Monday, June 11, 2012

Don't Cry For Ex-Ministers

Tears of joy for life-line from Temasek
Former Minister in the Prime Minister’s Office Lim Boon Heng, 64, has joined Temasek effective 1 June 2012, according to Temasek's website, swelling the board's size to 9 members. He was last seen crying his heart out on camera when he confirmed his retirement after more than 30 years of public service and 7 terms in office to make way for PAP’s new batch of candidates at the General Election of May 2011. Naturally, many people were quite puzzled by Lim’s sudden outburst of emotion – which followed the equally sudden announcement from the PAP that he would be bowing out from politics.

Lee Kuan Yew had always maintained that his multi-millionaire dollar cabinet ministers would have no problems securing similar remuneration in the private sector. The way he tells it, the queue for his MIW will be longer than those waiting for Hello Kitty dolls at MacDonalds. Appointed minister in charge of ageing issues in 2007, Lim must have discovered that jobs are hard to come by for senior citizens past their prime. Driving a cab is no longer an attractive option, given the dangers of being rammed by a PRC speed demon, or punched up by a Korean tourist.

So where are the ex-cabinet ministers now, are they still rolling in the dough?

Former Foreign Minister George Yeo, 58, officially joined the Kuok Group as vice-chairman of its Hong Kong holding company, Kerry Group, in January 2012. Earlier in October 2011, Yeo had taken up a senior adviser role, what he dismissed as an "informal arrangement"' in the Kuok Group, a Malaysian conglomerate run by "sugar king" Robert Kuok, adding, "I'll join private sector next year. Not decided yet what or where".

Former Minister for National Development Mah Bow Tan, 64, was appointed Non-Executive Chairman of Yellow Pages, the publisher of directories and provider of classified directory advertising in September 2011, taking over from Stanley Tan who was promoted to Chief Executive Officer and Executive Director. Stanley used to be the Executive Chairman.

Former Transport Minister Raymond Lim, 53, was appointed senior adviser at John Swire & Sons (S.E. Asia) Pte. Ltd. in November 2011 , the newly-founded South East Asian operation of the Swire group.

Former Home Affairs Minister and Deputy Prime Minister Wong Kan Seng, 66, was appointed chairman of Singbridge International Singapore Private Limited in September 2011. Singbridge is a company wholly owned by Temasek Holdings which invests in and manages integrated projects in cities such as Guangzhou, Tianjin, Suzhou and Bangalore.

23 comments:

  1. Guess where is the next millionaire MIW comes from ? It could be Temasek.

    Just read this
    http://www.transitioning.org/2010/04/21/temasek-holdings-secret-8-billion-incurred-in-administrative-cost-in-year-2009/


    This shameless crybaby has cried his way to millions ...

    "The thing that really jumped out to me was the administrative expenses. This is expenses for salaries, rents, etc. How can a staff of only 350 incur $8 billion in administrative expenses! Do they have their own private jets, gold water faucets, etc?"

    In other words, if divide $8 billions by 350 staff , on the average each staff get around than $20 millions in salary, perks , benefits then.


    Christopher Balding mentions that his blog possibly get hack ... and christopher once mentions that the Temasek performance is just mediocre for those data that shown publicly, extraordinary-performance for those data that off-public.

    overwhelming joy also lead to crying.

    Who are they trying to kid us with ? Helping themselves with millions again ?

    ReplyDelete
  2. and Balding is actually replying to HWZ forum!?! Still can't belief. What axe does he have to grind with MIW?

    ReplyDelete
    Replies
    1. What happened to Balding's blog? His account has been suspended.

      Delete
    2. https://www.facebook.com/baldingsworld

      Facebook would be hard to hack..hehe

      Delete
    3. He has no axe to grind. He is doing every singaporeans a favor. If you are the one writing that, you will kena slapped with law suits after law suits. And if you are under 21yrs, your parents will also asked to limkopi!

      Delete
  3. Sporean elite really know how to take care of each other.

    ReplyDelete
  4. http://www.baldingsworld.com/2012/06/11/the-different-sovereign-wealth-funds-and-their-implications/

    Another ex-PAP minister making it to the golden parachute of TH. What is going to change? More milking of its people? These 350 people spending $8 billion of tax payers money are NOT accountable to anyone at all. It would be international crime if you ask me. Just look at how much of corruption, wastage and abuses have gone on with big global banks such as Citi, Lehman and JP Morgan etc even within a very tight regulatory control. What more do you expect when there is NO oversight, transparency and accountability!!!

    ReplyDelete
    Replies
    1. Thought President is suppose to ovesee assets and reserves?

      Delete
    2. Isn't this president part of this mess himself. Isn't he and the lee family create the financial mess through loss-making investment all along in GIC and TH ?

      Delete
  5. Crying and saying sorry on national TV seems to be one of their special tactics that will be put to good use when things become desperate or when everything else fails.

    By recently defending his policy of economic growth at expense of everything else as the only correct way forward for Singapore, our PM seems to have totally forgotten WTF his election apology was ?

    It looks like our own PM will be looking forward to hanging on to his job for some more good years like his father based on the official excuse that talented leaders are so difficult to be recruited ?

    Anyone still daft enough to believe them ?

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  6. Unanswered Question #3
    -----------------------

    How exactly do the Millionaires-In-White benefit Singapore?

    In what way do these Millionaires-In-White "represent" us in parliament?
    Most of us are not millionaires?

    ReplyDelete
    Replies
    1. Represent my ass. They want to be top leagues in World Top 20 Best Cities instead of Best Country. Ask yourself why you should pay your PM & Ministers top pay when you should be benchmarking his/their pays with the City Mayors of the world instead. I say CUT their salaries more!

      Delete
  7. They are like leeches forever around to suck the blood out of the nation in one form or another.

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  8. That's the purpose of GLCs. For these ex-ministers to 'retire' with grace and perpetual pension. IF you think why you should 'incent' them to go into politics with high pay and guaranteed election win because of "sacrifices" they make, you are really daft.

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  9. They don't go on lecture tours and write books when they retire meh, unlike their US counterparts?

    Don't it break your heart to hear MOS Tan Chuan Jin's sob story of how he cherishes his precious time with his growing children and aging parents because of his onerous duties and sacrifices?

    Mere mortals don't have such moments to cherish, and should not trivialise it - they need spurs stuck into their hides.

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  10. I sure am glad crying did not work for Choo Wee Khiang's nephew. What do you think, DPM Teo?

    ReplyDelete
  11. I cry for my money..

    Temasek invested $500m into Chesakpeake Energy co.
    It's just announced Monday that the company is about to go bankrupt if it doesn't sell off assets. Massive abuse at Management level, board upheaval and the stock plunged from high $35 to low $18 today. I think the day when TH is making money will be the real news.

    http://www.forbes.com/sites/richardfinger/2012/06/10/aubrey-mcclendon-and-the-wing-clipping-ceremony/

    http://www.bloomberg.com/news/2010-05-12/temasek-invests-in-chesapeake-as-part-of-1-2-billion-spent-on-resources.html

    So what do you think of Lim Boon Heng's appointment to Casino Temasek will bring us?

    ReplyDelete
  12. AlphaClone.
    Follows the investment portfolios of successful hedge funds.
    http://alphaclone.com/

    Sinkies need to set up ZeroClone.
    To sell when TH buys.
    And buy when TH sells.

    ReplyDelete
  13. The whole country
    SHALL CRY together
    one fine day.

    ReplyDelete
    Replies
    1. I want my money back!

      Delete
  14. This gahmen is worth every penny. One of the lowest employment rate, achieved without any natural resources. Not like the many countries I been to. Need the most able ppl to continue to lead gic n th. otherwise sg economy sure to collapse when a cheaper country takes over our productivity with a cheaper cost

    ReplyDelete