GIC assets off 25 pct, “too early” buying into banks
Lee Kuan Yew admits GIC made a mistake and tries to quell early election buzz. Interview with Reuters:
“How could we have known this was the extent of the damage? You look at all the big-name banks that have gone down, misjudged the situation, ruined their careers,” he said.
“When the market fell, we went into UBS and Citi. But we went in too early. That is part of the ride.”
GIC last week converted its $6.88 billion worth of Citigroup preference shares into common stock at a price of S$3.25 a share to shore up the embattled U.S. lender, realising in the process a loss of around half its initial investment. …
He said there would be “no purpose” in holding an election in Singapore before 2011, but the timing of a poll would depend on the health of the global economy.
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Tags: citigroup, early election, financial crisis, gic, lee kuan yew, ubs