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4/15/2008

More money into UBS?

'Singapore's GIC may participate in UBS rights offering - report April 14, 2008: 09:17 PM EST SINGAPORE, Apr. 14, 2008 (Thomson Financial delivered by Newstex) -- The Government Investment Corporation of Singapore (GIC) may participate in the 15-billion Swiss franc ($15 billion) rights offering of Swiss investment banking giant UBS (NYSE:UBS) AG, the Wall Street Journal reported on Tuesday, citing unnamed sources. This will be the second time that GIC will be injecting capital into UBS following an 11 billion franc investment in December last year....' This time they are going in with eyes wide open. The first time they went in there were some uncertainties and a little wet behind the ears. This time there is no excuse if they foul it up. Basic questions, is this a bottomless pit? Are all the woms out crawling? Is there light at the end of the tunnel? What are the safeguards and protection to our investments if there are more than meet the eyes? The worst thing that can happen is to put in good money after bad money. Better do all the homework thoroughly. Billions of our money are at stake.

8 comments:

Anonymous said...

No point harping about it. Even if they lose the entire reserves, they are accountable to no one. What can you do about it?

Anonymous said...

Throwing good money after bad, hoping this whole thing will blow away and then they will make a killing ? Well done, LKY. Singaporeans will burn all that worthless UBS share scrips and send them with you to the netherworld.

Anonymous said...

Yeah, they are treating it as their own money, so there is absolutely nothing we can do. Even our CPF is becoming their money too. The most we can do is vote wisely come the next election, but I doubt there will be much of a difference. Singaporeans are basically kiasi and kiasu. How true!

redbean said...

the chips i used to play were $25 each. this table they play with chips worth $1m each.

while we shower in newater they must be showering in adrenaline.

high rollers!

Anonymous said...

that is correct, boys and men play at separate tables.

Anonymous said...

I just wonder, when Durai was heading the old NKF, any attempt to get more information about the NKF accounts was always brushed aside on the pretext of confidentiality until the revelation following the court case against SPH. True enough Durai was hiding a lot of things from the public.

Now we have GIC and Temasek giving the same seasoned excuse of confidentiality. You have to wonder why the then President Ong Teng Cheong was removed after the fuss about the investments of GIC and Temasek.

Show PAP your middle finger said...

Dear Anon 2.42. There is another thing you can do and that is to pack your bags and leave that morally bankrupt country. I did just that five years ago, and have just got the letter from ICA certifying that I am no longer a Singapore citizen. I will now send a copy of this letter to the CPF Board to request for the return of my CPF money earned over the past thirty years. More and more Singaporeans are choosing this path, hence all the talk among the PAP about brain drain and loss of talent. They want to stop this because they know those who leave are the ones with bulging CPF balances, who they can ill afford to lose if they want to continue pouring all that money into the bottomless pit. Think about it. What is there to stay for, if you do not have control over your hard-earned money, and worse they are gambling it away as if it is their personal fortune ? I for one am glad to no longer be part of that scam called the CPF.

redbean said...

show pap...., welcome to the blog.

this is what i can add to the cpf scheme. This is what the CPF is doing to some Singaporeans. Though the CPF is seen as a tool to keep Singaporeans here, with their money held in ransom, on the contrary, it is the exact reason that is encouraging Singaporeans to migrate. For that is a short cut to getting their hardearned money back.

The CPF is a double edged sword, like all policies. It cuts both