Why? Why did you turn down a seat? What are you guys thinking?
Why did the GIC (Government of Singapore Investment Corp) turned down an offer of a seat on the board of UBS AG? I know politically its' to show that GIC has no intentions to take over the Swiss bank, but when you invest $10 billion into a bank (with public money I might add), surely a seat in UBS is the least we Singaporeans can execpt.
Downplaying fears of a takeover is one thing, but what if UBS made another mistake and go into the red again? Without a seat on the board, how can GIC stop (or even know of) the trouble? GIC had also recently bought $6.88 billion worth of Citigroup stock; so as the logic of GIC goes, GIC is not going to have a seat on the board of either Citigroup or UBS despite spending over $16 billion worth of public money!
Does that make sense to anyone? I don't care how unusual GIC's investments are, but if you are going to spend $16 billion of Singapore's money, why can't you get a seat on the board? Someone explain this to me please?