Don’t know abt you, but I think that having Tony Tan as president is a waste of his talents and bad for the mgt of our reserves.
The minister of law, Shanmugam, has explained what the president is elected and empowered to do under the constitution. A statement by Shanmugam said that under the constitution, the president has custodial powers, not executive powers. “He can veto or block government actions in specified areas, but he has no role to advance his own policy agenda”.
Singapore has a parliamentary system of government, with the PM being the head of government and has the authority and responsibility to govern Singapore. National policies and running the government are the responsibility of the PM and cabinet.
The statement also explained that the president’s veto powers over the government are limited to specific areas.
Later, he added that the duties of president were important but again stressed they were not executive.
Tony Tan was CEO of OCBC and DPM. He is now the executive director of GIC which, it seems, has done pretty well in the crisis, unlike Temasek.
GIC made money on its Citibank stake and while it has a book loss on its UBS investment it was an investment that at the time had UBS shareholders upset. They had wanted UBS to call a rights issue, rather than give GIC what they saw as a steal. Contrast this with Temasek. It lost billions on its Merrill Lynch deal, cutting its losses when hedgies were buying BoA (the acquirer of ML).
Does Singapore have so much talent in investing our reserves that it can afford for someone of his stature to be a security guard for S’pore? I mean George Yeo, Mah Bow Tan, Raymond Lim, Cry Baby Lim, Wong Kan Seng and Goh Chok Tong, we can certainly do without with in executive roles. But Tony Tan?
I think, he is still needed in an executive role to grow our reseves.
Maybe in 2017, he should be president. But certainly not now.
I’m sure, in the meantime, we can find someone else who wants be a $4-million a year jaga with a bed in the Istana, rather than a chapoy on the pavement. If you are too young to know what a jaga and chapoy are, ask yr parents or grandparents.