Commentaries
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Goodbye, Mr Chip
The official line why Charles “Chip” Goodyear will not become chief executive of Temasek Holdings as planned is that the American executive and the board of the giant Singapore investment fund did not quite see eye-to-eye on strategy. If that’s the case, it’s hard to understand why it took them five months to discover the yawning gulf between them.
Whatever the reason, a rare opportunity to shed some of the image problems that have plagued Temasek and other sovereign wealth funds has now been lost.
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Investor protection, Singapore style
Who needs a whole new government agency to protect consumers from irresponsible banks? Authorities in Singapore have taken a refreshingly straightforward approach in tackling banks deemed to have been less than scrupulous when selling structured notes dragged down by the failure of Lehman Brothers: they banned them.
The Monetary Authority of Singapore on Wednesday banned 10 banks from selling structured notes until they can prove that they have improved processes to highlight the risks involved. Banks including DBS and ABN Amro, now part of Britain’s Royal Bank of Scotland, are out of the business for at least six months. Hong Leong Finance receivd a two-year ban. (The full list is here.)
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The Wall
