THE portfolio of Singapore’s sovereign wealth fund GIC has fallen about 25 per cent from its peak due to the financial crisis, but it can weather the storm for 10 years if necessary, said Minister Mentor Lee Kuan Yew.
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50) long-term perspective on March 6th, 2009 6.00 pm
Haha, you have suddenly become very knowledgeable.
Cheers!
51) Victor on March 6th, 2009 6.17 pm
Nice to have you around. Unfortunately, we sometimes have to put in a little bit of satire to blunt the effect of some forceful yet important views on our part.
Cheers
Too early? What too early? Should not have done it in the first place.
Here is what Luck Tan says in his Blog:
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What surprises me was MM Lee saying that the GIC and Temasek invested in those banks “too early” [Link]. They invested in those banks more than a year ago. But what is the difference if they had gone in 6 months ago, 3 months ago or even 2 months? They would have lost most of their money anyway given these banks are insolvent. Citigroup stocks have fallen about 50% in the last 5 days. They had many months to discover their mistake and unwind their investments and save taxpayers’ money. But they are unable to admit to making a mistake even today so we have Singaporeans’ money stuck in these banks whose stocks are heading south everyday. It is highly dangerous to leave taxpayers’ money in entities that are not completely transparent and it is even more dangerous when the people running them cannot admit their mistakes, learn their lessons and allow small blunders to turn into catastrophic losses.
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