WHY THE HELL WAS A TOWN COUNCIL INVESTING MONEY IN DUBIOUS FINANCIAL PRODUCTS IN THE FIRST PLACE?!

Since when did the job scope of a town council include profiteering and investing the people’s money in financial products?! Explains all the ridiculous increases in conservancy charges and other idiocies.

AND WHEN ASKED, A STUDENT ANSWER: ‘ WHERE DOES THE EXTRA FUND COME FROM?’
NEITHER HE BELIEVED THE FUND IS LOSS IN ANY INVESTMENT.
AND HE SUGGESTED WHY NOT JUST RETURN & PUT BACK THE MONEY AND LET THE MATTER REST.
I THINK IT’S FAIR & HONEST.

If I heard the Minister of State correctly, there will not be any changes to the investment strategy of TCs and BTW what can you do about it?? Did you hear PM LSL came out to speak on the issue? He is again trying to distance himself from such issues that might implicate him.

Your best bet is your voting card if you have the chance to vote that is.

It is really ironic that our gov can even spend billions on infrastructure and tools to impede physical terrorist from entering our country and destroying the economy. Did the gov even introduce measurement and weapon against a new form of “terrorist” aka a financial “Terrorist” that legally and happily circumvent financial measurement and policy to introduce SCAMBOMB through financial product that even more potent than a real bomb ? A real bomb is illegal and can be detected, and its impact can be observed and felt, how about SCAMBOMB which is legal and cannot be detected and even supported by those in Ivory Tower as long as it makes money and boost GDP much to the detrimental of those who purchase it. The impact scambomb can be hidden, covered-up, move-on and kept secret as can be seen from TC’s attempt. SCAMBOMB is just a timebomb waiting for the adverse signal to trigger and bring financial devastation onto economy and innocent investors , vulnerable and non-vulnerable alike.

How are our government to guard against SCAMBOMB which at same time can be effective in accentuating Singapore as a financial hub ?
OUr measurement against SCAMBOMB ? Market Discipline and CAVEAT EMPTOR ?

Judging by the statement – I’m not a Notes investor, but now I think I need to go and protest at Hong Lim Park next Sat.

The govt need to answer to the following questions.
1. What exactly are the sinking funds used for?
2. Why are there so much surpluses?
3. If there is a profit from the investments, will it be used to offset its resident’s SC&C charges?
4. Now there is a loss, how TC is going to account for the investments lost? (8 or 4 million is STILL not a small sum of money. So is TC going to
- Write it off?
- Increase SC&C charges for it residents to cover its loss?
- Deduct from minister’s pay?

TC invested our SC&C fees “with their eyes open”, so how will TC account for it?

Asking TCs to repay us back our SC&C fees? must as well ask them also to pay back all the court fines they had penalized earlier from those poor citizens who are unable to settle their monthly dues, its just complete madness to see so many affected singaporeans being penalized in court and further slapped with additonal fines for not able to pay up their SC&C fees. Do these citizens have to be treated like criminals?

Don’t worry about gov depleting our reserves over bad investment. Singapore will never devoid of reserve no matter what because the populace is the real reserve. As long as there are millons of population, these reserves can easily be milked from these reluctant donators through increasing tax, PayAndPay schemes.
Now who dare say we will run out of reserve ?
As long as chicken exists, don’t worry no reserve to harvest.

Who is the greatest and biggest investors in these SCAMBOMB who nonchalantly invest millions of taxmoney in it ? So does it take a rocket scientist to figure out the type of investor Town Council is ? Imagine how much DBS need to pay back taxmoney if Town Counil belong to VULNERABLE investors. How many of VULNERABLE investors beside TC/GIC actually invest millions and large sum of money ? I thought someone mention VULNERABLE investors represent only 5% ? It means 95% are the one contributed greatly to SCAMBOMB, of which TC/GIC make up a peanut of it.

In other country, terrorists drop real bomb to create devastating economical impact. In Singapore where we are more civilised and non-violence, we have here SCAMBOMB to create similar financial impact.

Can we ask the TC to repay back our conservation fee loss ?

Yes, I believe there are many singaporeans who still cannot figure out the reason behind all these hidden stuff. Why our late President Ong who is well liked by many singaporeans, was then being stripped off of his post by who we all know? and I wonder if this got to do with something very serious in our nation reserve that the ruling do not wish to let the people know. Could it be too much losses to the point of serious depletion or too much of surplus that that it have to be kept secret so they can continue to tax us further for something else?

I agreed with you two that our nation is a population of politically apathetic and fearful lot. They just dont bothered about what’s happening and carry on earning their 8 to 5 salary so long that they have a roof over their head and food to eat on the table.

The govt has seized the opportunity to persuade the nation that all is well so you can gomake your money and left everything to me. So now you have GIC reporting billion dollar losses in ABC Learning, Goldman Sachs, Citi and other lukewarm investments. Town Councils now reporting Lehman-related investment losses.

The late President Mr Ong Teng Cheong wanted to take a peek into the state accounts but were banned from doing so thus creating his own political demise. He did not even have a good state burial. Why can’t the President, with invested Presidential rights, take a look into those accounts? Until now, SIngapore has no clue to why Mr Ong can’t take a look.

My greatest fear is that we did not manage our state financial accounts well enough. Much was squandered along the way by some wayward investments. How GIC and Temesak Holdings invested our surplus money make me very worried and concerned. We lost billions in Shin Corp and 1/2 billion in Chartered. Another half billion now is lost in ABC Learning (A$441.00).

How much more money can we lose so that our nation will say no more! Show us transparency please!

On the other hand, those abled Singaporeans who can serve are either co-opted (change the system from within: fat chance!) or are too fearful of abandoning their comfortable existence to serve Singapore.

Come to think of it, it all boils down to fear (kia). No wonder everyone says that Singaporeans are so kiasu and kiasee. The PAP basically have a political walkover just by treading on these fears.

The answer is very simple: you Singaporeans. You place too much trust in a self-professed clean and incorruptible party government to deliver, paying them millions of dollars and when things go wrong, they just say, “Lets’ learn and move on…” They take you for granted, note how the PM implied in his speech that Singaporeans cannot be trusted to change the government and that change can only come from within the PAP.

So don’t blame government for all its screw-ups. Remember who put them in power today. If you wish better governance, those who are able please be brave enough to step forward, those who are not able please exercise your votes carefully.