GIC profit - another version, another truth
Thursday, September 24, 2009 Who is responsible for GIC's profit? (A tale of 2 news paper report.) Who is responsible for saving GIC's hide? Lee Kuan Yew and his team of fund managers or Barrack Obama and his team of advisers? If the US govt decided not to approach GIC to convert to common stock in Feb, do you think they would have recouped their losses and managed a profit? Their original conversion price was $26.35 not the $3.25 they received in Feb. The Straits Times is bragging that GIC had the foresight to invest in banks that were too big to fail. That is very dangerous- betting on what the Federal government decided to do instead of market and company fundamentals. GIC was lucky this time. But what about UBS? Is it making a profit? GIC should thank their lucky stars that Lehman collapsed before Citi. The sudden collapse of Lehman made the Federal govt realise that they had to intervene and bailout the banks.... The above was copied from an article posted in http://singaporeanskeptic.blogspot.com/. It presented another version of the truth.