PAP Town Council Set To Lose $3million On Pinnacle Notes Series 6

[SNAblog]

Holland-Bukit Panjang Town Council headed by Dr Teo Ho Pin is set to lose its entire $3 million investment in Pinnacle Note Series 6. In 2008, it was reported that Pinnacle Note Series 6 was unaffected.

"The town council invested 6.7 per cent of its sinking funds available for investment in Lehman Brothers' Minibond Notes, DBS High Notes 5 and Merrill Lynch's Jubilee Series 3 Notes.
It had invested another S$3 million in Pinnacle Notes Series 6, but this investment was unaffected." [Link]
​

But now we have learned the bad news.

http://tankinlian.blogspot.com/2010/06/pinnacle-notes-6-7.html

Monday, June 21, 2010

Pinnacle Notes 6 & 7

Hi Mr Tan,

Morgan Stanley has just informed investors that another two of Pinnacle Notes, Series 6 & 7 have failed due to mandatory redemption (see attached).

For those who still hold hope they can hang on till maturity dates and they may still get back their principle if nothing else fails, this is a wake-up call and they should just join the legal action organized by the US lawyer. Please help to post this in you Blog.

The Town Council who invested in this “created-to-fail” product is also looking at $3 million dollar loss as reported in this 2008 News report. Who is accountable?

http://www.channelnewsasia.com/stories/singaporelocalnews/view/390407/1/.html

Benedict

 

[commoner]

http://www.morganstanley.com/pinnac.../Pinnacle6_Historical_Pricing_Information.pdf

http://www.morganstanley.com/pinnac...eries_6_Performance_Limited_Notice_110610.pdf

 

[kingrant]

Some bumb whore said Singapore is a safe to fail place. Another dumbass s.o.b said "what to do, it's happened. let's move on" Another very old and expensive dumb idiot said "We are in it for the long term", altho I know that one wise John Galbraith said that in the long term, we are all dead.

Another retard said Cheaper Faster Better, but I know this country is becoming cheaper (going broke) faster but not Better.

 

[streetsmart73]

Some bumb whore said Singapore is a safe to fail place. Another dumbass s.o.b said "what to do, it's happened. let's move on" Another very old and expensive dumb idiot said "We are in it for the long term", altho I know that one wise John Galbraith said that in the long term, we are all dead.

Another retard said Cheaper Faster Better, but I know this country is becoming cheaper (going broke) faster but not Better.

hi there


1. bro, another idiot sheep also said that "caught off" mah!
2. greed to fail man!

 

[commoner]

sorry le, no friends staying in that town council, if not can meet the MP session can ask "where is my money?"

 

[makapaaa]

Should not Sporns also force these CCB FAPee TRAITORS cough back the money? If not, make their next-of-kin to pay back!

 

[makapaaa]

PAP town councils reject Low's suggestion, saying they work hard to collect every cent
<HR SIZE=1><!-- / icon and title --><!-- message -->'Only a few are written off'
PAP town councils reject Low's suggestion, saying they work hard to collect every cent
By Jeremy Au Yong, Teo Wan Gek & Andrea Ong
A lift landing at a block in Hougang Avenue 3, built during Hougang town council's routine lift replacement exercise in 2001. Mr Low Thia Khiang, who runs the town council, had argued that lack of access to upgrading funds had hurt its performance in the Town Council Management Report released last Thursday. --ST FILE PHOTO

A SNEAKING suspicion by Workers' Party chief Low Thia Khiang that PAP town councils were writing off arrears in service and conservancy charges (S&CC) was dispelled yesterday by the managers and MPs of those councils.

Seven of them told The Straits Times___________ they write off only a tiny amount of unpaid S&CC, typically around 0.1 per cent.

Even then, it is only done in very special circumstances, like when a debtor is in jail or cannot be traced.[/SIZE]

MP Zainudin Nordin, who chairs the Bishan-Toa Payoh Town Council, said his council worked hard to collect every cent.

___________'Even after a person has passed away, the liability is passed on to the next-of-kin[/SIZE]. It is possible to collect these sums,' he said.

On Tuesday, Mr Low issued a statement implying that People's Action Party town councils could have written off bad debts to improve their arrears management scores in the recent Town Council Management Report (TCMR).

SOURCE: http://www.straitstimes.com/Breaking...ry_541563.html