Littlespeck.com
25 Jul 2008
For Singapore state investments in Western banks, it never rains, but pours.
As values declined by more than US$10b in its banking ventures in US and Europe, another trouble is on the horizon.
The $11b investment of the Government Investment Corporation (GIC) in UBS, Switzerland's biggest bank, is facing another major uncertainty, this time from the US Government.
The attorney general of New York yesterday accused UBS of consumer and securities fraud, saying the bank misled investors when it sold them auction-rate securities, according to the International Herald Tribune.
>>>> More
