Singapore GIC Investment Mistake In Citigroup And UBS

I was searching the net for comments written on Singapore's GIC losses in Citigroup and UBS.

I came upon the following article posted, “Substantial Long-term Returns” From Bank Investments? Fat Hope, GIC

Give it a read, it's rather interesting. :D

Anyway I am thinking out loud here. My thinking could be obviously flawed but I cannot stop wondering about Singapore GIC. What are they thinking? Obviously Citigroup and UBS were terrible mistakes and they paid some terribly high prices for their mistakes. So why couldn't they just admit they made a terrible mistake and realise their losses? Why can't they cut loss? Why insist on taking this long term approach? Don't they realise that holding them long term solves nothing? Long term investors? They look like long term mistake holders!

Just my flawed opinion. :p2