Sunday, January 18, 2009

Public Funds Squandered by famiLEE LEEgime to fill up Huge Lehman Brothers' Damages

CNA 154th News

SINGAPORE: Over half of investors who complained about their investments in products linked to the collapsed Lehman Brothers will get some or all of their money back.
According to the Monetary Authority of Singapore (MAS), those who will be compensated had bought Lehman Minibonds, DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products.

I suggest Singaporeans and tax payers to take this position to oppose these compensations. Since this is very unfair to the tax payers and members of public that huge sum from public fund / equity is squandered by famiLEE LEEgime to fill the huge damages. There is no doubt that the famiLEE LEEgime regardless how indirectly will be milking tax payers and public in order to recover funds they squandered to fill this huge hole of Lehman Brother damages.

Ask yourself why should the coffer of public and tax payers be responsible? Is it fair for famiLEE LEEgime to take your money to fill up that huge hole to ease the political pressure they had been facing?

Are the public funds being used to bail out the bond losers or abused to save the corrupted and incompetent famiLEE LEEgime instead? They are squandering OUR FUNDS to COVER THEIR OWN POLITICAL CRISIS.

Those who lost in bonds can protest and put pressure on famiLEE LEEgime demanding compensations. We can also protest to demand famiLEE LEEgime to stop squandering OUR TAX DOLLARS this way.

The bonds are their Risk Bearing Investments. If the investors made gains they are not even required to pay tax from such Capital Gains. How unfair to tax payers to have to compensate them when they made a lost! These
Risk Bearing Investments are gambling nature, the public should etically not compensate their losses because such compensation is not only unfair, moreover also such compensation will encourage more people to take reckless and meaningless risks and then later refuse to accept their own responsibilities while in greed anticipate to gain financial interest of gambling nature.

If famiLEE LEEgime could squander public coffers to comepensate Lehman Bond losses, they could also squander to compensate casino losers, as long as casino loser could find ways to protest and put famiLEE LEEgime in political hotspot, and the lame LEEgime would squander public funds in their hands to bail themselves out.

Although I support victims of the Lehman Bothers scandal to voice up and expose financial institutions misleading sales and inducing them to buy defective financial products, I stated clearly that I am not supportive to compensation using public resources due to the said unfairness. I am supportive to those who suffer grievances and victimized to demand resignation and punishment against the culprits, and to hold authorities accountable.

However the accountability should also work towards fairness for the bigger majority of public not just those minority who had selected to put their own monies in to these High Reward / High Return financial products. It is unfair to LARGER MAJORITY who did not make any such decision to take any risk. The bigger majority tax payers actually include those who are poorer than these minority who at least have money to buy Lehmans' bonds.

After squandering the huge sum to compensate these people, the famiLEE LEEgime have to milk these poorer tax payers to worst extend in order to recover these compensation funds. That is in other words, the poorer and more honest people are being extorted by famiLEE LEEgime for money to compensate those richer individuals who had the money to so called INVEST. The decision of famiLEE LEEgime to compensate actually victimzied more poorer GST payers, who could be actually borrowing debts to pay GST, when GST goes to filling up the huge holes of Lehman Brothers!

How is this fair?

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