[Obamao]

Dear Prime Minister

Recently we saw and heard you in a 3 part-series on CNA discussing our (Singapore’s) reserves i.e.

Part 1:  When Singapore Dipped in The Reserves
Part 2:  It’s Not a Pot of Gold
Part 3:  Why Can’t we have 2 GICs?

The conversation points are rather mundane and uninteresting.  I am not sure if you or your fellow handlers felt the need for the conversation because of the coming Presidential Election (PE).  You see, of late there has been much discussions in the internet on the question of the losses by GIC, Temasek and the MAS and you / your handlers may feel that there really is a need to explain the reserves to Singaporeans at large.  But explain you did not do.  You merely fudged and created more questions and doubts.

At heart, Singaporeans need very simple explanations to the following questions regards to the reserves:

a.  Why can’t the government be transparent about our reserves?  Reserves are not defence strategies or tactics we cannot reveal to our people.  Further our reserves can be estimated.  Other sovereign wealth funds are so transparent - even discussed in their Parliament.

b.  We ask for information on how the Board of Directors or Management staff in Temasek and GIC are recruited?  Are they based on merit?  Take the present 11 or 12 member of the present Temasek Board of Directors, maybe only 2 are qualified with some experience.  What is a retired trade unionist or lawyer or accountant doing here?

c.  We ask the government to publish and reveal the renumeration of the Board.  Surely this is no trade secret, or is it?

d.  We want to know why, when other sovereign wealth funds are making money, Temasek and GIC are loosing money instead.

e.  We want to know why the President of Singapore did not ask GIC or Temasek to account for the losses when she is suppose to be guarding them.

f.  We want to know why there is no separation between the government and the investment funds i.e. GIC and Temasek.  You, Mr. Prime Minister are sitting on the GIC Board and your wife, Mdm. Ho Ching was on the Temasek.  Banks generally do not allow for husband-wife to work together in the same bank for obvious reason.  But why does this seem OK in the highest office in Singapore? 

g.  As the CPF monies belong to Singaporeans, we want to know how and where it is invested and how it was spent - no need for details but broad numbers.

g.  We want to know why Singaporeans cannot have a bigger say in what to do with their CPF money, as after all it is their money.  We lately very often hear this term “sanction”.  Is the government “sanctioning" our CPF money?  Seems so.

The government talk of the "two keys” regarding the reserves.  One of the two keys MUST be held by an independent President.  If the government is sincere, then it must ensure that the President is an independent person with no past or present political party affiliations or beholden to the Party.  We do not need an ex-Finance Minister or one who is connected to the two investments companies for obvious reasons.

Why keep moving and changing the goalpost size for the Elected President?  Mr.Prime Minister, you must walk the talk.  The EP should be the people’s President and not an appointee with connections to the government.  This is not meritocracy and this is not real choice. We need a President who will work with the government, ask the right questions and safeguard the interests of the people and country. 

Sir, thank you for the 3-part conversation.  It arrived somewhat late.  And sir, please tell your internet brigade (if you have one) to stop heaping praises on you to the high heavens.  Not necessary.  You are paid handsomely to do the job.

RL (Disclaimer: Not related to Richard Leow)

[Obamao]