How much public funds did PAP town councils lose in total ?
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“Every PAP town council has between S$30 million and S$150 million in their sinking funds. Although some of the town councils have purchased Lehman Brothers-linked products, the investments are minimal. Maybe a couple of percentage out of the total investment portfolio (were used in those investments), so the exposure will not affect the overall investment portfolio or the sinking funds per se.”
My interpretation: Assuming the most conservative 1 percent of the sinking fund is used in those investments, this will represent a loss ranging from S$300,000 to S$1.5 million dollars for ONE Town Council only. We do not know how many town councils have bought the products. “Some” can mean three, four or even ten town councils, but what we can be sure about is that the TOTAL LOSS incurred by the PAP Town Councils are definitely close to or even more than S$ 1 million dollars !!
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Public funds should never be used in high-risk investments at all to generate returns. When there is a surplus, it should either be used to provide more amenities for the residents and or refund back to the residents in the form of decrease in the annual conservancy fees. The reserves of sinking funds held by the Town Councils (ranging from S$300 million to S$1.5 million) begs the question if there is really a need to accumulate such a huge surplus in the first place. Since there is more than enough funds to maintain the estates, why not reduce the conservancy fees of the residents ?
At a time when Singapore is in technical recession and Singaporeans are tightening their belts in a worsening economic climate, losing such a large amount of public funds is tantamount to gross negligence and dereliction of duties. It is disappointing that both the authorities and media do not realize the magnitude of the mistake and of the urgency to address the underlying flaws and loopholes in the administration, choosing instead to dismiss it as another “honest and unavoidable mistake“.
Read the full article and watch the CNA video here:
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eerrr...
you should diversify your investments?
but on the other hand, why are town council doing investing? shouldn't they like transfer the money to like CPF board, and invest together to make more money together? shouldn't they leave the investing to the experts in one government agencies?
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the money should be spent on improving the lives of singaporeans. not for investing.
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Could the money have been used for lift upgrading instead of people pay and pay for it?
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Originally posted by dragg:
the money should be spent on improving the lives of singaporeans. not for investing.
exactly man. wtf town councils need to do investments? yet there are so many homeless people around.
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A high risk investment is one that goes bust and a low risk one is one that survives ? Whats the point of saying all these in hindsight ? Who would have predicted the collapse of these large institutions?
These money could have gone somewhere to improve our lives oh yes. Why don't people just spend now and upgrade the lives of your family instead of putting them in investments ?
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I will be surprised if the Town Council is allowed to invest any portion of their public allocated funds in any speculative stocks or even any financial instruments other then that issued by the Singapore Government.
Even without putting money in high risks financial programs, some of the Town Councils do not seem to be able even to co-ordinate the Neighborhood Upgrading Programs.
How often have we seen the wastage when almost after some upgrading programs are close to completion, a Government Agency will come along to dig up the completed upgrading works, and leaving the Town Council to restore the works to its intended upgraded finish ?
Or how often have we seen a simple upgrading works to add new lifts to a block will take at least more then 3 YEARS to complete the task - with the completed lift shaft waiting for almost 8 months for the lift to be installed, while the main contractor is tying up his manpower and resources to the project, and the residents inconvenienced.
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Originally posted by skythewood:
eerrr...
you should diversify your investments?
but on the other hand, why are town council doing investing? shouldn't they like transfer the money to like CPF board, and invest together to make more money together? shouldn't they leave the investing to the experts in one government agencies?
Your point invites me to ask WHICH OTHER AGENCY OR ORGANIZATION INVESTED IN ANY OTHER INVESTMENT PRODUCTS?Who knows ?
Is this information not releasable?
Who in singapore can advise?
In TW or other countries, questions like these can be answered quite quickly.
they have strong oppositions to question for the people. this is one good thing about TW democracy. I must say singapora democracy also bagus! like that more safe.
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The politicians should pay for the losses, who agreed to the decision to speculate our money. We always kana pay for our mistakes and so should they.
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Originally posted by seyKai:
The politicians should pay for the losses, who agreed to the decision to speculate our money. We always kana pay for our mistakes and so should they.
you wait long long for that to happen. instead, we'll see big fat bonuses. -
My only option - He dont pay i dont vote for him & that is final
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Originally posted by alwaysdisturbed:
you wait long long for that to happen. instead, we'll see big fat bonuses.
You mean more bonus with slight cut in pay? not a bad deal? -
Ramseth, TOC site is down now?
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Originally posted by likedatosocan:
You mean more bonus with slight cut in pay? not a bad deal?happy wishing!
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Originally posted by seyKai:
My only option - He dont pay i dont vote for him & that is final
we get to vote? in singapore?
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Originally posted by seyKai:
The politicians should pay for the losses, who agreed to the decision to speculate our money. We always kana pay for our mistakes and so should they.
You voted these politicians to be your goverment for 4 to 5 years, u agreed to endorse them to make the decision, so now things goes wrong and you blame them??? why dun u blame yourself in the first place??? You make the greatest mistake, the following up are just the residue of your mistake...so next time vote probably ya. -
Originally posted by seyKai:
My only option - He dont pay i dont vote for him & that is final
He dun need yr vote, 51% is already enough for him to rule here. -
Originally posted by angel7030:
You voted these politicians to be your goverment for 4 to 5 years, u agreed to endorse them to make the decision, so now things goes wrong and you blame them??? why dun u blame yourself in the first place??? You make the greatest mistake, the following up are just the residue of your mistake...so next time vote probably ya.
I voted angel to be the next member in chargeof marine parade council
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Originally posted by noahnoah:
I voted angel to be the next member in chargeof marine parade council
huh? marine parade belong to Uncle Goh Chok Tong ok, our SM, dun play play...you want me to be the first inmate and open ceremony for the newly renovated ladies' prison ar???Renovation cost 1 million. WTH, HDB worst than prison
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Originally posted by angel7030:
huh? marine parade belong to Uncle Goh Chok Tong ok, our SM, dun play play...you want me to be the first inmate and open ceremony for the newly renovated ladies' prison ar???Renovation cost 1 million. WTH, HDB worst than prison
u will be the first youngest member lehwow so good
u speak up for all the joo chiat girls
hahah
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Will we see higher conservancy charges next year?
Oh no.
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50.1% is good enough, its only a shift of 1.1% and that is possible in our current suitation
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I am surprised town councile used funds for investment. Shake my head. PAP really that greedy for money in every aspect.
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Originally posted by seyKai:
50.1% is good enough, its only a shift of 1.1% and that is possible in our current suitation
but PAPa needs over 80% to fully and certainly hold mandate...now 66.6% abit shaky liao, if 50.1%, they will be more guai guai to reduce my electrical and throwing rubbish bills!!!! -
Originally posted by Fantagf:
I am surprised town councile used funds for investment. Shake my head. PAP really that greedy for money in every aspect.
Hope u shaked the correct head