PEESAILAND TUA DAI JI!!!

Peesailand tua dai ji!!!

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JOKE CREDIT & ho jinx jobless - co-incidental?

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16:18 Reuters Temasek CEO Ho Ching to leave; replaced by ex-BHP's Goodyear

another report just in:
Temasek, which had S$185 billion ($123.2 billion) in assets as at March 2008, has been hit hard due to its 40 percent exposure to banks that have slumped in value due to the global financial crisis

Temasek's US$5 billion plus investment in Merrill alone has resulted in a loss of more than US$2 billion, said Reuters.

co-incidental or something bigger is brewing??


Re: JOKE CREDIT & ho jinx jobless - co-incidental?

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compare to lehman minibombed victims,

IT'S PEANUTS!!

to them, of course
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Ho Ching to leave Temasek

Temasek Holdings on Friday announced that its chief executive Ho Ching (right) will step down and be replaced by former BHP Billiton CEO Chip Goodyear (left) on Oct 1. -- PHOTOS: ZAOBAO & http://www.whartonhongkong07.com

TEMASEK Holdings on Friday announced that its chief executive Ho Ching will step down and be replaced by former BHP Billiton CEO Chip Goodyear on Oct 1.
Ms Ho Ching, wife of Prime Minister Lee Hsien Loong, joined Temasek as a director in January 2002 and has been CEO since January 2004.

'The team has already embarked on a different stance since mid-2007, and has begun to review its long-term plans under different scenarios prompted by the economic downturn,' Temasek chairman S. Dhanabalan said at a media briefing.

'If we are to bring in new leadership, it would be just as good a time as any to involve a new leader in this review.'

Mr Goodyear, 51, stepped down as CEO of BHP Billiton in January 2007. He joined Temasek's board on Sunday.

He will be appointed CEO designate of Temasek on March 1.

Temasek had $185 billion in assets as at March 2008.

The sovereign wealth fund's key investments include 28 per cent of DBS Group , just under a fifth of Standard Chartered Bank and about 3.8 per cent of Bank of America (BoA) following BoA's takeover of Merrill Lynch.

Temasek's US$5 billion plus investment in Merrill alone has resulted in a loss of more than US$2 billion, said Reuters.
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Temasek lost almost US$2 billion of a badly-timed US$3 billion in Shin
Corp
at a peak of 49.25 baht(Shin shares are now trading at around 15 baht)
in
2006.
This state-linked investment company committed S$401
million in ASX -listed ABC Learning Centres at near the peak price of
A$7.30 and then averaged down at between A$1.20 and A$4.00, bringing
it's commitment to over S$500 million. That investment is now essentially
worthless although Temasek has yet to write it down.
The company also bought 19% of LSE- listed Standard Chartered in 2006
only to see the market value of that stake melt 55% by November 21st.
More fiascos include a 975 million pound stake in Barclays Bank bought
at
the peak of 740 pence(with a further 100 million to subscribe for a
rights
issue at 282 pence), which have now sunk over 70% at 138 pence.

Most heinous of all is its US$6.88 billion stake in Citigroup bought
with a
minimum conversion price of $31.34. Citigroup has since plunged 88% to
$3.71, singlehandedly delivering S$9.11 billion of red ink to Temasek's
books .
Overall, the paper loss on these bank investments has exceeded S$35
billion
as of October 21st.