Temasek Holdings lost 4.6 billion out of 5.9 billion Merrill Lynch Investment.

Check this video out. The best part is when the guy said this  "this one guys is right up there - as one of the worst investments during this period for 
one single investment fund"

http://www.cnbc.com/id/15840232?video=1124895352&play=1

Straits Times has a report about it.  

http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_382793.html

Make your own judgement.