International Herald Tribune
21 Apr 2008
Singapore's biggest sovereign wealth fund said Monday that a global recession was increasingly likely but defended its multibillion-dollar bets on Citigroup and UBS as providing good long-term returns.
Sovereign wealth funds have poured billions of dollars into major U.S. banks reeling from write-downs linked to U.S. subprime mortgages, which have produced a global credit crisis.
The Singaporean wealth fund, Government of Singapore Investment Corp., or GIC, which analysts estimate could manage as much as $300 billion, said the financial turmoil would leave markets extremely volatile over the next one to two years.
>>>> More
