It's hard to ignore the underhanded insult that Chen "spent more than half his life abroad and came back to Singapore shortly before the elections", implying he's ill qualified to comment on the foreign worker situation here. But Chen achieved distinction working overseas, elevating the Singaporean brand status, and more important, he came home to serve. And where and what was Nair doing before May 2011? Writing for the P65 blog under a false declaration.
Chen's investment skills are world acclaimed, he was named one of American Lawyer’s 2010 "Dealmakers of the Year" in April 2011. Nair's association with the word is that of the Nigerian email scam. Like the $1.1 billion scam unfolding before our very eyes.
We were told earlier the big payoff was to buy 800 new buses. Then we are told it's for 550 buses (transitlink) and 250 new buses (perhaps from another bus operator). Latest revelation from Tharman Shanmugaratnam is that the $1.1 billion is for ramping up the bus fleet and covering operating costs - specifically $$280 million for 550 new buses and $820 million for operations - a significant deviation from pure asset acquisition to profit generation. At least the Nigerian scam was crystal clear and transparent.
Tharman says the government package amounts to a $110 million per year. What he does not care to disclose is that the bus companies paid out a similar amount in dividends for 2011 - exactly $129 millions(1,518,843,196 shares at 8.5 cents per share). The killer bit is his threat that if the government does not step in, commuters will have to pay 15 cents more in fares per journey. That sounds rather like Raymond Lim once upon a time telling us that if public transportation is subsidised, GST will have to be hiked:
“The money still must come from somewhere, right? It is about 1.5 percentage point increase in your GST. So now it’s 7 (per cent), you want it to be free? You want the GST to go up to 8.5 per cent, to run a completely free bus and MRT system?”
Posts
PAP always say if give this we'd have to increase that. Load of BS. On the other hand, we have budget surplus and they go into reserves and for Ho Jinx to borrow for her to "earn" more money with her buy high sell low strategy.
ReplyDeleteThere is still no accountability as to how much Ho jinx has lost.
Until now, I still do not understand the logic of the $1.1b. I would like the government to tell me, what will happen to us and to the transport companies if this money is not spent. Why they worry about we are expected to pay more in future? We all know fares will go up in the long run. How long can the $1.1b hold prices from going up? one year? 10 years or until the next government?
ReplyDeleteMay be let the bus co be get exempted, thatCan save more than 110 million a year ?
ReplyDeleteNo matter how you put it donating money to the private bus company is wrong. Nationalize them or may be u can give the 1.1 billion to the Singapore people directly, then, we will stomach the 15 cents increase happily !
Fat hope ! As money given to the bus co will go back to the gov thru the gates of gic and temasek h but no More into our gov coffer ? I think.
We are nit that daft , u know.
Sorry. I mean gst exempted.
ReplyDeleteI don't know about you guys but I think the bus company shares are a good buy.
ReplyDeleteSoon, I will be laughing all the way to the bank!
Tattler, the title of today's discussion is most appropriate. You would expect an MP to be a gentlement. No direct attack but presenting facts, persuading and correcting your opposition in the process. But this is nott what I have seen. Its a clear cut attack from the start. No benefit to viewers all togather. No wonder very few Singaporeans are interested in Parliament debates. To many, there are no debates but ridicule the opponents. There is only one way and that is MY WAY. Why bother!!
ReplyDelete""At least the Nigerian scam was crystal clear and transparent.""
ReplyDeleteYeah - you just have to fall for it. And 60% did
Even before questioning our respected MP from WP what sort of social & health benefits he is expecting, we have this idiot MP from PAP so eager to jump the gun to question first where the monies for such benefits is going to come from ?
ReplyDeleteRemember previously we were told in no uncertain terms that the level of our social welfare benefits actually depends on the amount of GST collected ie, without that previous GST increase, we can't really help the poor.
And now our Finance Minister just admitted that he felt very INTIMIDATED by a 1st World Safety Net.
So does it mean that the recent announced changes for some slightly better welfare benefits are purely for cosmetic & political reasons and not because they are truely sincere & concerned for those less fortunate.
Do our PAP leaders look like a bunch of intimidated mercenaries ?
C'mon, they won't admit, but it is what it is.
DeleteLet's call a spade a spade. Is called a populist-budget.
http://the-diplomat.com/asean-beat/2012/02/29/singapores-populist-budget/
Vikram Nair is out of his depth when he's challenging CSM to show him the money! Funny too he used the word "raiding reserves" in the same sentence to the "Dealmakers of the Yr". Is common knowledge there are alternative ways to structure social investment (some call it poor man index) that can be used to generate social goodwill & assistance, while generating returns. Some big hedgies have those. Just a question of whether our President or GIC folks are socially moral people who knows how to do good and make good at the same time. More likely they don't.
ReplyDeleteIt's the only reason why Vikram Nair would equate investing in singapore's disadvantaged is a nigeria scam, but investing in foreign trash/locusts is a worthy investment. Go figure.
Is crystal clear where singaporeans stand in the pyramid of this big scheme.
They tell us they will spend $1bn on the bus companies, but they didn't highlight to us they collect probably as much in COEs, road-tolls, labor levies from these bus operators. It is just a losing game, try to pretend bus operators are privately-run, but have no control over both revenues ans costs.
ReplyDeleteMust As Well Nationalize The Public Transport Operators To End All This False Show!
I thought DPM Tharman said new ways to generate revenue is required in the next 5 yrs. So CSM came up politely to suggest he has ideas without getting into technical ideas. It would behoove the MIW to be more humble and learn and solicit his input in this area. For all you know, our SWF might learn a thing or two.
ReplyDeleteIts like giving one dollars and collect back two from you. They only tell you about the up front dollar that you will be getting but never mention about the two you need to give back.
ReplyDeleteNair will have the moral right to make much noise in parliament if he stand for elections and win. Dropping in under someone's coat tail is nothing to brag about.
Put him in any single ward and I bet he will not get more than 10% of the votes.
Its shocking that taxpayers'money/reserves can be given to private companies.The companies are already making so much every year.They can reduce dividends & salaries of their overpaid top executives.But they have been buying the buses on their own all these past years.
ReplyDeleteWhy is there always the usual answer that taxes,GST must be increaased to fund other essential services like health , social services etc.Budgetting means u can reduce the humongous defence budget & transfer to other areas.Want to increase taxes ? - instead of increasing GST, bring back estate duty, increase the tax rate for the super rich.Warren Buffet says that super rich are not taxed enough.Why is the Govt doing everything to increase the wealth of the super-rich?
He drank the dark water. Has gone to the dark side.
ReplyDeleteWhat he said largely demean and devalue all the good works that the social workers have put in so far. That explains all the "hopeless bunch of people" that are described in the MCYS adverts. Great job!
So he just scored a goal into MCYS goal post..lol If I'm a potential social worker candidate, I would be like "why bother? why bother to waste time helping these bunch of losers?!"
DeleteToo clever huh..and he was from allen over the gladhill too? tsk tsk
The mentality that the government knows best still continues even today. No consultation with taypayers prior to announcing such a move. Even if we do not agree, what can we do at this stage?
ReplyDeleteI want that $1.1 billion to be converted to shares and given to all citizens.
ReplyDeletewhy should my tax money go to some private companies.
$1.1 billion is $300 per citizen.
IS WP going to catch up and grill them for nationalization of the public system now?
ReplyDeleteHow about the budget terminal? We only just recently build and opened in 2006 at a cost of $45m. Now barely 6 years later, they are demolishing it and will build a new one - at how much again (not sure, no figure) . All these poor planning and waste of money to build , tear and rebuild again. WTF are they doing raiding reserves like that?
ReplyDeleteThe pap government cannot be trusted. The pap is an evil machine filled with poisons and hatred. Anyone who join the pap will emerge an evil person with warped and distorted minds. There are so many examples amongst the pap ministers and mps. Hri Kumar is one of them.
ReplyDeleteIt was not so long ago that Mr. Vikram Nair tried to persuade residents that there is no need to change to water tank by drinking "holy" water from it. Of course he failed badly. Which is why he is the designated "attack dog" for parliament sittings. His antics are useful to distract and parlay important points made by opposition members. Someone has to play the fool and Mr. Vikram suits that to a T.
ReplyDeleteVikram looks more Nigerian to me. Thought for a moment we have some FT MPs in parliament
ReplyDeleteAs usual there're no details of the financial arrangements. Under what terms are the new buses being provided to the public transport operators? Is it a lease or an outright grant? Will there be any recovery of the cost to the taxpayer?
ReplyDeleteI expect much more from DPM Tharman.
Excuse me is Vikram Nair a Singaporean?
ReplyDeleteDid he serve NS like CSM?
If he did not serve NS...
Who the fark is he to comment on others who has made sacrifices for Singapore! What has he actually done? Suck the dicks of LKY and LHL to get ahead...and that is the best he can do huh?
Sad.
No only the $1.1b needs to be explained - and I wonder where the tuck is yew again.
ReplyDeleteMore importantly, people now want to know how does a family on $1k salary can own HDB. Biggest puzzle of all.
I wonder how many of those found in bedok reservoir earned $1k a month?
PAP is now in panic mode. They are throwing money to get votes. The 1.1b is the first installment. There will be more to come...
ReplyDeleteTRANSPARENCY WANTED
ReplyDeleteIs it too much to ask?;
What are the political party affiliations;
of those senior managers;
in the bus companies;
which will be getting the $1.1 billion in government subsidies?
AUDIT COMMITTEE
DeleteMr Wong Chin Huat, David - Chairman
Mr Ong Ah Heng - Member
Mr Oo Soon Hee - Member
Ms Sum Wai Fun, Adeline - Member
REMUNERATION COMMITTEE
Mr Tow Heng Tan - Chairman
Mr Lim Jit Poh - Member
Dr Wang Kai Yuen - Member
Mr Wong Chin Huat, David - Member
NOMINATING COMMITTEE
Mr Lim Jit Poh - Chairman
Mr Ong Ah Heng - Member
Mr Oo Soon Hee - Member
INVESTMENT COMMITTEE
Mr Lim Jit Poh - Chairman
Mr Kua Hong Pak - Member
Ms Sum Wai Fun, Adeline - Member
Mr Tow Heng Tan - Member
Dr Wang Kai Yuen - Member
KOH YONG GUAN Chairman
DeleteTAN EK KIA Interim CEO and Executive Director
PAUL MA KAH WOH
ONG YE KUNG
BOB TAN BENG HAI
PETER TAN BOON HENG
YEO WEE KIONG
LEE SEOW HIANG
PAP has definitely turned populist and buying votes for the next by-election and general elections. Be careful, be very careful because they will always say whatever they do is never populist and anything and everything the opposition suggests is always populist. These "populist" labels are very dangerous!!
ReplyDeleteDPM did say in Parliament that the Bus Operators will be monitored for their performances and appropriately guided if need be. Taken at face value, it could mean that fare will not be raised for sometime and dividend to shareholders will not be excessive.
ReplyDeleteThe additional buses to be put in service should indeed result in shorter waiting time for commuters and less pack buses as well except more jams at bus stops and bays. IF the Authority does indeed have the people's welfare as it's motive, me opines that helping the (bus)operators financially maybe a positive move.
Expenditure apart; MP Vikram was insolent and in some ways vicious to lay siege on Chen Show Mao who had made points relevant to the Issue.
MP Vikram, liked Tampines MP Baey YK, appeared to want limelight to themselves in Parliament Meetings. Their presentations in Parliament were mostly personal criticisms more than the Subject Matters themselves. At times, they seem to talk for talk sake.
MP Vikram should have respect for the vast experience and international exposure of Chen SM which is widely known. Instead, he sounded arrogant and conceited.
patriot
Vickram is turning out to be a joker in parliament if you continues with his antics.
ReplyDeletehttps://www.facebook.com/theonlinecitizen/posts/240071616085173
ReplyDeleteUr oh..do I smell a legal letter coming..or is this another humorless joke lost somewhere?
I know I know..I think is all just a misunderstanding?
Vikram admitted this much on Facebook:
Delete"I did make a joke about a Nigerian scam."
Looks like his joke backfired.
Poor slob, don't know about investment, don't even know about jokes!
Vikram's scam remark is indefensible. As a lawyer, he should know that the word "scam" smacks of dishonesty for the people asking for the money, and foolishness for the person parting it. Like his aversion to the word "investment' that he claimed has negative connotation, what do you think "scam" has - positive connotation? And since he is outrightly questioning CSM about the "do-more-plan" for the group of people, it would be a fair comment or intepretations that the public made such an inference. I mean could CSM now turn around and said Vikram is defaming him by calling him a Cheater? People should form their own opinions. This is only my view.
DeleteOften it is useless to argue against a view based on emotions with an argument based on logic. That's the misconnection here. CSM is emphasizing on the social fabric and goodwill that will pay for itself, and VN is arguing for quantifiable metrics in monetary gain/loss. It would do VN good to reflect on this episode, rather than resorting to threats of legal action that will further dilute his/PAP cause.
Deletevikram is "turning out" to be a joker in parl? he is Already one. go read his cross-examination of WP fellows during the ministerial pay debate in hansard. and now this nigerian scam BS. (doesn't say much about his skills in court...) meanwhile, he hasn't come up with one single suggestion. i guess next to rise to the "occasion" will be alvin yeo. then there's indranee. now who r the other lawyers in parl queueing up to baffle us with BS. guys, we daft sporeans would rather be dazzled with brilliance. can or not?
ReplyDeleteVikram u r sent parliment not to joke to discuss serious affecting singaporean Now u r the biggest joker clown in parliment
ReplyDeleteMr Vikram & pap MPs, sometimes back a friend bought some goats for poor HIV infested villagers. Tremendous returns of dignity of work, milk collected, more goats reproduced, etc with some hope replacing hopelessness. This is no Nigerian scam, and no financial returns to that friend. Whether GDP increases is non issue. The smile and joy in their faces is good enough.
ReplyDeleteNo point playing guitar to a cow. Bunch of joyless people who looks to money for pleasure only. Besides, these are soft metrics that have No KPIs = No bonus = why bother? How do you measure smiles?
DeleteThe Ruling Party's many legal-trained MPs are known for their sophistry. They are tasked to misled and hookwink our citizens. So all Singaporeans beware!
ReplyDeleteI suggest you read para D3 to D7 of the Budget speech again.
ReplyDeleteTharman said Govt will fund 550 buses and the PTOs will fund 250 buses.
He also said the $1.1 billion will be for the purchase and the running costs for 10 years.
As for dividends, you probably confused ComfortDelgro with SBS Transit. Anyway, SBS Transit's and SMRT's dividend come from their rail operations, not their bus operations which had operating losses.
Do you believe a double deck cost more than $500,000 and a single deck cost more than $300,000. Buses coated with GOLD? Personally I think each double deck cost about $100,000 while the rest is taxes. If 550 buses cost only $55 million, then $225 millions [$280-$55] goes where? Can somebody confirm the cost of a single deck or double deck bus? You just cannot pay the maker of the bus $100,000 and tell the people it is $500,000! Can Straits Times or the New Paper go and study the numbers and make some sense out of it instead of accepting the figures. A bus does not cost $500,000, period.
ReplyDeleteSatirical comment. No truth in this.
DeleteMaybe bus costs $100,000.
Then COE plus import taxes costs another $700,00.
So actual on the road cost = $800,000
Then govt. give $300,000 market "subsidy"
So final cost to Singapore taxpayer = $500,000
Mr Nair should ask his senior colleague how he plans to fund the $1.1bil.
ReplyDelete