TR EMERITUS

From our Correspondent The abrupt departure of Temasek CEO-designate Chip Goodyear and the re-appointment of Ho Ching as taken many Singaporeans by surprise. Though there were some rumblings of bewilderment and discontent on the ground, nobody dares to question the decision of the Temasek Board. The Ministry of Finance, which was nominally in charge of Temasek, was quick to distance itself from the about-turn in the senior leadership. So who is really in charge of Temasek Holdings? In a public-listed company, the Board of Directors and major shareholders will have a say in the appointment of the CEO, not in Temasek where the stakeholders were conspicuous by their silence. Under Ho Ching's leadership, Temasek lost more than S$40 billion dollars of its portfolio. This is completely unacceptable and indefensible. In Hong Kong, a public inquiry will be called to investigate the entire board, but not in Singapore where the chief culprits for the loss are allowed to retain their positions, salaries and perks at the expense of taxpayers. The ongoing Temasek debacle is a damning indictment of the inability of a one-party state to check on  itself. Without an effective opposition in the Parliament to hold it accountable to the people, the ruling party has no political pressure to investigate the fracas. Singapore has always prided itself on a fair and competitive system of meritocracy to place the most competent and capable people in the positions of leadership from the ministers, MPs, senior civil servants and CEOs of statutory board. Since Temasek is funded entirely by taxpayers' monies, it can be considered as a sort of government institution in spite of relentless efforts to protray itself as an "Asian investment company". Is Ho Ching the most suitable candidate for the job? Are there no better candidates to lead Temasek? Should she be called to explain her decisions behind the multi-billion investments in Merill Lynch and Barcalys? It appears it is difficult, if not impossible for the Prime Minister to launch a public commission to investigate his own wife. At the very least, Ho Ching should offer to step down and pass the baton to another person. The current PR gimmick by Temasek to salvage its battered reputation in the eyes of Singaporeans by mooting the possibility of allowing retail investors to co-invest with it in future is a tacit acknowledgement of public disgruntlement against its largely opaque style of management. In short, Temasek has fared pretty badly on the standard KPIs of competency, accountability and transparency. Citing the global financial turmoil as a reason for its poor performacne is both lame and unjustified since there are SWFs who has raked in record profits during the same period of fund such as the East Timor Petroleum Fund. The entire Temasek Board should be held accountable for the disastrous losses we suffered and resign en masse to assauge public fury. Lastly, it is time to open the account books and give a breakdown of the exact losses instead of quoting vague figures out of thin air. Anything less than that will be unacceptable. As public servants, both the Temasek Board and the Ministry of Finance are expected to be  subjected to public scrutiny. The continuous passing of the "hot potato" from one side to another is making a mockery out of our public institutions. The buck has to stop somewhere.   Related articles: >> The untimely departure of Chip Goodyear by Bhaskaran K >> How much did Chip's stint at Temasek cost taxpayers? by Eugene Yeo   EDITORS’ NOTE: [If you like our work and would like to support us, please transfer your donations via paypal to our account ([email protected]). Any amount will be greatly appreciated! Alternatively, you can also help boost our advertising revenue by clicking on the ads displayed. Thank you!]  Read More →

From our Correspondent A country's image of itself is often judged by the way it celebrates National Day and the contrast between Switzerland and Singapore cannot be greater. Switzerland just celebrated its National Day on 1st August, 8 days before Singapore. The way Switzerland commemorates its founding can hardly be considered as celebrating. there are no military parades, grandiose speeches or lining of state flags in the cities. The first of August is celebrated solely in the municipalities. Only one radio and television broadcast a speech by the President of the Confederation currently in office. The whole country gathers in public places around bonfires and listens to speeches about the independence of the country from the Austrian rulers. Thought-provoking words from an eminent cultural or political speaker, songs and music, gymnastic shows and group performances of the Swiss national anthem are the traditional elements of the holiday. Many municipalities set off fireworks, and these spectacular light shows are often ignited from the mountains and hills. The children march through the streets at dusk with candle-lit Chinese lanterns. Flags with the arms of the Confederation, the canton and the municipality fly proudly above public and private buildings alike. Even the bakers get involved, decorating their rolls of bread with little Swiss flags. In Singapore, millions of dollars are spent each day to organize a "National Day" parade. There will be a two hour speech by the Prime Minister which is screened across all the major broadcast station and published in the newspapers  (which are all owned by the government). More state resources are expended to decorate the roads, streets and public places with banners and flags. However, there are few spontaneous hanging of flags by the citizens themselves. With the exception of the site where the National Day Parade is held, the event was not celebrated anywhere else on the island. After all, any gathering of more than 5 people is considered illegal under the law. Only the Prime Minister will be giving a speech. All speeches in public places must have the prior approval of the police of which a permit is almost always never granted. Therefore Singaporeans will never get to hear speeches from any prominent "cultural" or "political" speakers if they exist in the first place. The Singapore children will probably be playing computer games at home or tucking in burgers at McDonalds. You won't find them "marching" through the streets because that too, will get you arrested by the omnipresent police. The Swiss hang their flags proudly to demonstrate their love for their homeland. Singaporeans dare not do so out of fear for being fined for showing "disrespect" to the national flag if they hang it the wrong way. Nevertheless, if the Singapore government were to pass a law mandating all citizens to hang the national flag one month before 9 August every year, the entire island will surely be decked in the national colors of red and white. Welcome to Singapore, the only modern one-party state in the developed world. If you choose to celebrate National Day (at your own peril), please bear in mind the following acts are against the law and may land you in jail: 1. Displaying the national flag in public places without permission. 2. Speaking about your love for Singapore in public places without a permit. 3. Cheering for Singapore in the streets on your own or with friends may be misconstrued as a protest.  Read More →

SEOUL, South Korea - North Korean leader Kim Jong Il pardoned two jailed American journalists after a meeting with former U.S. President Bill Clinton, and a Clinton spokesman said the reporters were en route to Los Angeles to be reunited with their families. Clinton, who arrived in North Korea Tuesday on an unannounced visit, met with the reclusive and ailing Kim for talks described by Pyongyang as "exhaustive." It was Kim's first meeting with a prominent Western figure since his reported stroke nearly a year ago. The release of Laura Ling and Euna Lee, who were arrested March 17 near the China-North Korea border, was a sign of North Korea's "humanitarian and peace-loving policy," the Korean Central News Agency reported. State media said Clinton apologized on behalf of the women and relayed President Barack Obama's gratitude. The report said the visit would "contribute to deepening the understanding" between North Korea and the U.S. Joy in California In the U.S., the families of Ling and Lee said they are "overjoyed" by the news of the pardon. "We must also thank all the people who have supported our families through this ordeal, it has meant the world to us," the families said in a joint statement. "We are counting the seconds to hold Laura and Euna in our arms." California Gov. Arnold Schwarzenegger said he joined all Californians in celebrating the good news. "Both women risked their lives to search for truth in an area of the world where the press is often censored, and I applaud those who worked to negotiate their pardon. Our heartfelt thoughts are with the families of Euna and Laura, and we wish them both a safe return to California," the governor said in a statement. While the White House emphasized the private nature of Clinton's trip, his landmark visit to Pyongyang to free the Americans was a coup that came at a time of heightened tensions over North Korea's nuclear program. The meeting also appeared aimed at dispelling persistent questions about the health of the authoritarian North Korean leader, who was said to be suffering from chronic diabetes and heart disease before the reported stroke. Kim smiled broadly for a photo standing next to a towering Clinton. He was markedly thinner than a year ago, with his graying hair cropped short. The once-pudgy 67-year-old, who for decades had a noticeable pot belly, wore a khaki jumpsuit and appeared frail and diminutive in a group shot seated next to a robust Clinton. North Korea accused Ling, 32, and Lee, 36, both of former Vice President Al Gore's Current TV media venture, of sneaking into the country illegally in March and engaging in unspecified "hostile acts." The nation's top court sentenced them in June to 12 years of hard labor. Quiet negotiations U.S. Secretary of State Hillary Rodham Clinton urged North Korea last month to grant them amnesty, saying they were remorseful and their families were anguished by their detention. The journalists' release followed weeks of quiet negotiations between the State Department and the North Korean mission to the United Nations, said Daniel Sneider, associate director of research at Stanford University's Shorenstein Asia-Pacific Research Center. Clinton "didn't go to negotiate this, he went to reap the fruits of the negotiation," Sneider said. Pardoning Ling and Lee and having Clinton serving as their emissary served both North Korea's need to continue maintaining that the two women had committed a crime and the Obama administration's desire not to expend diplomatic capital winning their freedom, Sneider said. "Nobody wanted this to be a distraction from the more substantially difficult issues we have with North Korea," he said. "There was a desire by the administration to resolve this quietly and from the very beginning they didn't allow it to become a huge public issue." Lee, a South Korean-born U.S. citizen, is the mother of a 4-year-old. Ling, a California native, is the younger sister of Lisa Ling, a correspondent for CNN as well as "The Oprah Winfrey Show" and "National Geographic Explorer." They were arrested as they reported about the trafficking of women. It's unclear if they strayed into the North or were grabbed by aggressive border guards who crossed into China but recent statements suggested they admitted to deliberately crossing into the country. Warm welcome Clinton was accompanied by John Podesta, his one-time White House chief of staff, who also is an informal adviser to Obama. Clinton was accorded honors typically reserved for heads of state. Senior officials, led by Vice Foreign Minister Kim Kye Gwan, who also serves as the regime's chief nuclear negotiator, met his private unmarked plane as it arrived Tuesday morning. Video from the APTN television news agency showed Clinton exchanging warm handshakes with officials and accepting a bouquet of flowers from a schoolgirl. Kim later hosted a banquet for Clinton at the state guesthouse, Radio Pyongyang and the Korean Central Broadcasting Station reported. The VIPs and Kim posed for a group shot in front of the same garish mural depicting a stormy seaside landscape that Clinton's secretary of state, Madeleine Albright, posed for during her historic visit to Pyongyang in 2000. Clinton is relatively well-regarded in North Korea, mostly for a less-bellicose attitude toward the country during his administration. Just last month, North Korea's Foreign Ministry had harsh words for his wife, describing her as "a funny lady" who sometimes "looks like a primary schoolgirl and sometimes a pensioner going shopping." In the past, envoys have been dispatched to Pyongyang to secure the release of Americans. In the 1990s, New Mexico Gov. Bill Richardson, a congressman at the time, went twice on similar missions: in 1994 to arrange the freedom of a U.S. pilot whose helicopter strayed into North Korean airspace and again two years later to fetch an American detained for three months on spying charges. Richardson, Clinton and Gore, Clinton's vice president, had all been named as possible envoys to bring back Lee and Ling. However, the decision to send Clinton was kept quiet, revealed only when he turned up Tuesday in Pyongyang. Carter visit The trip was reminiscent of one 15 years ago by former President Jimmy Carter when Clinton was in office, also at a time of tensions over North Korea's nuclear program. Carter's visit — he met with Kim Jong Il's father, the late Kim Il Sung — helped thaw the deep freeze in relations with the Korean War foe and paved the way for discussions on nuclear disarmament. Clinton later sent Albright to Pyongyang for talks with Kim in a high point in the often rocky relations with North Korea. Discussions about normalizing ties went dead when George W. Bush took office in 2001 with a hard-line policy on Pyongyang. The Obama administration has expressed a willingness to hold bilateral talks — but only within the framework of the six-nation disarmament talks in place since 2003. North Korea announced earlier this year it was abandoning the talks involving the two Koreas, Japan, Russia, China and the U.S. The regime also launched a long-range rocket, conducted a nuclear test, test-fired a barrage of ballistic missiles and restarted its atomic program in defiance of international criticism and the U.N. Security Council. Last month, the U.S. Navy tailed a North Korean cargo ship as it sailed south suspected of carrying cargo banned under a U.N. resolution on board until the vessel turned around and returned to port. Kim inherited leadership of impoverished North Korea upon his father's death in 1994, 20 years after being anointed the heir apparent. Kim has not publicly named his successor but is believed to be grooming his third son, 26-year-old Jong Un, to take over. Source: MSNBC  Read More →