A REMINDER TO ALL (SEE BELOW) WHAT BOTAK THARAN SAID ONLY 2 MONTHS AGO IN MAY. BASICALLY THE JINX HAS WIPED OUR EVERYTHING THAT WAS MADE SINCE 2003 AND MORE. CHANCES ARE THE LOSSES ARE MORE THAN USD40B BUT FUDGING WITH THE ACCOUNTS HAS BROUGHT IT DOWN TO A FIGURE WHERE THEY CANNOT GO ANY LOWER WITHOUT LOOSING WHAT LITTLE CREDIBILTY THEY HAVE LEFT......
Temasek made net gain of $56 billion since 2003
Thu, May 28, 2009
Reuters
Singapore sovereign wealth fund Temasek will remain a long-term investor despite its early exit from Bank of America and the fund made $56 billion (US$38.5 billion) in the six years since March 2003, Finance Minister Tharman Shanmugaratnam said on Thursday.
"The facts are Temasek has produced strong returns over time," Tharman told Singapore's parliament.
"It is not realistic to outperform in every cycle."
The government has come under fire from Singaporeans and lawmakers over losses at state investment firm Temasek, in particular its ill-timed exit from Bank of America which resulted in a loss of over $3 billion