Reading the article below must be one of the most painful experience I ever had.

The Straits Times
June 19, 2002, Wednesday

On the headlines, I believe the title was:

PM Goh: The Lees are exceptional

PM explains Ho Ching's appointment
There is some conflict of interest in DPM Lee's wife becoming Temasek chief, but Mr Goh says it is 'for the larger good'

PRIME Minister Goh Chok Tong has acknowledged that there is some 'conflict of interest' in Ms Ho Ching being made executive director of Temasek Holdings.

In an interview with Business Week magazine, he was asked about the appointment of Deputy Prime Minister Lee Hsien Loong's wife to the top job at the Government's investment holding arm, which controls about 40 companies.

Stressing that Singapore's talent pool was small, Mr Goh said: 'It is awkward, we know that... But you know, we work for the larger good.'

The interview, which appears in the magazine's June 24 edition, centred on the fact that many of Singapore's largest companies have boards filled with members of the Lee family, former Cabinet ministers and civil servants.

Since the Asian crisis, the Government has moved to restructure the government-linked companies (GLCs) under Temasek.

Mr Goh conceded there was a perception that the only way to shake up GLCs was to bring in a Lee family member and that was why Ms Ho got the job.

'That's a big problem politically for us. We've got to make sure she can justify her decisions. Otherwise, we are all in trouble,' he said.

Ms Ho became boss at Temasek on May 1. The reason Temasek chairman S. Dhanabalan wanted her, said Mr Goh, was that its board was not 'fully satisfied' with the progress made so far in the restructuring of the GLCs.

Her task was 'to give strategic direction to the GLCs'.

But having former ministers and relatives of Senior Minister Lee Kuan Yew on the boards did not make it harder to restructure the GLCs, Mr Goh stressed, pointing to the opening up of the telecom sector.

DPM Lee headed the committee overseeing the liberalisation when his brother, Mr Lee Hsien Yang, was SingTel's chief executive officer.

'They argued together that you need to open up the sector. The brother has to make sure SingTel can compete.'

Mr Goh also defended SM Lee as chairman of the Government of Singapore Investment Corporation, whose rate of return in the past few years had not been 'exactly stellar'.

'When I took over as PM, I appointed him as chairman. Do we have a better man than he in giving good returns on GIC? The answer is no.

'Is the management the best in the world? I think the answer is probably not. Is it the best fund manager in the world? I don't think so. Is it the worst? I don't think so.'

On the accountability of GLCs' top management, the magazine recalled that in 1999, listed SembCorp Industries' division heads received a directive warning that it would be curtains if they did not meet new targets by year-end.

The targets were not met, but no one was punished.

Asked why, Mr Goh replied: 'I have no idea. But at the end of the day, when they go, who else comes and takes their jobs? You don't have such an abundance of talent that you can say: 'No good, out you go, put in somebody else'.'

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"I have no idea."

I like that answer.

Would I defend my country? Who has the biggest stake in the country? What would I be defending?

"I have no idea."