golden period golden period golden period.

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In 2007, “founding father” Minister Mentor Lee Kuan Yew said.

Singapore in a golden period, says MM Lee

By Aaron Low

FRAMED against a Saturday night Orchard Road crowd, Minister Mentor Lee Kuan Yew last night sketched a rosy picture of a more vibrant Singapore in five years’ time – if it took full advantage of the opportunities now before it.
Investors from developed countries are pouring money into the region and Singapore is enjoying good economic growth and social development.

Economic giant China is pulling in foreign investments of US$70 billion (S$106 billion) and India, US$10 billion a year. Foreign direct investments here have maintained at about S$6 billion to S$7 billion.

The stock markets of some Asean countries have risen by an average of 48 per cent. Asian current accounts are running surpluses with reserves doubling since 2003 to US$2,500 billion.

‘If there are no wars or oil crises, this golden period can stretch out over many years,’ he said.

The key is having a good government which will get its policies right, to encourage economic growth.

1 year later, he said this.

Then today, I saw this.

Government plans massive Citigroup rescue effort

Citigroup rescue includes $20B cash injection, guarantee on billions in assets WASHINGTON (AP) — Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the company.

Where does this leave our esteemed and highly respected Founding Father? High and dry apparently. Why? Because Singapore just lost $10 billion dollars in their “long term” investment in Citibank. Oops.

oh by the way, he’s a special advisor to Citibank, quite special indeed. He indeed has his Midas Touch.

But he still found the time to give Singaporeans who lost money in Lehman Minibonds this warning, and to reprimand them for investing with their eyes open. So where does that leave the highly self-regarded Temasek Holdings and GIC in which he is the Vice-Chairman?

MM Lee: investors walk in with their eyes open

Finally he decided enough was enough.

Up to 19% pay cut for top civil servants; lower year-end bonus

SINGAPORE: Ministers and top civil servants will get a pay cut of up to 19 per cent next year. The Civil Service is also reducing the year-end bonus payment for this year.

Top civil servants and ministers were supposed to get a pay rise in January next year to bring their salaries in line with private sector pay.

It was to be the third adjustment to bring public sector pay to 88 per cent of the private sector benchmark, a move announced in April 2007.

But this tells me another story.

Elections are coming soon.

Remember the old adage: MM Lee is always right. If you disagree, you are wrong.

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Tags: citibank, GIC, golden period, lee kuan yew, temasek holdings