Town Councils must explain losses!

[makapaaa]

Sir,
Our great and dear leaders have totally understand the principles of diversification. They diversify.
Thank you for your consideration.

Sure, understanded.

 

[rainnix]

Dr Teo.
Mr Tharman.

STOP ACTING BLUR, PUSHING BLAMES AND SMOKING US.
If you truly care for the people, ACT NOW.

Dan

This issue is worse than NKF! Here is the comparison:
1. We do not donate to TC funds instead we are forced to pay mandatory SC&C charges to the TC for the maintenance of our towns.
2. NKF and TC kept the surplus funds as a buffer in terms of reserves. There isn't a percentage cap on how much on top of the funds needed for survival by both organizations.
3. What to do with the surpluses, invest to make more money? We did not even ask the organizations to invest in stocks and shares or even CDOs.
4. They didn't inform anyone of us of their decision to invest as the investment strategies are considered secret. Little did they realize that they are investing the public money.
5. During the good years when they made money, not once did they ask us to stop donating or stop paying, instead asking us to pay more and more. NKF is better cause we can choose how much we donate. TC had to increase the SC&C fees.
6. When the investment made money, Durai helped himself with peanuts' pay..
7. Now TC and made bad investments and losses suffered, not a single time did any of the ministers apologize to the public nor attempt to recover the loss incurred.
8. Instead we are accused of being ingrates because we did not appreciate the money they made over the good years. The money that is not spent on the well-being of the people who gave their money to support for the organization.
9. Durai had to come out and apologize when he mis-appropriated the organization's funds. But he is still sued in the end.
10. The ministers can debate all they can about the economy and the Notes disguised as low risks, but they had missed the fundamental question, "Why the public money was being used to make investments the first place?"

When the MM said about the public who bought the CDOs greedy and buy "with their eyes open" - so who about the TC who made use of the public funds meant for the maintenance of the towns?

For those who is under 62 years old and had more than primary school education are not eligible for compensation, how about those fund managers that TC employed to manage funds? Are they over 62 and had primary school education?

We can say Durai and NKF is corrupted. What can we say about Teo Ho Pin and his TCs? The charity sector had since been revamped and their accounts are more transparent, can we do the same for TC and Stat Boards and GICs?

We all heard MM said their ministers are men with integrity, honest and above-board. Can they be honest and above-board on this issue?