By LM — The news of a potential hack into the Cryptocurrency Exchange Firm FTX, the resulting disappearance of more than $370 Million worth of crypto funds, and the ultimate bankruptcy of the firm is making headlines all around the world. But, for Singaporeans, the news is much more personal. Because Singapore’s state-owned investor, Temasek Holdings invested approximately S$377 million into the FTX.
Now the question is, who is being held responsible for losing our money?
The investment happened on Lee Hsien Loong’s wife, Ho Ching’s watch. With another poor foresight, she has blown Singaporeans’ money.
This is not the first time PAP has proved itself incompetent of handling public money and with the current situation, probably not the last time either. The Lehman loss, the China Tech Stocks wipe-out, and now FTX.
This new episode is only proving the fact that Temasek has been gambling with public funds without any consequences. They have never been completely transparent and accountable in their dealings and investments. Public fund is like petty cash to them, and they feel like Singaporeans owe it to them. Ever since in power, PM Lee, and his wife, have been drawing millions in salaries and making quite a number of careless investments that have turned out to be losses.
“It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced.”Temasek Holdings
How can they so easily believe some CEO without doing more due diligence? How can they just decide they can trust him just from interactions? This is a lot of money! They shouldn’t base it on pure trust!
Will the Prime Minister’s wife take responsibility for her nonchalance or will the PAP-owned media again try to justify her actions? It has always been the latter.
Straits Times has yet again risen to defend the PAP and hide its failures. They are calling it “loose money”. But the thing is few hundred million dollars is “Loose Change” for those at the top whereas for ordinary people, a few hundred dollars is enough to cause them a Mental Breakdown!
Through such media projections, the government will try to hush the public sentiments and tame the rising anger by calling it a short-term loss. They will try to justify their investment by making it sound like safe, long-term planning.
But the harsh reality is, Singaporeans will ultimately have to bear the brunt of increased taxation and suffer for such big investment losses made by the elites.
The least the government can do to show a bit of remorse is to fire the staff involved in this crisis, a public acceptance and apology from Ho Ching, and the resignation of the current Temasek CEO. It is high time that Temasek must be held accountable and responsible for their misadventures at the expense of taxpayers’ money.