24th Jan 3008
"Singapore's state-run Temasek Holdings and Government of Singapore Investment Corporation, or GIC, with assets of more than $100 billion apiece, according to their websites, are among the world's biggest such funds.
They, like funds from the Middle East and China, have been investing in major western financial institutions that have lost billions of dollars on bad bets in the U.S. mortgage market. Rising delinquencies and defaults among mortgages have forced banks to write down the value of bonds and debt backed by the troubled loans. Hard-hit U.S. banks welcomed the needed capital."
