Thanks to GIC investment, UBS and friends entertain themselves
at Singaporean's expense.
Source: 'For UBS, austerity hard to balance at Singapore F1
race': [Reuters, 22Sept2011]
[p.source]
"..UBS's largest shareholder, Singapore sovereign
wealth fund GIC...":
Source:
- 'For UBS, austerity hard to balance at Singapore F1
race': [Reuters, 22Sept2011]
Reference:
- 'Rogue trader at UBS racks up S$2.48-billion
loss': "UBS shares plummeted by 8 per cent to 10.07
Swiss francs late yesterday in Zurich... The share price plunge is
bad news for GIC, which holds a 6.4-per-cent stake in the Swiss
bank. Based on the last traded price, GIC
is sitting on about 7 billion francs, or S$10 billion, in
unrealized losses, even after taking into account the 2
billion francs it received on the coupon before its 2008 investment
was converted to shares last year." [TDY, 16Sept2011][pict1][pict2]