Temasek loses 31% of their investments in overseas banks such as Citibank and Merill Lynch

News report is right here

Again, it goes to show how a politicised investment firm, a company which has deviated from its main purpose of being a parent company of several state-owned firms that run natural monopolies such as public utilities, and public transportation, makes business decisions based on political considerations.

A company such as this should have never gone into investment, period. I oppose such moves in the past, and I oppose it now. This is wrong, because these monies came out of our foreign reserves- our precious taxpayers dollars. It's morally wrong because we trust that the government would manage them wisely- which they have not. Instead what we have now is the government doesn't mind losing US$39 billion in their overseas "investments" but refuses to extend tax breaks, and other breaks to curb rising costs in the annual budget for both the businesses- small and medium sized ones especially- and to those who are especially vulnerable in a severe downturn: the women and children, the sick and handicapped, the already very poor, and working and lower middle classes.

We need to go back to the basics and restore the main priorities of Temasek. In addition GIC is probably also even serve less than a purpose than Temasek itself. Whether or not should it exist even as an entity is up in the air by its own self.