I was reading the Straits Times (Wed) that Merill Lynch was laying off many staff at their Raffles office as a result of the financial crisis.
I was at HarbourFront and saw the sign to probably their new office.
It looks very new but sealed off. Probably have not moved in yet. 
The Singapore govt backed all deposits till Dec 2010. The Presdient of Singapore as well as all 75 elected-MPs have approved this move with a $150 billion backing. At present the combined reserves of Tamasek, Government Investment Corporation and Monetary Authority of Singapore are totaled at US$300 billion. Wow! Looks like only yellow skin people can save money. Just look at who has all the reserves - China, Singapore, Hong Kong, Taiwan and Japan!
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