This is an update on a previous post.
runmondeo commented on GIC and Temasek's so-called batting average and that they are savvy investors. There may be something in what he says, although I also note that the share prices of financial companies are heavily underwater since the capital raisings.
In any case, the following makes fascinating reading. See Eric Sprott's "Markets at a glance" June post here and a definition of ratchet here.
Temasek's investment into Merrill Lynch comes loaded with ratchet provisions as a form of downside protection. This was little publicised as it was released only after, probably in the footnotes of a 10-Q filing.