Warning: This post contains several expletives. Readers who are offended by strong language are advised to proceed cautiously.

Myrna Thomas of Temasek has written to the press to “explain” the BoA divestment. Her press statement not only does not clarify anything, it only insults the intelligence of Singaporeans by repeating the same truisms and smokescreens that Temasek has been saying time and time again.

Why Temasek sold its stake in BoA

I REFER to recent reports and commentaries on Temasek’s divestment of its Bank of America (BoA) stake. We would like to clarify some of the points raised.

Temasek invests with the objective of delivering sustainable returns over the long term. This means our investment strategy is not aimed at delivering target returns on a year-by-year basis. This is why we report our portfolio returns not just for a single year, but for various time horizons in our annual Temasek Review.

What the F*cK does this have to do with the BoA issue? You donks have been repeating this nonsense year in year out ad nauseum – it does not give us any information at all, it does not tell us anything –  its completely useless statements that achieves nothing!!!

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Forget about Investing for the “Long Term” - Temasek’s new investment strategy has changed into “Buy High, Sell Low!!!” 

What else could you possibly deduce from the fact that Bank of America’s shares have surged 74% since our dear Ho Ching & company decided to divest of their BoA shares? This fact has been graciously pointed out to us by the New York Times – article appended below.

The world is watching our dear Singaporean SWF. And Temasek is becoming the laughing stock of the world financial community.

A commenter on the NYT blog has said:

Regarding Temasek’s decision to sell BofA shares near the low – perhaps sovereign wealth fund managers are really just government bureaucrats masquerading as fund managers? If anyone is going to take a loss on an investment – I’m glad it’s them.

— Posted by Jay Young

Earlier, David Faber of CNBC noted that Temasek’s loss was one of the biggest losses ever recorded by a single fund on a single investment in Wall Street’s history.

I’m not sure I want to be a Singaporean anymore.

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