| From Nytimes.com: When Tony Tan, executive director of Singapore’s biggest sovereign wealth fund, warned in July the world might plunge into its worst recession in 30 years, many shrugged off his remarks as too gloomy.
Three months later, Reuters says, Mr. Tan’s prophecy of doom is becoming a reality as the credit crisis ravages U.S. and European banks and takes a growing toll on the global economy. Mr. Tan’s Government of Singapore Investment Corp is meanwhile sitting with 7 percent of its estimated $300 billion portfolio in cash and another 26 percent in G7 government bonds...... Full Article: Source
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