$ingapore has an approximately 9 per cent stake in UBS when its sovereign wealth fund, GIC, paid US$10 BILLION in December 2007.

A $INGAPORE TAXI DRIVER'S DIARY

The latest blog getting the buzz in $heep City is taxidiary.blogspot, a lesson for foreign talents thinking of relocating to $heep City, $ingapore. It's also an item on reddit.

First, China-born Dr Cai Ming Jie, writer of the blog, for reasons known only to himself chose to become a $ingapore citizen. He obtained a PhD in molecular biology from Stanford University in 1990. According to a local press report he did "a two-year postdoctoral fellowship after leaving Stanford at the University of Washington, under famed genetist Professor Lee Hartwell, who won a 2001 Nobel Prize in physiology".

In $ingapore, around 1992 he joined the Institute of Molecular and Cell Biology (IMCB) of the Agency for Science, Technology and Research (A*Star) and worked there for 16 years until he had to leave the IMCB last November. He now drives a taxi and has this statement at the top of his blog:

"Probably the only taxi driver in this world with a PhD from Stanford and a proven track record of scientific accomplishments, I have been forced out of my research job at the height of my scientific career, and unable to find another one, for reasons I can only describe as something 'uniquely $ingapore'. As a result, I am driving taxi to make a living and writing these real life stories just to make the dull job a little more interesting. I hope that these stories are interesting to you too."

Read Dr Cai's blog here http://taxidiary.blogspot.com/. It started in April 2009.

Government note: "PRs who misbehave and create problems may have their PR status revoked." See banner below.

HOW MANY $INGAPOREANS ARE THERE IN $INGAPORE 2009?

2000:

The nation-builder press September 1, 2000.

2007:

$ingapore population figures (2006 estimates) as given on the official website:
http://www.singstat.gov.sg/stats/latestdata.html

The last time the $ingapore government revealed the total number of $ingapore citizens was on September 1, 2000. The total then was 2,973,091.

In 2007, on the government's website, the number of $ingapore citizens is UNKNOWN. What is reported on the website is this: $ingapore Residents = 3,608,500.

AND FINALLY IN 2009 (drum roll please...)

http://www.singstat.gov.sg/stats/latestdata.html

In 2009, the government's website finally revealed in August the number of $ingapore citizens to be at 3,164,400. An increase of 191,309 citizens from the last revealed figure NINE YEARS AGO in 2000.

WHERE DID YOU GET YOUR $INGAPORE CITIZENS?

The nation-builder press, August 14, 2009.

The first time the new citizenship numbers were revealed was in the above report on August 14, 2009. Over the past nine years, the ruling party of $ingapore has been berating its citizens to make more babies and moaning about the number of citizens migrating. Suddenly on August 14, we now have an increase of 191,309 citizens.

$ingapore's total population is 4,839,400 people.

THE MIRROR OF OPINION
" 'V' for vital? Nah, 'V' for VACANCY. Surrender your citizenship and migrate."

- The young, restless and cynical Mirror Of Opinion, August 14, 2009

IF YOU WANT YOUR CPF MONEY,
YOU HAVE TO SURRENDER YOUR $INGAPORE CITIZENSHIP

AND MIGRATE

"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."

- $ingapore's National Anthem.

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NINE $INGAPOREANS DEAD FROM SWINE FLU

The nation-builder press, August 8, 2009.

It's August 9 today and one more $ingaporean has died from Swine Flu or H1N1. That brings the total to NINE. On August 8, the nation-builder press again repeated $ingapore's million dollar salaried minister Khaw's claim that the worst of the swine flu pandemic in $heep City was over. The country's first Swine Flu death was recorded on July 18. Khaw made his claim that the worst was over on July 12.

Hong Kong, a city-state like $ingapore, continues to reveal the number of Swine Flu victims. $ingapore stopped revealing its numbers on July 9. As of August 9, Hong Kong has ONLY 3 deaths.

Why are $ingapore's ministers paid multi-million dollar salaries anyway?

Read: Worst of H1N1 wave in $'pore could be over
http://www.channelnewsasia.com/stories/singaporelocalnews/view/447618/1/.html

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TRUTH OR DARE

The nation-builder press, July 12, 2009.

AUGUST 7, 2009: Since the above July 12 report, eight $ingaporeans have died of Swine Flu (aka H1N1). As of August 1, there are only three deaths from Swine Flu in Hong Kong. (click here)

Khaw is Minister of Health in $heep City. The total number of $ingaporeans who have caught Swine Flu is unknown. The government on July 9 stopped updating the total number of Swine Flu victims. Unlike $ingapore, Hong Kong continues to update its numbers. Hong Kong's total number as at August 3 is 4,272.

$ingapore's last update was on July 7 and the number of Swine Flu victims then was 1,217. http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_400818.html

$ingapore's buses and newspapers continue to run advertisments warning about Dengue Fever. Whether Dengue Fever is rampant here is also unknown. Minister Khaw is paid a multi-million-dollar salary.

What "world class" health system would keep its numbers unrevealed?

A $ingapore bus carries the government's latest Dengue Fever public service announcement.

Find out more about what makes $ingaporeans tick. Click on the banner.

Click on the banner to read about dictatorsheep in $heep City.

THE LAST WORD ON "$600,000 A YEAR IS PEANUTS"

"Tan Choo Leng is the wife of Goh Chok Tong, who was the second Prime Minister of the Republic of $ingapore from November 26, 1990 to August 12, 2004 and Senior Minister... She has also given her support to many charities, notably being a former patron of NKF of $ingapore (National Kidney Foundation). She became infamous for commenting that the S$600,000 paid out to the then CEO of NKF, T.T Durai yearly was considered "peanuts," compared to the hundreds of millions that the NKF manages.* This remark was subsequently met with extreme negative reactions from $ingaporeans."

- From Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/Tan_Choo_Leng
* Her comment was that "for a person who runs a big million-dollar charitable organisation, with a few hundred million in reserves, S$600,000 a year is peanuts."

Since her comment in 2005, Mrs Goh has been proven correct. The value of $ingapore government investments gone sour is in the BILLIONS. No explanation has been given.

Ho Ching CEO of Temasek won't sell your 'family jewels' at least not for a song.

$INGAPORE'S TALENT IS WORLD CLASS

When it was first revealed May 29, 2009 that $ingapore government company Temasek Holdings had racked up losses of up to S$58 BILLION (US$39.91 BILLION) in less than a year, it was clear it was a sum not to be bested by anyone in Asia or the world.

But by July 30, the $ingapore government had backed down on that figure. A new amount was given to the nation-builder press to spread. The new figure was "around S$40 BILLION." (NOTE: It remains unclear whether Madam Ho was using US$ when she mentioned Temasek's losses at $40 BILLION)

In 1999, Time magazine alleged in a cover story, The Family Firm, that Indonesia's dictator General Suharto had embezzled between US$15 billion and US$35 billion. Suharto's alleged ill-gotten gains remains a fraction more than $ingapore's investment losses if you take the latter and smaller figure.

IN A LEAGUE OF OUR OWN

"We don't intend to raid the larder nor sell the family jewels for short-term gains. We will jealously guard our interest and will invest, rationalise, consolidate or divest where it makes sense, where we can achieve clear, sustainable value."

- Temasek Holding's CEO Ho Ching ($ingapore 2004-current) July 30 2009, after losing either S$40 BILLION or US$39.91 BILLION in one year.

LIST OF EMBEZZLING LEADERS

The best way to get a perspective of Temasek's losses is this list compiled in 2004 by Transparency International, with the dates of rule. All sums are estimates of alleged embezzlement (US$).

SUPER LEAGUE
Suharto (Indonesia, 1967-98), $15 billion to $35 billion

BIG GUYS
Ferdinand Marcos (Philippines, 1972-86), $5 billion to $10 billion
Mobutu Sese Seko (Zaire, 1965-97), $5 billion
Sani Abacha (Nigeria, 1993-98), $2 billion to $5 billion
Slobodan Milosevic (Yugoslavia, 1989-2000), $1 billion

SMALL FRY
Jean-Claude Duvalier (Haiti, 1971-86), $300 million to $800 million
Alberto Fujimori (Peru, 1990-2000), $600 million
Pavlo Lazarenko (Ukraine, 1996-97), $114 million to $200 million
Arnoldo Aleman (Nicaragua, 1997-2000), $100 million

PEANUTS
Joseph Estrada (Philippines, 1998-2001), $78 million to $80 million
Source: http://www.nytimes.com/2004/03/26/world/world-briefing-asia-indonesia-suharto-tops-list-of-embezzling-leaders.html

"No country in the world has lost so profoundly and so swiftly its reserves as $ingapore has. And this is despite paying our ministers and top civil servants multi-million dollar salaries, the HIGHEST in the world. If you are waiting to hear an explanation or a simple apology, FORGET IT. Just wait for the increases in indirect taxes to come after the next general election. Pay And Pay."

- The young, restless and cynical Mirror Of Opinion, August 7, 2009.

ONE BIG REASON WHY $INGAPOREANS LEAVE

TEMASEK HOLDINGS HAS LOST $58 BILLION AS OF 2009

The nation-builder press, January 22, 2008.

See latest "Temasek portfolio lost US$39.91 billion", May 29, 2009
http://online.wsj.com/article/SB124350003544761935.html

MAS BLOWS $9.2 BILLION

$ingapore's central bank (MAS) has now admitted to losing US$6.3 BILLION (S$9.2 BILLION) the Los Angeles Times reported, July 16, 2009. $ingapore has always BRAGGED they pay the highest salaries to get the BEST. But the performance has been found WANTING.

IF YOU WANT YOUR CPF MONEY,
YOU HAVE TO SURRENDER YOUR $INGAPORE CITIZENSHIP

AND MIGRATE

"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."

- $ingapore's National Anthem.

ALTOGETHER NOW...

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GOING, GOING...

The nation-builder press, October 21, 2008 + October 22, 2008.

The nation-builder press, October 24, 2008 + October 22, 2008.

In October 2008, reports appeared in the nation-builder press to announce a new law passed to release BILLIONS from $ingapore's reserves to the PAP government. The government says it needs the BILLIONS for "schools, roads and health care". The mass-media passed on the information to the citizen$heep of $ingapore.

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$INGAPORE REMAINS THE ONLY COUNTRY NOT COUNTING SWINE FLU VICTIMS

3 DEAD SO FAR
http://news.xinhuanet.com/english/2009-07/22/content_11755009.htm

Malaria in $ingapore, dengue fever epidemic still uncontrolled?, swine flu numbers now a secret. - The nation-builder press, July 16, 2009.

THE LAST WORD ON MELODRAMA

The Wall Street Journal, July 21, 2009.

"'We hired the best,' Singapore founder Lee Kuan Yew said last month, referring to the incoming head of state-owned investment firm Temasek, Chip Goodyear. Yesterday, Temasek released a statement saying Mr. Goodyear wouldn't be taking the job after all. Given that Temasek manages about $84 billion in taxpayer monies, Singaporeans deserve to know what happened."

- The online Wall Street Journal opinion, July 21, 2009. While all eyes were glued on a melodrama, a new law was passed that gave the $ingapore government further access to $ingaporeans savings.

HONG KONG MINIBOND INVESTORS GET BACK US$813 MILLION (70%)

Thousands of $ingapore investors were not so lucky, their safe investments were not safe. Banks in $ingapore paid back less than 20%. The nation-builder press, October 16, 2008.

July 22 (Reuters) - Hong Kong's securities watchdog said on Wednesday that 16 banks had agreed to pay about HK$6.3 billion (US$813 million) to compensate eligible investors who lost money on structured products or minibonds offered by collapsed U.S. bank Lehman Brothers.

"The agreement that we have reached today will enable the vast majority of investors who hold minibonds to receive a substantial return of their capital," said Securities and Futures Commission Chairman Martin Wheatley.

"The total amount that they'll receive will be equal to or greater than what they could otherwise recover at current market values," he told reporters following an SFC meeting with the banks.

More than 30,000 Hong Kong residents ploughed nearly $2.5 billion into the derivative products which failed as Lehman Brothers collapsed last September.

If the agreement is accepted by investors, "the vast majority of them will be able to get back 70 percent or more of their original investments," Financial Secretary John Tsang said in a statement following the SFC announcement.

Many of the investors blamed the Hong Kong Monetary Authority (HKMA) for allowing local banks to sell the products without making investors aware they were risky products. They took to the streets, staging a number of protests in the past year and prompting a government inquiry.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUST585520090722

Street protests are BANNED in Da $ingapura. You get what you deserve.

CPF LIFE: A NEW GOLDEN FLEECE

The front-page news that NEVER was. Is it really secure? Is it?
The nation-builder press, July 21, 2009.

Money meant for your golden years will now be kept by the government and handed back to you in bits. On July 20, the $ingapore government passed a new law that makes it mandatory for every citizen$heep to buy an annuity with their pension (CPF money). The fund, to be administered by the CPF Board, will hold $ingaporeans' money for use in the annuity scheme. The government through its Manpower Minister gave this assurance: 'CPFLife members can rest assured they will receive payouts for as long as they live.'

However, the million-dollar salaried minister could not guarantee the amount to be paid back. The new scheme starts in September. It was not reported how big a chunk the CPF will retain for the annuity scheme.

For a counterpoint:
"The problem of insufficient retirement funds stems from the glaring fact that HDB flats (public housing) are vacuuming up CPF savings (pension funds). For the overwhelming majority of the people who cannot afford private property, the HDB is the only means of housing. With the prices of the flats at current levels, Singaporeans have had no choice but to use their retirement savings to pay for the monthly leases.

Worse, like most other public matters in this country, the cost of building the flats are kept secret. Then when the PAP wants to upgrade the flats and use them as threats during elections, they make the people dip more into their CPF to pay for the refurbishment.

Is it a surprise then that Singaporeans have little to live on when they retire?

This is a recurring nightmare for Singaporeans. The people are forced to bear the brunt of 'solutions' to problems created by the PAP Government..."

Read it here: http://www.singaporedemocrat.org/mediarelease_cpf_annuity.html

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THE LAST WORD ON CROWD CONTROL

The nation-builder press, July 9, 2009 & July 7, 2009.

"If I have to shoot 200,000 students to save China from another 100 years of disorder, so be it."

- Minister Lee Kuan Yew endorsing the Tiananmen massacre, State's Crimes, August 17, 2004. Minister Lee used to be Prime Minister of $heep City. To protect the innocent, public demonstrations are NOT ALLOWED in $ingapore.

LEX LUTHOR FOR PRESIDENT?

The nation-builder press, July 7, 2009.

$ingapore chooses its politicians and leaders in a selection process. On July 7, it was announced who among potential candidates can sit in parliament. One man, Siew Kum Hong, was "disappointed" that he was not "selected". He also says he has no plans to stand for "elections".

One very senior position, that of President of $ingapore, is decided through an "election". So if Mr Siew qualifies, he can try for that position. But before anyone thinks it is a simple matter to contest for President, take a look at this:

To be qualified to be elected President, a person must satisfy the following requirements:

He must have for a period of not less than three years held office

- as Minister, Chief Justice, Speaker, Attorney-General, Chairman of the Public Service Commission Auditor-General, Accountant-General or Permanent Secretary;

- as chairman or chief executive officer of the Central Provident Fund Board, the Housing and Development Board, the Jurong Town Corporation or the Monetary Authority of Singapore;

- as chairman of the board of directors or chief executive officer of a company incorporated or registered under the Companies Act with a paid-up capital of at least $100 million or its equivalent in foreign currency; or

- in any other similar or comparable position of seniority and responsibility in any other organization or department of equivalent size or complexity in the public or private sector which, in the opinion of the Presidential Elections Committee, has given him such experience and ability in administering and managing financial affairs as to enable him to carry out effectively the functions and duties of the office of President.

There's a full list of requirements here http://en.wikipedia.org/wiki/President_of_Singapore

It's probable that even the current U.S. president is UNQUALIFIED to be president of $ingapore. When he attempted to be U.S. president these were his qualifications:

Barack Hussein Obama II is a graduate of Columbia University and Harvard Law School, where he was the first African American president of the Harvard Law Review. He was a community organizer in Chicago before earning his law degree. He worked as a civil rights attorney in Chicago and also taught constitutional law at the University of Chicago Law School from 1992 to 2004. Obama served three terms in the Illinois Senate from 1997 to 2004. AND THAT'S IT.

BRING IT ON

$heep City's President SR Nathan who has never been elected despite serving a second term as president. His salary exceeds three million dollars. The post is a ceremonial position. Each term is six-years.

THE MIRROR OF OPINION

"Who wants to be elected when he can be selected?"

- The young, restless and cynical Mirror of Opinion, July 7, 2009.

Here's how $ingapore's "qualified" look after the nation's WEALTH... The president has uttered NOTHING.

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HONG KONG INVESTORS TO GET THEIR MONEY BACK

The nation-builder press, October 16, 2008.

The majority of the 10,000 $ingaporeans who poured their life savings into mini-bonds sold by banks in $ingapore including the government's DBS Bank have no chance of getting their money back in full or even a single cent. Not so in Hong Kong. The government there has put pressure on banks to refund their clients in FULL.

In Hong Kong, the collapse in the value of the minibonds ignited street protests and demands for refunds from banks and brokerages. PROTESTS ARE NOT ALLOWED in $HEEP CITY, $INGAPORE.

See Hong Kong Banks Offer Formal Minibond Settlement
A group of 16 Hong Kong banks that sold so-called minibonds linked to Lehman Brothers have sent a formal proposal to the city's securities regulator [SFC] to settle on a refund to investors, Sing Tao Daily reported.

The banks may suffer losses of as much as HK$1.5 billion (US$193.5 million) in the proposal, the Hong Kong-based, Chinese-language newspaper said... The banks offered to repay investors between 60 percent and 70 percent of the principle of credit-linked notes arranged by a local unit of failed Lehman, Sing Tao said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWnka2Ujrz4g

The report adds "Sun Hung Kai Financial Ltd. and KGI Asia Ltd. have finished buying back notes they sold at prices equal to the principal invested... The two local brokerages are the only minibond vendors who have fully refunded investors...

The securities watchdog, SFC, is unlikely to accept the banks' proposal for partial refunds, according to today's Sing Tao report. The SFC is demanding that banks follow Sun Hung Kai and KGI and repay the full principal, Sing Tao said.

$INGAPORE DECIDES TO BAN SALES OF MINIBONDS FOR UP TO 2 YEARS

The nation-builder press, July 8, 2009.

SINGAPORE -- Singapore's central bank said July 7 it is banning 10 financial firms from selling structured notes for between six months and two years after finding there were "various forms of non-compliance" with its notices and guidelines in the sale and marketing of notes linked to Lehman Brothers. http://online.wsj.com/article/SB124700154809107735.html

THE MIRROR OF OPINION

"Who fivesaguck? After being burnt, NOBODY IS BUYING ANY MINIBONDS, STRUCTURED NOTES whatever. $ingaporeans would much prefer their MONEY BACK since MAS' actions suggests wrongdoing by the banks."

- The young, restless and cynical Mirror of Opinion, July 7, 2009.

IN 2002, IT WAS: GOH AWAY LAH!

The nation-builder press, August 19, 2002.

"I shook my head when I read some of the responses to a poll by Streats. Streats asked $ingaporeans if they were prepared to lay down their lives for $ingapore if it came to a crunch. One respondent said that he would 'run at the drop of a hat'. Another said that he would not stay, because 'with the global economy, we needn't be in $ingapore to earn money'. A third felt 'no sense of belonging here'.

"These people are fair-weather $ingaporeans...

"I was disturbed too, by two letters published in Streats in July. The writers are also fair-weather $ingaporeans. They said that if life is less stressful elsewhere, for example in Australia, and less costly, why not emigrate? They believed that life would be even tougher for the next generation in $ingapore, as shown by the recent decision to increase bus and MRT fares. In Australia, on the other hand, the cost of living was very low - property was cheap, cars were cheap, and parking in most places was free.

"Fair-weather $ingaporeans will run away whenever the country runs into stormy weather. I call them 'quitters'.

"Fortunately, 'quitters' are in the minority. The majority of $ingaporeans are 'stayers'. 'Stayers' are committed to $ingapore. Rain or shine, they will be with $ingapore."

- PM Goh Chok Tong , August 18, 2002 at the National Day Rally.

IN 2009, IT'S: DON'T GOH LAH!

The nation-builder press, June 28, 2009. Goh still doesn't understand why $ingaporeans want to leave????

The above report stated that "More than one in five of the top students from the 1996-1999 A level graduating cohorts are not working in $ingapore today. And of those from the same batches who went on to universities overseas without a scholarship bond, more than one in three are today carving out careers outside the country."

"If more and more of our bright students do not return, this begs the question whether our success in giving them wings to fly far and high will result in our eventual decline as a nation, especially as we are not even reproducing ourselves.

"No nation will be able to sustain its growth and prosperity without sufficient talent, much less a small country like $ingapore without natural resources," said Mr Goh Chok Tong, now a senior minister.

In the above report, Mr Goh did not mention that $ingapore now relies on new foreigners taking up $ingapore citizenship to keep the population growing. By his own definition, these new citizens are "quitters". Where will they go once the cost of living escalates in $heep City?

THE MIRROR OF OPINION

"Where are your 'stayers' now? The only 'loyal' $ingaporeans are those paid multi-million dollar salaries."

- The young, restless and cynical Mirror Of Opinion, June 28, 2009.

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Boy keeps swinging...

DJ TOH RULES

NOTE: Singapore's reliable opposition leader is Dr Chee Soon Juan of the Singapore Democratic Party.

June 29: District Judge Toh Yung Cheong (pictured above) had issued a warrant of arrest for Dr Chee Soon Juan who is presently in Taiwan for his father-in-law's funeral but rescinded it earlier today. Judge Toh issued the warrant last Wednesday, 24 June 2009, the day the hearing for the trial over the WB-IMF protest in 2006 was to resume.

Dr Chee did not appear in court that day as he had left for Taiwan four days earlier because his father-in-law was dying.

He had applied for an adjournment before he left but Judge Toh rejected the request and ordered that the hearing proceed as scheduled. Dr Chee then asked to see Mr Toh in person but was told that the Judge was on vacation.

He then asked to see the Pre-Trial Conference Judge, Mr Liew Thiam Leng, to make the urgent application. Judge Liew refused. The SDP leader then asked to see the Duty Registrar but was told that this was not possible.

Dr Chee had earlier obtained clearance from the Official Assignee to travel to Taiwan. The OA's office had rejected a similar application in 2006 to see his ailing father-in-law.

Co-defendants Mr Gandhi Ambalam and Ms Chee Siok Chin made another appeal to see Mr Toh on Dr Chee's behalf on Monday, 22 June but the Judge refused to see them.

When the trial resumed on 24 June, another appeal was made. The Judge again rejected this and issued a warrant of arrest for the SDP secretary-general. The rest of the defendants were told to return to court on 26 June.

In the meantime Dr Chee's father-in-law passed away on 25 June.

The judge was informed about this when parties went back to court on the 26th. The defence asked on Dr Chee's behalf that he be allowed to stay on to attend the funeral. Again Judge Toh refused. "The warrant of arrest still stands," he ordered.

Dr Chee explained that his request was not unreasonable and that he would have to stay on in Taiwan to see through familial obligations. He would face the consequences upon his return. He just wanted to make arrangements to ensure that his children would be brought home safely should he be arrested at the airport.

This morning, however, Judge Toh reversed his decision and cancelled the warrant. He told the defendants that the court had not asked for the documentary proof of the death when it should have. Due to this oversight and now that he had been furnished with the proof, the Judge decided to withdraw the warrant of arrest for Dr Chee.

New dates will be picked for the on-going trial.

TAIWAN LEGALIZES PROSTITUTION

June 25: Taiwan began a process of legalising prostitution on Wednesday making the island the latest place in the world to decriminalise the world's oldest profession. In six months, authorities will stop punishing Taiwan sex workers after prostitutes successfully campaigned to be given the same protection as their clients, a government spokesman said.

Taiwan outlawed prostitution 11 years ago, but older sections of the capital Taipei still teem with underground sex workers in bars and night clubs on the upper floors of high-rise buildings. The Collective of Sex Workers and Supporters, a Taipei-based advocacy group, estimates that 600,000 people are involved in sex-related jobs.
http://timesofindia.indiatimes.com/Taiwan-legalizes-prostitution/articleshow/4699825.cms

If $ingapore can legalize gambling, prostitution will go hand-in-hand. Coming soon.

HONG KONG DISNEY TO EXPAND

While $ingapore invested S$500 million into F1 racing and billions into two casinos, Hong Kong made a deal with the Mickey Mouse company to open a Disneyland in 2005. On June 30, Walt Disney Co. agreed to hand over HK$3.5 billion (US$452 million) to add rides like "Toy Story Land" and "Grizzly Trail" at its Hong Kong theme park and raise its stake in the project, said its partner, the city's government, Bloomberg reported. This will increase Disney's stake in the joint venture as well as their commitment.

Not all has been hunky dory with the theme park. Government targets for visitors have not been met. Instead of the estimated four to five million visitors a year, the government has reported visitor levels "averaging between 4.5 million and 4.6 million a year, said Helen Chan, a government economist".

The park's performance has drawn the ire of Hong Kong lawmakers like Emily Lau, who called for a stop to more government spending on the project after a 23 percent drop in attendance during the park's second year of operation. In an interview yesterday, Lau said Hong Kong is "throwing away good money investing" in the park.

The expansion will boost the economy as unemployment in the city reaches 5.3 percent, the highest in four years, creating 3,700 construction jobs and an additional 600 long-term positions when the park opens.

Hong Kong had invested US$418 million in the park for its 57 percent stake and spent another $1.8 billion on landfill, roads, sewers and a rail line. Disney invested $320 million for the remaining stake.
http://www.bloomberg.com/apps/news?pid=20601080&sid=alP3wtOsQMIE

Exactly how many jobs has F1 created for $heep City?

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FORCED SAVINGS HAVE TO GO UP, UP AND AWAAAAAAY!

You'd have to look hard to find the one-inch thick columns hidden inside the papers. - The nation-builder presses, June 2, 2009.

If times are hard, times will get even harder come July 1, 2009. Changes to $ingapore's pension scheme, the CPF (Central Provident Fund), mean more money must be kept with the $ingapore government and cannot be withdrawn at retirement. From July 1, a further $13,500 cannot be withdrawn, despite the current recession when every dollar is needed.

On July 1, the CPF Minimum Sum will be raised from $106,000 to $117,000 [a rise of $11,000]. Also on July 1, 2009, the Medisave Minimum Sum and Medisave Contribution Ceiling will be raised from $29,500 to $32,000 [a rise of $2,500].

So if you turn 55 from July 1 onwards, you will withdraw $13,500 less, regardless of whether you need the money or not.

The money will be kept in what is called a Minimum Sum Fund which will pay $ingaporeans a monthly stipend over 20 years. Too bad if you die before 20 years. You won't see your money.

In 2003, the $ingapore government changed the rules and will stop the practice of allowing $ingaporeans to withdraw 50 per cent of their pension by 2009. A new Minimum Sum Fund was started and this sum will be raised to reach $120,000 (2003 dollars) in 2013.

As announced in 2003, by then PM Goh Chok Tong, from 1 January 2009, the percentage for withdrawal will decrease from 50% to 40%, and thereafter be further reduced every year by 10 percent to zero. Therefore, from 1 January 2013, CPF members must meet the CPF and Medisave Minimum Sums first before they can withdraw any money at age 55.

But for $ingaporeans who don't even have enough in their minimum sum fund, the government will allow them to withdraw $5,000 from their Ordinary Account and Special Account balances. Consider this an "ang pow" [red packet money].

As of March 31, 2009, there were 1.62 million active CPF members. By withdrawing $13,500 less, the PAP government makes an instant saving of about $21.8 billion. That's a lot of money the government wants to keep on your behalf.

This new CPF rule makes the saying "hope you die before you get old" meaningful.

What Goh Chok Tong said on August 28, 2003 in particular para 87 to 95.
http://mycpf.cpf.gov.sg/NR/rdonlyres/9B67714C-BE3D-4048-A418-807C59AEF85F/0/20030828PMO.pdf

For more:
http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_1June2009.htm
http://mycpf.cpf.gov.sg/CPF/About-Us/CPF-Stats/CPF_Stats2009q1.htm

TEMASEK HOLDINGS HAS LOST $58 BILLION AS OF 2009

The nation-builder press, January 22, 2008.

See latest "Temasek portfolio lost US$39.91 billion"
http://online.wsj.com/article/SB124350003544761935.html

THE ORIGINAL REPORT FROM REUTERS - JUNE 3, 2009

June 3 - $ingapore state investor Temasek sold its stake in British bank Barclays Plc several months ago at a big loss, people familiar with the matter said on Wednesday [June 3]. After spending over £1 billion on the shares in the last two years, unlisted Temasek $ingapore may have lost over £800 million (US$1.3 billion) on the investment, according to calculations by Reuters.

Temasek sold its near 2 per cent stake in Britain's second biggest bank in December and January, one of the sources said. The sources declined to be named due to the confidential nature of the investment. Temasek and Barclays declined to comment, and details of the price it sold at were not known. - Reuters http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSWLA574220090603

IT TOOK ALL OF FIVE MONTHS FOR $INGAPORE MEDIA TO TELL US THAT TEMASEK HAS SOLD BARCLAYS AT A WHOPPING LOSS

The nation-building presses: June 4, 2009.

The newspapers here run ads saying "the truth is out there". How true. If not for foreign press reports, the local media would remain ignorant that a powerful $ingapore government company has lost hundreds of millions of $ingaporeans' money again. What role does the $ingapore press play?

They are "nation-builders".

THE MIGHTY THAR-MAN is a superfriend of the INVINCIBLE IRON 'RICE-BOWL' MAN

THE MIRROR OF OPINION

"Good long-term investments with risks thoroughly assessed?, if you say so Mighty Thar-Man. If you say so."
- The young, restless and cynical Mirror Of Opinion, May 29, 2009.

IF YOU WANT YOUR CPF MONEY,
YOU HAVE TO SURRENDER YOUR $INGAPORE CITIZENSHIP

AND MIGRATE

"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."

- $ingapore's National Anthem.

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DUBAI, $HEEP CITY SUFFER BIGGEST HOME PRICE SLUMP

Dubai, once home to the world's biggest construction boom, is now the scene of the world's biggest property slump, according to figures published May 26 by estate agent Knight Frank. House prices in the desert sheikhdom dropped by an extraordinary 40% in the first three months of 2009, outpacing falls anywhere else in the world after an investment bubble burst.

$ingapore, the nation worst hit by the collapse in world trade, saw the second biggest fall, with property prices down 16.2% in the quarter. Still not world class, only managed a No 2.
http://www.guardian.co.uk/money/2009/may/26/dubai-property-crash

$INGAPORE'S CHANCE TO OWN PLAYBOY

Adult magazine mogul Hugh Hefner is reportedly lining up British billionaire Sir Richard Branson to take over his Playboy empire reports ContactMusic. Hefner's company - founded 56 years ago - is battling the recession and the rise in internet porn, with the firm recently posting losses of US$13 million for the first three months of 2009. Sources suggest the asking price is set at US$300 million. A Playboy spokesperson denies any offers have been made, but admits Hefner would "listen to proposals that could create value for all of our shareholders".

Every $ingaporeans dream is to own Playboy. The magazine remains BANNED IN DA $INGAPURA. Don't wait, bring cheque book along $ingapore.

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The Invincible Iron "rice bowl" Man. The GIC headed by Lee Kuan Yew invested BILLIONS in failed banks including S$10 BILLION for Citigroup.

THE INVINCIBLE IRON "RICE BOWL" MAN & HIS SUPER FRIEND

"For people in government like me, having to deal with these sums of money which we have accumulated through the sweat of our brow over the last 40 years, you have to pay the market rate. And then you've got an incompetent man and you've lost money, by the billions. So get a sense of proportion." [MM Lee in 2007]

"You know, the cure for all this talk is really a good dose of incompetent government. You get that alternative and you'll never put $ingapore together again: Humpty Dumpty cannot be put together again... and your asset values will disappear, your apartment will be worth a fraction of what it is, your jobs will be in peril, your security will be at risk and our women will become maids in other people's countries, foreign workers." [MM Lee April 5, 2007]

$INGAPORE'S INVESTMENTS 'RATIONAL AND WITHIN RISK LIMITS' - JANUARY 2008

The nation-builder press, January 22, 2008.

"Govt doesn't comment on each deal, but it is assured that investments in subprime-hit banks are rational and within risk limits."

- $ingapore's Minister of Finance Tharman Shanmugaratnam, Jan 22, 2008. A super friend indeed.

TEMASEK TAKES US$4.6 BILLION LOSS ON MERRILL INVESTMENT - MAY 2009

Government company Temasek Holdings last week revealed that it had sold its entire stake in Bank of America sometime in March. Foreign media reports say that Temasek might have lost close to US$4.6 BILLION in the investment. The company received Bank of America stock after Bank of America took over Merrill Lynch. Temasek paid US$5.9 BILLION on its Merrill investment in December 2007.

Read a scathing commentary on Temasek's head Ho Ching, also the wife of General Lee Hsien Loong, $heep City's prime minister: $ingapore's Lesson: Buy High, Sell Low

"If nothing else, the record of Temasek gives the lie to notion spread by $ingapore's ruling clique that they are the best guardians of the people's savings. Paternalism morphed into an arrogance whose full cost to $ingaporeans is for now hidden by the opaque nature of the government's accounts, and the very partial revelations provided by Temasek. $ingaporeans, gather your purse-strings and, together, pull."

http://asiasentinel.com/index.php?option=com_content&task=view&id=1880&Itemid=233

THE MIRROR OF OPINION

"This was not an investment. It was a GAMBLE. The government wasted $ingaporeans savings."
- The young, restless and cynical Mirror Of Opinion, May 22, 2009.

BOYS IN THE JUNTA

Meet the junta: [l to r] PM General Lee Hsien Loong, DPM Admiral Teo Chee Hean, Foreign Minister General George Yeo and Culture Minister Admiral Lui Tuck Yew.

On April 13, 2009, citizens of $heep City, $ingapore found their freedom of assembly suddenly removed by a new law passed in $ingapore's parliament.

Only state-sponsored "protests" are allowed in $heep City, $ingapore.

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FROM $HEEP CITY TO SHIP CITY

Sunrise in the Strait between Indonesia and $ingapore, where 735 cargo ships were gathered May 12, 2009 because of a sharp decline in global exports.

May 12: To go out in a small boat along $ingapore's coast now is to feel like a mouse tiptoeing through an endless herd of slumbering elephants.

One of the largest fleets of ships ever gathered idles here just outside one of the world's busiest ports, marooned by the receding tide of global trade. There may be tentative signs of economic recovery in spots around the globe, but few here.

Hundreds of cargo ships - some up to 300,000 tons, with many weighing more than the entire 130-ship Spanish Armada - seem to perch on top of the water rather than in it, their red rudders and bulbous noses, submerged when the vessels are loaded, sticking a dozen feet out of the water.

So many ships have congregated here - 735, according to AIS Live ship tracking service of Lloyd's Register-Fairplay in Redhill, Britain - that shipping lines are becoming concerned about near misses and collisions in one of the world's most congested waterways, the straits that separate Malaysia and $ingapore from Indonesia. http://www.nytimes.com/2009/05/13/business/global/13ship.html?_r=1

CARGOSHIP COLLISION MAY REIGNITE $INGAPORE CONGESTION CLAIMS

May 4: An Iranian general cargoship was close to sinking after an early morning collision with an Indonesian-flagged cargoship in the $ingapore Strait last week [April 24].

http://www.lloydslistdcn.com.au/casualty-reports/cargoship-collision-may-reignite-singapore-congestion-claims

The Maritime & Port Authority of $ingapore maintains that the port's anchorages are not overcrowded and concerns over navigational safety are unwarranted. http://www.business24-7.ae/articles/2009/4/pages/07042009/04082009_4d9b3adcaea54a3f80479a3af6c54888.aspx

The matter remains unreported by $ingapore's government-controlled media.

THE ELECTRONIC POLICE STATE 2008

As the 2009 rankings may soon be out, it's timely to recap the current rankings of the 52 states studied by cryptohippie.com. Here are the Top 12 police states in the WORLD.

1. China
2. North Korea
3. Belarus
4. Russia
5. United Kingdom: England & Wales
6. United States of America
7. $ingapore
8. Israel
9. France
10. Germany
11. Malaysia
12. Ireland

Rankings are determined by the following criteria:

According to the site they "are not measuring government censorship of Internet traffic or police abuses, as legitimate as these issues may be. And, we are not including evidence gathering by traditional, honest police work in any of the categories below. (That is, searches pursuant to honestly obtained warrants - issued by an independent judge, and only after the careful examination of evidence.)

"The seventeen factors we included in these rankings are:

Daily Documents
Requirement of state-issued identity documents and registration.

Border Issues
Inspections at borders, searching computers, demanding decryption of data.

Financial Tracking
State's ability to search and record all financial transactions: Checks, credit card use, wires, etc.

Gag Orders
Criminal penalties if you tell someone the state is searching their records.

Anti-Crypto Laws
Outlawing or restricting cryptography.

Constitutional Protection
A lack of constitutional protections for the individual, or the overriding of such protections.

Data Storage Ability
The ability of the state to store the data they gather.

Data Search Ability
The ability to search the data they gather.

ISP Data Retention
States forcing Internet Service Providers to save detailed records of all their customers' Internet usage.

Telephone Data Retention
States forcing telephone companies to record and save records of all their customers' telephone usage.

Cell Phone Records
States forcing cellular telephone companies to record and save records of all their customers' usage.

Medical records
States demanding records from all medical service providers and retaining the same.

Enforcement Ability
The state's ability to use overwhelming force (exemplified by SWAT Teams) to seize anyone they want, whenever they want.

Habeus Corpus
Lack of habeus corpus - the right not to be held in jail without prompt due process. Or, the overriding of such protections.

Police-Intel Barrier
The lack of a barrier between police organizations and intelligence organizations. Or, the overriding of such barriers.

Covert Hacking
State operatives removing - or adding! - digital evidence to/from private computers covertly. Covert hacking can make anyone appear as any kind of criminal desired.

Loose Warrants
Warrants issued without careful examination of police statements and other justifications by a truly independent judge.

Read the full report for 2008 here https://secure.cryptohippie.com/pubs/EPS-2008.pdf

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The Invincible Iron "rice bowl" Man. The GIC headed by Lee Kuan Yew invested BILLIONS in failed banks including S$10 BILLION for Citigroup.

NO IRON RICE BOWL: BUFFETT TOLD, NAME YOUR SUCCESSOR

Warren Buffett, the billionaire investor, yesterday [May 1] faced shareholder demands to name his successor following five consecutive quarters of declining profit at Berkshire Hathaway. More than 35,000 investors turned out to question the investor known as the "Sage of Omaha" at Berkshire's annual meeting in the Nebraska town yesterday.

After more than 40 years at the helm, Mr Buffett's job will be split between his son Howard, who will become chairman, and an as yet unidentified chief executive and chief investment officer. Mr Buffett, 78, said all the candidates for the position of chief executive already work for Berkshire Hathaway.

Mr Buffett continued to paint a pessimistic picture about the prospects for the US economy.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5263886/Buffett-told-name-your-successor.html

PANIC ATTACK

"Health scares are like terrorist ones. Someone somewhere has an interest in it. We depend on others with specialist knowledge to advise and warn us and assume they offer advice on a dispassionate basis, using their expertise to assess danger and communicating it in measured English. Words such as possibly, potentially, could or might should be avoided. They are unspecific qualifiers and open to exaggeration...

"...Meanwhile a real pestilence, MRSA and C difficile, was taking hold in hospitals. It was suppressed by the medical profession because it appeared that they themselves might be to blame. These diseases have played a role in thousands of deaths in British hospitals - the former a reported 1,652 and the latter 8,324 in 2007 alone. Like deaths from alcoholism, we have come to regard hospital-induced infection as an accident of life, a hazard to which we have subconsciously adjusted.

"MRSA and C difficile are not like swine flu, an opportunity for public figures to scare and posture and spend money. They are diseases for which the government is to blame. They claim no headlines and no Cobra priority. Their sufferers must crawl away and die in silence."

- Simon Jenkins, A Panic Stoked In Order To Posture And Spend, in The UK Guardian, April 29, 2009

http://www.guardian.co.uk/commentisfree/2009/apr/29/swine-flu-mexico-uk-media1

WHAT KILLED DBS' CEO

The nation-builder press, April 12, 2009.

The $T headline seems misleading.

"But his weakened immune system made him susceptible to infection... His condition rapidly deteriorated over the last 48 hours and he succumbed to the infection."

MRSA Rates [in $ingapore] Higher Than You Think
http://www.asianewsnet.net/news.php?sec=3&id=4596

Think about it. 48 die every year from MRSA in $heep City. And it's NOT front page news. Please don't try to organise a protest. See below.

BOYS IN THE JUNTA

Meet the junta: [l to r] PM General Lee Hsien Loong, DPM Admiral Teo Chee Hean, Foreign Minister General George Yeo and Culture Minister Admiral Lui Tuck Yew.

On April 13, 2009, citizens of $heep City, $ingapore found their freedom of assembly suddenly removed by a new law passed in $ingapore's parliament.

Only state-sponsored "protests" are allowed in $heep City, $ingapore.

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NOTHING FOR FREE IN $INGAPORE

There's no such thing as welfare or free medical help. Because the PAP-led government has built this city on tough love, it is not a "welfare state". But wait... what's this?

"$ingapore Airlines knows that you love their service and beautiful stewardesses. But what about their city? The 'Fabulous $ingapore Stopover Holiday' package beckons passengers to make a stopover in $ingapore with the first night starting at $1 for hotels such as the Allson Hotel, Hotel Royal and Peninsula Excelsior. Hotel upgrades are available starting at only an additional $20. But wait, there's still more...

Deal: When you book an Stopover Holiday you get an assortment of extra deals beyond the super-cheap hotel night, including: free admission at $ingapore attractions such as the Jurong Bird Park, National Orchid Garden (pictured), $ingapore River Bumboat Tour and Singapore Zoo, plus 50% off meals at select hotels and outlets, a Free $ingTel Prepaid Mobile hi!Card, local public transportation, airport transfers and more.

When: Book by May 15, 2009, for travel to be completed by end of September 2009."

Oh, it's NOT FREE, tourists still have to pay $1. Who is footing the bill for tourist welfare?

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Meet the junta: [l to r] PM General Lee Hsien Loong, DPM Admiral Teo Chee Hean, Foreign Minister General George Yeo and Culture Minister Admiral Lui Tuck Yew.

$INGAPORE PASSES LAW, CONFIRMS TOTALITARIAN STATUS

$ingapore passed a law effectively putting a stop to freedom of assembly on Monday, April 13, 2009. Like Myanmar and North Korea, all outdoor activities that are cause-related will need a police permit, no matter how many people are involved ie not even one lone protester is allowed. The law allows police to order a person to leave an area if they determine he is about to break the law. That is a change from the current law requiring a permit for gatherings of five or more people. The bill also allows police to stop people from filming law enforcement. The police never give permits to opposition parties.

Who fivesaguck?

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THE RESULTS OF $INGAPORE'S CLEANLINESS CAMPAIGN 40 YEARS LATER...

The nation-builder press, April 9, 2009.

"An unfortunate few die of what they caught in the hospital, rather than the disease they had been warded for."

Interestingly, $T reported last month that 48 die each year or 1 every week due to hospital infections. The report said that "infectious diseases experts here claim that each of Singapore's three largest hospitals sees 'almost one death, six to nine new clinical infections and up to 60 new individuals colonised per week.' Those are not small numbers."

MRSA Rates Higher Than You Think
http://www.asianewsnet.net/news.php?sec=3&id=4596

REST IN PEACE

The nation-builder press, April 12, 2009.

The $T headline seems misleading.

"But his weakened immune system made him susceptible to infection... His condition rapidly deteriorated over the last 48 hours and he succumbed to the infection."

"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."

- $ingapore's National Anthem.

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5,000 JOBS AVAILABLE IN $HEEP CITY, $INGAPORE

April 4, 2009: Filipino President Arroyo said some 5,000 new jobs will be available for Filipinos in $ingapore with the expansion of the Resort World at Sentosa Island. Mrs. Arroyo said the country has sent a delegation to $ingapore last month to explore possible job opportunities for migrant Filipino workers in the face of a global economic crisis.

Administrator Jennifer Manalili of the Philippine Overseas Employment Administration said she went to $ingapore last month with Labor Secretary Marianito Roque to discuss available slots for Filipino workers with Resorts World chief executive Tan Hee Teck.

"They are expanding and there will be openings for workers for hotels, casinos and performers," Manalili said. "Universal Studios will also have a theme park so they told us they want to hire Filipino talents and performers. They noted that Filipinos are good in music and in dance so they might come here to conduct auditions either next month or in June," she added.

Manalili said the government will send a team again in early May to "finalize discussions and requirements for Filipino workers."

Resorts World plans to open four of its six hotels by the first quarter of 2010 and expects to fill up some 10,000 job vacancies.

http://www.manilastandardtoday.com/?page=politics4_april4_2009

Macau has an estimated 10,000 sex workers to service tourists who come for gambling.

LEGALIZE PROSTITUTION TO STIMULATE ECONOMY

March 25, 2009: Prostitution has been around forever, and it continues to thrive even in countries with draconian punishment for prostitutes and their clients. Prostitution will never be wiped out, all governmental efforts to get rid of it are doomed to fail. There will always be guys who are too horny, and girls who are desperate for money to make ends meet.

The world's oldest profession is here to stay, and it's time that we accepted this reality. If the sex trade is legalized, taxed and regulated, it will benefit society it many ways.

Working girls not only stimulate their customers, but they also stimulate the economy. Unfortunately, when prostitution is illegal it's the underground economy that benefits. Right now it's only pimps and other scum who profit from the sex industry. But if sex for money is legalized and taxed society would benefit. The legalization of prostitution is the right tonic for our ailing economy.

Fighting prostitution is a very expensive endeavor that we can no longer afford at a time when our economy is in a crisis mode. Instead of wasting the taxpayer's money on police manpower and defense attorneys, revenue should be used to create jobs and in other ways that will stimulate the economy.

If the above reads like the PAP's rationalization for setting up two casinos in $ingapore, it is.

Read Robert Paul Reyes' complete essay here http://www.americanchronicle.com/articles/view/95914

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$750 MILLION RACING MONEY

$ingapore will be hosting the Formula One Grand Prix for five years with an option to extend the deal by another five years. The first one was staged last September. $ingaporeans, the $heeple of $ingapore, will foot the bill - estimated at S$150 MILLION a year. Or S$750 MILLION for five years. The amount is paid to the event organiser, $ingapore GP.

The expected income from tourist arrivals is slim at best. For the past four months, tourist arrivals have fallen. Again, no one is questioning the PAP government on this "quality" investment. With the world economy not expected to be revived over the next few years, the $750 MILLION will be blown away by the end of the first five years from 2008 to 2012.

Remember Suzhou Industrial Park? Remember Optus? Remember Shin Corp? Remember Las Vegas Sands? Remember UBS? Remember CitiGroup? Remember Merrill Lynch? How does the $ingapore government decide on its investments? Nobody knows except the government.

THE IRON RICE BOWL MAN

"If there are other banks of the quality of the two that we bought into [Citigroup, UBS], with the promise and the capabilities and inherent capabilities to recover, we have got the liquidity to meet it, to make such an investment... We will not rule it out.''

- Lee Kuan Yew, 84, as reported in Bloomberg, April 30, 2008. The prophet of Temasek has not said more about buying bank stocks. He is the head of Government Investment Corporation of $ingapore [GIC], which made the risky bank investments. The value of the $ingapore government's investments in banks stocks is estimated to be US$24 BILLION. At current prices, the value of $ingaporeans investments has fallen dramatically.

When the going gets tough, make sure you have an iron rice bowl.

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THE LAST WORD FROM A FINED JOURNALIST

"My first reaction [upon hearing of the ruling] was to roll my eyes and think, 'Here we go again... Whenever we publish anything on $ingapore, we take a risk that we'll be sued.

"People go to jail in $ingapore for this offense - so I was worried about that possibility. If I had received a jail sentence, I would not have gone to $ingapore to serve it, and there's no way the U.S. would have extradited me, but it could have impeded my travel elsewhere."

- The Wall Street Journal's Melanie Kirkpatrick, in an email to The Daily Princetonian, March 2009. Ms Kirkpatrick is deputy editor of The Wall Street Journal's editorial page and a member of its editorial board. She was found in contempt of court by $ingapore High Court Justice Tay Yong Kwang on March 19. Kirkpatrick was also fined 10,000 $ingapore dollars, or roughly US$6,550.

$ingapore High Court Judge Tay Yong Kwang.

She also said she believed the "biggest losers" in these cases were the $ingaporean people, who "have a hard time getting complete information and a range of views other than those the government wants them to hear."

YET ANOTHER TRAIN HITS A SINGAPOREAN

An old woman has died after she was hit by a train at the Clementi MRT station in $ingapore on March 24, 2009 at 7 in the morning. The train tracks are about six feet below the station platform and the $ingapore media reported that "witnesses at the scene said she 'suddenly lost consciousness and fell'." None of the witnesses are ever identified in these reports.

The media in $ingapore also reported the following: "Madam Quak Han Lui, 71, is believed to have fallen on the platform and then onto the tracks just as a train was pulling into the station."

"The train driver braked immediately after hitting her. Her body was found under the third carriage, with her head and right arm severed."

Her death disrupted MRT traffic for 50 minutes. Many Singaporeans have died in a similar fashion in recent years caused by "fainting spells". Train authorities have learnt how to restore service quickly.

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General Lee, the prime minister of $heep City.

PARADIGM SHIFT FOR PARADISE ISLAND?

A Feb 24 DBS report suggests 99,000 jobs will go by the end of 2009. $ingapore's tax haven loophole also looks set to be plugged. With two casinos opening in the next 12 months, will this be enough to reinvigorate $heep City? Take a look at New Zealand for a revolution of the mind. New Zealand legalised prostitution six years ago. THINK OUT OF THE BOX $HEEPLE.

March 17, 2009: When "Sophie", a medical worker from Christchurch, fell behind on her mortgage payments last year, she found that her job was not paying enough. Her only option was a temporary career change: she became a prostitute.

"I needed money fast so I didn't lose my house," she explains.

A soft-spoken 30-something with a shy smile, Sophie does not look like the stereotypical scarlet woman, even in the low-cut dress she wears at work. She does not feel like one either. "I don't drink. I don't smoke. I don't do drugs. I'm a vegetarian," she says, adding that she had qualms about her new job.

But the central-city parlour she joined - basically a pub with a sitting area at the front and bedrooms at the back - was not the drug-fuelled dive she had imagined. "All the women here are lovely," she says. "We spend a lot of time sitting and talking. I'll stick it out a bit longer."

Some might question the morality of Sophie's choice, but legally it cannot be faulted. Since the Prostitution Reform Act of 2003, brothels have been allowed to operate more or less freely.

Sex workers have the same rights as everyone else. In the eyes of New Zealand's law, the oldest profession is just like any other. This policy stands in marked contrast to Europe. In 1999 Sweden criminalised the purchase of sex services, and several countries are introducing similar laws in an attempt to combat trafficking.

Ask New Zealand sex workers what they think of Swedish-style strictures, and the response is overwhelmingly negative. "Whether you're prosecuting the men or the girls, you're still prosecuting the business," says "Lucy", 23, from Wellington.

Lucy works in Bon Ton, an exclusive establishment in the capital where an hour-long session costs NZ$400 (£140; US$200). She says the reform has given her the opportunity to work for a legitimate business in a safe environment. "I make twice what I was earning in retail. I am appreciated by customers and my boss. I can work whenever I want to - it's by far the most gratifying work I've ever had," she says.

Read the rest of 'Selling sex legally in New Zealand' by Henri Astier http://news.bbc.co.uk/2/hi/asia-pacific/7927461.stm

If gambling dens can be called "international resorts", step inside "love" $ingapore.

THE TRUCK DRIVER

"I don't think they should flush any more money down the Citibank toilet. I don't think they should flush any more money down any of these toilets. Tell them to 'sink or swim,' "

- David Ziegler, a long-distance trucker finishing breakfast at the Mother Load Diner in the old gold mining town of Idaho Springs, Colo., said the AIG bonuses had convinced him that the U.S. should stop bailouts altogether, March 17, 2009 AP report.

THE IRON RICE BOWL MAN

"If there are other banks of the quality of the two that we bought into [Citigroup, UBS], with the promise and the capabilities and inherent capabilities to recover, we have got the liquidity to meet it, to make such an investment... We will not rule it out.''

Who do you think should lead GIC?

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The nation-builder press, March 5, 2009. MM Lee Kuan Yew, the iron rice bowl man, heads GIC. "We" can tough it out? Lee earns in excess of $3 million. Employees of national airline, $ingapore Airlines, have been asked to volunteer to take TWO YEARS OF UNPAID LEAVE. Tough.

THE EARLY BIRD WHO CAUGHT THE TURD

Citigroup is now officially a "ward of the state" although CEO Pandit and his band of pirates are still allowed to collect their paychecks and hang out by the water cooler. Citi's survival depends on the reluctant generosity of the US taxpayer who is now its biggest shareholder. The mega-bank has slumped from US$58 per share to $1 per share in less than 2 years. It's now more expensive to buy a grande latte at Starbucks than it is to buy three shares of Citi... and, at least with the Starbucks, the buyer gets a buzz on. There's no upside to the Citi deal. It's a dead loss.

- Mike Whitney in his essay Dithering On The Edge Of The Abyss, Counterpunch, March 9, 2009.
http://www.counterpunch.org/whitney03092009.html

THE RAPE OF $INGAPORE

Uncle Sam - "Pay up or else!"

As we correctly predicted, the U.S. is beginning to call in its markers. If you read the fine print on the U.S. conversion of its Citigroup debt to ordinary shares in the company, you could have predicted it too. Here's the fine print:

The U.S. said it will convert its stake in Citigroup to the extent that Citigroup can persuade private investors, including several big foreign government investment funds, to do so. The U.S. Treasury Department will match the private investors' conversions dollar-for-dollar.

The arms have been twisted successfully, and the U.S. will convert 25 billion dollars of capital into Citigroup ordinary shares.

So whose arm got twisted?

We don't know all of the victims, but $ingapore's GIC was, most likely, the largest. $ingapore will convert its preferred notes, which yielded 7 per cent, to ordinary shares. $ingapore will do this at a price of US$3.25 a share below the conversion price of US$26.35 as agreed when it invested in the preference notes.

This means $ingapore is paying US$3.25 a share for Citigroup, and giving up their 7 per cent yield of US$482 million a year for no yield at all!

Friday, on the NYSE, Citigroup plunged to US$1.50 a share.

Let's do the math. $ingapore is paying US$3.25 a share for shares worth $1.50. $ingapore is paying doubles (2.17 times to be exact) the going price for Citigroup shares. That dilutes $ingapore's initial investment in Citigroup for the original US$6.88 billion to US$3.17 billion - a loss for $ingapore of US$3.71 billion.

Lee Kuan Yew, $ingapore's de facto ruler, has said that Citibank has an excellent franchise, and that $ingapore has invested for the long term - 20 or 30 years - far beyond his life expectancy. - John Harding

Shafted by UBS, lynched by Merrill and gang-raped by CitiGroup is how $ingaporeans feel. More insights into the goings-on in $heep City at the banner below. And buy the book.

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The nation-builder press, March 3, 2009.

On Feb 28, lightning struck the top of $ingapore's icon, The Merlion. The lightning is the symbol of $ingapore's ruling party, the PAP.

The lion head symbolises $ingapore's founding by an Indonesian prince who named his new settlement after a lion he saw when he landed on the island. The body of the fish represents $ingapore's origins as a fishing village.

The lightning strike symbolises an "own goal". On Feb 27, $ingapore's GIC converted its US$6.88 billion preferred shares in Citigroup to common stock and made losses. The billions were $ingaporeans' savings.

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PROGRESSING BACKWARDS

The nation-builder press, December 19, 2008.

It was reported Dec 18, 2008 that the Government is building more two- and three-room flats [apartments] because they are presently in demand. Two-room flats are those with a living room and one bedroom. The sale price for such a new flat starts at $76,000. What this really means is that Singaporeans are getting poorer and unable to afford bigger flats.

A few years ago the Government was saying that it would phase out the smaller flats because Singaporeans were moving into 4- and 5-room flats as they got richer. What happened?

There is only one answer: Singaporeans are getting poorer. The HDB tells us that "there are more people who will need to downgrade to smaller flats, as well as first timer families who would also like to start with smaller flats to be financially prudent."

And in case anyone thinks that this is the cause of the recent global financial crisis, note that the demand for these small flats started in 2004 and picked up 2006. Next year's supply of these crammed units will double this year's.

It seems that as we progress forward in time with the PAP, we progress backward in our fortunes.

In the meantime the PAP, through its media, continues to sell us the snake oil that under its rule Singaporeans are better-off.

It doesn't bother to explain how. That's because it cannot: Our public debt as a percentage of the GDP is close to 100 per cent and income disparity levels are at those of Third World countries than First World ones. Queues for free food are lengthening. The number of homeless are increasing. More and more of our youths are getting disillusioned and alienated. The brain drain problem is going from bad to worse.

And if all this is took place during the "boom years" between 2003 and 2007, just imagine what's in store when we enter the economic maelstrom next year. Can someone please explain how the average Singaporean has benefited?

What's worse is that Singaporeans find themselves with absolutely no voice. We lost it when we traded our political strength for the promise of, in the PAP's words, "more good years." In the interim, the PAP has tightened the noose so much so that Singaporeans now find themselves at the mercy of a handful of people within the ruling party.

Have we been cheated? This is what Dr Chee Soon Juan's book, A Nation Cheated, talks about. It reveals how Singaporeans have been short-changed through the years. Perhaps this is why the book continues to sell well. Kinokuniya Bookstore has placed yet another order for it as more and more Singaporeans want to know more how they have been systematically robbed of their economic and political rights, especially in such depressing times.

But the book doesn't only explain how Singaporeans have been disenfranchised, it provides alternative ideas on how we can overcome this unfortunate situation in which we find ourselves. In other words there is hope yet -- but only if the people discard their mental crutches and claim back what is rightfully theirs.

In this regard another of Dr Chee's books, The Power of Courage, teaches Singaporeans how they can overcome their present predicament through the application of Nonviolent Action. This book is also on sale at Kinokuniya.

So if you haven't already read these books, get a copy of it today. You can also order the books through the Internet by emailing to speakup@yoursdp.org.

A GENTLE REMINDER THAT $INGAPOREANS WILL GET ANOTHER WAGE CUT

"The National Wages Council (NWC) will take the unusual step of meeting again next month to revise the wage guidelines it set earlier this year. The review, announced by the NWC yesterday, is prompted by the worsening global economic crisis." - The nation-builder press, December 17, 2008.

$ingapore's public servants are paid multi-million dollar salaries. In January 2008, they had the gall to raise their salaries when they were clueless of the coming economic storm. No foresight, just plenty of foreskin.

If you are not keeping track of the pay cuts, here's a gentle reminder from the archives.

HOW $INGAPOREANS SERVE THE SERVANTS

The nation-builder press, May 1, 2001.

"A strong supporter of the union movement and a champion of education and training. This was how the TNUC described PM Goh Chok Tong... when conferring on him the Distinguished Comrade of Labour award."
- The nation-builder press, May 1 2001.

Above is how the nation-builder press describes the ruling PAP government. Below is the reality:

Workers sacrificed $7.5 billion in 1999's CPF [pension] cuts:
"After (TNUC) agreed to wage cuts of up to $7.5 billion in 1999, many foreign observers wondered how we were able to pull this off ever so smoothly, as it were."
- Ee Boon Lee, editor of Petir and TNUC News writing in Managing The Crisis (published 2001).

Workers are asked to pay more taxes (about $1.32 billion) with the 5% GST [sales tax] in 2003:
"The (GST) increase is estimated to offset half the total shortfall from the tax cuts of around $2.5 billion..."
- Reuters, May 2 2002.

Workers are sacrificing $9 billion every year since 2003 with the 5% GST
"From next year onwards, $ingaporeans will be sacrificing almost $9 billion a year on the advice of their million-dollar public servants."
- The Mirror of Opinion, May 2 2002.

In 2009, workers can expect to sacrifice in excess of $10 billion every year.
The GST was raised again in July 2007 to 7%. With the coming wage cuts in 2009, workers burden will go up.

WHY YOU WILL NEVER SEE YOUR PENSION FUNDS RESTORED
Q1: Why is the Government not restoring previous cuts?

A1: It is no longer realistic to restore the CPF contribution rate to 40% because of the new realities of global competition. Cost competitiveness is a key concern today. There are new regional competitors who are able to compete with us for skilled jobs. To stick to the target contribution rate of 40% will price us out of the market and cause more job losses.

We have therefore decided to give up the 40% target rate and set a new long-term target rate of between 30% and 36%. This will give us the flexibility to have a higher rate to save more during good years and to cut the rate in bad years to help businesses save costs and preserve jobs.

At a 30% contribution rate, the large majority of $ingaporeans can still save enough to provide for their retirement needs, healthcare expenses and housing.

[The above is sourced from the government's CPF website]

The above explanation means permanent slavery. Stagnant wages coupled with a rising cost of living. There's nothing left to do but to....

PERFECT POSITION SELECTOR

For most tired citizens of $heep City, it's The Starfish Position:

You both lie on the bed, heads in opposite directions. Scissor your legs so he can penetrate you, then hang on to each other's hands for leverage.

Why you'll love it:

This technique is perfect to achieve a grinding pressure movement that's advocated by the Coital Alignment Technique (CAT). Given that the in-out, in-out motion of thrusting during intercourse does little to keep the pressure constant on the clitoris -- which is what's needed for orgasm -- the CAT technique works on the principle that instead of moving apart, you should push your hips together and maintain pressure on the clitoris as you rock back and fourth. (Purr!) Arch your backs and move away from each other to allow for deeper penetration, and adjust the angle so he's hitting the right spots.

To see the illustrations [no photos] http://choosers.ivillage.com/love/perfect_position/

"What's the use of worrying, it never was worthwhile... So pack up your troubles in your old kit bag and SMILE, SMILE, SMILE..."

- $ingapore's National Anthem.

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D-I-Y

With the $ingapore government preparing to cut workers pay again through a reduction in CPF contributions [read pension], it's time to plan ahead. Entrepreneurial $ingaporeans with some knowledge of woodwork can start a business selling coffins made simple. Think out of the box. Or you'll be in it.

FREMONT ATTORNEY-ACTIVIST HOME AFTER 4-MONTH DETENTION IN $INGAPORE

FREMONT, Dec 16, 2008: One week doesn't matter much to most people, but it could end up being the difference between prosperity and poverty for Gopalan Nair.

If the Fremont immigration attorney and Singaporean dissident had just waited seven days before posting a blog entry accusing a high court judge of "prostituting herself" in a sedition case against an opposition leader, he would have been back in the United States and out of reach of $ingaporean authorities.

He never would have been arrested, interrogated or strip-searched. He never would have been detained for four months, nor jailed for two more.

He never would have lost his legal clients, maxed out his credit cards, missed a mortgage payment or spent Thanksgiving at the Islander Motel.

In standing up for free speech in his native $ingapore, Nair, 58, unwittingly thrust himself into a one-man economic crisis.

He left for $ingapore on May 26, a successful immigration attorney who had more than a dozen clients, a five-bedroom house, and, in good years, an annual income of more than $100,000.

He returned six months later crippled with debt.

Read the full story here: http://www.mercurynews.com/news/ci_11245691

An appeal for donations

"As you are aware, my forced stay in $ingapore for 6 months by the $ingapore government by their holding my passport and preventing me to travel, has resulted in severe financial burden to me. I have to get my law practice back into swing and get all other small matters taken care of. I am therefore badly in need of financial assistance. Your donations at this time will be greatly appreciated. If you can donate, please send the moneys through Western Union which is available at any post office in $ingapore. Same applies to those in other countries. Any amount will be appreciated. When sending the funds, please email me the reference number to nair.gopalan@yahoo.com. Payable to "Gopalan Nair"."

Visit http://singaporedissident.blogspot.com/

PERFECT POSITION SELECTOR

A website has come up with a great way to decide the perfect position to have sex. All you have to do is key in four factors - penis size of your partner, your flexibility, the height of your partner and, finally, how much energy have you got for sex?

iVillage sex expert Tracey Cox [for real?] will deliver a personalized sex position prescription, pronto! Just click on any category at the website to get started.

For most citizens of $heep City, it's The Hook Position. "You lie on your back with him on top of you. Hook your legs up over his shoulders for deeper penetration, giving him complete control.

"Why you'll love it: If he's not terribly well-endowed, it's a good position for maximum penetration. A tip to remember for this and other positions: Crossing your ankles (in this case, behind his neck) helps tighten the vaginal canal. It's also a great way to squeeze him in and make him feel fuller inside you. His scrotum brushes against your butt with each stroke and you can reach forward to cup his testicles... The blood will rush to extremities like your nipples, making them highly sensitive."

To see the illustrations [no photos] http://choosers.ivillage.com/love/perfect_position/

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INDONESIA TRACES WEBSITE FUNDS TO $HEEP CITY

Dec 9, 2008: The Attorney General's Office is investigating the flow of allegedly embezzled money generated from an online system at the Justice and Human Rights Ministry to $ingapore, prosecutors said Monday.

Assistant attorney general for special crimes Marwan Effendy said prosecutors suspected part of the money had been transferred from local bank Danamon to an account in $ingapore. "We heard the account in $ingapore is a BNI (state-owned Bank Negara Indonesia) account. We've already asked for authorization from that particular bank to access the account, but we've not received approval yet," Marwan said. - Dian Kuswandini, The Jakarta Post

Read the report here: http://yoursdp.org/index.php/news/singapore/1607-indonesia-traces-website-funds-to-singapore

SHOP IN $HEEP CITY, $INGAPORE?

Advertisement in the nation-builder press, December 10, 2008.
Click on the graphic for a better view.

WHO FIVES A GUCK ABOUT THE GST?

The nation-builder press, April 12, 2002.

This is what Ms Olivia Lum, the CEO of water-treatment company Hyflux [makers of NEWater] said in April 2002:

"I buy my clothes when I travel overseas on business. So the increase in GST wouldn't affect me very much. Yet, I will have a higher income because I don't have to pay so much in taxes. At the end of the day, I think I will gain."

You bet.

THE MIRROR OF OPINION

"If $ingapore retailers want $ingaporeans to shop in $heep City, organise yourselves to remove the GST sales tax. But first, you have to find your BALLS."

- The young, restless and cynical Mirror Of Opinion, Dec 10, 2008.

A TOTALITARIAN STATE ENCOURAGES STUPIDITY

At the end of September, the $ingapore government allowed their power companies to raise electricity rates despite public outcry that it was not the right thing to do. See the statistics below that show the government was already making huge profits from their power plants.

PAP, THE PROFITS-FIRST GOVERNMENT

The nation-builder press, September 30, 2008.

Ten days before PM Gordon Brown demanded petrol price cuts in the UK, the $heeple of $ingapore were told they had to pay more to the government's power companies.

WHY?

These power companies have NEVER made losses before. In previous years, they have been making profits.

2007 Market share of big 4 energy retailers in $ingapore [all are either government-owned or linked]

$ingapore Power's SP Services Ltd - 37.4%
Seraya Energy Pte Ltd - 18.5
Senoko Energy Supply Pte Ltd - 17.9
Tuas Power Supply Pte Ltd - 14.4

a) $ingapore Power:
http://www.singaporepower.com.sg/

2007/2008 - net profit - S$1,086 million [or S$1.086 BILLION]
2006/2007 - net profit - S$1,067 million [or S$1.067 BILLION]

b) $eraya Energy:
http://www.powerseraya.com/images/stories/pdf/PS_Annual_Report_2007-8_wo_Financials.pdf

2007/2008 - net profit - S$218 million
2006/2007 - net profit - S$168 million

c) $enoko Power*:
http://www.senokopower.com.sg/pdf/Senoko%20Power%20Group%20FY2007-08.pdf

2007/2008 - net profit - S$130 million
2006/2007 - net profit - S$131 million

*Temasek Holdings, a government company, recently sold $enoko Power to a private group.

d) Tuas Energy
http://www.tuaspower.com.sg/pdf/financial_report/TP_FRY_2007.pdf

2006/2007 - net profit - S$177 million
2005/2006 - net profit - S$104 million

TWO MONTHS LATER, FLIP-FLOP

The nation-builder press, December 5, 2008.

When the $ingapore government allowed electricity prices to rise this was the reason given by Chief executive of EMA Mr Khoo Chin Hean - the higher electricity rates have been due to the increase in oil prices. The Energy Market Authority said the projected fuel oil price for the next three months is set to jump to $155.14 a barrel, up 38 per cent from $112.35 for the current quarter.

In fact, most experts are predicting the exact OPPOSITE of what the "Authority" said. Oil prices are set to fall lower.

Oil to Plunge Below $25 Next Year, Merrill Lynch Says

Dec 5 2008 report http://www.foxnews.com/story/0,2933,462284,00.html

World Bank: Recession in developed countries, sharp slowdown in developing countries inevitable

According to the GEP, next year oil prices are expected to average about 75 dollars a barrel and food prices worldwide are expected to decline by 23 per cent compared with their average in 2008. Looking forward to the longer term and despite concerns that recent price spikes might signal future supply shortages, the report finds that supply should more than meet demand over the next 20 years.

Dec 10, 2008 report http://news.xinhuanet.com/english/2008-12/10/content_10480187.htm

THE MIRROR OF OPINION

"Is the PAP [People's Action Party] a people-first government? Or a profits-first government? By squeezing the public with higher and higher costs, how can consumer spending be encouraged?"

- The young, restless and cynical Mirror of Opinion, Dec 5, 2008.

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Gopalan Nair, now an American, has got his balls back.

AN AMERICAN IN $INGAPORE'S COURT

We had reported before that an American citizen, formerly a citizen of $heep city, had clashed with the $ingapore government. He has since been set free from $ingapore's jails and is back in the USA. He files this report on his blog, Singapore Dissident.

ADVENTURE

Ladies and Gentlemen,

As you are aware, my forced stay in $ingapore for 6 months by the $ingapore government by their holding my passport and preventing me to travel, has resulted in severe financial burden to me. I have to get my law practice back into swing and get all other small matters taken care of. I am therefore badly in need of financial assistance. Your donations at this time will be greatly appreciated. If you can donate, please send the moneys through Western Union which is available at any post office in $ingapore. Same applies to those in other countries. Any amount will be appreciated. When sending the funds, please email me the reference number to nair.gopalan@yahoo.com. Payable to "Gopalan Nair". Many thanks

Gopalan Nair

Ladies and Gentlemen,

Can I share some stirring words with you? I had lunch today in Chinese restaurant and the fortune cookie had this

"the only people who never fail are those who never try"

While in Queenstown Prison, $ingapore, for 60 days for writing a blog post in this blog, which the Lee Kuan Yew government calls insulting a judge, I read a novel, which name I forget which had this, of which I am guilty,

"self delusion is a pre-condition for any act of consequence".

Someone who died rounding Cape Horn in the BOC Round the World Single Handed Yacht Race, his name was Harry something, which I forget. He was washed off his deck trying to round the Horn in the Roaring Forties in 70 knot gale. His life line saftey harness snapped. The Chilean Navy tried to search but had to leave because they could not operate at night. The Australian navy came later. Harry was never found. His words,

"life should be one long adventure, or it is nothing"

When I look back at my ordeal in $ingapore, it is true that at the time it was hard. But now when I revisit it in my mind, it was one of the greatest adventures of my life. And to come back to shambles in California and having to pick up from where I started, is another adventure.

You can say this again, my life has been a roller coaster. But you know what, I wouldn't have it any other way. I agree entirely with Harry.

Gopalan Nair
39737 Paseo Padre Parkway, Suite A1
Fremont, CA 94538, USA
Tel: 510 657 6107
Fax: 510 657 6914
Email: nair.gopalan@yahoo.com
Blog: http://singaporedissident.blogspot.com/

$INGAPORE COURT FINES WALL STREET JOURNAL

Nov 26: $ingapore's High Court found The Wall Street Journal Asia in contempt of court for commentary it published about the city-state in June and July. The court fined Dow Jones Publishing Co 25,000 $ingapore dollars (US$16,573) -- the highest amount ever levied for such a case in $ingapore.

The ruling related to two editorials and a letter to the editor that the attorney general said were guilty of "scandalizing the court" by impugning the integrity, impartiality and independence of $ingapore's courts.

Another Dow Jones publication, The Far Eastern Economic Review, was in September held to have defamed the elder Mr. Lee Kuan Yew and his son, the prime minister Lee Hsien Loong, in relation to an article concerning Mr. Chee.

The full article
http://online.wsj.com/article/SB122763765053757073.html?mod=googlenews_wsj

Related: $INGAPORE STRIKES AGAIN
http://online.wsj.com/article/SB122791989311765753.html

THREE JAILED FOR KANGAROO T-SHIRTS IN COURT

Dec 1: Three Singaporeans were jailed on Nov 27 after being charged with contempt of court for showing up at $ingapore's Supreme Court wearing T-shirts depicting kangaroos in judges robes.

Isrizal Bin Mohamed Isa and Muhammad Shafi'ie Syahmi Bin Sariman were sentenced to seven days' jail, while Tan Liang Joo John received 15 days imprisonment. They were each ordered to pay S$5,000 ($3,305) in costs.

Tan is the Assistant Secretary-General of the opposition Singapore Democratic Party, led by Chee Soon Juan.

The three had worn the T-shirts at a court hearing in May to determine the damages that Chee Soon Juan and his sister Chee Siok Chin were to pay after being found guilty of defaming $ingapore Prime Minister General Lee Hsien Loong and former leader Lee Kuan Yew.

http://www.reuters.com/article/oddlyEnoughNews/idUSTRE4B05S320081201

$INGAPORE OPTS OUT OF CLUSTER BOMBS BAN BUT WILL STOP EXPORTS

$ingapore will not sign the Convention on Cluster Munitions on December 3 in Oslo but has indefinitely banned exports of the bombs, which the city-state described as legitimate weapons for self-defence.

http://www.earthtimes.org/articles/show/243523,singapore-opts-out-of-cluster-munitions-convention-but-bans-exports.html

That means $ingapore has volunteered not to sell cluster bombs but will reserve the right to make them and use them. Presumably against their "enemies"? Now who would that be?

$INGAPOREANS, CLICK HERE TO SEE WHAT YOU'VE BEEN MISSING

Note: Those who are sensitive and easily offended please do not click on the link.

A TOTALITARIAN STATE ENCOURAGES STUPIDITY

ALL-GOOD, NO-BAD NEWS

The nation-builder press, November 28, 2008.

On November 28, 2008, the nation-builder press reported that a $ingaporean hostage in Mumbai was "safe". "The $ingapore authorities first learnt about the hostage situation in the Oberoi Hotel from her family members, who called the MFA at about 6 am Nov 27.

The news report said: "An Indian news channel reported yesterday that the terrorists had held the woman at gun point and told her to relay to $ingapore diplomats this message: Tell the Mumbai authorities to refrain from acting against them - or lose her life."

The following day, on November 29, the nation-builder press reported that the $ingaporean lawyer's body was found on the 19th floor of the hotel.

WHAT TIME IS IT?

The nation-builder press, April 27, 2008.

The prophet of Temasek, Lee Kuan Yew, has said it will take 30 years [2038] before $ingapore will benefit from its huge investments in banks. At current prices, $ingapore's investments have made huge paper losses.

Still not yet 30 years to make an assessment on $ingapore's US$24 BILLION bet to buy stakes in international banks and finance companies. Must $ingaporeans wait 30 years?

Let's all sing the new national song, "What's the use of worrying, it never was worthwhile, So... pack up your troubles in your old kit bag and SMILE, SMILE, SMILE."

A media whose aim is nation-building won't question, so the same with a tamed opposition, tamed political blogs and tamed academics. "Four legs good, two legs bad", remember?

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A TOTALITARIAN STATE ENCOURAGES STUPIDITY

EX-UBS BOSSES FORGO US$27.7 MILLION PAY

Nov 25, 2008: Three former bosses at Swiss bank UBS are to forgo 33m Swiss francs (US$27.7m; £18.1m) in salary and other payments. Ex-chairman Marcel Ospel, former vice president Stephan Haeringer and ex-chief financial officer Marco Suter oversaw huge losses at the bank.

The Swiss government launched a bailout package for UBS last month, which was worth about $60 billion. UBS welcomed the voluntary gesture by the former bosses who left after the scale of the subprime losses emerged.

The three said they "want to make it clear that they are facing up to reality" said UBS, which has had to write-down almost $49bn since the sub-prime crisis started.

Mr Ospel said that after the government bailout he realised he must take "decisive action". "I hope that my action will help to resolve a situation that was inconceivable to me until a short time ago." Mr Haering and Mr Suter said that "as executive board members we helped shape the strategy of UBS over the years".

"From the start there was no question that in this difficult situation we would express solidarity to each other and be loyal to UBS."

Former chief executive Peter Wuffli, who left UBS in July 2007, said he would not take 12m Swiss francs he was to receive.

UBS has already said that it would stop paying a bonus to chairman Peter Kurer from next year. He has already forgone any bonus for 2007 and 2008.

http://news.bbc.co.uk/2/hi/business/7748877.stm

UBS: More former executives forgo pay, bonuses
Former executives who oversaw massive losses at Swiss banking giant UBS AG will repay a further 22 million Swiss francs (US$18.45 million), Chairman Peter Kurer said Nov 27. The repayments by the unidentified individuals bring to nearly 70 million francs (US$59 million) the amount of money handed back to the bank by former executives over the past year.

http://www.google.com/hostednews/ap/article/ALeqM5iUvHF452XHkMBXOsG0cg9q3vdAGgD94NEBU80

PAY-CUT PM WILL STILL TAKE HOME US$2 MILLION

Nov 25, 2008: $ingapore Prime Minister General Lee Hsien Loong is taking a pay cut due to the weak economy, but will still earn US$2 million (HK$15.6 million) annually. Lee, his Cabinet, and other senior administrators will see their pay chopped by up to 19 per cent next year because of salary components linked to the city-state's economic growth, the nation-builder press website reported. - AFP

NOTE: The president of the United States of America earns US$400,000 a year. The prime minister of $ingapore, pre-cut, earns about US$2.64 million.

The pay cut is not immediate or retroactive but starts next year. If the pay cut is only for 12 months, the general stands to lose ONLY US$467,100 [or S$710,000]. In 2003, the ministers and top civil servants took a 10 per cent pay cut that started in July 2003 and ended in June 2004, exactly 12 months.

CASTRATED?

When $ingaporeans had their CPF contributions slashed in 1999, they never saw it fully restored. The result was S$7.5 billion in earnings a year lost. The income loss was permanent. In 2006 workers aged between 50 and 55 had their wages further cut when the employers CPF contribution [pension] was reduced by 2 per cent.

$INGAPORE'S GIC TO EARN 1 CENT FROM ITS CITI SHARES

Americans will have to shoulder the burden for paying another US$20 BILLION to bail out Citigroup. So shareholders of Citigroup should get nothing. In fact, by accepting the additional US$20 BILLION Nov 24, Citigroup is only allowed to pay its shareholders 1 cent per share for each quarter for the next three years. Thereafter, it will depend on whether the government agrees.

The $ingapore government's sovereign wealth fund, GIC, invested US$6.88 BILLION in Citigroup in January 2008. Their investment is currently valued at less than US$1 BILLION.

Citigroup to halt dividend
http://www.nytimes.com/2008/11/24/business/24citibank.html?partner=rss&emc=rss

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WELCOME TO $HEEP CITY

(Click here for a better view)

From January 1, 2009, only cigarettes approved by the $ingapore government will be allowed into $heep City.

Such cigarettes will bear the "SDPC" ($ingapore Duty-Paid Cigarettes) marking. Those caught selling, buying, or having in possession cigarettes without the SDPC marking will be PUNISHED.

For every packet of duty-unpaid cigarettes, buyers will be fined $500. Illegal peddlers will be arrested and charged in Court. Offenders will be fined or sent to jail or both.

THE LAST WORD ON LEADERSHIP

"It is a case of 'can't believe until you see it'. Until today, nobody believed the COE can drop to $2... nobody can believe there will be large number of people in affluent $ingapore in dire straits. It is going to come... I'm very sure and I hate to see people suffering because we have leadership perpetually in denial.

"When they see jobless people, they say jobs are plentiful just don't be fussy. When people can't afford electricity, they tell these people they are using too much electricity and install a meter to force them to cut down. When people say flats are too expensive, they reply that people are buying flats that are too big... please choose smaller ones.

"When people say they can't afford medical care, they reply that people would take better care of their health if medical care is more expensive... they say people will neglect their health just to use subsidised health care if it is not expensive enough.

"This type of logic worries me as we enter the worst recession in decades. Just look at government behavior during the minibonds saga. This is a leadership that looks ready to abandon the people in their hour of need - they will deny, they will blame the people for their plight."

- Blogger Lucky Tan, Nov 19, 2008.

TAX BREAKS FOR GAMBLING GIANT IN $HEEP CITY

In another positive note, the government of $ingapore has reiterated its support for getting the Marina Bay Sands casino/resort up and running, and $ingapore has also granted permission for Las Vegas Sands to open the project in phases. So we're likely to see the casino and retail shops open sometime in 2009, with full project completion (including 2 hotel towers and convention facilities) targeted for Q1 of 2010.

Marina Bay Sands is going to be a huge casino (1,000 tables, 1,400 slots), and Adelson & Co. are banking on (pun intended) the complex being an immediate and large contributor to earnings.

The best carrot for getting the casino open is that the projected tax rate on gaming revenues is only 17.3 per cent in $ingapore, versus a whopping 39 per cent in Macau. When Marina Bay is operating at full capacity, the tax benefit alone could add over US$400 million to income per year, per the 8k filing.

Full http://seekingalpha.com/article/106376-las-vegas-sands-sustainable-in-2009

$ingapore is people first? Nah, it's always too big to be allowed to fall.

A TOTALITARIAN STATE ENCOURAGES STUPIDITY

EYES WIDE SHUT

The nation-builder press, November 10, 2008.

"The MAS (Monetary Authority of $ingapore) has told the banks if there's any mis-selling, you've got to put things right. But many went in with their eyes open. They are not old, they are not uneducated. Now they say, 'Please include me too'. Well, that's hard life and you've got to go according to what is fair."

- The prophet of Temasek, Lee Kuan Yew, Nov 10, 2008. Also known as MM Lee.

PINNACLE NOTES 10 WAS SOLD IN ONLY ONE COUNTRY: $INGAPORE

A lamb and his friends. An advertisment for the notes. They are now worthless. (Click here for a better view)

Nov 15, 2008: This is what the advertisement for the notes look like. The one above is for Pinnacle Notes 10. Right at the bottom it lists the reference entities Australia, Hong Kong, $ingapore, $ingTel and Temasek. None of entities have had a credit event but the notes are now worthless.

The underlying securities were not bonds of Australia, Hong Kong and $ingapore etc but a basket of toxic waste CDOs. If this is not mis-selling what is?

Last week I spoke to friend who bought some structured products. He insisted that what he bought was very, very safe and "guaranteed" by "govt" and Temasek and he was "sure" it was not high notes or minibonds. I told him to "better go and check"... it turned out to be Pinnacle Notes Series 10.

The whole process of selling these structured products from the marketing material to the Relationship Manager's [RM] sales pitch was designed to close the sale - no ordinary layman buyer, educated or not, can come close to comprehending the risks.

You think the RM bothered to go through the list of CDOs that was the real source of risks? No, the RM who earned commissions would simply tell the customer that his investment is safe because of the reference entities - $ingapore, Hong Kong, Australia, Temasek, $ingTel - to close the deal. Pinnacle Notes 10 was sold only in one country: $ingapore.

The Hong Kong government has admitted that the whole regulatory framework from the approval of these products, marketing and selling has to be reviewed. In the meantime, they have frozen the sales of these products. They have admitted that they have done something incorrect in the regulation of these products. They are now answerable to the people. The MAS has denied EVERYTHING. They deny that deregulation of these products have led to these problems. They denied all responsibility associated with the debacle.

In fact our leadership has laid the blame solely on the people who lost their lifesavings especially those who are educated and young. These people are now told that they have gone in with their "eyes open" and have no legal recourse... and banks are compensating out of the kindness of their heart because legally it is "case closed". ...all these words from MM Lee.

In $ingapore we (some of us) gave up some of our rights and personal freedom as a result of a social contract in which the PAP will protect the interests of the people without the full implementation of democracy. In this saga, we see this social contract broken (if not shattered), the government took care of itself first, then its other interests with the people coming in last. $ingaporeans who lost their lifesavings are left to fend for themselves.

- Lucky Tan

Read his blog here http://singaporemind.blogspot.com/

EYES WIDE SHUT 2

At least you know what you're getting when you buy a packet of cigarettes in $ingapore.

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THE LAST WORD ON NO OPPOSITION

"If $ingapore had a revolving door government... your asset values will disappear and your apartments will be worth a fraction of what [they are now]. Jobs will be in peril and your security will be at risk. Our women will become maids in other countries - foreign workers".

- Former prime minister of $ingapore and currently a cabinet minister, the prophet of Temasek, Lee Kuan Yew, April 5, 2007.

All the above in varying degrees have come to pass despite no opposition in $ingapore. 10,000 $ingaporeans saw their savings of $500 MILLION vanish after they bought financial instruments sold by government bank DBS and others, that are now WORTHLESS. Even work as maids, porters, waiters, security guards, hostesses in the now delayed Marina casino project are gone.

HOW MUCH "TRAINING" DO YOU NEED TO MAKE A BED?

The nation-builder press, November 11, 2008.

Without fail, the $ingapore government calls on workers to train and upgrade themselves whenever unemployment looms. They never want to build safety nets like social welfare for workers. But look at the jobs on offer. There are only 200 managerial positions in the new Sentosa casino. The future of the second casino, Sands Marina, is currently unknown. With only low-level work on offer, how much do you think you'll get paid? This is the future? Better to be your own boss and own a hawker stall.

If there are no delays, the Sentosa casino will open in March 2010.

AFTER THE US$1.9 BILLION SHIN CORP FIASCO AND $INGAPORE'S US$24 BILLION BET ON BANKS... THIS WAS THE ASSURANCE

The nation-builder press, January 22, 2008.

Nine months later... who "thoroughly assessed" the risk here?

$INGAPORE'S TEMASEK COMPANY BLOWS A$400 MILLION IN CHILDCARE CENTRE

The nation-builder press, November 11, 2008.

If ever there was a misleading headline, the above in the nation-builder press is it. The biggest loser was Temasek Holdings.

"THE crash of an Australian childcare chain run by a high-spending former milkman has thrown thousands of families into turmoil and left investors like Temasek Holdings in a black hole.

"ABC Learning controlled 20 per cent of the country's childcare industry with 1,075 centres employing 16,000 staff who looked after 120,000 children. It also owns centres in New Zealand. The firm's rapid expansion was underpinned by huge levels of debt but questionable management and higher interest rates thanks to the credit crunch took their toll and the firm went to the wall last week owing banks A$762 million (S$788 million).

"Temasek will be one of the biggest casualties. It took a 12 per cent stake worth about A$400 million last year, buying in when the shares were at A$7.30 only to see the stock plummet to 54 Australian cents before they were suspended."

http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_300845.html

The shares are worth "peanuts". "Pack up your troubles in your old kit bag and smile, smile, smile..."

THE MIRROR OF OPINION

The nation-builder press, April 5, 2007.

"It didn't take any opposition to create this. Temasek spent A$401 million to take a 13 per cent stake in ABC Learning in May 2007, paying A$7.30 - a 6c premium to the market price and just short of its 2007 peak of A$7.57. ABC's share price is now at Australian 54 cents. The current economic pain in $ingapore is self-inflicted."

- The young, restless and cynical Mirror of Opinion, Nov 11, 2008.

A TOTALITARIAN STATE ENCOURAGES STUPIDITY

MACAU: NO BAILOUT FOR LAS VEGAS SANDS

Even as the $ingapore government wobbles on the Las Vegas Sands Marina casino, the Macau government have been more decisive on their own casino under development by Las Vegas Sands. The Associated Press reported Nov 11, 2008 that in his annual policy address, Macau Chief Executive Edmund Ho said, "the government has no concrete measures to help [Las Vegas Sands] solve its financing difficulties immediately." "Because of its over-leveraged borrowing in the US and around the world, it's normal and expected that it has to suspend some of its projects," he said.

Las Vegas Sands has two sites in Macau on the Cotai strip under development. It will now freeze construction there. The project is said to cost up to US$12 BILLION when completed.

http://www.marketwatch.com/news/story/las-vegas-sands-shares-slide/story.aspx?guid=%7B0DF6A1CD-A71E-42C2-9471-EE98EF0AEA32%7D&dist=msr_9

Las Vegas Sands have "committed" to $ingapore's Marina casino. They know Macau won't offer any bailout.

$INGAPORE TO BAIL OUT LAS VEGAS SANDS?

The nation-builder press, November 11, 2008.

The $ingapore Government may form a venture with CapitaLand to take over one of the country's two integrated resorts if Las Vegas Sands fails to stave off loan defaults, CIMB-GK Research said yesterday.

Las Vegas Sands, the gaming concern that said last week it may default on debt and face bankruptcy, has reiterated its commitment to the US$4 billion (S$6 billion) $ingapore venture. The company has drawn down at least $2 billion from a $5 billion credit facility by several banks for the project. [The three banks that provide the lion's share of the loans are DBS Bank, OCBC and OUB].

'If Las Vegas Sands cannot cough up its share of equity, the $ingapore Government is likely to step in,' Mr Donald Chua, a $ingapore-based analyst at CIMB-GK, wrote in a report. 'A viable option could be a 49:51 joint venture between the Government and CapitaLand, with CapitaLand taking a controlling stake.' - Bloomberg

http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_300927.html

CapitaLand is a $ingapore government company.

$INGAPORE'S FANTASY LAND

The nation-builder press, November 12, 2008.

The $ingapore government on Nov 12, said "it will not bail out the troubled US gaming firm Las Vegas Sands should it fail to fund the Marina Bay Sands integrated resort." But at the end of the message was this:

"While the government would not participate in any bailout of Sands, Mr Iswaran did not rule out the involvement from government-linked companies, which are commercial entities, if it makes business sense to do so."

http://www.channelnewsasia.com/stories/singaporelocalnews/view/389281/1/.html

$ingapore government companies are still funded by $ingaporeans.

PEOPLE FIRST?

The nation-builder press, October 16, 2008.

NO BAILOUT FOR $HEEP

"The Monetary Authority of $ingapore (MAS) has decided against following Hong Kong's lead in requiring banks to buy back Lehman Brothers-linked Minibonds at market price from investors."
- The nation-builder press, Oct 16, 2008.

"Are people just going to accept that their savings have been wiped out?"

- The young, restless and cynical Mirror of Opinion, Nov 14, 2008.

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