We are sorry we lost your money

200811241835.jpgThat’s the sentence that is mysteriously missing from reports and statements from Pasir Ris – Punggol Town Council and its MPs.

Instead, we read that “half of S$4m investment not written off”, and that fixed deposits “will only give you minimal returns. At times, it doesn’t even cover inflation”.

So losing $2m of residents’ money is completely justified. No apology required.

PAP Town Councils – What A Fiasco

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7 thoughts on “We are sorry we lost your money”

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  3. it's not fair to criticize so quickly based simply on individual investment outcomes. losses are inevitable. and I'm sure no one notices when good investment earnings are made. I see the shortcoming in all these being the apolitical nature of singaporeans. If we want to leave everything to the government, then we should suck it up and accept the outcomes. Otherwise, get involved… Scrutinize the town council accounts… Has the investments been good generally? Is the risk manageable? If residents voices out to them to simply put the money in FDs (or even in biscuit tins under the bed), I'm sure that they will more than happy to do so (in sgp lingo their backsides will be covered acceding to resident requests). If not they exercise their best judgements and there's no guarantees in that…

  4. I totally disagree that losses are inevitable in all investments…

    It depends on what the risk appetite is…

    Anyway, if they claim that the returns on the sinking fund may not even cover inflation if put in FD, then may be it is better that they do not have a sinking fund at all…

    Raise the money only as and when funds are needed – it can still be on an instalment plan (just charge interest) instead of charging residents a lump sum…

    A very simple solution to the problem of having to find suitable investments for its sinking fund!

  5. I totally disagree that losses are inevitable in all investments…

    It depends on what the risk appetite is…

    Anyway, if they claim that the returns on the sinking fund may not even cover inflation if put in FD, then may be it is better that they do not have a sinking fund at all…

    Raise the money only as and when funds are needed – it can still be on an instalment plan (just charge interest) instead of charging residents a lump sum…

    A very simple solution to the problem of having to find suitable investments for its sinking fund!

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