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The mouth-piece of the ruling party, the Straits Times has declared unilaterally today that the state Sovereign Wealth Fund, Temasek Holdings has “recouped a big part of its portfolio losses since a low point in March”. (read full article here)
In an lengthy editorial splashed on the front page, the Straits Times tried desperately to exonerate Temasek’s beleaguered CEO Ho Ching from any blame in the investment losses by hailing her decisions to purchase financial heavyweights such as India’s ICICI Bank, China Construction Bank and Standard Chartered Bank.
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However, the Straits Times is surprisingly muted on the share prices of Bank of America and Barclays which has since rebounded.
Temasek under Ho Ching bought shares in Merrill Lynch (later sold to Bank of America) and Barclays at a high last year before selling them at a low somewhere in mid-March this year leading to a catastrophic loss of a few billion dollars.
Temasek’s loss on BoA alone is estimated around US$4.6 billion, or roughly US$1,000 for every single Singaporean citizen. (Source: Asian Sentinel)
Let’s take a look at the stock prices of Bank of America and Barclays during the past six months:
Read rest of article here:
http://temasekreview.com/?p=11733
In an lengthy editorial splashed on the front page, the Straits Times tried desperately to exonerate Temasek’s beleaguered CEO Ho Ching from any blame in the investment losses by hailing her decisions to purchase financial heavyweights such as India’s ICICI Bank, China Construction Bank and Standard Chartered Bank.
XXX
However, the Straits Times is surprisingly muted on the share prices of Bank of America and Barclays which has since rebounded.
Temasek under Ho Ching bought shares in Merrill Lynch (later sold to Bank of America) and Barclays at a high last year before selling them at a low somewhere in mid-March this year leading to a catastrophic loss of a few billion dollars.
Temasek’s loss on BoA alone is estimated around US$4.6 billion, or roughly US$1,000 for every single Singaporean citizen. (Source: Asian Sentinel)
Let’s take a look at the stock prices of Bank of America and Barclays during the past six months:
Read rest of article here:
http://temasekreview.com/?p=11733
