-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
ST Forum: Town Council losses: Who's accountable?
- Thread starter Ah Hai
- Start date
That is not true. Most people are unhappy that the money is being used for risky investments. It is just that it is easier to give vent to those feelings and demand for change when things go wrong. When everything is rosy, it is difficult to ask for changes as you know the old adage, if it is not broke, don't fix it.
Please don't put words into my mouth saying that I put words into your mouth saying that you wrote non-risk.
What I am trying to explain to you is low risk investments also have risks. So can you say that if TC put money into low risk investments, the money 100% wouldn't lose?
Even you cannot put your head down and guarantee that low risk investments will not lose money.
Only non-risk investments can guarantee no-loss. So that's why I ask you what is non-risk investments, because I don't know of any investments that is non-risk. If you know, please tell us. I asked you because your expectations are those that does not incur any loss.
As far as I am concerned, no investments are non-risk. Even if you graduate or come from so-called Warren's school of 101.
TC role is to manage the town on the behalf of the residents. In the process maintain proper accounting of the town's funds.
If the economy is rosy, the returns will be good and no one will ask for changes because it is making money.
It's only when things happen..........
This is human behaviour.:o
Condo residents still pay more. You need to live in a condo before you can compare it with living in a HDB
Let's say I have a little bit more knowledge about how TC are being runned.
When TC makes money all the management of the TC gets fat annual pay rises and performance bonuses (as part of the so-call meritocracy system). Therefore, the TCs management pockets are padded; they don't care two hoots about whether their efforts are complimented or not.
But when things go wrong, the TC now began to justify and glorify their past investment achievements (Natural survival instincts ????). This is like them asking for a passport to make more foolish and reckless investment in the future.
Put simply, the present TC management have their strengths but definitely not in the areas of financial investments. The TC reserves belong to the residents, so any loss is akin to writing off the residents' money. Money that could otherwise be spent to improve their estates and lives.
Last edited:
Sorry bro, I don't agree with you on this. People will not complain only if their mouths have been stuffed with $$$ during the good times. However, I think there are more people now who realise that this stuffing of $$$ is not better than having transparency and accountability as they have no control over the former.
For those who have control, I am sure they would opt for the stuffing of $$$.
I just happen to live in a condo and can therefore speak with some authority on the monthly charges.
I pay monthly charges of $ 280 for my middleclass 4-room condo. The charges go to pay for the normal estate upkeep like HDB (upkeep of condo, rubbish and waste collection etc...). Additonally, I get to park my family's 3 cars in the covered carpark without any addtional charge. I also get to enjoy free clubhouse facilities like swimming pool, tennis, badminton, barbecue facilities. I also get to enjoy 24hour security services. On top of this, the sinking fund (ie reserves of my estate) from past accumulation of excess monthly charges is about $20 mn (not bad for a 10 year old condominium).
If you compute and compare to what you get from HDB monthly conservancy plus monthly car charges per car, then you will realise why TC makes a lot of money from these monthly charges.
that alone would have cost $270 in HDB covered lots....
People ar angry becos
1) Only NOW, becos of the crisis, that they get to noe part of their TC monies instead of using it for maint, ar being "invested" for the reason of beating the inflation %.
2)Not only the TC monies ar invested, it was placed in a more risky investment, in view of trying to get higher returns.
3)With the reported large amount of TC surplus/budget, people seems to be paying more for their mthly payment.
4)For the past 7 yrs, TC achieve good investment returns, but charges still goes up. Now TC has less than desirable returns, who is going to compensate the differences?? the people again?
5)Why they need to pay for lift upgrading since the TC got a large sinking fund?? Instead the fund is used for investing....
1) Only NOW, becos of the crisis, that they get to noe part of their TC monies instead of using it for maint, ar being "invested" for the reason of beating the inflation %.
2)Not only the TC monies ar invested, it was placed in a more risky investment, in view of trying to get higher returns.
3)With the reported large amount of TC surplus/budget, people seems to be paying more for their mthly payment.
4)For the past 7 yrs, TC achieve good investment returns, but charges still goes up. Now TC has less than desirable returns, who is going to compensate the differences?? the people again?
5)Why they need to pay for lift upgrading since the TC got a large sinking fund?? Instead the fund is used for investing....
sounds like nkf
Bro,
I also stay in condo. My condo only allows 1 car per household. The extra car is subject to approval even though there are few hundred lots available. Your $280 maintenance/mth is considered below market rate compared with most condos in the market where $280 is probably the maintenance for a 2bedroom or a 3 bedroom unit and not for a 4bedroom.
And the 3-car issue, not many people own 3 cars in a household. Let's be honest. So its not fair to compare you have 3 "free" parking lots in condo while if you go HDB have to pay for 3 parking lots.
Many management committees also invest their sinking funds in certain investment funds.
Stay HDB vs stay condo, the good part is cheaper utilities bill. I stay alone in HDB, my utilities never hit beyond $80. I stay condo, even though I am always not in singapore, I still pay $200+ a month. n the best part I reduce from 2 fridges to 1 fridge compared to the days I stay in HDB. :o
we must thank lehman siongte for exposing so many things that we don't know...stat boards going into prudent investments...and tcs going into prudent investments...
thank lehman siongte for exposing all these risky business....it's a blessing sometimes to have a crisis when all the dirt will be washed in public....
thank lehman siongte for exposing all these risky business....it's a blessing sometimes to have a crisis when all the dirt will be washed in public....
i really don't mind if the profits and surpluses are harvested back for the benefits of the heartlanders - reducing the fees and help the poor,the needy and the impoverished.
some harsh actions will follow if u fail to pay your charges in time...sad hor...and those billions...OMG!!!!....how did they accummulate so much $$$$$$....and yet those heartlanders continue to queue up to pay their monthly fees/charges....i just don't understand really ...how could such funds be used for such " prudent" investments....
some harsh actions will follow if u fail to pay your charges in time...sad hor...and those billions...OMG!!!!....how did they accummulate so much $$$$$$....and yet those heartlanders continue to queue up to pay their monthly fees/charges....i just don't understand really ...how could such funds be used for such " prudent" investments....
Ok .. here goes..
What the hell?? TCs have too much money and didn't know what to do with it?
Then, is simple. No need to think too far ahead.
Just stop collecting the fees for a few months / years until the funds depletes !!!
C'mon, I'm sure many commonly people would rather invest the money on their own, get it wasted and it's still our own fault.
Right now, TCs behaviour is no different from mafias who go around to collect "protection money".. you don't pay, you suffer !!
kaoz...
What the hell?? TCs have too much money and didn't know what to do with it?
Then, is simple. No need to think too far ahead.
Just stop collecting the fees for a few months / years until the funds depletes !!!
C'mon, I'm sure many commonly people would rather invest the money on their own, get it wasted and it's still our own fault.
Right now, TCs behaviour is no different from mafias who go around to collect "protection money".. you don't pay, you suffer !!
kaoz...
Accountability there are 3 kinds.
1st kind is abuse or misuse of public funds for personal benefit. (like in the case of NKF)
2nd kind is action on the authorisation of investment in a fund where it is deemed 'high risk'.
3rd kind is action on the authorisation of investment in a fund where it resulted in loss.
So which action should be undertaken?
I was thinking if let's say conservancy charges are currently increased yearly at a rate of 5%. By not allowing them to invest in such portfolios, I can forsee, conservancy charges to be increased yearly at a rate of 15%. Which is more harmful?:o
I am amazed this kind of things you also can think of and say it out. You wait until you eat until no money then you go and find work?
I even more amazed that you would think your dear govt will ever run dry of cash ?
They can restart anytime the compulsory fee collection whenever their funds use up..
which, I believe, with a few hundreds of millions...
is gonna take them a long time to spend finish if they dun keep going round to buy bonds
0% interest for your fixed deposits and surpluses is better than minus 40%!!!!! -Nassim Nicholas Taleb. to hell with capitalism. to hell with bankers. to hell with economists. to hell with the bottom line. to hell with overoptimisation.to hell with this capitalist model.if only banks have two times the capital and half the leverage,they'll not be in such a mess.manage your own funds and your cash. to hell with financial experts and gurus. to hell with all these experts.
Similar threads
