Mr Hardy feels that Singapore's Sovereign Wealth Funds have done a good job. So far no news of any financial scandal other than the Shin Corps debacle. Just like any investment sometimes we make losses. That's a fact of life, all returns come with risk. (and don't get me started on the appropriate amount of risk. There's a calculation for it.)
But what Mr Hardy feels is lamentable about Singapore is that some people like to make these losses an issue because they just want to make life difficult for PIP. Make life difficult nevermind, they also don't know their economics or finance, just anyhow whack only.
For this people, Mr Hardy can only say, "their mouth their wish lor."
Whenever, Mr Hardy hears commentary on how they think Singapore Government should allocate their funds, or whether they should give back some of the returns etc, Mr Hardy believes the real agenda - or the angle the lay citizen is coming from is that they want more transparency.
Essentially, they are concerned and want to know if there's been mismanagement or if the choices made were the wrong ones.
Concerned citizens by right are entitled to know.
Mr Hardy's only complaint about GIC and Temasek Holdings is that they need to be more transparent. I don't think there's a problem with GIC and Temasek Holdings releasing more information - maybe can release an annual statement or better still, open themselves up and sell equity shares to individual singaporeans so we all can 'huat' together.
The real issue is can we trust the average Singaporean with that kind of information. Are we all sufficiently motivated to research, and think and be responsible for our actions?
Don't get me wrong, Singapore's not the only one with this kind of problems. Even in developed countries they all bitch and gripe about the government in power. And they are a very opinionated lot as well.
Maybe what we need is to to just keep talking and for the teachers amongst us to guide and those consensus builders out there to help integrate thoughts and ideas together.
More information on these government affliated wealth management funds can be found at swfinstitute.org