Asia Sentinel, 20 May 2009
Aristocratic lineage isn't a qualification for financial management.
Ho Ching's flawed management of the billions of public savings entrusted to her as chief executive of Temasek Holdings has continued until the last. Her successor, Chip Goodyear, formerly with BHP, moved in as CEO-designate in March and formerly takes over in October. But presumably it was Ho Ching, the wife of Prime Minister Lee Hsien Loong, who took the decision to sell out of its huge Bank of America holding, an investment originally made in Merrill Lynch which was taken over last year to save it from bankruptcy.
Now she has managed to sell out at what, at least on a six month view, looks close to the bottom of the US financial sector. The sale was completed by the end of March so presumably took place in the preceding few weeks. Since then the BoA share price has risen 66 percent.
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