Temasek says portfolio falls by $40 billion

Wed, Jul 29, 2009

SINGAPORE - Singapore state investor Temasek said on Wednesday its portfolio had fallen by $40 billion (US$27.80 billion) as of end-March 2009 from a year ago.

'In our Temasek Review last year, we reported an annual value-at-risk of almost $40 billion last March. This meant a 16 percent probability for our portfolio value to drop more than $40 billion by March this year. Indeed, it has turned out to be so, and more,' CEO Ho Ching said in a speech.

Temasek had $185 billion in assets as of end-March 2008, which fell to $127 billion as of November 2008. Ho did not give the exact portfolio level.

This was the first public comment by Ho after Temasek said last week that Charles 'Chip' Goodyear will not become CEO due to differences over strategy.

Ho said Temasek would continue to look at internal and external candidates for her replacement.
From: "AleXX"
Date: Wed, 29 Jul 2009 19:45:11 +0800
Local: Wed, Jul 29 2009 7:45 pm
Subject: Temasek lost S$40 billion within one year

Temasek, under the brilliant leadership of Ho Jinx just lost a tiny sum of
S$40 billion with a year. If this amount are given to every citizen (of 3
million people), each citizen will get S$13,333.
S$40,000,000000 divided by 3,000000 = S$13,333.00

They can actually do away with the GST....

I just can't understand why so much fuss about getting a CEO for Temasek. What is the role of CEO in Temasek? What about the Board? What are their roles in making investment decisions? If Temasek as a SWF focuses on its objective of getting good return for public fund, its role and performance should not be that different from an individual investing his own money, except for the size of fund. They are many savvy, successful and disciplined private investors in Singapore who had proven themselves again and again through many economical cycles that were able to earn descent returns for their investments. May I ask what kind of return our highly paid CEO or executives were able to deliver so far? Why so difficult to get a CEO here? Why need to pay so much? Something else must be wrong here. I believe all we need is someone .....
Posted by: SKB2009 at Wed Jul 29 20:58:10 SGT 2009

Not to worry. Its only ..OUR money.
Posted by: sharlynrj at Wed Jul 29 20:56:13 SGT 2009

Most Companies would have sacked the manager whose prediction of 16% became 100%.
Cut the crap, its is simply poor judgment, just admit it
Posted by: micky2008 at Wed Jul 29 14:37:43 SGT 2009

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