Look at how badly conned Ho Jinx was by the Yankees and blinded by her lumber 1 ego. At this rate, Sporns would be sold as whores and gigolos to help her repay her punting losses! Heard that the so-called fun managers in Temasick are FTrash and retired scholar paper generals.
As they say, "Fool me once, shame on u. Fool me twice, shame on me! It's not the first time she was conned by Thain, when he repeatedly issue writedowns and promising no more thereafter.
They really fcuked BIG TIME and are now passing the bill to Sporns in the form of more rounds of fee and tax hikes! *PTUI*
http://www.iht.com/articles/2008/08/27/business/temasek.php
Temasek expresses confidence in Merrill Lynch
Bloomberg NewsPublished: August 28, 2008
Temasek Holdings, Singapore's $130 billion sovereign wealth fund, said Wednesday after its decision to increase its stake in Merrill Lynch that it had "great confidence" in the bank's chief executive, John Thain.
Temasek, Merrill's biggest shareholder, received U.S. antitrust approval Tuesday to raise its stake to 13 percent to 14 percent. Last month, Temasek announced its plan to increase its holding in Merrill from 9.4 percent.
Merrill has a "great franchise, which has existed through many crises through a long period of time," said Michael Dee, Temasek's international senior managing director.
Temasek, whose profit doubled in the year ending in March, said its decision to further increase its stake was based on Thain and his management team.
"We had great confidence in John Thain; we had great confidence in the rest of the management and the board," Dee said.
Today in Business with Reuters
Stocks slide after Wall Street implosionFrantic day on Wall Street as banks fallEuropean central banks say they're ready to act
Dee said Temasek was also confident about its Merrill investment because the U.S. banking system is diversified enough with thousands of lenders to handle the failure of a small group.
"The strength of the American financial system is the diversity and that no single bank or no single group of banks is really that large," he said.
Temasek has invested about $5 billion in Merrill since Dec. 24. after Thain succeeded E. Stanley O'Neal, who was removed after the firm's biggest quarterly loss in its 93-year history. Merrill's write-downs are about 10 percent of the more than $500 million of credit losses by banks amid the subprime meltdown.
"The bottom line is financial institutions are still asking for more capital," said Shane Oliver, the head of investment strategy at AMP Capital Investors in Sydney. With sovereign funds, he added, "there's still plenty of capital out there, so they're looking for somewhere to park that money."
Temasek, which is wholly owned by Singapore's Finance Ministry, has been increasing investments in global financial services companies to take advantage of a stock-market slump that erased about $10 trillion in market value in the past year. The MSCI World/Financials Index has dropped 33 percent in the period.
The sovereign fund said on July 29 that it was putting a further $900 million into Merrill after it was compensated for the initial investment. Temasek said it would use a $2.5 billion reset payment for losses from its earlier purchase toward buying $3.4 billion of Merrill stock, and that the securities firm would book the reset as an expense.
Merrill shares have fallen about 55 percent since Temasek's first investment on Dec. 24.
As they say, "Fool me once, shame on u. Fool me twice, shame on me! It's not the first time she was conned by Thain, when he repeatedly issue writedowns and promising no more thereafter.
They really fcuked BIG TIME and are now passing the bill to Sporns in the form of more rounds of fee and tax hikes! *PTUI*
http://www.iht.com/articles/2008/08/27/business/temasek.php
Temasek expresses confidence in Merrill Lynch
Bloomberg NewsPublished: August 28, 2008
Temasek Holdings, Singapore's $130 billion sovereign wealth fund, said Wednesday after its decision to increase its stake in Merrill Lynch that it had "great confidence" in the bank's chief executive, John Thain.
Temasek, Merrill's biggest shareholder, received U.S. antitrust approval Tuesday to raise its stake to 13 percent to 14 percent. Last month, Temasek announced its plan to increase its holding in Merrill from 9.4 percent.
Merrill has a "great franchise, which has existed through many crises through a long period of time," said Michael Dee, Temasek's international senior managing director.
Temasek, whose profit doubled in the year ending in March, said its decision to further increase its stake was based on Thain and his management team.
"We had great confidence in John Thain; we had great confidence in the rest of the management and the board," Dee said.
Today in Business with Reuters
Stocks slide after Wall Street implosionFrantic day on Wall Street as banks fallEuropean central banks say they're ready to act
Dee said Temasek was also confident about its Merrill investment because the U.S. banking system is diversified enough with thousands of lenders to handle the failure of a small group.
"The strength of the American financial system is the diversity and that no single bank or no single group of banks is really that large," he said.
Temasek has invested about $5 billion in Merrill since Dec. 24. after Thain succeeded E. Stanley O'Neal, who was removed after the firm's biggest quarterly loss in its 93-year history. Merrill's write-downs are about 10 percent of the more than $500 million of credit losses by banks amid the subprime meltdown.
"The bottom line is financial institutions are still asking for more capital," said Shane Oliver, the head of investment strategy at AMP Capital Investors in Sydney. With sovereign funds, he added, "there's still plenty of capital out there, so they're looking for somewhere to park that money."
Temasek, which is wholly owned by Singapore's Finance Ministry, has been increasing investments in global financial services companies to take advantage of a stock-market slump that erased about $10 trillion in market value in the past year. The MSCI World/Financials Index has dropped 33 percent in the period.
The sovereign fund said on July 29 that it was putting a further $900 million into Merrill after it was compensated for the initial investment. Temasek said it would use a $2.5 billion reset payment for losses from its earlier purchase toward buying $3.4 billion of Merrill stock, and that the securities firm would book the reset as an expense.
Merrill shares have fallen about 55 percent since Temasek's first investment on Dec. 24.
