DR TONY TAN LOST MULTI-BILLIONS DOLLARS OF SINGAPOREANS’ MONEY
Dr Tony Tan spent $24.2 billion of Singapore's hard earned reserves to buy UBS and Citigroup less than a year before the 2008 banking crisis struck. The billions of dollars he lost for Singapore may mean nothing or very little peanuts to him. However, billions of dollars means far too much to every Singaporean.
How can Dr Tony Tan be the President to audit his own horrendous mistakes that cost Singaporeans billions of dollars (thousands of millions of dollars)!
http://singaporereserves.blogspot.com
How many generations of children will the average Singaporean need just to save $24 million? Multiply that by 1,000 times. That is how much money Dr Tony Tan was willing to lose for Singapore. His timing of the purchase was so terrible. The price he paid was even more terrible. Both UBS and Citigroup almost went bankrupt even after Dr Tony Tan’s multi-billions dollars to them at Singaporeans’ expenses. Both banks needed many billions of dollars of bailout money from their governments to survive.
How can Dr Tony Tan be the President to audit his own horrendous mistakes that cost Singaporeans billions of dollars (thousands of millions of dollars)!
On 31 Jan 2008 , AsiaOne reported thus:
EVEN after taking significant stakes in UBS and Citigroup, the Government of Singapore Investment Corporation (GIC) could still invest in another distressed bank, if the deal is worthwhile, the agency's deputy chairman Tony Tan revealed in a briefing to The Business Times.
"We will look at any deal that is shown to us. We have a duty to do so.We would still have the capacity if we find it worthwhile to invest," he said.
"Whether it would be of the same size as what we are now doing is a matter to be decided."
Isn't that scary? He has a “duty” to lose more money by buying more banks at horror prices? Are we watching some horror movies? Lets hope GIC didn't buy many more banks in smaller pieces at the worst times and at the worst prices.
Please spread this message to every voter. The future of Singapore depends on you!
http://singaporereserves.blogspot.com
