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May 16, 2009
Temasek lost US$4.6 billion on US$5.9 billion investment
LuckySingaporean said:
"When we invest, we are investing for 10, 15, 20 years. You may look as if you are making a big loss today, but you have not borrowed money to invest. You will ride the storm, the company recovers, your shares go up." - Lee Kuan Yew, Feb 2009Temasek has sold its entire stake in Bank of America. Bloomberg reports that Temasek might have lost close to US$4.6B in the investment. Temasek received Bank of America stock after Bank of America took over Merrill. Temasek spent US$5.9B on its Merrill investment. Temasek sold its stock in first quarter of 2009.
Recommended by Anonymous Coward: "So much for "10, 15, 20 years". Ho Ching and Lee Kuan Yew are really, really gifted in squandering Singaporeans' savings: Suzhou Industrial Park, Micropolis, Shin Corp, Optus, Merrill Lynch --- every single thing that they touch turns into shit. How they can even achieve such extraordinary incompetence is beyond imagination."
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