Singapore’s fiscal reserves are not impacted by the loss from investing in collapsed crypto firm FTX. That’s as the net investment returns contributed from such assets are not tied to individual investments. Finance Minister Lawrence Wong said Temasek Holdings’ investments in early-stage companies remain better than the industry average, even after writing off the loss from the FTX investment. Temasek’s investment in FTX was worth US$275 million, or 0.09% of its net portfolio value.
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38 Comments
SG crypto retail wiped out by FTX, after following Temasek in. No need to ban crypto retail anymore.
FTX is also a zero sum game
They failed to exercise prudence.
How much is lost ?
Who believe? 🤣😂🤣
We have audited ourselves and found ourselves to be capable. Cheers
🥶
Who is the stupid minister investing state funds in a volatile cryptocurrency 😂😂
❤
A loss is definite painful no matter how one chooses to describe.
It is amazing that many of these monetary scams originate from only one Damn country and this Damn country is USA which is printing and printing and printing Hell Bank Notes.
First thing is to STOP giving away our strong and genuine Singapore dollars in exchange for the Damn US Hell Bank Notes.
"Ptui USA"
Even so, is still country money = people money. We need a "system" to prevent such high risk investment like what Warrant Buffet repeat warning to US people.
A strong transparent government will do what is right – regardless of reputation, to investigate such blatant mishandling of investments, especially one that uses the country's sovereign funds. Approx. 300M may be "peanuts" as one infamous elitist once said, but let's be honest, this isn't the first bad investment from Temasek. There is a NEED for accountability here – not just sweep it under the carpet and write it off.
Withdraw all your money now.
This is not the question of losing or bad investment.
This is about whether was due diligence being carried out. Was feasibility begin carried out before investing? Before I do a presentation practise of strict governance in questioning and dissecting . Seriously like tearing one into pieces over a $100,000 proposal. Here we are talking about millions.
There are always excuses but nothing about to show the real figures of profit and loss.
Never learn since the last Lehman Brothers ….
Learn from Malaysia
The issue of this matter is how is the due diligence carry out by Temasek? It was very clear FTX invented is own digital currency out of thin air, lend to its sister company who in returned use it as collateral for hundreds of millions of dollars. LW is not getting to that point.
I am now struggling. Nothing seems to move an inch. All expenditures are moving by not feet but by metres.
Seeing millions down the drain. My heart pain. Very tempting to join in the speculation seems like easy money. Do or die formula
Keep "Whitewashing" 😴🥴😴
It not easy to detect
Fraud and cheater
If a person donate
Billion of $ to organisation
And claim he make
All money and give charity
We have to careful
I am confused with what's going on. No right No wrong. To follow the Leader or to follow the pack.
I too was wipe out by 3 years of pandemic. Who to blame.. the Covid?? Lockdown???
Blame yourself ??? For being so enterprising . Should have surf the internet and come up with things that people never heard of or paint a nice picture for investment.
Charity should begin at home.
With $25,000 given to me now. I will say thank you and kowtow .
But with $250 given to me not enough to pay my utilities bills, petrol increase, daily necessities increase，medical bill not paid, how else to look forward to.
How to make ends meet? Stress, mental torment … electric supply cut off…. eating instant noodles every meals… for the past 3 years… sigh..
1. Binance CEO said people should avoid businesses that offer high incentives for locking tokens. 2. All exchanges are susceptible to people trading on the exchanges' differences.
What are the risk of investing in FTX (a crypto exchange)? Not covered at all by Temasek
Give the citizens a few hundred millions also no impact right? So y so stingy ?
valuable lesson, don't let individuals with conflicted interest touch the nations reserves. Vet them better, this is not a Kampong.
So now the public know how stingy your 5 mayor's with 660,000 annually, 55000 monthly and 2750 daily if working 20 days produce for u, 100 cdc, in total 300 cdc till Jan 2023.. Which made up approxinately the loss from ftx 377million over 1.5m Singaporean
377 million /1.5 million，each 251.33 .2023 additional topup cdc voucher into the ftx mastermind pockets😂😂😂.
Why people never learn?
Remember the last Financial crisis.
Same story , same explanation. Thought we learn our lessons. So many highly calibrated experts advising . How could the investment gone wrong.?
Should have taken concrete block to block. If the concrete block collapse. I would narrow down that the stress test have failed completely.
What to do? Just a few that have gone wrong somewhere but don't know where. Eyes never open big or wide enough. What is done cannot be 😢undone. Easier than say. Move on…..
Always bare in mind. Holes or damages have to patch up or repair. But the burden who are supposed to shoulder?
Monkey see .Monkey do
When Monkey got Jam don't know what do
Monkey will just turn amok
Please don't tell me no one is responsible for this bad investment!
Why supposed intelligent experts in Temasek can be conned by a young punk. Some heads must roll.
Sweep under the rug again. Let us withdraw our CPF money just in case some so-called experts who don't work a single day in private sector lose it all.
Stop spinning non-related stories/ excuses. Poor bets and big losses require investigation since we are talking about sovereign fund a.k.a public money.
FYI GIC invested 700m in Genesis and is on the verge of following FTX into bankruptcy
According to gov.SG’s website, Singapore’s reserves are managed by GIC, Temasek and MAS. Why is the amount lost from the FTX investment “not from our reserves”?
Who in Temasek did the due diligence? What caused the breakdown in identification of key risks? Do we have the needed expertise in the Temasek team?
“some waves will turn out to be hype and fizzle out”….. yes, but it is up to the investor to discern which are worthy of investing in and which are not. Temasek should have done a better job in identifying the duds from real opportunities. Do we have guidelines for quality assessment? Do we have the needed expertise in the team? It is saddening to see Singapore being the only sovereign fund in the world to have invested in FTX
Try to encourage speculation. Instead got burn. Sad
Singapore GIC & Temasek has now becomes a Prime Target & 🧲 MAGNET attracting Global CON ARTISTS to our shores !!!
It is MOST IRRESPONSIBLE to claim Singapore's fiscal reserves not impacted by the loss from investing in collapsed crypto firm FTX !!!
ARROGANT to trivialise FTX losses of US$275m ! This sum of money could have been used to help feed children & pay for school expenses e.g. buy laptop for needy families !
Instead of sacking CEO & those in charge of this bad investment, Temasek claimed investment in FTX worth US$275m is MERELY 0.09% of its net portfolio value !
To write off FTX investment losses with no one is being held responsible ! This cycle will repeat itself ! When you sack those responsible for 📉 major investment losses, investment team will exercise more PRUDENCE & DUE DILIGENCE !