Did Dr T Tan help SG loose $10b this month?

• bic_cherry

  22 Sep 11, 18:10

  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."

• deathmaster

  22 Sep 11, 22:27

  Kudos to the 35% of singaporeans who voted for him.

  and only because of them, only in singapore can we see the appointment of failures as head of state.

  a person who has lost billions when entrusted with the responsibility of investing our reserves, is now the guardian of that same reserve.

  Prepare for further losses of reserves.

  paper loss or not, any loss is still the loss of the people. The reserve is a result of the sacrifice of singaporeans, who are taxed extra to build this reserve.

   

   

• likeyou

  23 Sep 11, 12:58

  All those losses from gic and temasek....hope the cpf account got money.

• troublemaker2005

  23 Sep 11, 21:34

  we got finance minister alrady  why need president to see our money. so free arh?