The Singapore government has defended state investment company Temasek's sale of its stake in Bank of America Corp., saying the loss-generating trade didn't reflect a shift to short-term investing.
Temasek sold its Bank of America shares after its 13.7 percent stake in Merrill Lynch & Co _ initially purchased in 2007 _ was converted after BoA bought the brokerage in January. Temasek held 188.8 million Bank of America shares worth about $2.6 billion in January.
"The investment thesis had changed, from the original focus on Merrill's specific businesses to BoA's linkage to the broader U.S. economy," Finance Minister Tharman Shanmugaratnam said …
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