Dr Tony Tan: 'Oops, did I just drop S$10 billion this month?'

[bic_cherry]

Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

Is Dr Tony Tan principally responsible for GIC's S$10 billion (paper) loss from UBS investment fiasco this month?

According to 'Who could fill Tony Tan's shoes at GIC?' [TDY, 23June2011]
- "In 2005, Dr Tan was appointed to the then newly-created post of executive director when he retired from politics."

According to : 'Rogue trader at UBS racks up S$2.48-billion loss' [TDY, 16Sept2011][pict1][pict2]
- "UBS shares plummeted by 8 per cent to 10.07 Swiss francs late yesterday in Zurich, even as the European banking sector surged on news that central banks would provide additional liquidity to prevent the money markets from seizing up.
The share price plunge is bad news for GIC, which holds a 6.4-per-cent stake in the Swiss bank. Based on the last traded price, GIC is sitting on about 7 billion francs, or S$10 billion, in unrealized losses, even after taking into account the 2 billion francs it received on the coupon before its 2008 investment was converted to shares last year."

Since Dr Tan's tenure as executive director of GIC was since 2005 till his candidacy for recent Presidential Elections [wiki] in August this year, could it be said that he would be significantly responsible for "GIC.. sitting on about 7 billion francs, or S$10 billion, in unrealized losses" due to "its 2008 investment [in UBS that] was converted to shares last year."

 

[depeche]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

So what? He's the President...the untouchable!!!

 

[mscitw]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

So what? He's the President...the untouchable!!!

Relative of Baba Emperor via Common Law marriage, hence blameless. Nepotism of the first class.

 

[psy83]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

He isnt as smart as he thinks he Is... Dont expect anything from the 35% President..
Anyways all this Gain or Loss got nothing to do with us, Cos the $$ Doesnt channel back to us nor make our life any better nor will the Welfare for the poor, elderly or handicap be increased with any gains .. All they do is throw a couple of carrots at us Peasants every once in awhile esp during G.E period or to tame the population into thinking they are givers.. FUCK TONY SAI TAN, FUCK LKY AND HIS SON AND DEFIANTLY A BIG FUCK YOU TO ITs IGNORANT AND DUMB SUPPORTERS WHO CONTINUE TO SUCK THEIR BALLS DRY EVERYDAY.

I just got into an argument with a 58 yr old lap dog at my local kopitiam.. Fucker was talking bullshit and we almost came into blows for me saying aloud Fuck LKY and Fuck PAP to another guy at another table... Almost knock the Fucker to the ground, when he gave me a Asshole look and Staring at me angrily while drinking his Beer and was talking some shit about me to his friend in chinese about some shit which his friend didnt give a Fuck about..Obviously his friend was a Anti-Pap guy.. Fucker was using his age on me to make me Feel that he was there during the Period and He know the Good about LKY and Its PArty, But that b.s doesnt work for me nor my Generation..I dont bust in The glory of Yesteryears..Im more concern about my life now and the Future.. Luckily he was older then my Parents if not i will knock that Fucking old R.C Member Dog into a Coffin without any Remorse.

 

[Confuseous]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

He campaigned that his experience in GIC will come in useful in the stormy seas ahead.
He was the one who put in the money at a time when UBS shares were sliding down - anyone with basis understanding of Japanese Candles trading could see that.
He has not said a word about our losses but said lots about Halloween.
Oh, sorry - he is waiting for the script to arrive.

 

[GeylangCheongster]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

more losses.... UBS cost is 47.7 swiss francs

 

[singveld]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

why no one blame loss with harry lee, he is law expert. not financial expert.

 

[kingrant]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

He can drop every penny, but his balls will never drop. Because not his money. Moral of story: Join the right Party. Mix around with the right crowd.

 

[borom]

Re: Dr Tony Tan: 'Oops, did I just lose S$10 billion this month?'

Singapore Inc.’s Losses Pile Up on UBS Scandal

By Netty Ismail - Sep 26, 2011


Government of Singapore Investment Corp. faces a 6.7 billion Swiss franc ($7.4 billion) loss as the biggest investor of UBS AG (UBSN), topping unprofitable banking investments by the city’s sovereign wealth firms since 2007.

GIC also has about $500 million of unrealized losses on its Citigroup Inc. (C) stake, according to Bloomberg calculations. Temasek Holdings Pte, Singapore’s other state investment company, divested shares in Bank of America Corp. (BAC) and Barclays Plc (BARC) at losses more than two years ago. ..............

“The sovereign wealth funds’ investments in international financial firms have not panned out as well as they hoped,” said Melvyn Teo, professor of finance at Singapore Management University. ...............
The MSCI World (MXWO)/Financials Index declined 26 percent this year, underperforming the MSCI World Index, which has lost 14 percent. UBS shares have declined about 44 percent from this year’s high in February. .............

Citigroup

The fund also owns about 3.8 percent of New York-based Citigroup, the third-largest U.S. bank, after selling half of its original stake for a $1.6 billion profit two years ago. It’s the lender’s single-biggest investor, while 18 funds managed by State Street Corp. hold a combined 4.1 percent, according to data compiled by Bloomberg.

The average cost of Citigroup shares held by GIC was $29.50 each, after adjusting for a 1-for-10 reverse stock split in May, the Business Times newspaper reported in July. Citigroup traded 15 percent lower than GIC paid as of Sept. 23.

Jennifer Lewis, a spokeswoman for GIC, declined to comment on the fund’s unrealized losses in UBS and Citigroup.
.............Temasek sold its 3.8 percent stake in Charlotte, North Carolina-based Bank of America in the first quarter of 2009 at a loss that may have totaled $4.6 billion. It also sold its 2 percent stake in London-based Barclays. The company, which managed S$193 billion ($147 billion) as of March, didn’t detail the size of those losses. Stephen Forshaw, a spokesman for Temasek, declined to comment.

GIC’s Headache

Financial services companies made up 36 percent of Temasek’s portfolio as of March. It is the biggest investor in lenders including Standard Chartered Plc (STAN), the British bank that earns most of its profit in Asia, and Singapore’s DBS Group Holdings Ltd. (DBS) It also owns stakes in China Construction Bank Corp. and India’s ICICI Bank Ltd. ..............
http://www.bloomberg.com/news/print...et-losses-pile-up-on-ubs-trading-scandal.html

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