January 14, 2008

Think nepotism in Texas is bad?

Try Singapore where there is a large sovereign fund being run by cronies and the relatives of cronies...

The stake was part of a broader expansion started in mid-2002 by the company’s executive director, Ho Ching, formerly head of government-owned Singapore Technologies and wife of Singapore’s prime minister, Lee Hsien Loong. Aimed at reviving Temasek’s financial performance in the wake of a recession, Temasek has since taken large stakes in banks as distant as India, China and the Standard Chartered Bank of Britain.

And...

The Government Investment Corporation, known as G.I.C., is controlled by the state, and Singapore’s founding prime minister, Lee Kuan Yew, is its chairman. His son, the current prime minister, is deputy chairman. Tony Tan, its executive director, is a former deputy prime minister.

Wonder when 39% will decide that his boy needs to be on the TTC? Or the ERS?

Posted by mcblogger at January 14, 2008 09:00 AM

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