21 Sep '11, 5am

The shocking news that the GIC is staring at losses of $10 billion over its investments in Swiss bank UBS is...

The shocking news that the GIC is staring at losses of $10 billion over its investments in Swiss bank UBS is...

Yes, that's three whole days Mr Ng Kok Song took to agree to dive into UBS with $10 billion of our money – at a time when everyone knew that a financial system was hyperventilating. Shortly, thereafter, UBS fell deeper into trouble and we (meaning us CPF members) were stuck with enormous losses. Two words call out: due diligence. One analyst commented: “One lesson that all investors, including the sovereign wealth funds, learned from this crisis is that you have to do the due diligence before investing.” Another said: “Once burned, twice shy. If a weak bank came back to them again for capital in the next crisis, the sovereign wealth funds won’t be there.” So one would have thought that there would at least be a tinge of buyer's remorse on the part of the GIC. But instead of learning from its mistakes, Mr Ng doubled down and said in 2009 he that he still had “confidence” in...

Full article: http://yoursdp.org/index.php/news/singapore/4967-this-jus...

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SNA - GIC sitting on $7.2 billion losses from U...

GIC is sitting on a substantial loss – close to SFr6.5bn ($7.4bn) – on its UBS stake, acquired for €11bn ($15bn) three and...

GIC disappointed and concerned at UBS lapses (via ST iPhone App)

GIC disappointed and concerned at UBS lapses (v...

straitstimes.com 20 Sep '11, 12pm

The Government of Singapore Investment Corp (GIC) said that it has discussed with UBS management its US$2.3 billion (S$2.9...

JUST UPDATED

JUST UPDATED

sgflea.livejournal.com 23 Sep '11, 3am

« previous entry | next entry » Sep. 23rd, 2011 | 11:07 am posted by: lauravio in sgflea Feedback Personal: [+10/0/-0] Fee...

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