Singapore's GIC Suffers $41.6 Billion Loss
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what straits times and other msm didn't tell you!
SINGAPORE -- Government of Singapore Investment Corp. suffered a loss around 59 billion Singapore dollars (US$41.6 billion) in the fiscal year ended March, making it one of the worst years for the sovereign wealth fund since it was established in 1981, a person familiar with the situation said Tuesday.
"The equities investments suffered the most, followed by falls in property valuations. It was one of the worst years ever," the person told Dow Jones Newswires.
The person said GIC's portfolio now stands around S$265 billion.
GIC is the world's fourth largest sovereign fund in terms of money managed, according to Deutsche Bank, with high-profile investments in Western financial institutions like Citigroup Inc. and UBS.
Earlier in the day, GIC said in its annual report that its portfolio lost more than 20% of its value in the last fiscal year.
However, it said, the recent rebound in global stock markets has helped it recover more than half of the loss.
The person said GIC's property valuations are also recovering strongly.
GIC said in the report that it had an annualized 5.7% return in U.S. dollar terms over the last 20 years from 7.8% a year earlier. Its nominal return over 20 years in Singapore dollar terms was 4.4% compared with 5.8% a year earlier.
It holds a 9% stake in UBS by way of preferred shares it bought in late 2007 for 11 billion Swiss francs ($11 billion).
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What the fuck is that senile bastard Lee doing?
Lost so much money?
Useless shit.
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Originally posted by angel3070:
What the fuck is that senile bastard Lee doing?
Lost so much money?
Useless shit.
Put you in the same position and I don't think you can do any better.It is partially the global economic meltdown that is affecting the GIC's capability to invest properly. The other being there's no good local MNC to invest in globally.
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Originally posted by Herzog_Zwei:
Put you in the same position and I don't think you can do any better.At least I will resign and step done not die die want to fucking hang around after losing billions and billions.
Fucking senile bastard lee.
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haha.. to 'seowlah".. you sure its $13billion???
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Originally posted by OHSheet:hahaha. sign her up for the life-time-coaching course.
with the $50 billion she lost, im sure its enough to
cover for a life time of coaching.Outdated information already lor.
The loss has been narrowed down to $13 billions lah.
If the economy and share market continue to improve, the loss will turn into a profit in 2010.
You might have to eat your own words then
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Originally posted by Herzog_Zwei:
It is partially the global economic meltdown that is affecting the GIC's capability to invest properly. The other being there's no good local MNC to invest in globally.
It's still their fault for bad strategy and not being able to cut losses.
You think want to push all the blame to global economic meltdown?
They so good why never take precaution? Why take so much risk?
Fuck them.
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The Czar Of Right: I, Mark Ames, Predicted The Financial Crisis. And You Didn’t. Ha-Ha-Ha.By Mark Ames
It’s Sunday, a good day to gloat about how I was right and everyone else who gets paid serious money was a fucking idiot. The Financial Crisis that everyone claims they couldn’t possibly see coming? I saw it coming, two years before the collapse–all the way from Moscow. And so I just want to tell all of you lying brainwashed dickheads out there: I toldja so! Yup, that’s right: in 2006, two years before the financial collapse, I wrote a big piece in The eXile headlined “Why You’re Fucked: FINANCIAL CRISIS II: ANOTHER SEQUEL” predicting that the out-of-control credit bubble would explode and tank the financial system. I’m excerpting it below so that you can all worship me,. I believe the word is “prescience”?
And while we’re on the subject, just wanted to remind everyone of the last “who coulda see it coming?” financial collapse that I predicted before anyone else: Russia’s 1998 financial crash.
I got it right in 1998…
Okay, now I can hear you asking through gritted teeth, “But if you’re so smart, Ames, why ain’t you rich?”
Good question. I ask myself that about 150 times a day, and one of the best answers I can come up with is, “Whoever said that there’s a relationship between smarts and wealth?” Maybe if my family wealth came from taxpayer handouts like Megan McArdle’s, I’d be a rich man today. Or if I was born into a filthy rich family. Inherited wealth, and welfare-for-the-rich seem to be the only paths to riches in this country.
Butcha can’t take my gloat away, by gum!
…And I was right about 2008, which I called in 2006. Ha-ha-frickin-ha!
So, getting back to my Sunday gloat: ahem…let me clear my throat here…I WAS FUCKING RIGHT! Yeah, I may be poor, but I’m not a braindead idiot like the rest of you. And while I didn’t get rich off being so smart, I also didn’t sacrifice my healthy years accumulating capital, only to see the whole thing vanish before my eyes. While you were slaving away in a miserable job, I was living in my body the way God intended: fucking, snorting, and basking in the kind of cult-celebrity glory you fools only dream about. And while your savings vanish and your housing values collapse, the investment I made into being more right than you is something that pays dividends forever.
So now I’m going to cash out a few shares of my “I’M RIGHT AND YOU’RE NOT” investment–behold my gloat, for your eyes and everyone else’s, and not only.
Here is an abridged version of my exile article from June 16, 2006:
June 16, 2006
Why You’re Fucked
FINANCIAL CRISIS II: ANOTHER SEQUELby Mark Ames
Could we be on the verge of another financial catastrophe? I’ll admit it: I’m hopeful. First, because I’m poor and spiteful, and secondly, because one of the nice things about financial collapses (like military disasters) is that all the ugly, corrupt realities underpinning a so-called economic boom are revealed, and the worst in humanity is laid bare, and everyone everywhere gets pissed off, cynical, and hopeless. That’s the kind of thing that boosts my mood, not to mention my sexual drive. Financial panics are to me what endangered mammal horns are to Chinese men: pure Viagra placebo.
…
In retrospect, the financial crises that ripped through emerging markets in the late 1990s appear inevitable and obvious. So does the bursting of the NASDAQ/dot-com bubble in 2000. But right up to the day of the Asian/Russian collapses, no one expected them, and no one understood them, because the circumstances, and in particular the terminology, had not yet been incorporated into popular financial-crisis discourse.
So what is happening globally this time? What’s the word that everyone’s going to “get” this time around, just as the last time around words like “debt burden” went from being vague economics terms to obvious explanations for why those markets collapsed.
Last time it was a debt bubble. This time it’s a credit bubble. (italicized bold in original–MA) What that means is that since 2000-1, when the US markets crashed and the economy headed into a recession, the US Central Bank pumped shitloads of money (liquidity) via ridiculously low interest rates. This meant that people had not so much “more money” as “easy-to-access” money which they used to buy houses. All that easy money meant housing prices soared for five years straight, to levels unprecedented when compared to the average Joe’s stagnating income. However, all the Joes who owned houses saw their asset prices soar, much like those who held NASDAQ stocks in the 90s saw their stock portfolios soar, and that meant more money to spend on everything from plasma TVs to hybrid SUVs, liposuctions surgeries and everything else sold on credit. The US government worked the same voodoo on its budget — massively increasing spending while at the same time cutting tax revenues. In other words, offering easy, free money to itself.
This easy money, and easy credit, is even easier in other parts of the world. China has seen its money supply grow 20% over the last year, and credit growth has soared 30% in India. The same has been happening in Europe, Japan, and of course Russia, where Russians are offered easy loans to “purchase” everything from vacations in Turkey to crap apartments in podmoskovie.
While in the last crisis, emerging market economies like Russia were forced to issue bonds at increasingly high interest rates in order to finance other high-interest-rate bonds they couldn’t pay off, this time around, thanks to all the easy money and the weak dollar, yields on emerging market bonds are illogically low, approaching developed economy bond yields. Meantime, junk bonds issuance is at its highest rate since the 1999 speculative peak. Mergers and acquisitions are bursting all records. Much of this is financed by debt, and all kinds of popular, profitable debt schemes like repos, credit swaps, and all sorts of “esoteric” debt products and instruments.
Central bank reserves in Russia are approaching an insane $240 billion, while China’s $880 billion now exceeds Japan’s. More and more money is being pumped, inflating prices on any piece of crap asset, from Brazilian bonds to partly-built Moscow panel apartment blocks.
Just as record low interest rates in the US led to unprecedented rises in housing prices, year after year, all this easy money is leading to massive price rises in commodities. Copper has doubled just this year alone. Oil — everyone here knows what’s happened. In Moscow and elsewhere in Russia, housing prices have soared every year since 1999, including 45% in Moscow just this year alone. The stock market also boomed 50% before falling.
This is the bubble. Easy credit swells prices to ridiculous heights. The credit-issuance bubble is untenable. And now it’s starting to pop. And what’s making it pop is an ever-so-slight pullback from five years of reckless easy money in the US, where it all started — in the form of today’s higher US Federal Reserve interest rates. Even though they’ve raised rates 16 times, they’re set to continue raising rates because inflation is still rising, and the dollar is still weak. The catch is that inflation is rising because of the easy credit. If the credit’s cut off, inflation will slow, but the bubble will pop and take the whole thing crashing down. If credit remains easy, inflation will continue to spin out of control, requiring even more credit tightening later and an even bigger bubble burst.
Recent signals that the Fed planned to continue raising rates were the catalyst for this past month’s credit-bubble pop — and why Russia’s stock market is tanking. That’s because the US still controls, to an incredible degree, international finance. If US rates keep going up, that means money gets less and less easy. No one in the financial markets world wants to be the last to the gate. So they pull out of the speculative markets first — like Russia — and as the bubble burst grows, money retreats to safe places, such as US bonds, which are now returning rates not all that different from Brazilian bonds. Panic sets in — money follows money, and just as asset inflation becomes irrational, so does asset deflation.
The bottom line is this: the global economy is experiencing one of those insane, untenable imbalances, all emanating from New York and Washington, just like the last time around, most of the effects of which will be felt in Mumbai, Istanbul and Moscow.
As the easy credit dries up in the US, assets that inflated most wildly — like American houses and Russian stocks — are the first to fall. And both already are.
What’s happening with emerging market stocks is just a snapshot of what’s to come. In just the last month, the stock market selloffs have wiped out $2 trillion in wealth around the globe. That’s scary, and that means that more money’s going to be leaving places like Russia. And just like last time, first it’s the stocks and bonds that get hit, and eventually, property prices get creamed as more and more money leaves.
How far everything will fall, and for how long, is anyone’s guess. All one can do is hope. And my hope is that the whole fucking house of cards comes crashing down, to the point where in a couple of years from now, humanoids will be roaming barren cities in packs, competing with crows and stray dogs for carcass bones. Because when that happens, everything, even a nifty three-room apartment in Kitai Gorod, or a humble condo at Zuma Beach in Malibu, will be affordable to a lifelong fuckup like me.
So keep the easy credit rolling, ye greedy finance goons…the higher it rises, the harder it will fall. And the more for me.
Is a USA Economic Collapse Due in 2005?
by F. William Engdahl
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Originally posted by Herzog_Zwei:
It is partially the global economic meltdown that is affecting the GIC's capability to invest properly. The other being there's no good local MNC to invest in globally.
GIC lost more than 40 billions in failed investments and not only did you not criticise GIC but instead go and defend GIC.
Why?
GIC lost more than 40 billions, why you defend GIC?
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Originally posted by OHSheet:
haha.. to 'seowlah".. you sure its $13billion???
OHSheet,
Temasek holding's loss has decreased from $50 billion to $13 billion lor.
You have confused Temasek with GIC.
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Local reports will usually have a bias spin to all these loss making events.
Best to check the internet to get a balanced view from various agencies reporting the same news.
Then you decide what you want to believe.
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Originally posted by angel3070:
GIC lost more than 40 billions in failed investments and not only did you not criticise GIC but instead go and defend GIC.
Why?
GIC lost more than 40 billions, why you defend GIC?
Because you will still cow father and cow mother if GIC doesn't invest and the market manage to recover before it hit rock bottom and every other foreign finiancial instituition manage to make a nett gain. No one actually knows what really is the damage done until the different finiancial instituitions up-ended.
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Originally posted by Herzog_Zwei:
Put you in the same position and I don't think you can do any better.It is partially the global economic meltdown that is affecting the GIC's capability to invest properly. The other being there's no good local MNC to invest in globally.
"global economic, meltdown that is affecting the GIC's capability to invest properly" ?What a lame excuse being made for those who are supposed to be elite and from the most talented best ?
How long has Singapore Sovereign Fund existed and have been used as a model that is emulated by other countries interested in having their own fund ?
How should one explain that the report of the less reckless management of the China Sovereign Fund made a profit of US$10 billion in 2008 (*1) - when the pathetically more experienced Singapore Sovereign Fund had managed to achieve a miserable loss of US$100 Billion ?
Can there be any other local MNC when the PAP Government is afraid of the strength of Private Capital that can pose political challenges to its dominant position ?
Since the entry of the PAP into Politics in 1957, there has been a systematic strategy of neutralizing the financial influence of the wealthiest in Singapore that had lent its financial and moral support to the political parties.
Even to this day, the PAP is afraid of the vast amount of money that can be mobilised to support the political parties that will challenge the PAP, and has legislated rules that prevent large contributions in one amount above $5,000.
The PAP will not hesistate to mobilise the machinery of government to harrass those who dare to make any public and high profile contributions to any political parties - except to the PAP.
Originally posted by Herzog_Zwei:Because you will still cow father and cow mother if GIC doesn't invest and the market manage to recover before it hit rock bottom and every other foreign finiancial instituition manage to make a nett gain. No one actually knows what really is the damage done until the different finiancial instituitions up-ended.
"No one actually knows what really is the damage done until the different finiancial instituitions up-ended" ?
How did the pretentious intelligence in this statement make it into the light of day ?
If one is to make a research into the numerous warnings and analysis made in 2005 through 2008 - BEFORE the financial storm burst in late 2008 - perhaps stupendous and pretentious statement like this would have been more carefully thought.
Then again, can one expect anything good to surface from the depths ?
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Singapore wealth fund GIC recovers more than half of last year's ...
2. Why SG is so secretive of the amount of wealth in GIC?
This is said
http://www.gic.com.sg/aboutus.htm
Since our inception, we have grown from managing a few billion dollars, to well above US$100 billion today. With a portfolio this size, we are now amongst the world's largest fund management companies.
This Sovereign Wealth Fund Institute™ estimated in USD
Singapore Government of Singapore Investment Corporation $247.5 -
I read some time ago,said by a high SG official, that wealth in GIC
is a ammo in financial war.
So,like in a military war, u WILL NOT reveal your aMMO.
sg ALSO will not so stupid to reveal the money ammo.
#We dunt care how other countries reveal their wealths.
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Don't forget the opportunity costs of the money with the private sector building businesses and creating high wage employment... but the cursed despot with a zombie wife and his asslicking cronies care for their own benefits more than that of the country...
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I think they will ban the movie: Capitalism: A Love Story by michael moore.
Cos the lion city is the typical case study in the movie.
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Originally posted by Atobe:
"global economic, meltdown that is affecting the GIC's capability to invest properly" ?What a lame excuse being made for those who are supposed to be elite and from the most talented best ?
How long has Singapore Sovereign Fund existed and have been used as a model that is emulated by other countries interested in having their own fund ?
How should one explain that the report of the less reckless management of the China Sovereign Fund made a profit of US$10 billion in 2008 (*1) - when the pathetically more experienced Singapore Sovereign Fund had managed to achieve a miserable loss of US$100 Billion ?
Can there be any other local MNC when the PAP Government is afraid of the strength of Private Capital that can pose political challenges to its dominant position ?
Since the entry of the PAP into Politics in 1957, there has been a systematic strategy of neutralizing the financial influence of the wealthiest in Singapore that had lent its financial and moral support to the political parties.
Even to this day, the PAP is afraid of the vast amount of money that can be mobilised to support the political parties that will challenge the PAP, and has legislated rules that prevent large contributions in one amount above $5,000.
The PAP will not hesistate to mobilise the machinery of government to harrass those who dare to make any public and high profile contributions to any political parties - except to the PAP.
"No one actually knows what really is the damage done until the different finiancial instituitions up-ended" ?
How did the pretentious intelligence in this statement make it into the light of day ?
If one is to make a research into the numerous warnings and analysis made in 2005 through 2008 - BEFORE the financial storm burst in late 2008 - perhaps stupendous and pretentious statement like this would have been more carefully thought.
Then again, can one expect anything good to surface from the depths ?
ATurddy, as usual, you just keep putting every Singaporean down and not just the present government. Did you ever checked how many Chinese MNCs are government owned. Singapore is tied to America's economy and America just showed signs of recovery and you keep cow father cow mother that everyone in Singapore except CSJ is a finiancial screwup.
And every so-called finiancial guru will predict woe at some point or another but unless you are some kind of diety or god, you won't know the actual level of the economic fallout until the investigations ends.
And you are the only one who come from the depths of the sewage system to pollute the minds of every patriotic Singaporean.
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Originally posted by lionnoisy:
Singapore wealth fund GIC recovers more than half of last year's ...
2. Why SG is so secretive of the amount of wealth in GIC?
This is said
http://www.gic.com.sg/aboutus.htm
Since our inception, we have grown from managing a few billion dollars, to well above US$100 billion today. With a portfolio this size, we are now amongst the world's largest fund management companies.
This Sovereign Wealth Fund Institute™ estimated in USD
Singapore Government of Singapore Investment Corporation $247.5
"Since our inception, we have grown from managing a few billion dollars, to well above US$100 billion today. With a portfolio this size, we are now amongst the world's largest fund management companies."The pussy never stop at being simply noisy but will attempt being stupidly noisy as it shouts through the void space of its pussy brain.
After reporting a loss of US$100 Billion in Year 2008 - can the GIC and Temasek remain the world's largest fund management companies ?
Is the noisy trumpet being blown from the pussy getting out-of-tune, when the reserves of China's Sovereign Fund and the Dubai Sovereign Fund exceed the combined funds from GIC and Temasek ?
Originally posted by lionnoisy:I read some time ago,said by a high SG official, that wealth in GIC
is a ammo in financial war.
So,like in a military war, u WILL NOT reveal your aMMO.
sg ALSO will not so stupid to reveal the money ammo.
#We dunt care how other countries reveal their wealths.
Only a fool like a pussy will accept and repeat the propaganda from its Master's Voice - when more credible authority than the noisy pussy will insist on the real wealth to be made known to those who were assigned the Second Key to guard it.
When the Elected President - the late Ong Teng Cheong - was given the role to protect Singapore's Reserves that make up Singapore's National Wealth - he was stone-walled by the PAP Government.
Such simplistic reasons of the Reserves being secret - which cannot even be let known to the Elected President - must surely raised suspicion, when his position was created specially to have the necessary authority to guard it.
It was amazing that the PAP Government will challenge the Elected President Ong with such foolish statements deliberately created for simple foolish minds located in a noisy pussy.
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Originally posted by Herzog_Zwei:
ATurddy, as usual, you just keep putting every Singaporean down and not just the present government. Did you ever checked how many Chinese MNCs are government owned. Singapore is tied to America's economy and America just showed signs of recovery and you keep cow father cow mother that everyone in Singapore except CSJ is a finiancial screwup.
And every so-called finiancial guru will predict woe at some point or another but unless you are some kind of diety or god, you won't know the actual level of the economic fallout until the investigations ends.
And you are the only one who come from the depths of the sewage system to pollute the minds of every patriotic Singaporean.
"cow father and cow mother" - only a 'swei-siao-hog' will have fathers and mothers from the Animal Farm.
Unfortunately, did the 'swei-siao-hog' became 'swei-siao' due to the impossible incestuous relationship betwen a cow father and cow mother to produce a hog ?
Is it any wonder that this hog has to live up to its 'swei-siao' reputation with a display of more stupidity, when the last one had confirmed the wrong lineage from hogs ?
If anyone is screw-up, it has to be the hog that pretend to be more 'swei-siao' then anyone else in this Speaker's Corner.
It does not take too much intelligence to note that a hog which is "swei-siao" cannot possibly be expected to understand the human intelligence with an iota of sincerity.
Afterall, a hog will always remain as a hog, when added the "swei-siao" element, is the false opinions of a "swei-siao-hog" worth anything ?
The pig sty is worse then the sewer, is that not the place where the hog enjoy wallowring its life away ?
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intotal they lost to us 100billion.
with t+gic
nice..
work well done.
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CARRY ON
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Originally posted by Atobe:
"cow father and cow mother" - only a 'swei-siao-hog' will have fathers and mothers from the Animal Farm.
Unfortunately, did the 'swei-siao-hog' became 'swei-siao' due to the impossible incestuous relationship betwen a cow father and cow mother to produce a hog ?
Is it any wonder that this hog has to live up to its 'swei-siao' reputation with a display of more stupidity, when the last one had confirmed the wrong lineage from hogs ?
If anyone is screw-up, it has to be the hog that pretend to be more 'swei-siao' then anyone else in this Speaker's Corner.
It does not take too much intelligence to note that a hog which is "swei-siao" cannot possibly be expected to understand the human intelligence with an iota of sincerity.
Afterall, a hog will always remain as a hog, when added the "swei-siao" element, is the false opinions of a "swei-siao-hog" worth anything ?
The pig sty is worse then the sewer, is that not the place where the hog enjoy wallowring its life away ?
You are the only one who have parents from Animal Farm: the pigs who shit you out of their anuses.
You have no interest in defending Singapore and kicking out the PAP smear gang.
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THIS IS NOT TRUE... GIC Singapore cannot lose US $41.6 billion first of all GIC and even TEMASEK does not have this amount of money. GIC TEMASEK does not have the wealth that this corporation claims to have. There are no investments of GIC TEMASEK that amounts to US $41.6 billion only U.S. based corporations are allowed to have this amount or INVESTMENT VALUE.
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Is this still considered above mediocre performance?
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Originally posted by Uncle4edgar:
THIS IS NOT TRUE... GIC Singapore cannot lose US $41.6 billion first of all GIC and even TEMASEK does not have this amount of money. GIC TEMASEK does not have the wealth that this corporation claims to have. There are no investments of GIC TEMASEK that amounts to US $41.6 billion only U.S. based corporations are allowed to have this amount or INVESTMENT VALUE.
Well, prove what you say, beyond reasonable doubt.
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