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Is Dr Tony Tan principally responsible for GIC's S$10 billion (paper) loss from UBS investment fiasco this month? According to 'Who could fill Tony Tan's shoes at GIC?' [TDY, 23June2011] - "In 2005, Dr Tan was appointed to the then newly-created post of executive director when he retired from politics." According to : 'Rogue trader at UBS racks up S$2.48-billion loss' [TDY, 16Sept2011][pict1][pict2] - "UBS shares plummeted by 8 per cent to 10.07 Swiss francs late yesterday in Zurich, even as the European banking sector surged on news that central banks would provide additional liquidity to prevent the money markets from seizing up. The share price plunge is bad news for GIC, which holds a 6.4-per-cent stake in the Swiss bank. Based on the last traded price, GIC is sitting on about 7 billion francs, or S$10 billion, in unrealized losses, even after taking into account the 2 billion francs it received on the coupon before its 2008 investment was converted to shares last year." Since Dr Tan's tenure as executive director of GIC was since 2005 till his candidacy for recent Presidential Elections [wiki] in August this year, could it be said that he would be significantly responsible for "GIC.. sitting on about 7 billion francs, or S$10 billion, in unrealized losses" due to "its 2008 investment [in UBS that] was converted to shares last year."