Wednesday, July 29, 2009

Temasek loses $28 billion (negative wealth added)

Singapore's Investment Company lost $28 billion last year, and now they are telling the world they won't sell the family jewels, forgetting of course, they dumped BAC at 7 for a $4.6 billion loss.

When they sold BAC for the $4.6 billion loss, Temasek had this to say:

"We may choose to divest an investment, even at a loss, to optimise our risk or portfolio exposures, or if there are better opportunities elsewhere or later."

Temasek also dumped Barclays at a fire sale price, so at least they are consistent. Buy high, and sell huge when lower!

Now that they have lost $28 billion, they have come up with another gem.

“We are certainly not happy with the negative wealth added in March last year, as well as March this year.”