GIC lost nearly $42 billion under Tony Tan, now he is our President
In January 2008, just when investors are shorting U.S. banks, Tony Tan spent billions of dollars of Singapore taxpayers’ monies to invest in Citigroup and UBS.
To justify his reckless actions, Tony Tan said in an interview with the Business Times, “In the case of UBS, they have a worldwide global wealth management business which is something not replicable by any bank. Citigroup has an international worldwide consumer business which is also unique.”
At the time, Jim Rogers, a former partner of George Soros in the famed Quantum Fund, said he felt “sad” for Singapore as it would be losing a lot of money.
Rogers continued, “They’re making a big mistake; these banks have many more problems still ahead. They should wait until these companies are really on the ropes a few years from now . . . and trading at $5 a share.”
Rogers also expressed doubts about the capability of GIC’s fund managers, including Tony Tan, “I know these people, and they have never given me the impression that they’re smarter than anyone else…They have gigantic amounts of money, but they’ve made a bad judgment in these cases.”