Seriously, will GIC ever learn?

[Confuseous]

The Financial Services Authority, the equivalent of our MAS, is investigating why UBS failed to identify the unauthorised transactions that the bank says will generate the humongous US$2.3 billion loss. GIC, which has a 6.41 per cent stake in UBS, had repeatedly expressed its support for outgoing chief executive Oswald Gruebel, according to a Reuters report. The worrying aspect of this sorry saga is that while Leeson left only a black-eye on MAS, the UBS debacle is hurting us where it counts - our hard earned sovereign funds. And the guy in charge of protecting our reserves won't be telling us much about other potential disasters because he claims to be bound by the Official Secrets Act. "GIC believed he had good plans," said one source, a remark that is hardly assuring, since Thaksin was also considered be a good bet by the same people playing with the nation's savings.

- http://singaporedesk.blogspot.com/2011/09/when-will-they-ever-learn.html

 

[Devil Within]

The answer is NO. This is because there is no need to be responsible if they screwed up. How many times GIC screwed up but the top person still has his/her job secured and getting bonuses as usual? In the REAL private sector, the head will get chopped or the owner will feel the pain because it's his/her money down the drain. In GIC, no such pain and no such worry of being fired. So long as you are with PAP and they are in control of the media and the gov, they are safe till it's too late.