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Companies that were bailed out

Of all the companies that were bailed out during the pandemic, SIA probably received the most money.

It would have received hundreds of million of dollars just from the Job Support Scheme alone, given that it is one of the biggest employer in Singapore, and that the aviation sector benefited from the highest tier of support. It also benefited from the Enhanced Aviation Support Package and temporary redeployment programmes for affected workers.

It also raised billions from sale of shares and convertible bonds underwritten by state-owned investment company, Temasek Holdings. According to Brendan Sobie, an independent aviation analyst, “When [other] airlines raise cash privately, they won’t get the kind of terms Singapore Airlines got from Temasek. They may be able to get the cash to pay bills such as monthly leasing bills at a time of virtually no revenue but later on, the cost of the capital is very high – and that in turns limit what they can do.”

If SIA were operating in a purely free-market environment, it would have to navigate the fallout from the pandemic with its own resources, including asking shareholders for more money and taking on massive loans at market rates. Without the backing of the government, its share price would likely have tanked and shareholders would have suffered huge losses. As it is, government support has saved their skin.

Now that the good times have returned, SIA has posted an operating profit of $556 million, the second highest quarterly operating profit in its history.

Shouldn’t the government compel SIA, as well as other companies that have received taxpayers’ money during the pandemic that helped them stay afloat and are now doing well, return the money?

Or does the government think it is right to take from taxpayers, including the poor, to bail out the rich?

 

Foong Swee Fong

 

 

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READER COMMENTS BELOW

21 Responses to “Companies that were bailed out”

  • Private company:

    Profit goes to that special private company who can pay themselves celebratory bonuses.

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  • xoxo:

    It seems our govt thinks that EQUITY IS ROBBING THE POOR TO GIVE TO THE RICH?
    The PAP-$cholar-gahmen are indeed an unique breed of RobinHoot$!
    Xo-chye tow kueh ,anyone?
    Please *kee chiu*!

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  • Swimming Pool Tax:

    Thousands of condos and private houses with private swimming pools that, when combined, consume one big reservoir of water. And the lower income families too have to bear with the sudden 30% increase in price of water!

    It’s like robbing the poor to help the rich !

    By right, poor families should be exempted from that ridiculous price increase or be given 50% rebate from their monthly water bill.

    Shouldn’t a SWIMMING POOL TAX be imposed on every private swimming pool based on its capacity?

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  • Ah lock:

    What happens when things goes wrong!

    Air port is the 1st place to head to!

    Don’t belive,ask raja…

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  • johnly:

    “Now that the good times have returned, SIA has posted an operating profit of $556 million, the second highest quarterly operating profit in its history.”

    haha, how many of this amount is actually from the bailout using taxpayer money ? Your guess is as good as mine. Like Temasek and any government body, they tend to use taxmoney to cover and obfuscate their loss. We are no different from Putin russia, only difference is one use violence, and another use wayang and * law.

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  • Buy shares:

    Go out n buy the shares n you can derive the profit páyout as well!

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  • Observer:

    Luckily I own some SIA shares.

    Many other businessmen made financial sacrifices to comply with all the Covid-19 restrictions.

    Hope for some government help too.

    Or protect us from unfair foreign competitors.

    Or make it easier for local businesses to raise outside equity capital.

    Hope that Global Investors can support Singaporean Christian business leaders. In order to reduce idolaters criticizing the Creator God of Christians and Moses.

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  • NotMyProblem:

    “Now that the good times have returned, SIA has posted an operating profit of $556 million, the second highest quarterly operating profit in its history.”

    Now SIA’s management would be claiming credit for the turn around big profit. Fat bonuses is now waiting to be given away to management and shareholders.

    Ehhh, what bail out were you talking about? It was totally the hard work the SIA!

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  • Marquis⩙of⩙Dalhousie:

    That’s what raising the rates to curtail inflation does also, taking money from the lower-middle and bailing out the top, after they have squandered theirs gambling. Money in the bank gets smaller suddenly; who the heck move my cheese?

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  • C’est la vie:

    ******
    Lest one forgets, Temasek Charitable Organisation Private Private Inc, … gets their dosh at “super-duper-special-special-singapore” rates, to begin with !!!

    But then again, … who cares right, who’s keeping track right !!!

    And as for sia, it is operating in an entirely “free market environment”, … according to Singapore’s definition, as per defined by the pap !!!
    ***
    ******

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  • opposition dude:

    It has always been this way what, bad times give out money and spin a nice story about helping companies. Good times just report companies make massive profits and not even a mention of returning the money.

    The usual excuse of the war in Ukraine and global conditions still in turmoil will be used as justification not to return any money. Companies will also say it was the government who gave the money to them to disburse to all their employees so they kept none of it, therefore employees should be the ones returning the “free” money back to PAP.

    Everything can be reported as nice or nasty depending on how one wants it to be lah. Just like Raeesah’s case, simi lie in parliament COI and all that wayang. One minister conveniently “FORGOT” to mention that TraceTogether can also be used by the mata and there was not even a mention of him lying nor a COI convened.

    Concenient or not, you decide lah. Luckily this sort of nonsense trying to make the opposition look bad isn’t fooling as many as it did decades back. Voters these days can see through a smokescreen easily lah.

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  • theforgottongeneration:

    Just thinking recent “good news” that TH portfolio has grown to 400b is real or fake. Any PRC ventures alone would probably had dropped 20-30% values by now. Say lost 20b but injected 50b back into TH, of course portfolio can increased to 400b. Question: where that 50b came from? Drop from sky, hor?

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  • Bail out:

    About time to return the bail out money for other good use..
    How about helping the bottom 30% in this crisis with inflation and high COL ?
    They are the one suffering now.

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  • xoxo:

    Has anyone seen the audited details of how the $100 Billion was allocated?
    If we assume the PER CAPITA GRANT was $23.5K ,then,taking the difference between $23.5K minus $600 multiplied by the number of those sgs who got short-changed,that would amounts to Billion$ or even tens of Billion$,right?

    Where has the VARIANCE gone to?

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  • The Stingy PAP:

    In the whole of June in Manila, peoples (foreigners included) got FREE mrt rides. DU30′s way to thank the people for supporting him.

    This “what’s wrong with making money” has gone too far. Don’t Singaporeans deserve at least a one-day free MRT & Bus rides on National Day?

    Better than free chicken rice.

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  • 2Daft2Live:

    Observer:
    Luckily I own some SIA shares.

    Many other businessmen made financial sacrifices to comply with all the Covid-19 restrictions.

    Hope for some government help too.

    Or protect us from unfair foreign competitors.

    Or make it easier for local businesses to raise outside equity capital.

    Hope that Global Investors can support Singaporean Christian business leaders. In order to reduce idolaters criticizing the Creator God of Christians and Moses.

    Yeah, as long as you got connections (esp. to the one above), you got it made in life. That’s how corruption, cronyism and nepotism arise. Since ancient times, from the Chinese dynasty to the Roman Republic. The rich and powerful get away with whatever they wanted through connection, bribery or influence while the ordinary citizens put up with poverty, injustice and cruelty. Why? Is it because they don’t know the top guy? Is it because they don’t have faith? Or is it because they have the wrong religion?

    The answer is simply; they don’t have $$$$$.

    But don’t let me stop you from believing or doing whatever. The fact that people think and believe that they, their beliefs or their institution is above censure and criticism. And they should gang together against any critics (or non-believers) probably means the one below is already smiling at them.

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  • mrWie:

    their losses are us to bear, while their profits are them to share.

    please remember this incident when you cast your vote in the next GE

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  • theforgottongeneration:

    BTW, taxpayers monies used to help SIA in bad times. But in good times, what has SIA done that benefitted the common Singaporeans? We fly SIA got discount, meh? Singaporeans got free upgrade from Economy to Business class, hor? Or just another pappies lan-cheow one-way deal?

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  • PAP mandate strong:

    @ Yeah, as long as you got connections (esp. to the one above), you got it made in life.

    I sense both jealously and envy.
    Connections yes but thats life. Then again so easy people trust you like you ? Let’s be honest.
    If you boh liao 冇料 , no skills no ability or knowledge no manners no integrity , not trustworthy n reputation who willing to connect. Jack Ma same thing. Before he’s successful, go to different countries to appeal for fundings. Went to see rich people and waited in the office for at least 10 hours, in the end also whole day wasted without any meet up.

    Dont talk about being the son of Li Kah Shing or Dr M ? That’s luck.

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  • Harder Truths:

    xoxo:
    Has anyone seen the audited details of how the $100 Billion was allocated?
    If we assume the PER CAPITA GRANT was $23.5K ,then,taking the difference between $23.5K minus $600 multiplied by the number of those sgs who got short-changed,that would amounts to Billion$ or even tens of Billion$,right?

    Where has the VARIANCE gone to?

    Bro’ it is most likely gone as ‘consultation fees’ to family of Regime leeders or their close friends. I would say that is par for the course – to hide from the public how the money disappears down their pockets.

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  • James Lee:

    Given how SG were managed by the uncaring PAP elites and their cronies over the past few decades, whatever trusts that remain have all but gone.All true blue SG should realize something is not right.Act before it’s too late.

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