ZURICH/NEW YORK: It took the government of Singapore Investment Corp three days in 2007 to agree to prop up UBS, ailing from subprime losses. It may take a decade to recoup that investment of 11 billion Swiss francs ($10 billion). GIC, manager of more than $100 billion of the city-state’s foreign reserves, faces a paper loss of about 5.6 billion francs when it becomes the biggest shareholder of UBS on March 5, as shares of Switzerland’s largest bank trade at a third of the...
Full Story: The Times of India
