THE TEMASEK TIMES

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Chan Chun Sing: Doesn’t matter if me or Chuan Jin becomes Prime Minister

Posted by temasektimes on May 8, 2012

In a sign that Acting Minister for Community Development, Youth and Sports Chan Chun Sing is being earmarked for bigger things ahead, a Chines tabloid conducted an extensive interview with him to raise his national profile.

Speaking from the comforts of his home, Mr Chan appeared to be relaxed and even philosophical as he recalled how his life has changed since entering politics.

Insisting that he has not forgotten his humble roots – Mr Chan’s parents were separated when he was young and his mother brought him up single-handedly, Mr Chan said he bought a second hand car after becoming a minister and he still goes shopping for groceries with his wife.

“I work and sleep later than before and is subjected to greater public scrutiny….I hope my children will have a normal childhood like the rest,” he said.

When asked if there is any competition between him and fellow newcomer Tan Chuan-Jin, both of whom have been tipped to be prime ministerial candidates in the future, Mr Chan denied any competition between them:

“It doesn’t matter who becomes the Prime Minister. What is more important is that we continue to work hard as a team to better serve the people and to make Singapore a better place for all of us.”

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27 Responses to “Chan Chun Sing: Doesn’t matter if me or Chuan Jin becomes Prime Minister”

  1. Lim said

    so presumptuous? Only you and chuan jin can become next PM? A bit cocky to rule out others in the party.

  2. Jaded said

    Prime Minister? Dream on… hahaha

  3. Very Concern said

    None of the above.

  4. spotlessleopard said

    It does matter to many singaporeans that the next Prime Minsiter is not a PAP Politician….

  5. sibei pissed off said

    so confident sure become PM. the next 9 generations has already been fixed.

  6. marikita@yahoo.com said

    So far, I only see Chen Show Mao as a potential. We don;t need a Yes man

  7. Steve Wu said

    It is interesting that CCS mentioned that he bought a second hand car. It may not be his intent but some people may infer that he is frugal or that he primarily took the public transport prior to joining politics and becoming a minister.

    The fact remains that his appointments (COA, Div Comd, etc.) in the SAF provided CCS with a staff car, possibly with a full-time personal chauffeur, for the past many years.

    • fxxkyoualltwice@gmail.com said

      Good point. But he did not add it in what you had mentioned. why? because he is goddamn fuxxking liar!!! fuxxk the 60%.

  8. James Tan said

    Chan, we really have no confident in you! The way you frightened an old lady during the election rally speaks a lot about you, your character. Please don’t bring S’pore down as we love our country.

    • Lim said

      Yes I saw the Youtube video. Like there is something to hide from the reporter who seeks to find the truth from where the supporter was picked up, who paid for the lunch boxes, were they from the constituency, etc. This kind of character is not even fit to be a minister much less a PM. Simple truth and transparency at stake.

    • Freemakan said

      bully old woman…general…

  9. ll said

    where is the source of him saying that? No source no talk!

    Mod’s reply:

    Lianhe Wanbao, 7 May 2012

  10. it's so typical.. said

    Chan.. why u are constantly talking about food? Carrot cake.. Pizza.. Are you so underfed? Or you think this is the only way to relate to Singaporeans? This condescending tone speaks volume of your arrogance and “mighter than thou” mentality. The worst thing is all your food analogies are crap and nonsensical! Being so stucked at the lowest tier in the Maslow Hierachy of Needs, it’s unthinkable how u became a BG in the past and a minister now. Meritocracy my foot!

  11. Julie Ong said

    The end of the world if either one helms the government.

  12. Hsien Liao La said

    Damn bloody cocky cock head. I won’t wait for the day he comes near to being premier, I’ll be out of Spore for sure.

  13. pngkueh_forever said

    Strange, talking of prime ministership now !!!!! I don’t see any potential at this very moment.

  14. denzuko1 said

    There is only one reason for him to be chosen as the next prime minister and it is to allow his successor (rumoured to be Lee Hong Li) looks better.

    To be honest, an ah Beng look with Ah Beng accent and ah Beng mentality, only PAP will consider such profile suitable as Prime Minister.

  15. durian said

    ChanCS, the more you speak, the more I am convinced you are a dumbass.

    How can you hope to gain respect from fellow sporeans, especially NSmen, when you have not even won an election? Are you not in TP GRC, helmed by oldman Lee?
    Was’nt it a walkover? Your pal TanCJ is no better as well, hanging on to GohCT’s coattail in MP GRC.

    You are obviously not streetsmart and low on common sense because as a so called general, you and TanCJ have yet to prove yourselves in military combat or political battle, or as ministers.
    But somehow you are getting ahead of yourself and deemed it fit to talk about prime minister succession. WTF!

  16. CKMPD said

    I dont think CCS said he is going to be PM.

  17. Eric said

    please provide the link or printscreen

  18. No More Forgiveness for Traitors said

    The fact that someone who looks, moves and speaks like a retard is being considered for high office means we are going down the drain.

    Anyone disagree……kee chiu!

  19. blanket party said

    Never let another General (or Admiral) be the PM. It will be a disaster.

  20. Freemakan said

    CCS…just take a look at the mirror…how you look like……

  21. ManDawn said

    The Make Believe World of Temasek Holdings and Singapore, Inc.
    Posted on April 16, 2012

    Singapore stands as one of the great economic success stories in recent history. Sustained GDP growth and sovereign wealth funds that boast hundreds of billions of Singaporean dollars of investments around the world have made Singapore the envy of many countries. However, beneath the surface lie strong indications that Singaporean finances are demonstrably false.

    The problems begin with Temasek Holdings, the domestic focused Singaporean sovereign wealth fund. In its annual reports, Temasek claims that since inception it has earned an average annual return of 17%. Temasek’s outlandish performance claims fail to withstand the most basic review.

    For instance, over the same time period that Temasek claims to have been earning 17% annually, other Singaporean indexes returned 7.8%. Major foreign stock markets fared no better, returning between 7-8% over the same time period. Put another way, Temasek claims that not only did they outperform the Singaporean and all other major stock markets, on average they performed nearly three times better every year for nearly 40 years. Assuming you have a fifty fifty chance of beating the stock market every year, the odds of beating it forty straight years are 1 in one trillion. The odds are against Temasek beating the market so consistently much less by so much.

    Even if we focus on their listed portfolio companies and compare them to stated returns, there is no evidence that Temasek investments match their stated returns over the past 10 and 20 year periods. Whether measuring the share price appreciation, dividends, or earnings per share growth, it is simply impossible to reconcile the growth claimed by Temasek and that of their listed portfolio companies. Their returns are simply too good to be true.

    The false returns claimed by Temasek matter because they are wrapped up with the public finances of Singapore, Inc. and the $200 billion SGD managed by Temasek and the estimated $310 billion SGD managed by the Government Investment Corporation of Singapore (GIC). Invented returns of investment firms dominating local industry must impact other areas of the economy and finances.

    Consequently, Temasek Holdings and Singapore, Inc. find themselves with real problems even if they ultimately confirm that the returns are real. If Temasek earned 17% annually since inception they would have started with less than $1 billion SGD based upon current holdings of around $200 billion SGD. The amount of money they would need to start Temasek, if the returns are real, is roughly equal to their government surplus in 1981. However, since 1990, the Singapore government has run total public surpluses of approximately $280 billion SGD. If Temasek returns are accurate and all surpluses since 1990 went instead to the GIC, then that $280 billion SGD earned only ½% annually from 1990 through 2011 rather than the 7.2% they claim! $280 billion SGD of public surpluses managed by the best and the brightest of Singapore under Lee family rule should not just disappear.

    Unfortunately, it gets worse. During the same time, not only did $280 billion SGD in government surpluses magically disappear the government was also borrowing more. A lot more. Leaving aside the absurdity of a government with large surpluses increasing borrowing, from 1990 to 2011 Singapore public indebtedness grew from $51 billion SGD to $311 billion SGD or total growth of $260 billion SGD.

    While most of this borrowing was by state owned companies, the Singaporean public has not gained from the borrowing of its government and state owned companies. Temasek reports only $62 billion SGD in Singaporean assets. Put another way, for every $1 SGD the Singaporean tax payer is borrowing for Singaporean companies, they are receiving only 25 cents back in Singaporean assets. This represents either major financial losses or transfers from the public to private hands and probably some combination of both.

    To provide some perspective on these numbers, if Singaporean government surpluses and borrowing since 1990 were invested with Temasek and earned their claimed rate of return, the Singaporean government would be sitting on $2.1-2.7 trillion SGD. If the surpluses and borrowing only earned the rate of return claimed by the GIC, they would still enjoy a bank account in excess of $1 trillion SGD. Somehow Temasek and the best estimates of GIC only add up to a little over $500 billion SGD. That means that between $500 billion and $2.2 trillion SGD cannot be accounted for using the numbers provided by the Singaporean government, Temasek, and the GIC. Given that this represents as much as 670% of Singaporean GDP in 2011, these are by no means small numbers.

    If the returns invented by Temasek failed to cause enough concern, the increased indebtedness of Singapore, and enormity of the missing funds should cause great worry among Singaporeans and investors alike. $280 billion SGD in public surpluses should not simply disappear. Given the Lee family power over Singapore, Temasek, and the GIC throughout this time, they had to be aware of and approve the financial discrepancies. There should be an immediate and complete audit to account for the discrepancies between what is claimed and reality.

    Note: This came out of an invitation to write an opinion piece for a news outlet based upon my previous research. However, after I sent it to them they backed out.

    http://christopherbalding.com/2012/04/16/the-make-believe-world-of-temasek-holdings-and-singapore-inc/

    Biography

    Christopher Balding is a professor of business and economics at the HSBC Business School at the Peking University Graduate School. An expert in sovereign wealth funds, he has published in such leading journals as the Review of International Economics, the Journal of Public Economic Theory, and theInternational Finance Review on such diverse topics as CDS pricing, the WTO, and the economics of adoption and abortion. His work as been cited by a variety of media outlets including the Wall Street Journal and the Financial Times. he recently released a book entitled Sovereign Wealth Funds: The New Intersection of Money and Power published by Oxford University Press. Prof. Balding received his Phd from the University of California, Irvine and worked in private equity prior to entering academia. He is married with two daughters and lives in Shenzhen, China.

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