atans1

Why Temasek should not have punted on FTX

In Cryptocurrency, Financial competency, S'pore Inc, Temasek on 22/11/2022 at 3:27 am

Temasek has written off its US$275mn stake in cryptocurrency company FTX, saying its trust in former chief executive Sam Bankman-Fried appeared “misplaced”.

Much has been written by PAP and anti-PAP paper warriors and investors.

Talking about two Canadian pension funds losing $ in two crypyo investments (one of which was FTX) this year, the FT pronounced (or should it be” pontificated”?)

Pension funds have no business investing customers’ retirement savings in a market as volatile as crypto.

FTX’s $8bn crunch exposes a dog-eat-dog cryptosphere

While Temasek is not a pension fund, I think that given the way the PAP govt treats our reserves (Die, die must raise GST to protect the reserves: Reason why die die must have GST rise in January to replenish our reserves? ), this principle should apply to Temasek and GIC.

Btw, while Temasek took its time admitting the cock-up, the Ontario Teachers’ Pension Plan disclosed almost immediately that the US$95mn investment in FTX FTX collapse will have ‘little impact’ on its performance. “Naturally, not all of the investments in this early-stage asset class perform to expectations,” loss on this investment will have limited impact on the Plan, given this investment represents less than 0.05% of our total net assets.”

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