Tuesday, November 18, 2008

Why are town councils "gambling" with our money?

To the folks who are running the town councils in Singapore: Your job is to control, manage, maintain and improve the common property of the housing estates, NOT to "gamble" Singaporeans' money in stocks, bonds and other financial instruments! If you have no idea what to do with that spare cash, please give them back to Singaporeans who really need them. From Channel NewsAsia:
Holland-Bukit Panjang and Pasir Ris-Punggol Town Councils invested a combined S$12 million using their sinking funds.

Going forward, the co-ordinating chairman of PAP town councils, Dr Teo Ho Pin, said future investments will remain diversified but will be on the conservative side.

Just like thousands of Singaporean investors who have lost money on failed Lehman-linked structured products, the Holland-Bukit Panjang Town Council may lose its S$8 million investment.

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.

10 comments:

cfoo said...

Bunch of clowns...we need an Obama here...

Mr Big said...

Even if they lose 1 million dollars, it's still the people's money and don't we already have a proper organisation like Temasek to invest our money?

Rickie said...

WTF! They have so much money!!!

Anonymous said...

n our govt are not doin anything about it!!!!!

Anonymous said...

Another example why Singapore is not for Singaporeans.

Bengster said...

Simi sinking fund??

hosni said...

all of us should start emailing and calling our town councils to ask them about how they are spending our billions.

Anonymous said...

btw they also invested in stocks of companies like creative ... n look how bad the share price is now.

pls stop doing this to the people's money!!!!!

DRE said...

Any idea who the fark is the fund manager for the town councils?

PAP Rocks! said...

Town councils can invest up to 35 per cent of their sinking funds in financial instruments like equities, corporate bonds and funds. There's nothing wrong in that. It's not as if they did something illegal.

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