BEST PAID AmPees LOST $16M - NO Accountability, NO Apology!

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>My Point
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<!-- START OF : div id="storytext"--><DIV class=story_text><!-- more than 4 paragraphs -->'Why can't town council leaders be gracious and apologise?'
MR ADRIAN CHOO: 'Referring to yesterday's report, ('Town councils' exposure: $16m'), I fail to see why the People's Action Party town council leadership will not, amidst their loud protestations that the percentage of losses is small or that investing in funds was a routine practice, simply apologise for what is clearly an honest mistake. Almost everyone has been burnt in this crisis and there is no shame admitting it. I do not see angry mobs baying for blood. Why can't the town council leaders be gracious and apologise? In fact, as the investment profile of these town councils is patently conservative, the Monetary Authority of Singapore should convene a special tribunal to investigate whether there has been 'wilful mis-selling' to the town councils.'

'Town councils do not need to be star performers which can make higher profits by investing in risky financial products.'
MR JAMES TAN: 'The role of town councils is to provide services to residents. The funds are to be kept for its monthly bills, long-term maintenance programmes and ad hoc improvement works in housing estates. These funds are now lost, probably irrecoverable. Town councils do not need to be star performers which can make higher profits by investing in risky financial products. We can leave that to the relevant ministry to handle. The town councils of both opposition parties invested in sound investment products and made a return of 6 per cent. Had they cast prudence aside, they could have ended up in worse shape than the Holland-Bukit Panjang and Pasir Ris-Punggol town councils. It is time the relevant ministry reviews the way town councils handle funds.'

'Any increase in charges to recoup the millions lost?'
MR QUEK HWA HWEE: 'I am one of those affected residents and I would like to know if there will be any increase in conservancy charges or the imposition of charges or taxes to recoup the millions lost? Will the Government increase the Goods and Services Tax to recoup any failed investments that involved those structured products as well?'

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I am amazed with this arrogant attitude - all he needs to do to highlight the success of the TC investments is to provide figures which speak for themselves instead of "lecturing" the residents. Perhaps all TC involved
with such risky investments should do a check on their officers handling the
investments to verify if they were bought after careful study or merely on "releationship" selling.
</TD></TR><TR><TD style="VERTICAL-ALIGN: top" align=left>Posted by: fossanoit at Wed Nov 19 18:12:40 SGT 2008
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[makapaaa]

Can't u Peasants see that I'm weeping with my eyes CLOSED! What more do u want? Pay u back $ for $? Like this need to hike GST, u know? *sob*sob*​

 

[blackmore]

Pee & Pee has one strong motto which is prevalent in every ministry; when they are wrong, denial is their first policy. Cover up when it is inevitable. Remain silent when they screw up completely.

From the past 12 months sagas, we see all these traits from ministers and such.

 

[Leegimeremover]

How do you know Cheebye Ho make money? If he count grant as income and use bigger denominator from every year grant money to buy bond to cover up you also don't know. Lying is easy and they are liars to the teeth. Until you show me where the money is PAP is the most corrupt and unaccountable political ruling party of Singapore. This fact is as true as PAP's boast of being otherwise. They can discount the political freedom index and I can discount transparency international index? How cheebye yew?