GIC's Investments: 3 Years On...
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In the immediate aftermath of the subprime crisis, much was made about the paper losses the "smart and opportune" investments GIC made. In particular, two investments stood out - their stakes in UBS and Citi. Much was debated over at http://sgforums.com/forums/10/topics/296563 .
Interestingly, just find it opportune to revisit the wonderful state investments which many had conveniently dismissed as "paper losses" then. Just lest these issues had been conveniently forgotten, it's perhaps opportune to revisit these "paper losses" three years on.
Citi's stock price has tanked from USD29.69 on 1st Feb 2008 to USD4.55 on 21st April 2011.
(http://finance.yahoo.com/echarts?s=C#chart1:symbol=c;range=5y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined)
UBS' stock price CHF46.80 to CHF16.59 on 21st April 2011.
So much for paper losses yielded by state-orchaestrated investment of foreign reserves with little accountability.
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I suspect that's why PAP still needs to import more foreigners, they need still to cover up their losses somehow.
They must really lose quite a bundle.
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all those advisors and the CEO of Temasek should all be sacked for their failings.
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its an honest mistake, lets move on.
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When oppositions are voted into the parliament, they'll start pursuing the exact amount that "temasek business group" lost in the last few years.
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They always tell you to look at track record. What's a track record? It's history.
So there you go.
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DBS was judjed to have made a clerical error to its investors. So did Lehman Bros also made a clerical error to our GIC team analysts that led to the latter making a wrong decision too? Anway we shouldn't make too much a fuss over the GIC mis-investments as we are still having MORE GOOD YEARS! Honourable SM Goh is still delivering MORE GOOD YEARS as promised. Your May 1 bonus proved it!
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$58 billion loss by Temasek
$58 billion loss
The state-owned investment company’s (Temasek Holdings) assets were valued at S$127 billion ($85 billion), down from S$185 billion at the end of March last year.
http://theonlinecitizen.com/2009/02/58-billion-loss-by-temasek/
GIC loss is estimated at roughly $33 billion
http://yoursdp.org/index.php/news/singapore/1939-gic-loss-is-estimated-at-roughly-33-billion-
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Track record of 58 billion dollar loss....how much could that have gone into the betterment of Singaporeans?
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I think it's time to hold the PAP to account for all the losses made by Temasek and GIC.
Ho Ching also still head of Temasek. This must change.
They lose billions and then HDB go increase the prices to ridiculous levels.
The PAP must be voted out.
The PAP cannot not be voted out. They must be voted out.
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Originally posted by fymk:
Track record of 58 billion dollar loss....how much could that have gone into the betterment of Singaporeans?
58b? Peanuts lah!
Other countries lost even more than us ok!
So we should be thankful that GIC's expertise helped to lessen the losses. Moreover we still got our 2011 bonuses, right!
MORE GOOD YEARS!
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Originally posted by Askingyouto:
I suspect that's why PAP still needs to import more foreigners, they need still to cover up their losses somehow.
They must really lose quite a bundle.
S'pore unemployment rate lowest in three years
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1125672/1/.html
My little story from a mathematics POV:
10 people, 8pple got work, 2 unemployed, = 20% unemployment
Then import 8 people to work here, while firing 1 of the original 10 (10%)
You get 15 people working out of 18, that's 16.7% unemployment. REDUCTION!
Tada!!!
Have fun ;)
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Originally posted by Ito_^:
its an honest mistake, lets move on.
no amount of engineering can prevent such mistakes? -
Originally posted by Vote PAP OUT to Save SG:
$58 billion loss by Temasek
$58 billion loss
The state-owned investment company’s (Temasek Holdings) assets were valued at S$127 billion ($85 billion), down from S$185 billion at the end of March last year.
http://theonlinecitizen.com/2009/02/58-billion-loss-by-temasek/
GIC loss is estimated at roughly $33 billion
http://yoursdp.org/index.php/news/singapore/1939-gic-loss-is-estimated-at-roughly-33-billion-
Bear in mind the $58b losses does NOT include unrealized losses (or better termed as "paper losses"). In short, all investments sitting on losing positions that have not been closed out are technically not counted as "losses". Their respective stakes in Citi and UBS obviously qualify under this category (for the uninitiated, converting your notes to preferred shares does not qualify as realized losses).
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Originally posted by Vote PAP OUT to Save SG:
I think it's time to hold the PAP to account for all the losses made by Temasek and GIC.
Ho Ching also still head of Temasek. This must change.
They lose billions and then HDB go increase the prices to ridiculous levels.
The PAP must be voted out.
The PAP cannot not be voted out. They must be voted out.
To add insult to injury, these losses were incurred under the watch of an immediate family member of a prominent fascist who had direct control over and intimate knowledge of both the fiscal and monetary policies of the regime.
It's akin to an exam candidate failing an exam, despite having an answer sheet placed in front of him.
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Originally posted by Duraigoh:
58b? Peanuts lah!
Other countries lost even more than us ok!
So we should be thankful that GIC's expertise helped to lessen the losses. Moreover we still got our 2011 bonuses, right!
MORE GOOD YEARS!
58 b divided by peanuts....alot of peanuts...Singapore must start up a peanut factory!!
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Originally posted by eagle:
S'pore unemployment rate lowest in three years
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1125672/1/.html
My little story from a mathematics POV:
10 people, 8pple got work, 2 unemployed, = 20% unemployment
Then import 8 people to work here, while firing 1 of the original 10 (10%)
You get 15 people working out of 18, that's 16.7% unemployment. REDUCTION!
Tada!!!
Have fun ;)
Yes, PAP very powderful, instead of just manipulating figures, they also manipulated human figures.
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Originally posted by Askingyouto:
Yes, PAP very powderful, instead of just manipulating figures, they also manipulated human figures.
I manipulate woman figures, esp fat short ones and they pay me big $$$ but they its peanuts.
MORE GOOD YEARS for me