Ho Jinx Even Uses Town Council Funds for Punting!

[makapaaa]

Town councils' sinking funds not substantially affected by financial turmoil
28 October 2008
SINGAPORE : The sinking funds under all 14 PAP-managed town councils are safe and not significantly affected by the failed Lehman Brothers products.
Town councils said only a small percentage of their total investments were spent on those affected products.
Town councils use their individual sinking funds to carry works such as repairing damages at HDB (Housing & Development Board) common areas or maintaining an HDB elevator.
Every PAP town council has between S$30 million dollars and S$150 million in their sinking funds.
Under current guidelines, each town council can use 65 per cent of their sinking funds to invest in government bonds, while up to 35 per cent can be invested in other financial instruments like corporate bonds and equities.

=> That is used to fund Ho Jinx? And if there's a gain, it will go to awesome bonuses of the Papaya running dogs? And if there's a loss, hike fees to make up for it?

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. There's definitely no fear that any of the PAP town councils' sinking funds will be wiped out. All the supporting PAP town councils' sinking funds are in safe hands," assured Dr Teo Ho

=> Maybe? A couple of % points? BEST PAID govt but cannot give an accurate figure or is it trying to massage the figure?

Pin, Coordinating Chairman of the 14 PAP Town Councils. He is also the mayor of North West District.
For Jurong Town Council, it has not invested in any Lehman-linked products, but explains that it only spends about 18 per cent or S$15 million of its S$84 million sinking funds in slightly riskier products.
Even then, that investment guarantees the principal amount.
"The position that we've taken is really to be very cautious with our investments because we're very clear that these are public funds, and therefore we decided to err on the side of being conservative in our investment policy. The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob.
Many agree the current financial turmoil has taught the town councils that they should further diversify their investments in the future.
Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it's hoped that they will still be able to get up to 4 per cent of returns on their investments annually. - CNA

 

[CENWEN]

Town councils’ sinking funds not substantially affected by financial turmoil

<cite class="auth">Channel NewsAsia - Wednesday, October 29
</cite>SINGAPORE : The sinking funds under all 14 PAP—managed town councils are safe and not significantly affected by the failed Lehman Brothers products.

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</noscript>Town councils said only a small percentage of their total investments were spent on those affected products. Town councils use their individual sinking funds to carry works such as repairing damages at HDB (Housing & Development Board) common areas or maintaining an HDB elevator. Every PAP town council has between S$30 million and S$150 million in their sinking funds. Under current guidelines, each town council can use 65 per cent of their sinking funds to invest in government bonds, while up to 35 per cent can be invested in other financial instruments like corporate bonds and equities. 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. There’s definitely no fear that any of the PAP town councils’ sinking funds will be wiped out. All the supporting PAP town councils’ sinking funds are in safe hands," assured Dr Teo Ho Pin, Coordinating Chairman of the 14 PAP Town Councils. He is also the mayor of North West District.

For Jurong Town Council, it has not invested in any Lehman—linked products, but explains that it only spends about 18 per cent or S$15 million of its S$84 million sinking funds in slightly riskier products. Even then, that investment guarantees the principal amount. "The position that we’ve taken is really to be very cautious with our investments because we’re very clear that these are public funds, and therefore we decided to err on the side of being conservative in our investment policy. The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob. Many agree the current financial turmoil has taught the town councils that they should further diversify their investments in the future. Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it’s hoped that they will still be able to get up to 4 per cent of returns on their investments annually. — CNA /ls

 

[MentisMortis]

Town councils’ sinking funds not substantially affected by financial turmoil


"The position that we’ve taken is really to be very cautious with our investments because we’re very clear that these are public funds, and therefore we decided to err on the side of being conservative in our investment policy. The public do not have to worry... there will not be enough funds in order to take care of their needs," said Jurong MP Halimah Yacob. Many agree the current financial turmoil has taught the town councils that they should further diversify their investments in the future. Going forward, town councils are expected to exercise even greater prudence when investing their sinking funds. But it’s hoped that they will still be able to get up to 4 per cent of returns on their investments annually. — CNA /ls

Hi CENWEN,

I don't know if this is a typo or if Halimah "No Fish, Eat Chicken" Yacob really said the highlighted, it seems like a Freudian slip.

But what is terribly unsettling is that Dr. Teo Ho Pin has the audacity to make light the losses public funds have experienced and not make any attempt at stating how recovery of such losses will be made. The total lack of transparency is just sickening.

I'd like to think what the highlighted meant to say was that the public need not worry about whether the Town Council has enough money to take care of their needs.

If this is not what she meant then of course there is need to worry.

Cheers,

MentisMortis

 

[zhihau]

If this is not what she meant then of course there is need to worry.

bro MM,

you've got eagle eyes... :p:p:p

 

[CENWEN]

Hi CENWEN,

I don't know if this is a typo or if Halimah "No Fish, Eat Chicken" Yacob really said the highlighted, it seems like a Freudian slip.

But what is terribly unsettling is that Dr. Teo Ho Pin has the audacity to make light the losses public funds have experienced and not make any attempt at stating how recovery of such losses will be made. The total lack of transparency is just sickening.

I'd like to think what the highlighted meant to say was that the public need not worry about whether the Town Council has enough money to take care of their needs.

If this is not what she meant then of course there is need to worry.

Cheers,

MentisMortis

Good Morning!

here u go, all yours

http://www.channelnewsasia.com/stories/singaporelocalnews/view/386016/1/.html

another thing is i only realized after posting that its from the same news source posted originally by moniker makapaaa :p

 

[theblackhole]

how much is "minimal exposure"? knn! this type of town council funds also used for "investments and gambling"! damned nnk!!!

the ag should do a thorough audit on town council funds!

pls don't tell me it's impossible and it'll take 560 years to audit all the town councils!!!

people people people are still sleeping...the collapse of lameinbros is good - it exposes almost everything unwholesome about
our iron bowl economy and integrity...more dirt and more slime coming out???

 

[Gillette]

Its incredible that the town councils are trying to act like they are hedge funds without a mandate from the public. Why the hell are they allowed to accumulate so much surpluses in the first place??

Instead of called "sinking funds", these town councils should rename themselves to better reflect their investment nature. eg. AMK Absolute Return Fund, Toa Payoh Alpha Fund, Jurong Town High Yield Fund, Tampines Long Short Fund...........

 

[Subok]

Its incredible that the town councils are trying to act like they are hedge funds without a mandate from the public. Why the hell are they allowed to accumulate so much surpluses in the first place??

Instead of called "sinking funds", these town councils should rename themselves to better reflect their investment nature. eg. AMK Absolute Return Fund, Toa Payoh Alpha Fund, Jurong Town High Yield Fund, Tampines Long Short Fund...........

YEs you are right. They just brushed off the issue of only 4% of the sinking funds affected. But 4% work out to be millions! WHo will foot this bill?

 

[Bigfuck]

Kowpeh for what? Who you vote for election and do you participate in protests or organize protests?

 

[DIVISION1]

This is a very creative and smart way of increasing public spending funds! We must congratulate the government of Singapore for its business acumen to help Singaporeans' welfare better!

 

[MentisMortis]

bro MM,

you've got eagle eyes... :p:p:p

Dear ZH,

Whenever one has to read anything from the PAP propaganda machine, one needs to look into details, as they say the devil is in the details.

Things like these only exposes their failed attempt to cloud things up when transparency is required.

Well we all know what the ST, CNA etc are capable of.

Cheers,

MM

 

[MentisMortis]

Good Morning!

here u go, all yours

http://www.channelnewsasia.com/stories/singaporelocalnews/view/386016/1/.html

another thing is i only realized after posting that its from the same news source posted originally by moniker makapaaa :p

Hi CENWEN,

Thanks for the link. Well it is just as it is in the original article too. I think it is obvious what it actually meant to say.

Cheers,

MentisMortis

 

[johnny333]

This is a very creative and smart way of increasing public spending funds! We must congratulate the government of Singapore for its business acumen to help Singaporeans' welfare better!

If the benefits were passed on to the public in the form of lower costs I would have to agree it is good.

BUT I doubt it has benefitted anyone except the gov't. In good times they pocket the profits, in bad times they pass on the losses to public

 

[DOM the Clown]

 

[williamsF1]

for them to be playing with our blood & sweat $ not enough? they also take the town council funds to gamble? who gave them permission to anyhow use funds to play?

they take our $ from left right center to go gamble recklessly, then when kena diaw-du, they squeeze us for more $, and when the $ is still not enough to sustain their rolling or holding power, they put the knife to our neck to take more $ for their games.

this feeling is really like we're kena robbed, raped, killed, burnt to ashes, and urine on our ashes.

how come nobody audit them for using town coucil funds? are they allowed to in the 1st place?

 

[Porfirio Rubirosa]

PAP TC's would probably say lucky that they are not like the British TC's who invested large amounts of public funds in Iceland which has suddenly gone kaput

 

[cliffstyle]

Where is Division1's comment now?

 

[williamsF1]

Where is Division1's comment now?

maybe he hiding under ho-jinx skirt, smelling her fart, using his tongue as wet wipes.

 

[HakkaThaileen]

........ who gave them permission to anyhow use funds to play?........

how come nobody audit them for using town coucil funds? are they allowed to in the 1st place?

Suggested answers to the questions:

1) The 66.6% gave them the permission.
2) Not practical to audit as it will take 560 man-years to do the work.

 

[manx007]

Is there any investment that garantee principal amount? If so i would want to invest too.