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Thursday, January 14, 2010
Financial Scandals to Be Revealed?
One wonders where all this is heading--if properly investigated. Lawsuits, heavy fines, jail time.... Perhaps we are just seeing this start to break apart:
Singapore's www.temasekreview.com, Damon Yeo:
Government Investment Corp (GIC)’s massive S$1 billion loss on their Stuyvesant Town investment is shrouded in much mystery. Before the news of a default broke out, very few outside of the GIC framework actually knew that our national sovereign wealth fund actually had an open position in this upmarket New York real estate. There was no mention of this investment in GIC’s annual report 2008/09 and if you search for “Stuyvesant” on GIC’s official website site, a nil search is returned.