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Viewing cable 08SINGAPORE936, SENATOR SHELBY MEETS TEMASEK'S HO CHING, GOS

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Reference ID Created Released Classification Origin
08SINGAPORE936 2008-09-03 01:26 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Singapore
VZCZCXRO3854
RR RUEHNZ
DE RUEHGP #0936/01 2470126
ZNR UUUUU ZZH
R 030126Z SEP 08
FM AMEMBASSY SINGAPORE
TO RUEHC/SECSTATE WASHDC 5694
RUEATRS/DEPT OF TREASURY WASHDC
INFO RUEHWL/AMEMBASSY WELLINGTON 1452
RUEHBY/AMEMBASSY CANBERRA 2168
RUEHHI/AMEMBASSY HANOI 1541
RUEHKO/AMEMBASSY TOKYO 5927
RUEHNZ/AMCONSUL AUCKLAND 0035
RUEHBN/AMCONSUL MELBOURNE 0263
RUEHDN/AMCONSUL SYDNEY 0775
UNCLAS SECTION 01 OF 02 SINGAPORE 000936 
 
SENSITIVE 
 
SIPDIS 
 
DEPT FOR EEB/OIA 
TREASURY FOR CBERRY 
 
E.O. 12598: N/A 
TAGS: EFIN OREP PGOV SN
 
SUBJECT: SENATOR SHELBY MEETS TEMASEK'S HO CHING, GOS 
OFFICIALS; EMPHASIZES U.S. OPENNESS TO FOREIGN INVESTMENT 
 
REF: STATE 83989 
 
1. (SBU) Summary: Senator Richard Shelby (R-AL) used 
meetings with Temasek CEO Ho Ching, GOS officials and 
others on August 25 to emphasize that the United States 
remains open to foreign investment.  The Senator, Ranking 
Member of the Banking, Housing and Urban Affairs 
Committee, also stressed the importance of strong anti- 
money laundering (AML)/counter financing of terrorism 
(CFT) enforcement.  He acknowledged the U.S. business 
community's competitiveness concerns arising from high 
U.S. taxes on expatriate Americans.  End Summary. 
 
Meeting with Ho Ching 
--------------------- 
 
2.  (SBU) Ranking Member of the Banking, Housing and 
Urban Affairs Committee Senator Richard Shelby (R-AL) met 
with Temasek CEO Ho Ching and emphasized that the United 
States remains open to foreign investment.  Ho mentioned 
that Temasek has filed a new Committee on Foreign 
Investment in the United (CFIUS) application to expand 
Temasek's stake in Merrill Lynch.  If approved, Temasek 
could receive shares rather than cash for a USD2.5 
billion reset payment stemming from Merrill's recent 
capital raising, thus allowing Merrill to conserve its 
cash in this time of market turmoil.  The Senator noted 
that he had worked to establish the CFIUS framework under 
the leadership of the Department of the Treasury in order 
to promote foreign investment in the United States, while 
leaving the U.S. Government the means it needs to address 
rare cases of a foreign investment that might involve 
genuine national security issues. 
 
3.  (SBU) Ho expressed concern about the U.S. financial 
turmoil but also an admiration for the way American 
policy makers actively work to address problems quickly. 
The United States always, sooner or later, gets to the 
right solution.  The U.S. "underlying capacity for 
innovation is strong," she said.  Senator Shelby 
recounted his past efforts to address the systemic risks 
at Freddie Mac and Fannie Mae, and his hope that these 
two companies would end the crisis smaller in size and 
with more private sector involvement in the securitized 
mortgage market. 
 
4.  (SBU) Ho told Senator Shelby that Temasek would 
announce its annual results the following day.  In the 
press conference that took place on August 26, Temasek 
reported that its overall assets had grown to USD134 
billion from USD109 billion the previous year, thanks in 
part to an injection of S$10 billion (USD 7.1 billion) in 
fresh capital from the Ministry of Finance and the 
appreciation of the Singapore dollar.  While Temasek 
announced a doubling of group (consolidated) net profit 
to S$18 billion (USD12.8 billion) and total share holder 
return (on mark-to-market basis) of seven percent, the 
group made a loss of S$6 billion in group wealth added 
above their risk-adjusted cost of capital.  In other 
words, the SWF missed its relative return benchmark for 
the year.  Temasek did report, however, that it had 
earned S$60 billion above its benchmark over the past 
five years. 
 
Meeting with Finance PermSec Teo Ming Kian 
------------------------------------------ 
 
5.  (SBU) Permanent Secretary for Finance Teo Ming Kian 
outlined to Senator Shelby Singapore's strategy for 
safeguarding its fiscal surpluses for future generations. 
Ongoing budget support from Singapore's sovereign wealth 
funds, Temasek and the Government Investment Corporation 
(GIC), is limited to a maximum of half of that year's 
interest and dividends and any further withdraws must be 
approved by a directly elected President. 
 
6.  (SBU) Senator Shelby welcomed Singaporean SWF 
investments in the U.S. financial sector.  Teo noted that 
 
SINGAPORE 00000936  002 OF 002 
 
 
Singapore "has no problem with CFIUS," having navigated 
the process dozens of times. 
 
Meeting with MAS Managing Director Heng Swee Keat 
--------------------------------------------- ---- 
 
7.  (SBU) In a meeting at the Monetary Authority of 
Singapore (MAS), Managing Director Heng Swee Keat 
mentioned many challenges facing Singapore, including 
remaining relevant to its neighbors and trading partners, 
increasing the fertility rate, and attracting 
international talent.  Senator Shelby expressed his 
belief that the U.S. financial regulatory structure would 
change as a result of the current crisis, and mentioned 
his support for an Optional Federal Charter for 
insurance.  Senator Shelby reiterated the importance of 
strong AML-CFT regimes and urged stronger enforcement 
measures. 
 
Lunch with U.S. Business Representatives 
---------------------------------------- 
 
8.  (SBU) In a lunch with private sector representatives, 
U.S. businessmen asked the Senator to examine the adverse 
impact arising from high taxes on foreign-earned income 
of American expatriates.  They argued that changes to 
Section 911 of the tax code which increased the amount of 
tax charged on housing benefits provided by companies to 
their employees overseas were making American employees 
uncompetitive.  They expressed concern that these 
disincentives to hire American expatriates will create 
competitive problems for U.S. companies in today's global 
economy.  The Senator acknowledged these concerns. 
 
9. (U) Senator Shelby's staff cleared this cable. 
HERBOLD