Time to look into PAP Town Councils' account book ?
-
Originally posted by Pentaxdude90:
eh why not? Better than having s r nathan or wong kan seng looking at them.i don't see a difference between them and chee, both going to abuse that position, best if open to public. govt i can understand if cannot show but town council, what can town councils be doing with their money that stops them from showing us their books when technically the money is only for running the town??
-
Do singaporeans really care what happens to the investments?
The current understanding is no, at least not strongly enough, imho.
-
Originally posted by likedatosocan:
Do singaporeans really care what happens to the investments?
The current understanding is no, at least not strongly enough, imho.
of cos, why not?you don't need everyone to be concerned, but enuf to let the gahmen know that we are aware of what's happening and that they do have an accountability to the ppl of singapore.
the problem is this gahmen has been practising an inconsistent administration on being transparent. we are all fed incomplete or selected news.
singaporeans have been taken for a ride for far too long, and thank goodness for technology, information flow are now a lot more open.
i am not denying that singapore has rise to be a pheonix in the region with impressive infrastructure growth and the ppl's well being are better off, but for the riches singaporeans helped contributed to the country and how these riches are now hoarded by a certain family in the name of `protecting our assets', the common ppl still have a very raw deal.
even in the latter, their folly after folly in the handling of the SWF demonstrates that they are the last persons we want to trust our money with.
-
you have a point. Thanks!
Nevertheless, it is disappointing that not all HDB leaseholders feel the need to find out more about the investment or ask about transparency.
TOC has no meeting on it.
Alternative putty has no meeting on it.
give up liao.
-
How about an international investigation by CIA?
-
My point of view...5 rooms pay CSC $65, 4 rooms pay $45. My flat have 11 storey, 1 row have 6 units of 5 rooms and 6 units of 4 rooms,
4 rooms = 6 X 11 = 66 (Units), 66 X 45 = $2770
5 rooms = 6 X 11 = 66 (Units), 66 X 65 = $4290
This is only for 1 flat, How many flat are there in your town council u count it yourself arr.
1) My question how much $ do they need maintain 1 flat ?
2) What am i pay for ?
3) Do Town Council over charge me?
4) Are they making money from my CSC payment ? If yes, how much there have in their save now.
5) Are they run like business?
-
2 TCs have come clean....$12m reduced to ashes.
why dun they just release at one go the total impact?
$12m is `negligible'?
of cos, there is a good reason behind all this and nobody who wears white will take the rap for this.
this is very disappointing indeed coming from the highly regarded PAP.
-
Originally posted by redDUST:
2 TCs have come clean....$12m reduced to ashes.
why dun they just release at one go the total impact?
$12m is `negligible'?
of cos, there is a good reason behind all this and nobody who wears white will take the rap for this.
this is very disappointing indeed coming from the highly regarded PAP.
just for 1 or 2 out of the 16 -
Nov 17, 2008$12m in troubled products
By Goh Chin Lian 
Since Dec 1 last year, the amount that town councils can invest in non-government stocks, funds or securities has been capped at 35 per cent of the sinking fund. -- PHOTO: ZAOBAOTWO town councils - Holland-Bukit Panjang and Pasir Ris-Punggol - have about $12 million invested in troubled structured products.These products include Lehman Minibonds and Merrill Lynch Jubilee Series 3.
Senior Minister of State (National Development and Education) Grace Fu gave this update in Parliament on Monday, in response to a question from Nominated MP Eunice Olsen.
Since Dec 1 last year, the amount that town councils can invest in non-government stocks, funds or securities has been capped at 35 per cent of the sinking fund.
Holland-Bukit Panjang invested about 6.7 per cent of its total funds available for investment in the structured products, and Pasir Ris-Punggol, about 2.6 per cent.
The sinking funds are used to pay for long-term or cyclical expenditure, such as replacing lifts, pumps and pipes, re-roofing, and repairing and redecorating blocks.
The funds are also used to pay for lift upgrading, so that residents pay a smaller percentage of the total lift upgrading cost.
The sinking fund is distinct from the operating fund, which is used for short term expenditures.
Ms Fu said town councils need to invest their funds prudently so that the accumulated funds are not eroded by inflation.
The investment guidelines - which her ministry has no plans to change - seek to achieve an optimal balance between reasonable returns and financial prudence, she added.
She noted that investments in stocks, funds or securities must be on the advice of a qualified person, such as an investment adviser holding a licence under the Securities and Futures Act, and an approved bank or a merchant bank approved as a financial institution under the Monetary Authority of Singapore Act.
The 16 town councils manage more than $1 billion in sinking funds.
-
The person that have recommended the product and the people that have approved the product should be sacked.
The funds belongs to the people of Singapore and they are earned through blood and sweat, not by doing silly hip hop on the stage like monkeys.
It is a serious case of misuse of public funds.
The guilty party should be charged and arrested.
This is not longer a simple case of honest mistake.
If the case is not dealed with seriousness, what will happened next ?
Further honest mistake with our savings or CPF ??
-
What MM said is right?
Most buyers went in to the bank with their eyes open.
-
Originally posted by rockfire:
My point of view...5 rooms pay CSC $65, 4 rooms pay $45. My flat have 11 storey, 1 row have 6 units of 5 rooms and 6 units of 4 rooms,
4 rooms = 6 X 11 = 66 (Units), 66 X 45 = $2770
5 rooms = 6 X 11 = 66 (Units), 66 X 65 = $4290
This is only for 1 flat, How many flat are there in your town council u count it yourself arr.
1) My question how much $ do they need maintain 1 flat ?
2) What am i pay for ?
3) Do Town Council over charge me?
4) Are they making money from my CSC payment ? If yes, how much there have in their save now.
5) Are they run like business?
exactly. why do they need to increase CSC all the time, when they have been busy profitting all along?
town council is suppose to be a public service organisation, not a profit making organisation. it should not have any rights to overcharge the people so that it will have a big investment fund, which would not help the residents in any case.
-
The link provided by Evangel is interesting.
http://www.btptc.org.sg/E%20News/AnnualReport/0607.pdf
No doubt Bishan-TP exposure to Lehman is small, their exposure to unit trusts and equities are very high.
Balance Sheet for 07, has $28M in equities and $39M in Unit Trust. What is their current position and paper losses? Bonds at $30M, even though the price of Bonds have fallen, with no default, at least the principal can be recovered at maturity.
Looking at how much the stock market has plunged, the one that rock the boat will be the 2008 financial report.
-
Originally posted by Y-not:
The link provided by Evangel is interesting.
http://www.btptc.org.sg/E%20News/AnnualReport/0607.pdf
No doubt Bishan-TP exposure to Lehman is small, their exposure to unit trusts and equities are very high.
Balance Sheet for 07, has $28M in equities and $39M in Unit Trust. What is their current position and paper losses? Bonds at $30M, even though the price of Bonds have fallen, with no default, at least the principal can be recovered at maturity.
Looking at how much the stock market has plunged, the one that rock the boat will be the 2008 financial report.
Wtf, you mean they have equity investments too?
-
I read that the TC also has millions of dollars worth of Creative shares in their portfolio.
All bought a few years back at the highs.
More paper losses.
But I am curious as to why they are holding specific shares instead of say buying into mutual funds or unit trusts for diversification purposes.
-
But I am curious as to why they are holding specific shares instead of say buying into mutual funds or unit trusts for diversification purposes.
instead of holding too much cash, they should rebate the resident.
do we need a smart ass to told us that TC does not have the necessary expertise to invest?
TC is good at finding cheap FW to sweep our void deck, sweep our floors and cut the trees.
-
But I am curious as to why they are holding specific shares instead of say buying into mutual funds or unit trusts for diversification purposes.
instead of holding too much cash, they should rebate the resident.
do we need a smart ass to told us that TC does not have the necessary expertise to invest?
TC is good at finding cheap FW to sweep our void deck, sweep our floors and cut the trees.
-
Originally posted by deathmaster:
exactly. why do they need to increase CSC all the time, when they have been busy profitting all along?
town council is suppose to be a public service organisation, not a profit making organisation. it should not have any rights to overcharge the people so that it will have a big investment fund, which would not help the residents in any case.
correct, they shouldn't be charging us such high csc in the first place. the high charges have caused undue hardship to many singaporeans.
-
so are we as public will suffer went they lose ours money, are they going to increase the the CSC....
-
No additional new facilities for the people.
But yet, have to pay more and more conservancy fees.
Haiz.
-
Originally posted by Y-not:
The link provided by Evangel is interesting.
http://www.btptc.org.sg/E%20News/AnnualReport/0607.pdf
No doubt Bishan-TP exposure to Lehman is small, their exposure to unit trusts and equities are very high.
Balance Sheet for 07, has $28M in equities and $39M in Unit Trust. What is their current position and paper losses? Bonds at $30M, even though the price of Bonds have fallen, with no default, at least the principal can be recovered at maturity.
Looking at how much the stock market has plunged, the one that rock the boat will be the 2008 financial report.
wonder if there's at least half left.....
-
Originally posted by oldbreadstinks:
wonder if there's at least half left.....
You can take the STI index as a guage.
It's high was just under 4000.
Now it's at 1700.
That's a drop of around 58% for equities.
-
Originally posted by charlize:
You can take the STI index as a guage.
It's high was just under 4000.
Now it's at 1700.
That's a drop of around 58% for equities.
blue chip 20+ become 10+, 13 become 5
if not blue chip 5 become 0.9 ....... i''m curious liao, which one they invested in?
should i be laughing? i think thats suppose to be my money
-
as long as you cash out ur money before others can liao.
