Friday, October 31, 2008

PAP Town Councils bought minibonds....

" There's definitely no fear that any of the PAP town councils' sinking funds will be wiped out"- Dr. Teo Ho Pin
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"Sir, why don't you just tell us how much you lost instead of beating around the bush"
- Lucky Tan
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If Chiam See Tong had invested a single cent of the Potong Pasir sinking fund in minibonds, he would have been called irresponsible and careless The Straits Times would be dispensing lessons on why voting for the opposition is unwise. Luckily, the town councils that lost money in minibonds were all from PAP GRCs[Link] so we are spared these lessons and we should be able move on because it is only a small matter.
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The town councils have been increasing conservancy charges year after year telling us that costs have risen. However, what really happened is that the sinking funds have been rising to such levels that PAP town councils get to play fund managers. I guess old habits die hard. The PAP has never felt good unless it is sitting on busloads of citizens' money - when it comes govt reserves they have to build one far larger than what is necessary even as its citizens find it hard to make ends meet as they are squeezed to contribute to the govt's coffers. So what do they do when we have such a huge pile of money around - invest like fund managers. For Temasek, we have Ho Ching who is the best in the land for the job and coincidentally the wife of our current Prime Minister. The PAP guys, they are always so humble about their fund management skills they don't really tell us what they do with the money. We occasionally hear of the highlights of their achievements such as investing in troubled western banks and regional telcos such as the one owned by Thaksin. We have been told that these funds are needed so that they can be used to help Singapore(eans?) in times of crisis. However, a large part of it is invested in stocks and real estate that will be badly hit during crisis....so how is it going to help Singapore when the funds themselves will incur heavy losses?
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Town councils are just mini-versions of the Singapore govt. The sinking fund is meant to provide maintenance for the housing estates with some buffer for emergencies. They are not meant to be so big that the town councils don't know what to do and put them risky assets such as stocks and minibonds. Many families struggle to make ends meet and for many paying the conservancy charges can mean depriving the family of better food and clothing. From govt to town councils, the PAP squeezing just never ends.

8 comments:

Daniel Ling said...

Since now that there is surplus and everyone already knows it, shouldn't we stop paying to use it up first? instead of letting them invest it? Sincerely, comparing Them Investing the Surplus and putting it in a Bank to earn the Miserable Interest, I choose the 2nd option as the Interest is MINE regardless of how low it is...

PS: It so happen tat my Word Verification is "diess", so apporiate. =X

Anonymous said...

Wow, but the connections should probably make sure they get their money back, 'special case by special case' basis. That is why they said they were not afraid of getting wiped out. If Chiam or Low had done the same, the PAP and MSM would have made them into 'char siew' long ago.

Samtom said...

I don't think TC will go after bank that runs by their "brothers" to get the money back. Two reasons: 1, it may offence "father", 2, it is not their own money anyway, why bother.

eunuchs can't invest said...

perhaps there is a PAP grand master plan, for the TC to invest in the surplus and try to make so much money that all conservancy charges can be waived for umpteen years.
Notice the TCs are copying Ho Ching and Temasek, Oldfart and GIC.
Even the beating about the bush by TC spokesman sounds similar.

Alan Wong said...

HC....

Just like our PM....
the one and the only one available
the best Singaporean to invest our money ...
also the best person to lose our money ...
the only one not accountable ....
and not punishable under any standards

This is SINKAPOOOOOORE !

Anonymous said...

I am assuming that town council has policy in-place to invest in the safest instruments.

in that case, isn't this is a strong indication that there is rampant mis-selling of minibonds from the banks/investment house?

How come our multi-million ministers isn't so keen find out who's ultimately responsible for loosing our money? Instead, tell us the loses not so bad....

These few millions isn't a large amount to our million dollar minsters but to the folks who can't afford 3 meals, it's definitely not 'peanuts'.

There is simply no accoutability... I worry what's really happening to the cpf and our nation's reserves, that's if they're still there.

Anonymous said...

When make money they keep quiet and reward themselves, when lose money they make us all their scapegoats, wonder when all these illegal practises will stop. Care to let the people know how many of the poorer singaporeans your TC had already taken up to court so far for not being able to pay up their SCC charges. And stop giving the same excuses that the TCs would not be able to function without collecting all the SCC charges due when you have so much $$$millions in sinking funds just to throw them away into investing in private properties and other equities. Who initiated or authorized all these illegal practises? care to share with the public? I am sure that if such practises are being discovered in any of the private sectors, such incidents would already been reported straight to the CAD and a jail sentence would lightly be the case in singapore.

Anonymous said...

Please, no point talking cock here and there. Show your displeasure at the polls. Don't take a few hundred dollars and forget about the millions. The few hundred dollars as proven in the past election if for paying the increases in almost everything after the election. Soon the pappies will have a gate keeper to safeguard the sinking funds from the opposition, forgetting that its the residents money in the first place and not the PAPs. Oops gatekeepers are already there as "Mayors"