Temasek Dumps Bank of America Stake
Temasek sold its 3 percent stake in Bank of America in the first quarter of this year, suffering an estimated $3 billion loss in the process, as the state investor refocuses on emerging markets.
Temasek had invested in Merrill Lynch and other global banks during the early phase of the global credit crisis but, like most sovereign wealth funds, was burnt by losses from the deepening financial crisis.
But the U.S.-centric Bank of America may not have been the first choice of investment for Temasek, given that the state investor focuses on global companies that aim to grow in Asia, sources familiar with Temasek's thinking told Reuters.
Temasek ended up with the Bank of America stake when the U.S. bank bought Merrill in January.
The state investment firm has also recently become more aggressive in the Asian market and is eyeing investments in Latin America and Russia.
Source: Asiaone
For goodness sake, stop gambling with our hard earned money, those money which our forefathers accumulated painstakingly.
Temasek should groom and invest in our own SMEs instead of venturing into the wilderness of Russia, China and India. Look at Taiwan, Hongkong and Japan which have cultivated such a vibrant private sector and entrepreneurial spirit.
Only stupid people will rather let the money flow out of their own house and make outsiders rich rather than feed their own family members.
I am sure Temasek is not as financially savvy as Warren Buffet. Don't waste any more money trying to prove me wrong.
Posted at 5:37 AM | Labels: investment |
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1 comments:
Hi dear. I agree with you 100% and also as angry, if not angrier.
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