you know, there is only one opposition member – a true son of Singapore – who had the prescience and the guts to shout “Where is our money?”

I don’t want to lambast our precious only oppo in the parliament, but WP really should be more forceful on the recent hot topics – mishandling of our money by TC and Lehman debacle.

many thanks TOC and Eunice for the efforts to bring forth this issue. even my parents who are not staying in HDB flats are feeling indignant about it.

Where is our money?

Why cannot answer our late ex-President Ong Teng Cheong immediately and directly?

Where is our money?

Why cannot answer Dr Chee Soon Chuan immediately and directly?

Where is our money?

Why cannot answer the people now?

WTF are they doing with all our money?????

Residents of Holland – Bukit Timah GRC and Bukit Panjang SMC, please forward the follow statement to the town council management.

Dr Teo please resign.

1) Holland – Bukit Panjang Town Council, hereon referred to as the town council of my constituency, recently disclosed a loss $8 million due to an investment partial to its sinking fund in structured products that financial experts have deemed to be of inordinate risk for the return in premiums.

2) I have judge that the elected member of parliament of my constituency as well qualified individual to have understood the risk involved in these products. And this qualification of character does not include me but also Minister Mentor Lee Kuan Yew, who has stated repeatedly, the integrity and caliber of the professionals hand picked to administer our government and this country.

3) Hence I do not doubt in any manner or way, such product has been mis-sold to this town council without full acknowledgment of its nature, as contrasted with the case of many private individual, whom has claims on such malpractise.

4) Hence I would like to rise my concern as a resident of this constituency about the mismanagement of the sinking fund that had been the accumulation of the Services and Conservancy Charges (S&CC) contribution for the maintenance of common property in this town council, amongst its source.

5) I am not in any manner or way, suggesting that any members of this town council committee are disreputable and held interest in the transaction of these investments. Namely Lehman Brother’s Minibond Notes, DBS High Notes 5 and Merrill Lynch’s Jubilee Series 3 Notes.

6) As evident to the risk of the invested structured products as referenced in 5), none of them is principal guaranteed, in any case, town council should not be allowed to invest the sinking fund in any vehicle that would likely incur a complete loss of principal, this is unfit for the purpose of preserving fund.

7) I am seeking the resignation of the Chairman, Dr Teo Ho Pin, in his leadership of this town council, demonstrated his incompetence in handling of the affairs of this town council, which has lead to significant monetary loss, counter to provision under the Town Councils Act, stating its constitution, that moneys not discharged to meet expenses and liabilities this town council, be used for the improvements to and the management and maintenance of residential property and of commercial property.

8) That an offence is committed with the consent and attributable to the negligence on the part of its chairman or secretary, or any person who was purporting to act in any such capacity, with respect to the loss of moneys contravening to the disbursement of town council fund.

9) I am seeking the full disclosure of the proceedings whereof a minute has been kept and authenticated in accordance with its standing orders, precipitating to the loss of public fund on this occasion, as part of an investigation on the failure of due diligence by the management of this town council.

10) I am seeking assurance of prudence in oversight be positioned, as a measure that such systematic failure of management should never manifest in future.

“Dr Teo Ho Pin, coordinating chairman for the PAP TCs, told Today newspaper that the TCs cannot reveal their investment strategy.”

What kind of foolish strategy is that ? Money-losing strategy that we have ? Are these clowns trying too hard again to hide their incompetency and ineptness bebind some secretive Silver-bullet “formulae” again ? Are these clowns kidding us again in giving us false impression that they do have a credible strategy ? What so powerful and secrecy about money-losing and citizen-exploitative strategy that the world cannot know ? Must be damn farting potent strategy that unheard of ! So unheard of that it lost millions and think that it is still a world-class strategy.
Stop making us a fool.

maybe their investment strategy is like KFC’s secret recipe….only difference is that they end up frying their own backsides, try to make it look delicious to us and force us to pay for even more of it.

In private estates, owners vote at AGM as to the amount of service and conservancy charges to pay., taking into account the expenses and the sinking fund. As the sinking fund of TCs are large, one wonders why the MPs, who represent the owners of the various estates, did not vote to drastically reduce the level of service and conservancy charges. Why not call an AGM as well?

Now, Is it a surprise that DBS is the leading seller of minibonds, etc? Is it still doubtful why MAS was dragging its feet when the investment fiasco surfaced?

Well, the remaining truth is out there waiting to be exhumed. Perhaps, the explosive truth will reveal itself when the economic crisis deepens if MNCs such as GM, Chrsyler, Ford, Morgan Stanley, Goldman Sachs, etc; go bottoms up.

Moral of the lesson?
Reaping off the consumers by unjustified increase in S&C charges and GST; Paying low wages to foreign workers thereby forcing Singaporeans to accept low wages;
Hoarding ballooning fund for investment purposes rather than passing on savings to consumers;

Richly rewarding management based on these KPIs?

Why people still persist to stay in HDB flats and yearn to buy one at record prices of $800K when they know bloody well they are subjected to rubbish laws and rulings with all the stupid sub-clauses and the buts….??? If one claims ignorance and not informed, so be it and fairly well live with it. And do not cry foul and start protests, stamping and yanking the feet, raising the hands and flags like a 3 year old.
The better solution for onself is to migrate to the land of paradise which I believe everyone idolizes one …… be it Timbaktu or Somali so that one can build a liar ……

Maybe we should go to our respective town councils and asked them to explain how our money is used and how it is apportioned.

That’s what Minister of State Grace Ng has recommended. No one can stop us. We have proper authorisation to do so.

As usual Main Stream Media have gone cave hunting with the Town Council news. Total black out.

Ho, Ho I think the fund from the TCs must hv been given to the Ho’s Inc for investment somewhere else that is why cannot be exposed…this is their money losing investment strategy.

“Why people still persist to stay in HDB flats and yearn to buy one at record prices of $800K when they know bloody well they are subjected to rubbish laws and rulings with all the stupid sub-clauses and the buts….??? ”

Ignorant ? or perhaps apathetic ? Things are slowly improving as more people are more and more discerning about matters that concern then.

Why this ? Why that ? Why not ? Slowly, yet slowly, more and more questions will start to turn their path and re-directed to the very people in which “certain good degree” of social contractual understanding is expected to be practised.

“If one claims ignorance and not informed, so be it and fairly well live with it. And do not cry foul and start protests, stamping and yanking the feet, raising the hands and flags like a 3 year old.”

Just because you say so ? Resigned to designed fate as in your “so be it and fairly well live with it.” You are full of circular illogics. If not to take proactive action (exert pressure), then what ? To fairly well live with it as you have suggested ?

“be it Timbaktu or Somali so that one can build a liar ……”

You are so pathetically regressive. Go for a better comparatives / yardstick to improve !!!

Our Money, Our right to know.

If they (PAP Town Council) not showing us any statement regarding where our money invested.
So, Voters please vote wisely on coming election.
They must to be replace by coalition party (SDA, WP, SDP, NSP, DPP)
The damage they have done.

We should go and raise our concern at Hong Lim Park next Sat. Or else the govt will say TC action is justifable just because no one protest at Hong Lim Park.

It is our money and we have the right to know.

sometimes i wonder whether our Town Councils are really town councils or municipal ‘banks’..

I second Rainnix’s suggestion to have a protest at HLP.

Maybe TOC can organise one where we force Teo Ho Pin to apologise for his insensitive remarks, and for all town councils to come clean with their accounts.

I believe the turn-out will be really good!

SHADDAP n dont ask too many questions!

- how i use YOUR hard earned TC payments is NONE OF YOUR BUSINESS, so long as LAWFUL.

- how i use taxpayers $ in choosing which ward to upgrade during GE, is NONE OF YOUR BUSINESS, so long as LAWFUL.

- and yes.. we DON’T NEED any other party to check up on our accountability! If we do, not enough smart people left to join PAP and we’ll be doomed to 3rd world status!

I am a layman, brudder and lack knowledge in many things.
Thus, I seek to clarify and be enlightened the following :

.Is TC a private sector organization?

.Is TC operating as a private sector investor?

.Who is TC Accountable to ?

.Is TC accountable like the private sector if indeed it can operate like private sector investor?

.Is TC a GLC in the private sector?

. Does this incident mean that LTK ward HG TC can do the same ? Will HG TC be asked the same questions if it had done the same? And if HG TC loose money in investment, what will happen?

Come to think of it, the paper losses made by GIC and Temasek are much much more, and these are our money too. Exactly how much of the past earnings have been wiped out? And, where do we go from here?

Rainnix/BL

Hi you can do it on your own too as now HLP is a legal ground for protest No need go police station to apply permit.

I think if you annouce it here the date and time of the protest many TOC faithfuls and Singaporeans will turn up for sure.

Have no fear we are not wrong. The authorities have to fear now.

A very impressive article. Thanks TOC! All of us could not have put it better.

What I worry is the majority may not seem to be concerned about where all the money went. I mean, since day 1, who has demanded for full disclosure?

Will disclosing TC investments, allow its competitors, if any, TO ANTICIPATE ITS NEXT MOVES?

My understanding of this word TRANSPARENCY is the same as the following web dictionaries :

1. transparency : When transparency relates to information flow from the company to investors, it is also known as “full disclosure”.
http://www.investopedia.com/terms/t/transparency.asp

2. transparency :
The full, accurate, and timely disclosure of information.
http://financial-dictionary.thefreedictionary.com/transparency

A professional once said, there is either Full Disclosure , which means Transparency, or there is not. There is no such thing as 90% transparent.

I am a layman. But I think a glass is described as transparent when you can see through. The glass can be no color or any color and still is transparent. Some glass is not transparent but allows partial see-through like used for privacy. These are described as Translucent glass. A block of wood or brick is described as Opaque as we can see nothing.

I wonder, what is the actual definition of Transparency and why not use another more appropriate term?

Hi Ong Teck Cheor,

Transparency here means a totally different definition than the ones you have posed or any other description you might find in any dictionary. The citizens of Singapore have already completely lost trust in the PAP govt via the TCs handling of their funds.

Full disclosure or transparency now means that the TCs have to place all their documents into our hands for Singaporeans to see clearly what and where their funds have gone to.

The decision to decide which areas to reveal, partially reveal or not to reveal does not fall on the TCs anymore. It falls on the people of Singapore.

We have THE right to know and see for ourselves where our money has gone to. This is full disclosure and transparency.

OECD defines Transparency as follows:

http://stats.oecd.org/glossary/detail.asp?ID=4474

Transparency refers to an environment in which the objectives of policy, its legal, institutional, and economic framework, policy decisions and their rationale, data and information related to monetary and financial policies, and the terms of agencies’ accountability, are provided to the public in a comprehensible, accessible, and timely manner.

I find the words ‘accountability’, ‘public’ , ‘comprehensible’, ‘accessible’, ‘timely’ very interesting.

I also find it very strange why our dear chairman Dr Teo found it so hard to disclose the TC’s investment strategy…

Does the TC have a business to protect or secret know-hows (apparently not) that it did not want its competitors to know about?

If it has a superior investment strategy (which it does not), all the more it should share it with every other TCs…

Otherwise, nothing he said holds water…

Well well, its getting clearer that our MPs and ministers are becoming arrogant and think they run the country like they like. they dont have to be answerable to the general public!

You insist on being payed high salaries to justify your so called competence but when things go wrong and hay wire you become defensive and refuse to come clean.

So are these the people that the PAP said will be the future of singapore. I see them as been the downfall of our countries future. Who do you think you are. It seems obvious that there are a lot of MPs and ministers who think that they can do what they like and say what they like and we have to comform to their answers.

Come clean. The money in the town councils is not yours to do as you like without having to be accountable. This incidents must not be swept under thew carpet. I think a commision of inquiry should be established to determine accountablity and see that such things are not repeated. And those responsible to be dealt with.

Its time there was a commision and defintely not one form by the goverment. Time has come to be transparent . Time is now not tomorrow.

We trusted the TCs too much, just as we trusted the banks and broking firms. Aren’t they on our side? Aren’t we their customers? Do they think we can ever trust them again? What would your reaction be if banks and broking firms try to sell you anything again? Most of all, why is there no attempt at service recovery on the part of banks, broking firms and TCs? Is this a reflection of the arrogant attitude of those in power?

Even Councils of Condos would hesitate to invest in financial products which could become zero value. Why should Town Councils be allowed to do so? Has any law, by-law, regulation been broken?

It’s criminal breach of trust. The people from the affected TCs should get together to take up a class action against the TCs for breaching the trust of the residents.

Why are all these TOC “bongo”and “wanaba” people never volunteer to Stand Up and get on to be voted/appointed to run the many Town Councils besides just criticize, levelling curses and any-o-how “hit” and “humdum” and enjoy doing so? Are all these done by people who had nothing better do do? These stupid writeouts and long talk will not get results and improvement. It can only have more and more frustrations and hot air.
Best is to offer oneself as a candidate for election into Parliament in 2 years time. It is only in Parliament where one can challenge the ruling Party and thereon provides the platform to “CHANGE” the policies and the various Acts of Parliament that are deemed unfair, unrewarding and redundant.
Please note that even a claimed “fool”and “lunatic” person without mounting any walkabout and campaign had proven to garner 30% of the votes in a single ward Bedok in the early 80s GE against the previous Law Minister. I am rest sure any of the TOC ‘bongo’ and ‘wanaba” people can similarly attained more than 30% votes and at least assured to get the deposit back!

I am no lawyer but this is interesting:

The Law of Negligence:

20.1.3 Negligence as a tort requires more than mere lack of care. A claimant
who wishes to sue in negligence must show:

- that the defendant owed him a legal duty to take care;
- that there was a breach of this legal duty by the defendant; and
- that the breach caused him recoverable damage.

SECTION 4 BREACH OF DUTY
20.4.1 Before a court can determine whether the defendant has breached his
duty to the claimant, it is first necessary to establish the standard of care to
which he will be held.

The Standard of Care
20.4.2 The basic question in every case is whether reasonable care has been
taken to avoid reasonably foreseeable harm. Factors which are relevant in this
determination include:
- the likelihood or probability of the risk eventuating;
- the seriousness or gravity of the foreseeable risk;
- the practicability of avoiding or minimizing the risk;
- the justifiability of taking the risk;
- the time for assessing the risk;
- the relevant characteristics of the foreseeable plaintiff

Special Standards of Care
20.4.4 The standard of care is not normally lowered to take account of a
defendant’s inexperience, since that would be unfair to those whom he injures.

Proof of Breach
20.4.13 In some circumstances, the claimant may have insufficient knowledge
of what happened to prove negligence on the part of the defendant. In such
circumstances, the defendant will clearly choose to remain silent unless the
normal rules for establishing negligence are varied. The courts will vary the rules
and infer negligence if the claimant can show that the exact cause of the incident
is unknown, that the defendant had control over the agent of harm, and that the
relevant damage would not normally have occurred in the absence of negligence.

“Where is the money?” was asked almost 10 years ago by Dr Chee and he was fried and bankrupted for doing so. Even Ex-President Ong Teng Cheong tried to do his job to get the government to be accountable but was brushed aside by the MIW. Many Singaporeans need to feel more pain especially to their pockets before they wake up. Sigh…. Such is our society.

20) Gilbert Goh,

Hi, I would love to organise a protest at Hong Lim, but I am afraid the stakes are too high for me.

I work for an organisation with government links and inasmuch as I would like to believe that the climate of fear is a myth, it’s better to be safe than sorry.

I would like to think that I am just living below the middle-class, and job security is very crucial to me. I voted for the WP when they contested AMK and all along, I have never taken to the PAP and their sophistry.

If someone were to organise a protect at HLP on this TC furore, I will definitely attend to show my support, but for me to lead the ring, I am afraid I am too mortal to do so. :)

But the vote I hold in my hand will never go to the PAP.

If the government has the guts they should call for an election now to see if they can win the mandate to run the country now.

Come Jan there will be the usual freebies and goodies to soften the people and after which come the ususal increases. Well once bitten twice shy as the saying goes. But this time it will be once bitten twice shy three times dont waste your time we wont fall for it anymore.

We dare you PAP to hold elections and see if you have the guts to do so.

BL,

It’s ok no problem.

I know where your heart is.

Love your country and your fellow men is good enough.

Will disclosing TC investments, allow its competitors, if any, TO ANTICIPATE ITS NEXT MOVES? – Ong Teck Cheor (#21)

Who is TC competing against? Since when there is such thing as competition in government?

Dr Teo Ho Pin, coordinating chairman for the PAP TCs, told Today newspaper that the TCs CANNOT reveal their investment strategy.”

What kinda of investment strategy are you talking about ?? INVEST TO LOSE MONEY ?

It is obvious your top secret investment strategy has resulted in the loss of the PUBLIC’s money.

I am sure your competitors will not be adopting your losing money INVESTMENT strategy.

Please use your own money to invest in your own top secret formula

By the way, how do we know you made losses in the Leman brothers investment?

Is there a black and white document that says the money has gone up in smoke in relation to this investment?

Please publish the statement of accounts, this will at least be proof that the money was used for this investment……..

I’m 18 and I’ve been following local politics for a year; and I find it appalling. They have 3 years to win my vote. Unless they decide to bring it forward, which is equally disturbing to me.

To sk:

Y do u consider tat they ve a chance to win ur vote? I’m sure before the election, there will be lots of stuff/goodies thrown at u to win ur vote. But then we will be asking to be screwed once again, dun u realise?

This is not like a soccer game where the Goal Keeper let in some goals (Screw Up) but if given a chance can save more goals (Chance to Win ur Vote) the next game.
This is more like a car who has broken down. To make it work again, u need to replace the parts (New pple for Checks and Balance). Those spoil CMI parts has to be thrown away, no amt of repairing (Internal Change) will work.

Pls understand 1 pt. We voted in the pple, we deserve wat is happening now. Do we wan to be slaped on 1 cheek and turn to the other to be slaped once again? Pls give this issue very serious consideration becoz

It is us who vote them in time and again.
It is us who begged to be screwed time and again.

I am quite DISAPPOINTED in the way this matter was handled.

Though i agree that PAP has done very well in leading our country to where it is now. Somehow i feel that our past generation leaders, though objective driven, were equally compassionate and down to earth. Now with these current ministers, i feel the gap is getting greater between them and us. They always say they understand our plight. In fact do they REALLY understand? Of course, decisions cannot satisfy everyone but why are there so many complains?

I believe we need competition in order to improve. Perhaps, PAP has been sliding into a comfort zone resulting in a certain complacency that they might not be aware, given the somehow weak opposition that we have. With Sinagporeans’ mindset to prefer stability and fear changes enable the current government to hype on its track record.

We know whenever things (escape of Mas Selamat, mini-bonds saga, transparency and management of our TC funds) happen, there are always reasons to explain. Though the ministers are elected and paid to lead this country the way they think is the best, somehow i feel that they had been too results oriented that they left us behind, thought they do not think so.

With so much grievances and complains, can the ministers really sit up and do something about it rather than just dismissing all of them. If not, i feel that this gap between us will only widen to an extend that will result in something negative. Clearly, it is not beneficial to everyone.

I wish to emphasis again it is easy to complain though. Managing our country, on other hand, is very different. Still, i agree that TC should not sit on such huge surplus that they can do investment with it. This should not be a FUNCTION of the town council.

36) Daniel Ling on November 20th, 2008 8.32 pm
Pls understand 1 pt. We voted in the pple, we deserve wat is happening now. Do we wan to be slaped on 1 cheek and turn to the other to be slaped once again?

ya lo! when your enemy slapped you on your right cheek, you ask him to slap you on your left, iggit?

Try that on me and I’ll punch you on your nose! you momo !

38) tiredsingaporean on November 20th, 2008 8.47 pm

>_< pls dun punch me.

Jokes aside, i’m glad u understood my pt. =D I hope sk understood also. And wat’s impt is tat this information is circulated to more pple. Do not be slapped a 2nd time. Gonna quote myself liao lol

May this be the wake up call for those people are still thinks that PAP is a party that looks after the citizens of Singapore.

Sidenote. Do you guys think that the lack of government involvement in the minibonds saga and this incident is related? I mean, if the PAP is to actively go to and investigate the suppose mis-selling of the minibonds product and it was found out that the government has stakes in those bonds, it might lead the public to think that the PAP is so eager to investigate only because “their money” is in it.

I would love to see an independent review of Town Councils (TC) – not just the SOX type of audit but an investigation to help me as a Citizen to understand the underlying reasons for TCs’ being, and therefore to enable us all to determine the future of TCs’. This should be a critical review of the social as well as political function and history of TCs. The review team should be multi-disciplinary, comprising of historians, social scientists and audit professionals. I am not in favor of the status-quo ‘let’s move on’ & ‘let’s improve the system’ position suggested by ST’s Ms Chua & the Editors because apart from accountability, I would really like to enhance the meaning(s) of ‘public service’ and ’social responsibility’ by thinking beyond corporatization i.e. KPI, unit costs etc.

”

I also find it very strange why our dear chairman Dr Teo found it so hard to disclose the TC’s investment strategy…

Does the TC have a business to protect or secret know-hows (apparently not) that it did not want its competitors to know about?

If it has a superior investment strategy (which it does not), all the more it should share it with every other TCs…

Otherwise, nothing he said holds water…”

yeaaaa..the town councils have superior investment strategies that will beat any strategy hands down, thats why they cannot reveal it for fear of Singaporeans like you and me using the same strategy and making big bucks. sorry gtg, need to pay my S&C charges.

43) me on November 20th, 2008 10.16 pm
yeaaaa..the town councils have superior investment strategies that will beat any strategy hands down, thats why they cannot reveal it for fear of Singaporeans like you and me using the same strategy and making big bucks.

sorry gtg, need to pay my S&C charges.

ya lo! you better go and settle soon, lately I noticed sub-court business not so good leh.

This is one issue that is worth while pursuing in Hong Lim Park.

It is definitely an obligation of the Town Council to be more open and transparent with its investment strategy and finances.

35) Did we invest ? on November 20th, 2008 7.35 pm
Dr Teo Ho Pin, coordinating chairman for the PAP TCs, told Today newspaper that the TCs CANNOT reveal their investment strategy.”
……….
————————-

If HG TC also invests, can they use the same reason ?

Does the TC have competitors?

What is the harm? Lets have clarifications on this.

Why ? Why ? Why ? Why ? Why ? Why ? Why ? Why ? Why ? Why ? Why ? Why ?

How much of those cash in Citigroup, Merril Lynch and Morgan Stanley?

Some government we have.

Please can someone start a petition to replace the present bunch of Town Councillors who have lost so much of our money that they dare not disclose the true amount they lost. I am confident that we can gather more signatories than the NKF fiasco which forced TT Durai to resign.

Well, Dr Teo cannot reveal investment strategy because there is none.

I’m very puzzled by the fact that residents, having paid so much Conservancy fees to Town Counciles, are unaware of how these money were used in investments without seeking initial approval from residents in the first place. If investsments were a success, does the profits get distributed among residents or the govt simply pockets it away and hiding it from us? What kind of logic is this!?

Quite frankly, it seems to be that there is no accountability in Singapore. Over the past 12 months, we have seen umpteen instances where our supposedly best-in-the-world, best-paid-in-the-world leaders are screwing up in what is supposed to be their areas of core competency. In the private sector, this is grounds to question whether or not you are fit for the job. But in Singapore government linked organisations…it’s simply business as usual. The man in the street foots the bill.

To: Law/Daniel/Fed up/Laser point/Tiredsingaporean

I agreed with all your points raised. Our country is going downhill since the last election.

When one party has absolute power for a long time, they have no one or issues to challenge them into staying on the edge and compete. Imagine if you have 20 other opposition parties’ MPs in Parliament competing for their attention, do you think they will have time to sit around and idle away? They better pull up their socks and answer to the enquiries of these opposition MPs who are elected by the people.

Our govt is getting complacent – that is beyond doubt. We may have the best team in the world but without competition in a two-party system, our ministers slack and do what they think is best. There is no check and balances and they can get away with anything they want. Who will check them? The PM self-checking philosophy as the PM so advocated last week, can only do so much. Accountability and responsibility are another matter altogether. That needs proper check system in place which is missing now. The people can’t check them can they?

Politics is such that it is always associated with power. That is why strong men like Hitler, Moussolin, Deng Xiao Peng, Castro have gone all the way to stay in power even though the country may suffer. Some even go on a slaying campaign to crush those who opposed them for fear that their power base is weakened.

I am not surprised that the govt will not help the opposition to get more seats. This is only logical and reasonable. Which party wants to give away their power or even share it with their “enemies”? You got to be joking.

Our opposition will continue to be weakened if capable people do not rise up and join them. The reason why Singaporeans do not vote for them is that they are viewed as a relatively incapable and useless opposition movement that does not motivate nor inspire. No thanks to the smear campaign that our govt always throw at them. Our opposition needs a complete make over in terms of marketing themselves to the people.

They are also not help by the fact that the ruling party has managed to rejuvenate themselves with capable people during each election. Nevertheless, I ask myself what good will new young MPs do if they are not really doing their job?

We can see during these few years MPs with a strong CV and good brain do not mean that you will have a soft heart that is connected to the people. Slowly, the veil is removed from our peopl’es eyes. We see that our intellectual elected MPs are merely puppets and only move when instructed by the top. For too long, we associated capability and governance with strong educational qualification and experience. We fail to see that more than that, our elected MPs need to be ground people who feel for the people. They don’t need to have masters or PhD but they do need to have a strong heart that is always for the people.

Many here have spoken that we are to be blamed for the fiasco that we are in right now. I concurred totally. We have voted them in to form the government, gave them the mandate to rule over us and we have no one to blame except ourselves.

…it might lead the public to think that the PAP is so eager to investigate only because “their money” is in it. = #41) Komenos.

Since when did this govt gave two hoots what you think?

I would love to see an independent review of Town Councils. = #42) Review the TC.

Can Singaporeans group together to forcibly ‘encourage’ an independent review committee to look into the TC’s investments of municipal funds?

I would really like to enhance the meaning(s) of ‘public service’ and ’social responsibility’ by thinking beyond corporatization i.e. KPI, unit costs etc.. = #42) Review TC.

We really do need this don’t we?

why Dr Teo found it so hard to disclose the TC’s investment strategy… =#43) me .

If it is a successful strategy, fair enough. But if it is a strategy that failed, it must be made known to the public so that we can see where it went wrong and if any bad decisions were made along the way, and if need be, heads have to roll. This is accountability. Protection of self-interest and accountability cannot go hand in hand in this instance. The choice if not his to make.

This is one issue that is worth while pursuing in Hong Lim Park. =#45) isa.

It should not be at Hong Lim Park alone. Every Singaporean who loves and care enough for his country has a duty to see to it that the govt get to the bottom of it. Even if the govt decides that the town councils had acted in good faith, tell us. Have we become so educated that we forget simple words of wisdom? Silence may be golden in most instances but in this messy climate of financial turmoil, silence is admission of guilt. Nothing less.

can someone start a petition to replace the present bunch of Town Councillors =#48) Petitioner.

Petition another time. The immediate thing to do is to get your friends, neighbours, grand Ah Ma, Ah Kong, or even your pet dog or cat to go with you to see your MP and demand answers from him or her. Let us all form a long queue this weekend at every TC to send a clear and strong message that we demand answers. Do it, please.

If investsments were a success, does the profits get distributed among residents or the govt simply pockets it away =#49) Jackson.

These are allegations of corruption, yet the govt is keeping mum. There must be an element of guilt here, don’t you think? We have been swindle, left, right, centre.

In the private sector, this is grounds to question whether or not you are fit for the job. But in Singapore government linked organisations…it’s simply business as usual. =#50) Fed Up .

Only because WE allow them to do so. Who does the firing in SG Inc? WE do the firing! Let’s do it at the soonest opportunity available. Do it, Singaporeans! Sack the whole bunch of incompetence nincompoops.

When one party has absolute power for a long time, they have no one or issues to challenge them into staying on the edge and compete #51) Gilbert Goh Keow Wah.

This is why the PAP is so clever all along. They know they have messed up big time. There is no way they are going to get out of this mess they have created for themselves. What would you do if you are in such a position?

One, either you admit your guilt and take back all the shits you have excreted disguising them as credibility, honesty, brainy and good. It is slapping tyour own face, is it not? Do you think this is the course of action you should take?

Two, tell the people that we do not need others to add to the mess and that one party with a collective pool of brains can resolve issues better and speedier. This is reverse-psychology. Don’t forget there is a neuro-psychologist in the LEE regime.

Singaporeans, are you still buying into this. This ia as bad as the tainted milk issue in China. It is FATAL. Don’t you think it is about time we change brand? Any brand will do?

I have another suggestion other than petition or protest at HLC. Which is to speak to Eunice Olsen. I believe her heart is in the right place, and maybe, just maybe she needs a little push and encouragement to start organizing people to push for more transparency, She is like a lone ranger now. Quite frankly, I think there are some MPs, even amongst the PAPs who are quite sick of the establishment. We should rally behind the good MPs, be they PAP, or NMP, or opposition, and show our support and that they do not fight alone.

In the game of Go, a player can only improve by playing against an opponent of at least an equal skill. If the player becomes unable to play due to lack of opponents, then entropy will begin.

History has shown again, and again, and again: Empires eventually fail. Especially when no one’s left to keep the Emperor honest.

Do we really have a case against the TCs? They are being governed under Interpretation act (Chpt 1) which is rubbish. “as it deems fit” – now, they can simply tell us they deemed it to be fit to buy the bonds and equities then. This is silly.

Standard investment power of statutory bodies
33A. Where any written law confers on a statutory body the power to invest any moneys in accordance with the standard investment power of statutory bodies, then, subject to any general or special directions as the Minister charged with responsibility for that statutory body may issue, that statutory body may —

(a) invest those moneys in such manner as it thinks fit; and

(b) engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment.

I still urge all to stay politically in tune so that we all know what is happening. We can’t be like the majority of people who just go to work, take their pay and stay at home.

We should also try to help our fellow countrymen who may be jobless or down due to the current crisis. Moreover, we need to stir up the love for our country once again.

Those who know of others who need some aid can approach the love singapore fund administered by the Faith Community Baptish Church. I can provide you with some details if you need more info here.

Let us not be labelled politically apathetic.

Bah, not “entropy”, it’s “atrophy”.

I am repulsed. Let us revolt and not pay our S & C Charges for this month. I have already made sure that my giro bank account for this deduction will not go through for this month. If everyone of us affected do this perhaps they would realise that we are dead serious. See you all in court in 2 months time!

Hi Joshua, I support your belief that Eunice Olsen might just be able to help bring across the seriousness of the issue. You writing to her? Give a try. Invite her over to TOC to read the posts here and to get the feel of the situation. TOC might want to position itself to meet up with her to discuss further. Hope TOC don’t go silent on this too.

Hi Gilbert, I agree that we might be wrong to label Singaporeans apathetic. I think they are ill-informed more than anything else and we can attribute the blame to ST. It does no good with labellings. We should go out and try to give them a correct sense of perspective. We have to be realistic too and not to expect overnight changes. Small steps are the way to go.

We have voted them in to form the government, gave them the mandate to rule over us and we have no one to blame except ourselves.

Correct! so in reverse, we can also have the power to vote them out of office too, the choice is yours to choose 1. to continue giving them another chance and be prepared to be screwed for another term 2. to vote these bunch of liars out of their office for good, and don’t ask whether there are any talented people here to run the show or not because this is the fear the ruling party have created into the minds of you people all these years. There are alot more capable and talented people out there and they are still waiting for that old fart to go before they emerge themselves to fight for the justice of the country, these are the new blood that the present ruling gang is afraid of because they know they can’t fool them with the way they fool us folks all these years.

I am really worried these days. I mean, the economic situation is getting worse and worse and there seems to be a lot of tactical moves by the government to cover up a lot of things. If nothing is asked, nothing is revealed, that seems to be the PAP principle of good governance. And when you ask the government to do something, they say “Tough luck, blame it on the world economy, take good care of yourself.” Is that what we pay millions to hear?

The funny thing is, the opposition is very silent on all these. You may blame the media for not reporting what they say but so far, from their own website, they have said nothing. These are issues that affect all Singaporeans. Surely, since the opposition like to be watchdogs, they should be barking up. But they are contented to be “constructive” opposition, whatever that means.

The whole Singapore political system is so dysfunctional that I feel hopeless.

hi gemani

Good suggestion. I’ll try to do so over the weekend. I’m free for two weeks, so hopefully something can be done. Plus… Eunice Olsen very chio. muahahahaha

62) worriedsingaporean

You’re right about the tactical moves by the government. They must be working overdrive and that might just explain why the TC guy (Mr Teo or something) made the slip of the tongue that he cannot reveal the TC’s investment strategy.

The bigger picture points to this as a fact – Silence; cannot talk, All PAP MPs have their mouths taped, cannot reveal anything. Let the wind blow, no wind, create wind. Too bad, no opposition to nitpick with.

Don’t worry, let the PAP do the worrying.

Put in the opposition in the next election and we’ll see the full extent of the cover-ups. Don’t you want to know? I can’t wait!

63) Zefly (aka Joshua Chiang) on November 21st, 2008 11.39 am hi gemani

Good suggestion. I’ll try to do so over the weekend. I’m free for two weeks, so hopefully something can be done.

Plus… Eunice Olsen very chio. muahahahaha

wa lau eh! like tat I oso want to write leh . . .

the more the saga unfold itself, the more similiarities that our TC is to that of our beloved NKF

TC = NKF?

- huge reserver
- no transparency
- fund mismanagement

Solution?

Charge the MP responsible like what they did to TT durai

Everyone is aware of this fiasco but how many are not indifferent?
If this were to happen in USA or Europe…..?

I hope Transparency is not a dirty word.

Just to keep things in perspective, 48% of Singaporeans got to vote in 2006. Correct me if I’m wrong. So a majority of Singaporeans were not able to vote in their GRCs because of walkovers. Please do not claim that 66.6% of this 48% of voters spoke on my behalf and that PAP got a mandate from the people of Singapore. I and 52% of voters did NOT get to vote in 2006!

66) Hitachi08

Ironically, that’s what CSJ was telling Asian Wall Street Journal. And they both got sued.

69) Sylvester Lim on November 21st, 2008 1.08 pm Just to keep things in perspective, 48% of Singaporeans got to vote in 2006. Correct me if I’m wrong. So a majority of Singaporeans were not able to vote in their GRCs because of walkovers. Please do not claim that 66.6% of this 48% of voters spoke on my behalf and that PAP got a mandate from the people of Singapore. I and 52% of voters did NOT get to vote in 2006!

Before they introduced GRC and then many place kenna walkover, now they are in trouble, they are going to implement a 1party system, means they now want to step you all over, no more walkover.

Point definitely noted Daniel Ling & tiredsingaporean, I’m only 18 and I already feel tired of Singaporean politics. Little wonder the huge number of youth ready to emigrate given the available resources.

Funny how IPCs and charities have to reveal their finances and get checked regularly but TCs are exempted from having even their investment strategies checked when its money comes from the man on the street. ST seems to be trying to neutralise the issue with its articles today.

72) sk on November 21st, 2008 3.04 pm
Yes sk, you are only 18 and already feeling tired, then in that case I must change my nick to verytiredsingaporean now. . .haha. . hope people like your age can now step forward to do your part for our once beloved country, most of us folks are already 50 no change liao, can only do this much as we can contribute if not for our sake, its for the next generation people like you. So, the least you can do now is to spread your words around and get as many people in your network to participate here at TOC, of course it would good if you people can educate those folks of yours too, that would certainly help.

72) sk

Dear SK,

Yours is a very young generation. Make a resolve. Get all your friends and their circle of friends to make the same resolve. Resolve to help create an alternative political voice for the larger good of Singapore.

Being young and being thrown into this topsy-turvy world of today, you can get lost in it in no time if you are not careful and do not look out for yourself and your loved ones. The turmoil will not end with the death of the generation before me nor with my generation.

But you can make sure it ends with your generation and this is why people in my generation are doing all we can to bring about this change so that generation like yours can enjoy the fruits of our labour. I have children and I want them to enjoy these fruits as much as I want you to enjoy them too.

Resolve to do this, to create an alternative party. You can do this within the next ten years if you spread the words to your friends and their friends and their friends’ friends etc to get them to vote for the opposition. Don’t consider anything else. Just put up an alternative voice for Singaporeans.

For some, you need to get them involve to discuss politics. People have to be interested in their own welfare. Talk nothing else but politics. Help those who may sit on the side, on the fence, get them involved even if it is just to listen to the group talking. In time everyone will be talking politics.

It is a long and painful process but some of us are already getting the wheel to move. Your generation has to continue to keep the wheel moving until we effect change. Your generation has the best hope of seeing change. But it must begin now. The groundwork has to be laid now. The stop watch has been clicked and the time starts now. You can do it.

Believe It!

Questions we all should ask are .

1) Are our NMP’s proactive or reactive ?
2) How do we know our money was ever invested in Lemans brothers ?
3) Losses are reported only now ?? Does that mean we way making money from start ?

4) Why are our NMP’s not taking the lead and waiting for the average joe to ask questions and try to figure things out?

5) Why is it our NMP’s did not flag this RISK (town Councils making investments) before it actually happens?

6) Are our NMP’s aware that town councils are making investments with our PUBLIC funds ?

In a nutshell, what has our NMP’s contributed to date in a positive format ? except reading these comments ……..

I feel that the opposition deliberately kept quiet all this while to allow SIngapore to rise up.

What if they do their part and speak up for SIngapore in PArliament and even go to the press? Do you think people power will rise up?

That is my take and I think there is moe truth in that.

We have over rely on our opposition to do their part too much and remember that as citizens we have to do our part also. For too long, we are too apathetic and bochap for our own good. Give me my three square meals, Toyota and HDB roof and you can do what you want. That’s our life’s philosophy so far and this got to stop!

TKL is one good example when he rose up to stand for issues that irked him. If CST or LKT took the issue to HLP do you think things will be better? I dont know.

We need a fresh start, someone who dares to take up the challenge and inspire the nation.

If the opposition comes in now it need be useful but not necessarily inspiring. We knoe them too well and this can’t be very motivational.

TKL has shown the nation that someone new can be refreshing. We are tired of the CSJ, CST and LKT, it’s time to give someone new the reins to jumpstart opposition politics.

I tested the ground so-to-speak in my own small way.
I asked several strangers aged between 30-45 about the following:

1. Oil price at rock bottom prices while Electricity is being Hiked by 21.5% and natural gas or something like that is used to generate electricity and this gas is cheaper than oil.

2. TC investment and where does the rest of investments gone to. And TC investment and how they feel about conservancy charges being put into investment and what happens to the profit and what happens to the losses if any.

3. 1st world cost of living at non-1st world salary.

4. People Representatives.

They all give me a blank stare and seem oblivous to current affairs.
Sad.
Unique in the strictest sense.

Which country nice to stay huh?

72) sk on November 21st, 2008 3.04 pm

Tat’s great news. Becoz 1 person who understands the point = 1 more person to assist in the circulation of information. =D

Our Forces = +1

70) Zefly (aka Joshua Chiang) on November 21st, 2008 2.24 pm 66) Hitachi08

Ironically, that’s what CSJ was telling Asian Wall Street Journal. And they both got sued.
_________________________________________________________

Back then ppl are not so politically aware of whats happening …

but the recent financial crisis and a whole series of unpleasant national incidents have more or less awakened once sleepy bochap stupid singaporean

if singaporean smart a bit and find back their balls then we all can make a difference in the next GE

I m sick of this talk only profit only work only gavernment … tired of reading ST brainwashing agenda … and sad of looking at my escalating household bills …

No. 72 sk

“Funny how IPCs and charities have to reveal their finances and get checked regularly but TCs are exempted from having even their investment strategies checked when its money comes from the man on the street. ST seems to be trying to neutralise the issue with its articles today”

That’s why I proposed that the Code of Governance should be applied to the Govt, only that it should be a lot more stringent.

As it is, many charities are struggling to comply and many smaller ones have closed shop, not because they have something to hide, but because it’s administratively so onerous. And to think that most charities put the interests of those they are serving first, and yet just staying alive is such a challenge. Who suffers when well-meaning charities close?

Now, look at the Govt. With proportionately much more resources at its disposal, proportionate much less welfare things to do (most welfare things are left to VWO, spirited public and good corporate citizens) and handling a lot more public monies, there’s nothing to ensure good governance and transparency. All we get is assurances that these are doing a good job, self-checking is in place, blah blah blah.

Stop kidding us. If you, the Govt of Singapore, can come up with the COG for charities, do the same for yourselves. Don’t preach one thing to others and do something else yourselves.

77) Putty 1st or Ration 1st

I spoke to my friend about the same things. She dunno. Not that she didn’t read news, but she read BBC News and other world services, because she gave up on ST.

So while she is knowledgeable in world affairs she knows nothing about SG.

With more and more things that seem like not fully disclosable,
why people are ok with the situation ?
why people do not question?

I give up on singaporeans.

What say YOU ! ? Yes or No ?

I’ll start the ball rolling….. A DEFINITIVE YES! I checked the MP qualification on their websites and found that its not easy but then singaporeans are highly educated also. So, yes, there are more than 100 MP-level potential candidates. Enough for any kind GRC.

but then, this is just me and my 0.987 cent

Funny how our reporters and NMPs are keeping mum about this whole situation.

I guess they are waiting for the signal from the mothership….

E.T phone home ?

Please spread the word around as the MSM seems to have limited info on whats going on and being reported.

Remember things have to go bad before they get better
The Erosion has started.

Ya if u read ST only you are screwed. It is very narrow based and abit political. They want you to read what they write.

If possible, try to read some foreign presses like New York Times, The Daily Telegraph – all free online.

I reaslied that the typical Singaporeans are all living in a very myobic tiny island all couped up trying to make a living so that they can clear their bills. Sometimes I felt sad for my country. Is this first world country standard.

Though we have the Durian Esplanade, frankly ask yourself, how many times did you actually venture in and see a play or performance? For me nil return as the ticket is beyond me though I love stage plays like Mamma Mia, Beauty and the beast, etc. Most of the patrons are sadly foreigners.

I went to Holland V and was shocked to see so many Ang mohs there having a good time with our SPG girls. At River Walk, the same thing happened – a throng of western restaurants filled up by foreigners. I felt so foreign in my own country and was sad. Is this my country?

till the expose of mis-management of TC fund, no one knows where does the reserve fund (or sinking fund) goes. my fren was complaining about how long it takes for the TC to build a covered link way at her place at sengkang, which they (TC) has promised to get it done many months ago. now the project is postphoned further to next years. this cause more worries among the residents on whether the TC has enough fund for its operation.

1) pigscanfly

not only WP, but every citizen should be concerned about these issues. all these events are happening are happening at our doorsteps.

2) WTF are they doing with our money?

there is no transparency. our people are more educated now, and the govt have already realised that they couldn’t manage their people like their past, with their iron-fist policies and keeping scandals from the ignorant general public. but due to their party dominance in the parliament and having the elitist mentality, many continue to be arrogant. if they continue to have this mentality, they will never keep in touch with the common man in the street.

62) worriedsingaporean

from a speech given by Low in parliament, i can see that he is not a very good public speaker. and with the onset of stroke of Chiam, his health is a concern. with 2 opposition members and a NMP in the parliament, their voices are small. though small, i would agree that they should speak up for our rights. but i wonder if it would be effective.

69) Sylvester Lim

it’s very difficult to get people to join the opposition camps, not to say committed opposition with a vision to serve its people, who has the intellect to come up with policies that serve the good of the society. and with stringent regulations set by the authority, the oppositions will fight a tough battle to in the elections. walkovers are expected.

74) gemami

“For some, you need to get them involve to discuss politics. People have to be interested in their own welfare. Talk nothing else but politics.”

instead of purely talking politics, create awareness of policies set by the govt and explain to them how they will be affected. but that’s still not enough to get them involved, as many still have the mentality that nothing will be done by the govt even if they have alternative views. there’s a need to find ways to empower them. but sadly, it’s easier said than done.

76) Gilbert Goh Keow Wah

“We have over rely on our opposition to do their part too much and remember that as citizens we have to do our part also. For too long, we are too apathetic and bochap for our own good.”

you have got what i want to say.

last point for the article: i question the expertise of the members in the TC in investing. our govt has locked our money in cpf so that we have an income source after retirement. but this money is managed by people who have the expertise. there’s a subtle implication that the general public do not know how to manage our money though.

TC has collected more S&C than needed for the sinking fund, so that they can tap into this fund when there’s a need. when the govt relax the regulation to allow TC manage their fund and open their fund for investment, have they considered the point that people in the TC might not even know the basic of investing?

When cpf relaxed its regulation for our people to invest part of their cpf money, if our people lose money in investment, we have ourselves to blame. When govt relax regulation for TC fund, if TC lose money in investment, who will be answering to the losses?

Please wake up, our dear Town Councils!

Your responsibility is to serve the people in your constituencies.

Town Councils are meant to serve the residents. Town Councils should maintain a resonable amount of contigency funds, but the contigency funds should be capped and the rest of idle fund should be returned to the residents in the form of rebates or cash.

To cite adopting ’secretive’ investment strategies in hope counter inflation effect on the idel fund is NOT acceptable. Residents do not entrust Town Councils the monthly S&C monies for investment returns. They need the Town Councils to upkeep of the place that they live.

The contigency fund and idel fund belong to the residents. Having a proper meal today and a leak-proof roof over our heads are the priorities.

When there is not enough money to pay bills, there is no need to mention on worries about money shrinking due to inflation.

Simple as that.

Since Chiam’s ward is at risk,
and we can judge for ourselves the WP performance,
is it time to have a new Alternative Party
to better represent the People ?

Does the people deserve more Pro-Active Alternative leadership to represent our feelings and voices?

If all or most of the 33% swing towards a new Alternative as pro-active and well articulative as TOC, then maybe we finally can have a new more effective Alternative Party. We only need 1. Someone has said, its difficult enough to have 1 ‘A’ Team. Likewise, we should all aim for only 1 strong and responsive and effective Alternative Party.

TC investments :
I am confident they are doing well.
But that is based on my believe.
This may be a bit too unscientific .
Given their confidence that they are taking good care of our money,
what is the harm of Full disclosure given this TC is not the T or the G?
what is the harm of showing your good results?
I would think its to your benefit that you disclose since your hard work should be appreciated by all HDB leaseholders, their dependents and children. Do they think this investment has no impact on them?

So, why not show us the records to prove what is said and silent the conspiracy theories once and for all? I worry that people may perceive the wrong way about how TC manage service and conservancy funds. This is not healthy in the long run. TRUST could be broken.

HDB dwellers look forward to a full disclosure of wonderful investment results for all to see. I am sure you guys did well. come on!

By the way, sinking funds should not be considered ’sunk’.

Simple as that.

Who sold the structured investment products to the TCs and were there personal interests involved?

with citibank market cap at 20 billion, gic or temasek should take a longer term view and buy the whole company. 5 years later, it may be worth 270 billion again.

Guys ,
all the questions posted, where are the answers?
maybe the people do not care about the answers?

Hi No CHANGE, $ only

The answers are staring you in the face, its called deafening silence…..this is just a small issue, and we have already seen the response we are getting.

Just imagine if it were our reserves or CPF money for that matter….. what would the outcome be.

It is obvious, they are waiting for this to die a natural death, when the people are exhausted and give up.

I am very sure our NMP’s are all reading the comments posted here…. they have responded with silence.

They are all waiting for the order of the higher one to act when the time is right, believe me, when their time is right!

Stop being so critical! Our leaders have assured us that TC funds are managed by experts. Why blame them when even these elites were caught offguard by Lehman’s fall?

The pedigree of these experts are unquestionable:

HOLLAND-BUKIT PANJANG FINANCE COMMITTEE
Tan Sim Cheng, Peter Chairman
· Director of Kidney Dialysis Foundation (KDF)
· Chairman, NUH Medifund Committee
Tan Kian Huay Vice Chairman
· Director, NTUC Choicehomes Corporative Ltd

PASIR RIS-PUNGGOL FINANCE COMMITTEE
Ernest Kan Yaw Kiong Chairman
· Chief-of-Operations, Clients and Market, Head of IPO Group, Deloitte & Touche, Singapore
· Vice President, Institute of Certified Public Accountants of Singapore
Christopher Tay Ah Meng Vice Chairman
· Director, Spatec Pte Ltd, Sensori Holding (S) Pte Ltd, YES Holdings Pte Ltd
· Chairman, Punggol South CCC Welfare & Education Fund

ALJUNIED ADMIN & FINANCE COMMITTEE
Liew Choon Boon Chairman
· Director, Defence Finance, Defence Management Group (DMG), MINDEF
· Executive Committee Member of RENCI Charity

HONG KAH FINANCE COMMITTEE
Wong Mun Chiang Chairman
· President of WIN-SQ
· Managing Director of Vetpharm Laboratories (S) Pte Ltd.
Lai Siew Hoong Vice Chairman
· Technical Support Officer, SAF Mapping Unit, MINDEF

MARINE PARADE TENDER & FINANCE COMMITTEE
Dr Chua Ee Chek Chairman
· Chairman, Marine Parade CCC
· Chua Eye Surgery Pte Ltd
Lim Chin Sen Vice Chairman
· Certified Public Accountant / Executive Director of Summer View Hotel Singapore
· Former Chairman (current Member) Audit Committee, RENCI Charity

The people have not been made aware that the TC scheme was “to ‘devolve’ responsibilities such as financial accountability to individual MPs.” interestingly stated in parliament by anothe multi millon dollar salaried minister. On what basis was this decision taken? The TC’s handle millions of dollars of the public and it is apalling that they do not have to report to the main board when make investments of such major proportions. If they did, then was this approved? by who?

“Dr Teo Ho Pin coordinating chairman for the PAP TCs, told Today newspaper that the TCs cannot reveal their investment strategy.” – what do you expect from him. This is exactly the same words spoken by our wise old man when asked about the investments of GIC. Where is then the accountability? Who made the decision of these investments? On what basis were these investments made? There is NO need to tell us the strategy which appears to SUCK but we expect to know what went wrong? and who is accountable for this?

“While Singaporeans know that TCs are allowed to invest up to 35% of the $1bn in sinking funds they hold, we have absolutely no idea how this money is being used.” – do you think you can get any answer out from the government after this fiasco. The investment strategy is TOP SECRET and as the government do not want that others will be able to follow their strategies? if they reveal this. This must be the most hilairous thing in town.
“For now, public anger is at a high watermark. The best way to bring an end to this sorry episode quickly is full and frank disclosure. The TCs need to release full details of their investments..” – you think just because you are TOC that you will be able to get the government to give you the full disclosure. Think again. Who are you? Just one of the digits in the eyes of the government. They have been voted in and given the mandate, and they know what is best for the people, including the refusal to give a full disclosure of this episode. As as one blogger wrote, Singapores have short term memory, and this will probably blow over again.

http://www.malaysia.net/lists/sangkancil/2000-03/msg00183.html

interesting article found on net about our late ex.president’s interview after his step down talking about our nation reserve.

Dear tiredsingaporean ,

A big thank you to you sir. I read through your attached link article about our late beloved President Ong. Heartening indeed and you can only shake your head and sigh. What have this country really become? On a bright note, it just makes people more aware and should be more diligent come voting time. I think all of us should pass along this link to share with relatives, friends and colleagues.

[...] TOC Editorial: Our money, our right to know, The Online Citizen [...]

95) teoKianboon on November 23rd, 2008 10.33 am

There are many good resumes.

What we want is INFORMATION.

you digg?

93) The answers on November 22nd, 2008 11.57 pm Hi No CHANGE, $ only

The answers are staring you in the face, its called deafening silence…..this is just a small issue, and we have already seen the response we are getting.

Just imagine if it were our reserves or CPF money for that matter….. what would the outcome ………
—————————————————————–

Precisely why I bothered to be concerned.
Precisely why I cannot understand the apathism.
Precisely why I cannot understand the status quo.

Its TIME!

98) Observer(SG-HK) on November 23rd, 2008 4.38 pm
This is why we singaporeans must continue in our digging, the more you dig, the more it surface, who knows what coming out next, could be a time bomb duh!

I gues if you want to put it in a bad light some old incidence that happened before also involves money like the Suzhou investments, the same year, the CPF payout move to 62 years from 60yrs (sounds fishy to me).
The GIC corporations net assets to be worth 265 billion? Whoa…Isn’t that Singaporeans hard earned money too…But we don’t hear any transparency in those. I think the minister need to rise up and take charge in clearing the TC mess, instaed of blaming and washing their hands of this fiasco. So disappointed..I’m paying like $65 per mth to see trash not cleared every day under the block and damaged tiles in the carpark not repaired after a month of feedback..Hmm..

aiyoyo

simple – give back commoners principal $, ok liao

keep the gains which come from INVESTMENT & keep rolling on..

aiyoyo…