Investor Jim Rogers says Singapore to lose money on US banks

Investment Guru Jim Rogers believes that US bank stocks could fall further and predicts that Singapore's state investors will lose money on their multi-billion dollar investments in Citigroup and Merrill Lynch.

The long-time commodities bull told reporters on Wednesday at a launch event for ABN AMRO that he's shorting investment banks on Wall Street. It grieves him to see what Singapore is doing, They are going to lose money. He's referring to investments by Government of Singapore Investment Corp and Temasek in Citigroup, Switzerland's UBS and Merrill Lynch.

Mr Rogers, an American who co-founded the Quantum Fund with billionaire George Soros in the 1970s, now lives in Singapore as he wants to raise his four-year-old daughter in an environment where she can learn Mandarin Chinese.

Mr Rogers, who also writes investment books, said Wall Street had to work off 10 years of excesses and predicted that losses linked to risky mortgages will eventually spread to credit card bills, student loans and other debt.