Town Councils gamble away money
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Damn sad.
No accountability at all these days.
Anything goes.
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No wonder the swimming pool and stadium promised earlier in the elections not built in Bukit Panjang! Now can wait even longer for it to be built. =X
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Originally posted by Junyang700:
No wonder the swimming pool and stadium promised earlier in the elections not built in Bukit Panjang! Now can wait even longer for it to be built. =X
Wait for them to promise the same things again at the next election.
But only if you vote for them.
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Originally posted by charlize:
Wait for them to promise the same things again at the next election.
But only if you vote for them.
and provide they get more than 66.6%, then maybe they will built the public swimming pool for you, if not they will built their private pool and ask you to invest more on Singpore Pool. -
Originally posted by angel7030:
and provide they get more than 66.6%, then maybe they will built the public swimming pool for you, if not they will built their private pool and ask you to invest more on Singpore Pool.I guess the writing was on the wall when such an inauspicious number came up.
Throw in the bad feng shui design of the marina casino.
Double trouble.
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All of the MPs we spoke to did not think that it was appropriate to point the finger at the town councils and blame them for investing in such products. No one was aware of the risk at the point of investment.
Quote form Electric New Paper
Didn't someone mentioned that you went in with your eye opened?
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All of the MPs we spoke to did not think that it was appropriate to point the finger at the town councils and blame them for investing in such products. No one was aware of the risk at the point of investment.
Quote form Electric New Paper
All the town council are run by the MPs, what do you expect them to say ?
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lol... if u cause any public company to loss million, u will be lucky not to get sue till u go to jail. Dun even need to talk abt saving your job. But in gov wise.... itis just another count down to 5:30pm. Really does put the term IRON bowl to good use.
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Originally posted by ORIGAMIST:
All of the MPs we spoke to did not think that it was appropriate to point the finger at the town councils and blame them for investing in such products. No one was aware of the risk at the point of investment.
Quote form Electric New Paper
All the town council are run by the MPs, what do you expect them to say ?
I expect them to say the word "Disappointed" by someone used it already. So they use the phrase," in appropriate to point the finger".passed
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did they say which finger?
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wait for the magic word " peanut " ... what they lost is peanuts. .. and we are only losing some peanut ... not to be overly worry ...
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Originally posted by ORIGAMIST:
wait for the magic word " peanut " ... what they lost is peanuts. .. and we are only losing some peanut ... not to be overly worry ...
pay peanuts, you get monkeys but why sir, we pay apples yet why still get gorilla? -
yah... we lose the amount of peanuts consumed over a football match...
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Originally posted by seyKai:
pay peanuts, you get monkeys but why sir, we pay apples yet why still get gorilla?...because gorilla loves apples?
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Originally posted by seyKai:
pay peanuts, you get monkeys but why sir, we pay apples yet why still get gorilla?because our apple got worms?
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Originally posted by seyKai:
did they say which finger?
the one that they use to dig their nostrils one lor -
maybe we should throw in some bananas and oranges to attract the smarter monkeys - THE CHIMPANZEES
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Originally posted by seyKai:
maybe we should throw in some bananas and oranges to attract the smarter monkeys - THE CHIMPANZEES
Chimp very noti and cheeky one, becareful hor,...they like to eat ants...small small innocent ants. -
Wait and see whether other govt organisations got involved in the investments loss as well.
Due to the products include Lehman Minibonds and Merrill Lynch Jubilee Series 3, the secret is out. If this had not happened, we will not know that they had invested Lehman Minibonds and Merrill Lynch Jubilee Series 3.
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I got incredible news!
Tanjong Pagar Town Council blinked an eye and lost only 250K in Lehman minibombs.
Believe me. It's true.
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So can they reduce the amount of CSC, as we all know they have more than enough of our money. if 2 town council can invest more that $12 million... so all the Town council have how much in their saving.. i myself have no saving... NOT FAIR..
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Originally posted by EarlNeo:
lol... if u cause any public company to loss million, u will be lucky not to get sue till u go to jail. Dun even need to talk abt saving your job. But in gov wise.... itis just another count down to 5:30pm. Really does put the term IRON bowl to good use.
yeah bro for normal people like us can't talk about IRON RICE BOWL. It has long time been change to Paper RICE BOWL finish use throw away. If Them anything happen theom y still in the job. their RICE BOWL really make from DIAMOND BOWL. never break one arrrrr...
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Originally posted by googoomuck:
I got incredible news!
Tanjong Pagar Town Council blinked an eye and lost only 250K in Lehman minibombs.
Believe me. It's true.
so heng only half a peanut?
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" to be honest, i dun blame the town counicl for investing the moeny. Like all investment, there's always a risk involve. Else, inflation is just gona diminnish their funds. It is an honest mistake and someone will have to take the fall. We all like to go around witch hunting when thing goes wrong, such is the society we live in. Else, there wont be improvement if ppl think they can get away with lossing million of dollars."
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I agree with EarlNeo. Over the last 2 years, many of us have complained about high inflation and low FD interest rate and thus we may have also considered alternative investments (unit trusts, equities, structured deposits..) and possibly got our fingers burnt
Until the recent saga, very few knew that structured deposits are high risk products. We know high risk high returns but structured deposits are not high returns product so we would not think that it carry high risk. Plus this is a world crisis. Otherwise, there wouldn’t be so many of us caught by surprise. It is a painful lesson for all. So with inflation and rising cost of construction, the value of our sinking fund will be dwindling. Going forward, do we really not want our money to be invested? What is considered safe? Bear in mind, until recently, even our cash in banks were not guaranteed.
Actually, the town councils do release their financial reports every year but until recently, none of us were really interested in them. I was reading Bishan-Toa Payoh’s 2007 report yesterday. Have a look at page 27, on their notes on investments. They have done very well from 2006 but I wonder what their position is now? If they had not unwound their position, how much is their paper loss? http://www.btptc.org.sg/E%20News/AnnualReport/0607.pdf
$1b is a lot of money but each town spends millions doing maintenance and upgrading each year so how long can $1b last if they stop collecting SC charges? Let’s say we have minimal sinking fund and just sufficient to carry out the usual town works and my block needs to undergo upgrading, do we suddenly increase SC charges for the whole town? Will the other blocks which have undergone upgrading or have no need to upgrade be willing to pay for my block upgrading? How much sinking fund should we have?
I think swimming pool falls under Sports council or something like that. I had checked on that sometime back. Not sure if it’s still correct. Maybe it’s the high cost of construction that has delayed the project. Construction costs were up like 30-40% over the last 2 years, many jobs were put on hold. Which bring us back to.. Do we want to keep the funds in banks with interest of 1-2% or don't have sinking fund?
If any of us can predict the collapse of Lehman, we would become multi-millionaire shortselling the stock
I wish I did... -
Originally posted by ORIGAMIST:
All of the MPs we spoke to did not think that it was appropriate to point the finger at the town councils and blame them for investing in such products. No one was aware of the risk at the point of investment.
Quote form Electric New Paper
All the town council are run by the MPs, what do you expect them to say ?
yeah tell them our money we pay monthly to Town council and yet they invest after that they say "No one was aware of the risk at the point of investment". WHAT IS THAT MEAN. Before that they say CSC to pay for Lift elect power, Corridor light, clean of the flat and many more i forget, they never told ask they invest OUR MONEY....