1 Aug 2008
Public worries about Singapore’s big investment in Merrill Lynch and other troubled banks remain very high. By Seah Chiang Nee.Despite its success in leveraging down its investment, Singaporeans are generally very concerned about the state of their state investments in Merrill Lynch – and other deeply troubled banks.
Of late spotlight has fallen on Merrill Lynch (ML), the badly hit US bank-brokerage firm, in which Temasek Holding has increased its stake – but succeeded in paring away its paper loss of US$2.5b.
Singaporeans I spoke to have expressed views on ML and the other foreign banks that I sum up as follows: It was premature, the judgment was poor and the timing horribly ill timed, but although it is badly battered it might be too early to dismiss it as a gone case.
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