Singapore, Inc.: Just When You Thought it Couldn’t Get Any Worse
This past weekend, I had the pleasure of meeting with Kenneth Jeyaretnam, the Secretary General of the Reform Party, who wanted to better understand exactly what I was claiming about Singaporean public finances and the factual basis for such claims. A former banker and hedge fund manager, he has spent his professional life analyzing...
SMRT’s Pay More, No Choice but to Work More Scheme
On 18 May 2012, the SMRT announced a 35% pay rise for new Singaporean bus drivers, bringing their monthly basic pay to $1600. This move was applauded by Ong Ye Kung, the National Transport Workers’ Union executive secretary. What both the SMRT and Ong Ye Kung neglected to mention, however, was that the pay rise comes with…...
The Abysmal Singapore, Temasek, and GIC Balance Sheet
Last Thursday, we analyzed the Singapore balance sheets for 2009 and 2011 arriving at an implied valuation for GIC. What really causes concern is that despite claims Temasek grew at 22% annually, Singapore Inc. managed only $30 billion SGD of net asset growth. The growth in assets on the Singapore, Inc. balance sheet...
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