why you shouldn’t care when the town councils lost money

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I know everyone knows now that our town councils have lost money in dear Lehman Brothers. Caveat Emptor anyone?

Let me recall some fantastic advice given to us by our Division 1 politicians from the PAP, led by PM Lee Hsien Loong, MM Lee Kuan Yew and SM Goh Chok Tong of the Division Un-numbered(because their levels of competence are beyond mortals).

1. MM Lee Kuan Yew – self-proclaimed founding father, superb predictor of everything -

On the plight of investors who have lost money investing in Lehman-related mini-bonds, Mr Lee had this word of caution.

“Please remember, when you get higher returns than what is the average in the markets, that means you are incurring higher risk. So on that message I leave you to ponder about your next purchase,” he said.

shit. Did he remember to tell the town councils or was he too busy giving advice to us Singaporeans mortals? see lah, your fault.

2.  SM Goh Chok Tong – Senior Minister, visionary politician that will turn your estates into slums if you don’t vote for PAP, Speech during National Day Dinner, Hougang Community Club, 26 July 2008

Amongst the things you can do, I suggest you study the annual accounts of the town council to ensure that the funds are properly used. Check whether the arrears for S & C charges are piling up, and eating into their reserves. Make sure that enough money is put aside for cyclical maintenance. In your walkabouts, check on the estate maintenance. If Mr Low has done a good job, give him credit for it. If there are deficiencies, point them out to the residents. In short, play the role of an effective opposition in Hougang.

Then I look at Hougang and Potong Pasir, those lousy politicians who cannot upgrade your flats or lifts.

“Hougang and Potong Pasir Town Councils, the two that are managed by opposition MPs, have earlier said they do not have any investments related to Lehman Brothers products and their sinking funds are not affected by the failed financial instruments”.

oops. what else can I say? whose playing the “effective opposition” now?

3. PM Lee Hsien Loong

SINGAPOREANS aggrieved by their investment in Lehman Minibonds and DBS High Notes 5 will have their complaints handled ‘fairly and properly’, Prime Minister Lee Hsien Loong assured on Sunday in his first remarks on the issue.

you then wonder. Is he thinking about the Singaporeans, or is he thinking about the government offices that are exposed to our dearest Lehman Brothers?

My dear Town Councils, why don’t you do this instead? Approach Mr Tan Kin Lian, join his protests at Hong LIm Park every fortnight, make more noise, petition your MPs, approach Parliament for help to try to get back the money?

Fellow Singaporeans, I understand your anger. I understand that you are mad at your Town Councils for squandering your hard earned money that you gave them as S&C charges, in which they promised to maintain the neighbourhood for you. You cannot understand why are they increasing charges when they have such huge reserves. I also understand that you do not understand why our Division 1 politicians that-are-oh-so-good-and-perfect-and-smart can keep reminding you of caveat emptor and that you-die-your-problem because you should have known, but somehow the Town Councils skipped those quotes or lessons, because I do not understand them either.

But let us put our anger aside, and put things in perspective. What’s a few millions gone here and there, when this happens?

The island republic’s premier sovereign wealth fund takes another massive writeoff

Although global markets have stabilized at least temporarily over the last couple of weeks, there is no sign of a letup for Temasek, the Singapore sovereign wealth fund that has already chalked up massive paper losses from its exposure to the world’s ailing banks.

Temasek looks likely to have lost its entire S$400m (US$270m) investment in ABC Learning Centres, the recently-collapsed Australian childcare provider, and there are growing concerns that the fund may have to help bail out the Marina Bay Sands casino project in Singapore as owner Las Vegas Sands creaks under a mountain of debt.

And here too.

SINGAPORE, Nov 4 — Last month’s market upheaval swept away S$16.4 billion (RM40 billion) in market value from Temasek Holdings’ portfolio of major investments in Singapore-listed companies alone.

well people, what did I tell you about putting things in perspective? What’s 12 million compared to $16.4 billion?

You mean the $16.4 billion isn’t your money?

anyway enough is enough. LETS MOVE ON, no wait, be thankful first.

They (residents) should thank the Town Council for working hard to come up with a diversified portfolio to generate income so that residents do not have to fork out more money.

Teo Ho Pin, Chairman, Holland-Bukit Panjang GRC

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Filed under economics, political issues, social issues

Tags: lee kuan yew, lehman brothers, temasek holdings, lee hsien loong, goh chok tong, town council 12 million, ho ching