Singapore’s sovereign wealth fund company, GIC, managing CPF and national reserves funds made a record loss in FY2016/2017, posting at least a S$43 billion loss in the its asset.
According to the official report, the GIC covered up the actual assets but disclosed that the 20-year annualised average has fallen 0.3% from 4% to 3.7%. According to a report by Reuters, GIC had US$344 billion in assets in 2017. A backward calculation on 20 year average and USD currency exchange worked out the losses to be at least S$43 billion in 2017.
This is also the second consecutive year in losses with the 20-year average fallen from 4.9% to 4% in FY0215/2016.
GIC declare undisclosed multi-billion losses in latest Financial Year report
GIC covered up the actual losses and refuse to disclose how much it actually lost.
The Chairman of GIC is Prime Minister Lee Hsien Loong, and the corrupted Prime Minister’s wife sits as the CEO of Temasek Hodlings, which also posted massive losses to the tune of S$24 billion last financial year.
CPF Withdrawal Age and Retirement Sum (previously known as Minimum Sum, name change due to negative connotation) have been repeatedly raised by PM Lee Hsien Loong with his abuse of power in Parliament.
Retirement Sum today is S$166,000 – doubled that of 2003’s S$80,000. Withdrawal Age is now 65 years old, with plans to increase to 71 years old. Corrupted Prime Minister Lee Hsien Loong also depressed CPF interest rate to 2.5% on the CPF Ordinary Account to lessen the burden on GIC and Temasek Holdings.
Showing posts with label GIC. Show all posts
Showing posts with label GIC. Show all posts
Monday, July 10, 2017
Thursday, March 4, 2010
GIC: Another US$5 BILLIONS down the drain
From: "WanChonRen"
LKY mentioned many times before that if it was not for the PAP government in
control of the Temasek and GICs' monies which is very well considered as
Singapore's reserve, it would have been bankrupted long ago. I would
encourage Singaporeans and New Singaporeans (similar to Newater) to continue
to vote for these multi-millions to delay their bankruptcy.
"truth" wrote in message
> truth comment: at the rate these assholes are losing our
> money, how long can the reserve last under current
> arrangement where it is controlled by a few priviledged
> singaporeans.
> SINGAPORE: The Government of Singapore Investment Corp (GIC) said Friday
> that it has converted its UBS notes into ordinary shares, suffering a
> paper loss of about US$5 billion.
> GIC had invested 11 billion Swiss francs (about US$10.22 billion) in
> mandatory convertible notes in UBS to support the Swiss bank during the
> financial crisis.
> GIC did not provide more details.
> Last month, a filing that GIC made to the US Securities and Exchange
> Commission showed the original conversion price would be 47.7 Swiss
> francs, two-thirds more than UBS's last share price of 15.86 francs.
> GIC had earned about two billion francs from a nine per cent coupon over
> the last two years, which partially compensated for the sharp erosion in
> UBS' share price.
> The filing had said GIC would exchange the mandatory convertible notes for
> 230.7 million ordinary UBS shares on March 5.
> GIC would have a stake of 6.6 per cent in UBS after conversion, making it
> the Swiss bank's biggest shareholder.
LKY mentioned many times before that if it was not for the PAP government in
control of the Temasek and GICs' monies which is very well considered as
Singapore's reserve, it would have been bankrupted long ago. I would
encourage Singaporeans and New Singaporeans (similar to Newater) to continue
to vote for these multi-millions to delay their bankruptcy.
"truth" wrote in message
> truth comment: at the rate these assholes are losing our
> money, how long can the reserve last under current
> arrangement where it is controlled by a few priviledged
> singaporeans.
> SINGAPORE: The Government of Singapore Investment Corp (GIC) said Friday
> that it has converted its UBS notes into ordinary shares, suffering a
> paper loss of about US$5 billion.
> GIC had invested 11 billion Swiss francs (about US$10.22 billion) in
> mandatory convertible notes in UBS to support the Swiss bank during the
> financial crisis.
> GIC did not provide more details.
> Last month, a filing that GIC made to the US Securities and Exchange
> Commission showed the original conversion price would be 47.7 Swiss
> francs, two-thirds more than UBS's last share price of 15.86 francs.
> GIC had earned about two billion francs from a nine per cent coupon over
> the last two years, which partially compensated for the sharp erosion in
> UBS' share price.
> The filing had said GIC would exchange the mandatory convertible notes for
> 230.7 million ordinary UBS shares on March 5.
> GIC would have a stake of 6.6 per cent in UBS after conversion, making it
> the Swiss bank's biggest shareholder.
Monday, March 1, 2010
The Reserves don't belong to Singaporeans
From: "~" <~...@home.com>
Subject: Re: The Reserves don't belong to Singaporeans until....
Good answer, shows your mentality
in Bangkok Green again???
Think rich but not until
drugs bring you back to reality,
take your drugs before commenting.
"truth" wrote in message
> Ha, so much of licking of pap arses and sucking
> of their cocks have numbed your brains. That is why
> u ended up with only a cheebye mouth and tongue.
> I don't like obnoxious character like u, so u r
> hereby KILLED.
> "~" <~...@home.com> wrote in message
>> You are more the rightful owner,
>> once you declare the reserves are yours
>> and yours alone, the OA will release
>> you from your bankrupcy, cheere and
>> good luck to you, rich bapot
>> "truth" wrote in message
>>> Right now the reserves belong to people like Lee Kuan
>>> Yew and Ho Ching whose names appeared on the
>>> share register of GIC and Temasek.
>>> "~" <~...@home.com> wrote in message
>>>> The RESERVES belongs to you and you alone.
>>>> Good Luck
>>>> "truth" wrote in message
>>>>> Many ignorant Singaporeans take comfort in our vast
>>>>> reserves.
>>>>> Let me remind them that as it is they don't even know
>>>>> how much reserves there are.
>>>>> The reserves are now held in the name of Temasek and
>>>>> GIC. So it belongs to those whose names appeared in the
>>>>> share registrars of the Temasek and GIC. If your names
>>>>> are not there, how can u prove that u own the reserves ?
>>>>> Yes the Reserves were accumulated from the blood,
>>>>> sweat, toll and sacrifices of past and present generations
>>>>> of all Singaporeans. So rightfully they belong to all
>>>>> Singaporeans.
>>>>> In order to reflect that Singaporeans truely own these
>>>>> reserves, it is only right that shares of Temasek and
>>>>> GIC be distributed to Singaporeans. In this way they
>>>>> have proof of their ownership. They will also benefit
>>>>> from any dividend payout and if they need money they
>>>>> can (though not advisable ) sell these shares to raise
>>>>> funds. They will also get annual reports thru which they
>>>>> know what is happening to their money. They also
>>>>> got rights to vote at annual shareholders' meeting. This
>>>>> is what true and genuine ownerships meant.
>>>>> Right now, Singaporeans ownership of the Reserves is
>>>>> only a notion in their minds. Call it a figment of their
>>>>> imaginations if u want.
>>>>> So I urged all Singaporeans to fight to legalise their
>>>>> ownership of their reserves.
Subject: Re: The Reserves don't belong to Singaporeans until....
Good answer, shows your mentality
in Bangkok Green again???
Think rich but not until
drugs bring you back to reality,
take your drugs before commenting.
"truth" wrote in message
> Ha, so much of licking of pap arses and sucking
> of their cocks have numbed your brains. That is why
> u ended up with only a cheebye mouth and tongue.
> I don't like obnoxious character like u, so u r
> hereby KILLED.
> "~" <~...@home.com> wrote in message
>> You are more the rightful owner,
>> once you declare the reserves are yours
>> and yours alone, the OA will release
>> you from your bankrupcy, cheere and
>> good luck to you, rich bapot
>> "truth" wrote in message
>>> Right now the reserves belong to people like Lee Kuan
>>> Yew and Ho Ching whose names appeared on the
>>> share register of GIC and Temasek.
>>> "~" <~...@home.com> wrote in message
>>>> The RESERVES belongs to you and you alone.
>>>> Good Luck
>>>> "truth" wrote in message
>>>>> Many ignorant Singaporeans take comfort in our vast
>>>>> reserves.
>>>>> Let me remind them that as it is they don't even know
>>>>> how much reserves there are.
>>>>> The reserves are now held in the name of Temasek and
>>>>> GIC. So it belongs to those whose names appeared in the
>>>>> share registrars of the Temasek and GIC. If your names
>>>>> are not there, how can u prove that u own the reserves ?
>>>>> Yes the Reserves were accumulated from the blood,
>>>>> sweat, toll and sacrifices of past and present generations
>>>>> of all Singaporeans. So rightfully they belong to all
>>>>> Singaporeans.
>>>>> In order to reflect that Singaporeans truely own these
>>>>> reserves, it is only right that shares of Temasek and
>>>>> GIC be distributed to Singaporeans. In this way they
>>>>> have proof of their ownership. They will also benefit
>>>>> from any dividend payout and if they need money they
>>>>> can (though not advisable ) sell these shares to raise
>>>>> funds. They will also get annual reports thru which they
>>>>> know what is happening to their money. They also
>>>>> got rights to vote at annual shareholders' meeting. This
>>>>> is what true and genuine ownerships meant.
>>>>> Right now, Singaporeans ownership of the Reserves is
>>>>> only a notion in their minds. Call it a figment of their
>>>>> imaginations if u want.
>>>>> So I urged all Singaporeans to fight to legalise their
>>>>> ownership of their reserves.
Monday, January 11, 2010
GIC confirmed lost of $800 million
From: baldeagle
Subject: Re: GIC confirmed lost $800 million ... Soon there will be no need for GIC
On Jan 11, 10:36 pm, "truth" wrote:
The Chairman and board of directors of GIC have
performed very poorly...losing huge sum from our national
wealth REPEATEDLY.
When will they resign ?
If they do not resign, they will lose all our national wealth ..
then it will be too late. No need for GIC.
Mon, Jan 11, 2010
The Straits Times
By Robin Chan
THE Government of Singapore Investment Corporation (GIC) has confirmed
that it incurred losses from an investment in a prime New York
property project after the American owners defaulted on a debt payment
at the weekend.
GIC is believed to have written off over US$575 million (S$798
million) and it confirmed to The Straits Times that it 'recognised the
losses' on its investment last year in Manhattan's Stuyvesant Town and
Peter Cooper Village, two enormous housing apartment blocks bought for
US$5.4 billion.
When will the Chairman and board of directors of GIC resign.
I am sure, they are no good as cleaners and maids.
The Banglahesdsi and Filipino can do a much
better job than them, .....they are old and useless.
This is not a very nice thing to say about old
people...but unfortunately it is true.
Subject: Re: GIC confirmed lost $800 million ... Soon there will be no need for GIC
On Jan 11, 10:36 pm, "truth" wrote:
The Chairman and board of directors of GIC have
performed very poorly...losing huge sum from our national
wealth REPEATEDLY.
When will they resign ?
If they do not resign, they will lose all our national wealth ..
then it will be too late. No need for GIC.
Mon, Jan 11, 2010
The Straits Times
By Robin Chan
THE Government of Singapore Investment Corporation (GIC) has confirmed
that it incurred losses from an investment in a prime New York
property project after the American owners defaulted on a debt payment
at the weekend.
GIC is believed to have written off over US$575 million (S$798
million) and it confirmed to The Straits Times that it 'recognised the
losses' on its investment last year in Manhattan's Stuyvesant Town and
Peter Cooper Village, two enormous housing apartment blocks bought for
US$5.4 billion.
When will the Chairman and board of directors of GIC resign.
I am sure, they are no good as cleaners and maids.
The Banglahesdsi and Filipino can do a much
better job than them, .....they are old and useless.
This is not a very nice thing to say about old
people...but unfortunately it is true.
Saturday, January 9, 2010
GIC $805 million investments in trouble
From: "truth"
Subject: GIC $805 million investments in trouble
GIC at forefront of impending CRE disaster in America: Singapore boleh!
January 9, 2010 · Leave a Comment
It's finally happened: Stuyvesant Town is in default. So we can kiss our
US575 million goodbye (yes, it's our money, and for those who don't like to
count in USDs, it's SGD 805,000,000 - even the geniuses at GIC have to
concede that the number is equivalent to quite a few GCBs) . For background
on this, see here and here. Just don't sing "Toldja Boy".
From WSJ "Tishman, BlackRock Default on Stuyvesant Town"
Tishman Speyer and BlackRock Inc. said Friday that they wouldn't make a
full scheduled debt payment to senior lenders on Stuyvesant Town and Peter
Cooper Village, triggering default and leaving one of New York's largest
apartment complexes in limbo.
The joint venture "has been engaged in discussions with CWCapital, the
special servicer acting on behalf of the lenders, and hopes to continue
good-faith negotiations toward a potential restructuring of the debt," the
venture said in a statement.
CWCapital, which couldn't be reached for comment, is expected to issue a
notice of default over the payment, scheduled to be $16 million. The
statement didn't say how much, if any, of the payment was made.
The announcement shouldn't affect the complex's day-to-day operations,
which have become a major concern for current tenants.
A venture led by Tishman Speyer Properties and a unit of BlackRock bought
the 11,000-unit complex in 2006 in a top-of-the-market deal valued at $5.4
billion, hoping to push out longtime tenants and replace them with tenants
paying higher rents.
But the highly leveraged deal has suffered amid New York's weak economy.
Also, in October, New York's highest court ruled that owners improperly
raised rents on thousands of units removed from the city's rent-regulation
program, a ruling that sent shock waves through New York's real-estate
community.
Well, it wasn't hard to see this coming. But take heart, fellow citizens:
despite our tiny size, we are at the forefront of one of the most damaging
financial tsunamis about to hit the world in 2010. CRE Singapore boleh.
Subject: GIC $805 million investments in trouble
GIC at forefront of impending CRE disaster in America: Singapore boleh!
January 9, 2010 · Leave a Comment
It's finally happened: Stuyvesant Town is in default. So we can kiss our
US575 million goodbye (yes, it's our money, and for those who don't like to
count in USDs, it's SGD 805,000,000 - even the geniuses at GIC have to
concede that the number is equivalent to quite a few GCBs) . For background
on this, see here and here. Just don't sing "Toldja Boy".
From WSJ "Tishman, BlackRock Default on Stuyvesant Town"
Tishman Speyer and BlackRock Inc. said Friday that they wouldn't make a
full scheduled debt payment to senior lenders on Stuyvesant Town and Peter
Cooper Village, triggering default and leaving one of New York's largest
apartment complexes in limbo.
The joint venture "has been engaged in discussions with CWCapital, the
special servicer acting on behalf of the lenders, and hopes to continue
good-faith negotiations toward a potential restructuring of the debt," the
venture said in a statement.
CWCapital, which couldn't be reached for comment, is expected to issue a
notice of default over the payment, scheduled to be $16 million. The
statement didn't say how much, if any, of the payment was made.
The announcement shouldn't affect the complex's day-to-day operations,
which have become a major concern for current tenants.
A venture led by Tishman Speyer Properties and a unit of BlackRock bought
the 11,000-unit complex in 2006 in a top-of-the-market deal valued at $5.4
billion, hoping to push out longtime tenants and replace them with tenants
paying higher rents.
But the highly leveraged deal has suffered amid New York's weak economy.
Also, in October, New York's highest court ruled that owners improperly
raised rents on thousands of units removed from the city's rent-regulation
program, a ruling that sent shock waves through New York's real-estate
community.
Well, it wasn't hard to see this coming. But take heart, fellow citizens:
despite our tiny size, we are at the forefront of one of the most damaging
financial tsunamis about to hit the world in 2010. CRE Singapore boleh.
Wednesday, October 14, 2009
GIC faces US$575 Million Losses On Manhattan Apartment
From: "truth"
Date: Wed, 14 Oct 2009 07:28:58 GMT
Local: Wed, Oct 14 2009 3:28 pm
Subject: Another GIC bad investments
By Lingling Wei from Wall Street Journal
One of the biggest, most high-profile deals of the commercial real-estate
boom is in danger of imminent default, say people familiar with the matter,
signaling the beginning of what is expected to be a wave of
commercial-property failures.
The sprawling Manhattan apartment complex known as Peter Cooper Village and
Stuyvesant Town - acquired for $5.4 billion in 2006 by a venture of Tishman
Speyer Properties and a unit of BlackRock Inc. - is running out of cash. As
of the end of September, it had $33.7 million left of the $400 million in
interest reserves set up to service its debt, according to the people
familiar with the matter. At its current burn rate of about $16 million per
month, the reserve could be depleted before the end of the year, the people
said. Others have said the venture could avoid default until February.
Major players in these talks will likely be Fannie Mae and Freddie Mac,
which together own more than $1.5 billion of the most highly rated, triple-A
slices of the CMBS debt, according to people familiar with the matter. They
would likely benefit from a fast foreclosure because, as senior lenders,
they would be paid back first.
A Fannie representative declined to comment. A spokesman at Freddie
confirmed its holding of the debt. "We don't expect to incur any losses on
these securities," he said.
Another big player in the restructuring talks could be Singapore's GIC. The
fund owns a $575 million mezzanine loan backed by the property, according to
people familiar with the matter. Also, GIC owns about $100 million to $200
million in equity, the people said.
Both investments might be wiped out unless GIC maneuvers to have more
influence in the loan workout process, possibly by buying more senior debt.
GIC declined to comment.
Date: Wed, 14 Oct 2009 07:28:58 GMT
Local: Wed, Oct 14 2009 3:28 pm
Subject: Another GIC bad investments
By Lingling Wei from Wall Street Journal
One of the biggest, most high-profile deals of the commercial real-estate
boom is in danger of imminent default, say people familiar with the matter,
signaling the beginning of what is expected to be a wave of
commercial-property failures.
The sprawling Manhattan apartment complex known as Peter Cooper Village and
Stuyvesant Town - acquired for $5.4 billion in 2006 by a venture of Tishman
Speyer Properties and a unit of BlackRock Inc. - is running out of cash. As
of the end of September, it had $33.7 million left of the $400 million in
interest reserves set up to service its debt, according to the people
familiar with the matter. At its current burn rate of about $16 million per
month, the reserve could be depleted before the end of the year, the people
said. Others have said the venture could avoid default until February.
Major players in these talks will likely be Fannie Mae and Freddie Mac,
which together own more than $1.5 billion of the most highly rated, triple-A
slices of the CMBS debt, according to people familiar with the matter. They
would likely benefit from a fast foreclosure because, as senior lenders,
they would be paid back first.
A Fannie representative declined to comment. A spokesman at Freddie
confirmed its holding of the debt. "We don't expect to incur any losses on
these securities," he said.
Another big player in the restructuring talks could be Singapore's GIC. The
fund owns a $575 million mezzanine loan backed by the property, according to
people familiar with the matter. Also, GIC owns about $100 million to $200
million in equity, the people said.
Both investments might be wiped out unless GIC maneuvers to have more
influence in the loan workout process, possibly by buying more senior debt.
GIC declined to comment.
Friday, September 25, 2009
GIC huge paper lost on UBS investment
From: "AleXX"
Date: Thu, 24 Sep 2009 00:18:10 +0800
Local: Thurs, Sep 24 2009 12:18 am
Subject: Re: GIC huge paper lost on UBS investment
"truth" wrote in message
> Meanwhile, GIC's investment of 11 billion Swiss francs in mandatory
> convertible notes issued by UBS in March 2008 has taken a much worse
> battering than its Citi venture, despite various safeguards that were also
> built into the investment agreement with UBS.
> According to UBS's latest annual report, the UBS notes held by GIC must be
> exchanged for ordinary shares by March 5 next year, giving GIC an
> estimated 228.83 million shares.
> At Monday's closing price of 19.27 francs for UBS shares, those shares
> would be worth just 4.41 billion francs, or about 6.6 billion francs less
> than its original investment of 11 billion francs.
> Including the two yearly coupons of 9 per cent, or 990 million francs
> each, that GIC is entitled to over the two-year term of the UBS notes it
> holds, UBS's share price would have to reach 39.4 francs for GIC to break
> even on its investment in the bank, based on the current terms of
> conversion.
Looks like when he lost $Billions, you have to search for the small print in
the shit times for the news. But when he $millions, his propaganda
newspapers will help him to yell on top of his voice to the world.
Date: Thu, 24 Sep 2009 00:18:10 +0800
Local: Thurs, Sep 24 2009 12:18 am
Subject: Re: GIC huge paper lost on UBS investment
"truth" wrote in message
> Meanwhile, GIC's investment of 11 billion Swiss francs in mandatory
> convertible notes issued by UBS in March 2008 has taken a much worse
> battering than its Citi venture, despite various safeguards that were also
> built into the investment agreement with UBS.
> According to UBS's latest annual report, the UBS notes held by GIC must be
> exchanged for ordinary shares by March 5 next year, giving GIC an
> estimated 228.83 million shares.
> At Monday's closing price of 19.27 francs for UBS shares, those shares
> would be worth just 4.41 billion francs, or about 6.6 billion francs less
> than its original investment of 11 billion francs.
> Including the two yearly coupons of 9 per cent, or 990 million francs
> each, that GIC is entitled to over the two-year term of the UBS notes it
> holds, UBS's share price would have to reach 39.4 francs for GIC to break
> even on its investment in the bank, based on the current terms of
> conversion.
Looks like when he lost $Billions, you have to search for the small print in
the shit times for the news. But when he $millions, his propaganda
newspapers will help him to yell on top of his voice to the world.
Wednesday, September 23, 2009
LKY lied on Citi investments
From: Damned-Virus-Data Miner providers
Date: Wed, 23 Sep 2009 09:18:51 -0700 (PDT)
Local: Thurs, Sep 24 2009 12:18 am
Subject: Re: LKY lied on Citi investments
On Sep 23, 10:58 pm, "truth" wrote:
> When Temasek and GIC made those investments in
> American Banks, most Singaporeans were critical of
> the decision. And they were right when the American
> and Western financial system went into a melt down
> and those investments looked terrible with huge paper
> loses not long after. LKY has to defend those decision
> more than once and his defence was that those investments
> were for long term of up to 30 years. Most Singaporeans
> knew that this cunning old fox is just confusing Singaporeans
> in order to save his own skin on an extremely bad decision
> with Singaporeans wealth. Then Temasek shock Singaporeans
> and the world by cutting those investments at huge loses.
> Now we see that GIC is taking some profit on those
> "long term" investment less than two years after.
> So LKY lied to Singaporeans and the world that those
> investments are for long term of up to 30 years. Can u
> trust this slimmy old fox again ?
an addon message......so what? he becomes a super fart
afterall.............
after too much of good things happened from last time........
Date: Wed, 23 Sep 2009 09:18:51 -0700 (PDT)
Local: Thurs, Sep 24 2009 12:18 am
Subject: Re: LKY lied on Citi investments
On Sep 23, 10:58 pm, "truth" wrote:
> When Temasek and GIC made those investments in
> American Banks, most Singaporeans were critical of
> the decision. And they were right when the American
> and Western financial system went into a melt down
> and those investments looked terrible with huge paper
> loses not long after. LKY has to defend those decision
> more than once and his defence was that those investments
> were for long term of up to 30 years. Most Singaporeans
> knew that this cunning old fox is just confusing Singaporeans
> in order to save his own skin on an extremely bad decision
> with Singaporeans wealth. Then Temasek shock Singaporeans
> and the world by cutting those investments at huge loses.
> Now we see that GIC is taking some profit on those
> "long term" investment less than two years after.
> So LKY lied to Singaporeans and the world that those
> investments are for long term of up to 30 years. Can u
> trust this slimmy old fox again ?
an addon message......so what? he becomes a super fart
afterall.............
after too much of good things happened from last time........
GIC makes $1.6bn on Citigroup sale
From: beng1 <5191 ...="" gmail.com="">
Date: Wed, 23 Sep 2009 07:01:31 -0700 (PDT)
Local: Wed, Sep 23 2009 10:01 pm
Subject: GIC makes $1.6bn on Citigroup sale
GIC makes $1.6bn on Citigroup sale
The Government of Singapore Investment Corporation (GIC) has realised
a $1.6bn (£977m) profit on its investment in Citigroup after reducing
its stake in the troubled bank to below 5pc.
By James Quinn
The GIC, one of Singapore’s two key sovereign wealth funds, originally
invested in the banking conglomerate in January 2008 as part of a
$14.8bn fund-raising.
The GIC exchanged $6.88bn of convertible preferred shares in Citigroup
for ordinary shares this summer as part of a wider share exchange, and
the sovereign wealth fund ended up with a holding in excess of 9pc,
while the US government holds 34pc.
In a statement, the fund said it made a $1.6bn gain on yesterday’s
share sale, and it also has a $1.6bn paper profit on the less than 5pc
stake it now holds in Citigroup. The profit is a by-product of the
four-fold increase in Citigroup’s shares since the start of March. The
share price rose 21 cents to $4.64 yesterday.
The GIC’s investment compares favourably with that of Temasek —
Singapore’s smaller sovereign wealth fund — which has sold stakes in
both Barclays and Bank of America at a loss.
Date: Wed, 23 Sep 2009 07:01:31 -0700 (PDT)
Local: Wed, Sep 23 2009 10:01 pm
Subject: GIC makes $1.6bn on Citigroup sale
GIC makes $1.6bn on Citigroup sale
The Government of Singapore Investment Corporation (GIC) has realised
a $1.6bn (£977m) profit on its investment in Citigroup after reducing
its stake in the troubled bank to below 5pc.
By James Quinn
The GIC, one of Singapore’s two key sovereign wealth funds, originally
invested in the banking conglomerate in January 2008 as part of a
$14.8bn fund-raising.
The GIC exchanged $6.88bn of convertible preferred shares in Citigroup
for ordinary shares this summer as part of a wider share exchange, and
the sovereign wealth fund ended up with a holding in excess of 9pc,
while the US government holds 34pc.
In a statement, the fund said it made a $1.6bn gain on yesterday’s
share sale, and it also has a $1.6bn paper profit on the less than 5pc
stake it now holds in Citigroup. The profit is a by-product of the
four-fold increase in Citigroup’s shares since the start of March. The
share price rose 21 cents to $4.64 yesterday.
The GIC’s investment compares favourably with that of Temasek —
Singapore’s smaller sovereign wealth fund — which has sold stakes in
both Barclays and Bank of America at a loss.
Sunday, July 26, 2009
Why can't GIC or Temasek do something like this
From: Frankie
Date: Sat, 25 Jul 2009 02:23:39 -0700 (PDT)
Local: Sat, Jul 25 2009 5:23 pm
Subject: Re: Why can't GIC or Temasek do something like this
> LKY claimed that they are the best.
> If so they should be doing not only as good as
> Warren Buffet but better than him.
> As far as GIC and Temasek actual performances
> are concerned, Warren Buffet has outperformed
> them by miles.
> So LKY is a fraud who make unsubstantiated
> claimed. LHL is telling lies when he claimed that
> the pap has provided extraordinary leadership.
> These people are liars and cheats and cannot
> be trusted. They have been deceiving Singaporeans
> for ages and about time Singaporeans exposed
> them.
> "Frankie" wrote in message
***I suppose your bitterness blinds the truths.LKY is a very great
leader,and he couldn't be a fraud or can he cheats Singapore.His
achievements cannot be gainsay upon,no matter what grudges one may
hold against him.
Let's make a simple comparison of him and the rest of any leaders in
our world.Can we honestly say he is no statesman?The way you
destructively criticized him only discredit your own credibility.
LKY is one of the most marvelous individuals our world has ever known.
He is very old,and any time now,you know it.No one can really fault
him for his deep love for this land,and I strongly believe what he did
is really for the good of this nation,however with imperfections of
course.
Singaporean as a whole respect him,except Oppositions where he
seriously dealt them with the hardest blow.Again,if others become the
figure head,you think they would be as kind as a saint?To him and his
family?When one see the ugliness of this world,how can we not justify
for what he had done,fair or unfair to Oppositions?If one becomes his
enemy,can he not treat them as one?Many good Christians expect LKY to
offer the other cheeks,but how could he,for he has since been a known
gnostic.
What he did was never thinking about the after life Judgment,but just
for mere survival as a political party,and he did well.Any true born
again Christian,live by the conscience and integrity,and a clean live
so as to meet God one day to give an account.People who has nothing to
account for the next Eternal life,will forever sees no need to live by
the Conscience, and purity, and obedience to God's words.
It is better to live your remaining lives at peace with yourself than
to bog down with hatred and in the deep galls of bitterness,obviously
given by him.If you don't savor every moment of your life,but keeps
having deep grudges,you are real losers in life.
Date: Sat, 25 Jul 2009 02:23:39 -0700 (PDT)
Local: Sat, Jul 25 2009 5:23 pm
Subject: Re: Why can't GIC or Temasek do something like this
> LKY claimed that they are the best.
> If so they should be doing not only as good as
> Warren Buffet but better than him.
> As far as GIC and Temasek actual performances
> are concerned, Warren Buffet has outperformed
> them by miles.
> So LKY is a fraud who make unsubstantiated
> claimed. LHL is telling lies when he claimed that
> the pap has provided extraordinary leadership.
> These people are liars and cheats and cannot
> be trusted. They have been deceiving Singaporeans
> for ages and about time Singaporeans exposed
> them.
> "Frankie"
***I suppose your bitterness blinds the truths.LKY is a very great
leader,and he couldn't be a fraud or can he cheats Singapore.His
achievements cannot be gainsay upon,no matter what grudges one may
hold against him.
Let's make a simple comparison of him and the rest of any leaders in
our world.Can we honestly say he is no statesman?The way you
destructively criticized him only discredit your own credibility.
LKY is one of the most marvelous individuals our world has ever known.
He is very old,and any time now,you know it.No one can really fault
him for his deep love for this land,and I strongly believe what he did
is really for the good of this nation,however with imperfections of
course.
Singaporean as a whole respect him,except Oppositions where he
seriously dealt them with the hardest blow.Again,if others become the
figure head,you think they would be as kind as a saint?To him and his
family?When one see the ugliness of this world,how can we not justify
for what he had done,fair or unfair to Oppositions?If one becomes his
enemy,can he not treat them as one?Many good Christians expect LKY to
offer the other cheeks,but how could he,for he has since been a known
gnostic.
What he did was never thinking about the after life Judgment,but just
for mere survival as a political party,and he did well.Any true born
again Christian,live by the conscience and integrity,and a clean live
so as to meet God one day to give an account.People who has nothing to
account for the next Eternal life,will forever sees no need to live by
the Conscience, and purity, and obedience to God's words.
It is better to live your remaining lives at peace with yourself than
to bog down with hatred and in the deep galls of bitterness,obviously
given by him.If you don't savor every moment of your life,but keeps
having deep grudges,you are real losers in life.
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