I already answered your question in post #31, you fucking moron.
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The HDB/CPF Scam – How the PAP perpetrated the biggest swindle in modern times
- Thread starter makapaaa
- Start date
I already answered your question in post #31, you fucking moron.
You keep uttering the same PAP lines. Those are lies. Please lah, come out with some original lines.
this is the problem
when someone writes something sensible
they said you are a running dog
a cock sucker
a pap ib
fartup heads here only have one eyed jerking shithead
think before you post
think before you spout
don't let your ignorance and stoopidity show
I say: HDB/CPF coupling is unique
there is no scam
there is no cheating
there is no dishonesty
Singaporeans should thank the Government for such a brilliant and unique HDB/CPF coupling
Everyone benefits
By the time a couple reach their forties, most if not all have paid up their loans and they become
proud owners of their wonderful flats and apartments
they can then concentrate on their savings and plan for their retirement
while those who failed to do so, blame yourself
do not blame the government...blame yourself for being a loser and a failure
and don't write rubbish and blame others for your utter stupidity
when someone writes something sensible
they said you are a running dog
a cock sucker
a pap ib
fartup heads here only have one eyed jerking shithead
think before you post
think before you spout
don't let your ignorance and stoopidity show
I say: HDB/CPF coupling is unique
there is no scam
there is no cheating
there is no dishonesty
Singaporeans should thank the Government for such a brilliant and unique HDB/CPF coupling
Everyone benefits
By the time a couple reach their forties, most if not all have paid up their loans and they become
proud owners of their wonderful flats and apartments
they can then concentrate on their savings and plan for their retirement
while those who failed to do so, blame yourself
do not blame the government...blame yourself for being a loser and a failure
and don't write rubbish and blame others for your utter stupidity
you fucking moron...you mean to tell me sinkie do not know the connection between cpf and hdb when they have been using their fucking cpf to pay for their pigeon hole!
You think your dumb fuck sinkie like yourself is so stupid, right? Only you are so smart, right?
You better crawl back to your mother chee bye hole, think hard and come back with a better sensible answer to my question ...that is if retard.like you can be honest to say the correct answer!
Go back to your HDB flat bedroom and continue to suck your father's lancheow. this is big boy talk here, little shits like you only good for servicing daddy.
HAHA...you see what I mean
when an impure person loses his debate he resorts to vulgarities
and then he loses his sense of proportion and he loses his big head
and only shows his puny little small head spouting and spurting nonsense
this is impure hor
so all impure people please do not stand for erection
all go home and suck thumbs
let the pure hearted pap do the work
govern this paradise
and bring Singapore to the next stage of Olympia!!!
when an impure person loses his debate he resorts to vulgarities
and then he loses his sense of proportion and he loses his big head
and only shows his puny little small head spouting and spurting nonsense
this is impure hor
so all impure people please do not stand for erection
all go home and suck thumbs
let the pure hearted pap do the work
govern this paradise
and bring Singapore to the next stage of Olympia!!!
You go fuck off.lah..if by now you still don't get it..I don't touch such housing meant for LOSERS LIKE YOU!
Balless Sinkie. In your heart you know Why your Balless countrymen voted for the PAp despite knowing that were screwed left and right whether be it by HDB or CPF but you yet beat around your mother 's fucking pubic hair bush just not to say the REAL reason.
That is why you get to live in such fucked up housing and yet get screwed. LoLoL
majority of people living in 4 ,5 ,6, 7room flat , in landed property
will not want to change status quo.
because human nature is to be selfish.
What scam? Every year. HDB loses money hand over fist in order to provide good quality but affordable apartments. The problem is with sinkies demanding to buy artificially depressed HDB apartments and then reselling them for like $600k on the resale market.
If people are willing to pay over $1M for Duxton HDB apartments, $600k to stay in HDB apartments in Bukit Merah and Queenstown, then HDB has clearly been pricing their BTOs too low at around $200-300k for a unit.
If people are willing to pay over $1M for Duxton HDB apartments, $600k to stay in HDB apartments in Bukit Merah and Queenstown, then HDB has clearly been pricing their BTOs too low at around $200-300k for a unit.
All i hear from you is a small squeaky voice like a mouse. U swallow too much of your father's sperm is it? Because u sure got some kind of mental retardation. My fantastic article already pointed out all the answers to your question, but u are too retarded to understand. Go back in and swallow some more your daddy's cum. That is all u are good for, you mental spastic retard.
I am appalled by your utter stupidity.
You make assumptions with no basis. For eg, are you not aware than most sinkees reaching the prime of their career are replaced by foreigners. That is the end of their decent paying jobs. Their second career pays pittance in comparison. Like that, how to pay off HDB mortgage? So, don't bullshit, okay.
Another eg. ...save for retirement ...if that is even possible ...if it is possible, then sinkees won't have a problem of insufficient funds for retirement ....PAP won't raise minimum sum ....it is because most of sinkee's cpf is taken by HDB that the problem of insufficient savings arise.
We not stupid ...we should toss the PAP out and sycophants like you should be sent to ISIS for 'treatment'.
Losing money? What bullshit is that?
So, if sinkee can buy HDB flats cheap and then sell for $600k, what is the problem? When every sinkee is rich, the country is rich. When 10 percent is rich and the rest poor, the country is poor.
How many can afford that? 80 percent of HDB owners? You pedophile brain.
Saw some interesting articles by Phillip Ang in his blog likedatosocanmeh, well worth reading.
https://likedatosocanmeh.wordpress....ld-not-allow-pap-to-take-us-for-another-ride/
CPF members should not allow PAP to take us for another ride
July 26, 2015 by phillip ang
Dear CPF members
Regardless of your political affiliation, you’d better wake up to the fact that your CPF will not be returned anytime soon. Not that PAP won’t, it can’t.
1. Because PAP is in such desperate need for funds, it did not only postpone the withdrawal age at 55 but removed it altogether. During the past five years, $35 billion ($7 billion annually) belonging to members in the 55 to 60 age group was trapped by PAP(see table). If $35 billion had been returned, GIC would have been in trouble.
According to CPF Annex H 2014, members in the 50 to 55 age group has the highest balance of $46.6 billion. In the next 5 years, another $35 billion will again be channeled into GIC.
Source: https://mycpf.cpf.gov.sg/Assets/common/Documents/Annexes_2014.pdf
PAP does not have the means to return tens of billion$ to CPF members at 55.
2. From 2010 to 2014, CPF balances grew at an average of $22 billion annually. About $7 billion came from retirees whose retirement savings were trapped by PAP after 55.
PAP has been increasing total CPF balances via our immigration policy and arbitrary changes to the CPF withdrawal age. It is foolish to believe there is sufficient funds to pay CPF members at 55 when one does not even know where OUR CPF is invested.
Much bigger countries are not able to increase their reserves at our mind-boggling rate. CPF currently resembles the last stages of a Ponzi scheme and is a complete failure.
3. To mask the failure of our CPF scheme, PAP conveniently/sneakily amended the ‘mission’ of CPF.
Mission before 2011
Mission after 2011
CPF has failed to provide “a secure retirement” for the majority of retirees and this could be confirmed by members who had retired a decade ago or earlier.
Isn’t it mission impossible for CPF Board to attempt to provide a “lifelong income (CPF Life), healthcare financing (Medishield Life) and home financing” when it has failed to accomplish its single mission, ie to provide a “secure retirement”?
4. Last year, I highlighted the edited CPF mission in this post: https://likedatosocanmeh.wordpress....to-inflate-housing-prices-not-for-retirement/ and provided links to CPF website. However, PAP recently revamped CPF website , effectively leaving no trace of CPF’s mission prior to 2011.
CPF annual reports since 2002 are no longer available and it appears PAP wants to prevent further public scrutiny. Fortunately, I had downloaded all available CPF annual reports and would advise concerned citizens to do likewise when they engage an untrustworthy PAP government.
PAP is not interested in engagement but prefers to conceal information and engage in propaganda.
5. I am no finance expert but I know for certain that our scholars know nuts about risks and GIC is speculating with OUR retirement savings. It is able to do so because a PAP-controlled parliament can always amend CPF withdrawal age to inject more funds into GIC to cover up investment losses. It already has.
Unlike our scholars who understand risks in a classroom setting, I was a professional futures trader for 15 years. I traded for an American company for 5 years and was a SGX ‘local’ (trading with own funds) for 10 years. Futures trading is riskier than investing in the stock market.
After I left the exchange in 2006, I invested in Singapore stocks and went through the global financial crisis hell. And back.
I know full well the meaning of risk and what GIC does with OUR CPF is extremely risky. GIC is unable to prove otherwise.
6. Last year, Josephine Teo, Senior Minister of State for Finance, continued to mislead CPF members by claiming that “CPF funds are invested in risk-free Singapore Government securities”. The Singapore Government is not a separate entity but funded by CPF members. Josephine is basically telling you that you will guarantee yourself! You, as a CPF member, should go question the learned minister on her half-past-six statement.
Although PAP cannot guarantee citizens, it has been guaranteeing about 775,000 foreigners who should not be enjoying privileges of CPF membership. Many have left Singapore for good since years/decades ago.
7. Most CPF members would expect a high percentage of our CPF monies to be invested in solid companies which provide stable/increasing dividend payments. When such companies perform well consistently, the value of its shares also appreciate. GIC’s listed securities portfolio has confirmed otherwise.
Since GIC’s listed securities portfolio is not able to generate sufficient returns to match CPF interest rate, perhaps it could have better luck with its investments in real estate/private equity. But no one knows for certain because GIC has refused to be transparent.
Why should anyone even trust GIC when it gambled $26 billion on Citigroup and UBS? What’s more, LKY had expected such lousy investments to be cold storaged for 30 years, as if he could predict the future of UBS and Citigroup.
If GIC could make bad investment decisions involving a humongous $26 billion, other smaller investments cannot escape its bad judgement.
8. A Singaporean retiree will need his funds in Singapore dollar. However, GIC has done the unthinkable by investing 100% of our CPF in foreign assets, ie non Singapore dollar. We seriously need to question PAP’s no-common-sense approach and motives.
It is acceptable to invest a smaller percentage in foreign assets but certainly not 100%. Foreign exchange volatility may prevent divestment when funds are needed, ie withdrawal at 55. Again, it appears PAP does not intend to return OUR CPF.
9. In 8 out of 20 years before 2014, there was a drawdown on our reserves by GIC to pay CPF members. This again confirms GIC’s portfolio is unsuitable for CPF members because it did not plan to have a constant stream of income. GIC has been speculating with our CPF and reserves.
10. PAP can regain our trust by:
– Not commingling CPF funds with real reserves.
– Disclosing all CPF investments.
– Disclosing the billions it has paid to fund managers and directors.
But will it?
In short:
PAP never had any intention to return our CPF because it can’t. Instead, it needs to channel even more money into GIC which it has been doing so at the rate of $22 billion annually. $7 billion is contributed by removing the withdrawal age of CPF retirees.
Most CPF members suspect GIC needs to speculate in order to achieve higher returns. This is to cover past losses.
CPF has failed to provide members with a “secure retirement”. To mask its failure, PAP sneakily amended CPF’s original mission and has removed evidence of its failure.
As long as PAP has two thirds parliamentary majority, it will continue with its series of tweaks to trap even more CPF monies. It has been doing so since 1987 when it implemented the Minimum Sum Scheme.
We have been taken for a very costly ride for almost 30 years. For the sake of your children, think carefully about this issue and don’t be fooled again.
Phillip Ang
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Interesting article by Phillip Ang in his blog likedatosocanmeh.
https://likedatosocanmeh.wordpress....ty-dont-even-hope-to-get-your-cpf-back-at-55/
With PAP parliamentary majority, don’t hope to get your CPF back at 55
June 22, 2015 by phillip ang
Dear CPF members
With PAP in power, you should not hope for a miracle to happen and somehow you will be able to spend any/much of your hard-earned CPF before you meet your maker.
Do read up on CPF issues and question/discuss all that you have read, including this post. It is likely that you will be convinced PAP has abused the CPF scheme for its own benefit. There will be more delaying tactics to prevent full CPF withdrawal. Learn to read the ‘right’ things instead of propaganda fed to you by PAP’s mainstream media.
What I have written is based on information from various government websites. If I were merely speculating, PAP could have provided counter arguments and put all ‘speculators’ to shame. (Not necessary to resort to legal threats) The fact that PAP has not been able to do so confirms most of what I have written to be factually accurate.
1. You need to realise that:
– CPF is YOUR hard-earned retirement savings and no political party can have more say than you. You should not allow PAP total control over YOUR CPF through frequent policy tweaks.
– Many of you NEED your CPF at 55 but somehow keep supporting PAP, a political party whose objective is to retain increasing amounts of our CPF. Perhaps you have bought into PAP’s propaganda but it’s not too late to realise this and stop victimising yourself.
Ignorance is not bliss.
2. CPF was used by the PAP to fund the construction of HDB flats, infrastructures and the set up of profitable government companies which were subsequently transferred to Temasek Holdings below market value. After tasting their ‘success’, PAP had proposed to delay the CPF withdrawal age from 55 to 60 in the Howe Yoon Chong report 31 years ago. The clear rejection of this proposal is evidenced by the unprecedented 12.9 % vote swing at the 1984 GE.
Without parliamentary checks, PAP has become more brazen and progressively increased the withdrawal age to 65 by 2018. The MS of almost $200,000, including Medisave, is senseless because the majority of CPF members do not even have this amount.
CPF members were unhappy with PAP in 1984 for attempting to retain our CPF and we are unhappier now because the withdrawal age has been increased by 10 years instead of 5 years.
3. CPF appears to be the mother of all Ponzi schemes. A Ponzi scheme entices ‘investors’ with the promise of high short-term returns; CPF scheme promises low long-term returns.
The “guarantee” of low CPF interest rate by the PAP government is a joke at our expense. CPF members are also taxpayers and when the “guarantee” comes from taxpayers (government), we are effectively guaranteeing ourselves. PAP has fooled many in the past and it’s about time you reject the role of being a fool by reading the ‘right’ things in order to break free from PAP’s BS.
4. PAP has effectively hijacked public monies into a private company called GIC. Once our CPF is privately managed, PAP owes no one any explanation as to how or where our CPF is invested.
Since GIC was formed in 1981, it has never disclosed any absolute figures such as it profits, losses, dividends, etc. Without a proper set of accounts, GIC’s real performance is concealed from CPF members. It does not even disclose the tens of million$ paid to its directors or hundreds of million$ to fund managers. All the percentage figures disclosed are meaningless to its stakeholders.
GIC has been concealing relevant information from its stakeholders for 34 years. A functioning government needs trust from the people but citizens are not stupid to trust a government which insists on concealing information for decades.
If you are a scholar with stellar academic results from Harvard, would you conceal the information? So if GIC has indeed been a fund manager par excellence, why has it chosen to conceal information for 34 years?
One can only logically assume such information could embarrass the PAP if disclosed. Many have also speculated GIC has made huge losses which necessitates the retention of larger amounts of CPF.
We have now been forced into a pay-until-you-die CPF installment scheme by the PAP because the government lacks the funds to return a lump sum payment to CPF members at 55.
PAP has the propensity to cook up ridiculous justifications and you should not rule out PAP increasing the withdrawal age to 80 or even 90 from 65.
5. Like you, I used to be impressed by the GIC reported in the mainstream media. But after some research the last couple of years, I believe Singaporeans have been fooled.
Investment losses are inevitable but massive losses could have been avoided if only GIC had a game plan. Holding on to bad investments after fundamentals have changed confirms GIC has no discipline.
By becoming a substantial shareholder in many companies with no track record, GIC is merely speculating on capital gains. GIC has no margin for error in its judgement as any mistake will wipe out the investment. And GIC has lots of these wipeout investments. Here are a few:
Link: https://likedatosocanmeh.wordpress....pf-using-tikam-tikam-model-and-based-on-hope/
More details on GIC’s China Coal Energy here: https://likedatosocanmeh.wordpress....provide-more-transparency-on-cpf-investments/
Less than a year ago, GIC invested in Serco Group PLC in what appears to be ‘bottom picking’. But the bottom has since fell out and Serco’s shares are now worth one third of GIC’s original price.
More details on GIC’s Serco Group PLC here: https://likedatosocanmeh.wordpress....ights-issue-ida-type-due-diligence-suspected/
More details on GIC’s investments at this link: https://likedatosocanmeh.wordpress....ter-cpf-investments-not-only-profitable-ones/
There are of course many more such investments.
6. GIC will never learn from its mistakes because there has been no accountability. Not even after Citigroup or UBS. There are simply too many bad investments which confirm GIC has not conducted due diligence.
Since a steady stream of about $20 billion CPF is being channeled into GIC every year, it can sit on every underwater investment. It is like our local punters who ‘cold storage’ a collapsed penny stock and then hope for the best in the next bull cycle.
GIC’s investment ‘strategy’ does not provide for a lump sum withdrawal by CPF members.
7. Last year, DPM Tharman revealed in Parliament that “In eight out of 20 years, GIC’s returns were lower than the rate promised to CPF members, but the Government absorbed the losses”. GIC claims to have made annual real return of 4.1% over a 20 year period.
Although Tharman’s statement appears to have revealed little, it has actually confirmed GIC’s mediocre performance.
It would be fine if GIC’s return was lower than CPF rate for a couple of years but it did so 40% of the time.
“Lower than the rate promised to CPF members” could also mean GIC had made losses in a number of years. And when PAP is unable to state factually its underachievements, rest assured it must be an embarrassing number.
It could also be due to GIC’s mediocre performance that it is unable to return a lump sum CPF to members at 55.
There have been too many attempts to project GIC’s ‘superior’ performance. If GIC’s client and board of directors isn’t the Singapore government, it would have folded years ago.
Do you think GIC has the funds to pay every CPF member a lump sum at 55?
9. By admitting that “the Government absorbed the losses”, Tharman must have meant our reserves were used to pay CPF members for 8 years. If so, why was this not highlighted in Parliament?
Since GIC had to resort to using our reserves to pay CPF interest on 8 occasions during a 20-year period, does this not confirm it did not have the funds to make lump sum payments to CPF members?
10. CPF is not invested in foreign companies with strong earnings which are able to pay regular dividends. GIC has taken excessive risks by speculating for capital gains. If this is factually inaccurate, GIC could quell speculation by simply producing a complete list of its investments.
GIC could have been as transparent as Norway’s GPFG and easily provided FULL disclosure.
PAP has no reason to invite unnecessary speculation on GIC but why does it continue to conceal basic information of CPF investments?
11. It is obvious GIC does not have sufficient funds to return all CPF monies to CPF members at 55 or 65. Perhaps it’s time you query your MPs but don’t get your hopes too high – chances are they know only as much as you do.
Conclusion
Your CPF belongs to you, it is YOUR money but how you spend your hard-earned savings is now dictated by PAP.
The CPF scheme the mother of all Ponzi schemes. A Ponzi scheme promises high returns to attract investors whereas CPF legislates low returns.
GIC does not seem to be managing our investments, appears to be speculating and does not have an exit plan when market fundamentals have changed. If due diligence has been conducted, there is no reason for investments to lose half their market value in a year, wiped out within 2 years.
PAP should not expect CPF members to trust an organisation managing more than $1/4 trillion of our retirement savings when it has not produced a proper set of accounts for 34 years.
There are obvious question marks all over our CPF scheme but PAP has repeatedly refused to provide relevant answers.
The original contract for the government to return our CPF at 55 was amended by PAP because Singaporeans voted for a PAP majority in Parliament. The only way to undo this self-created problem is to deny PAP its 2/3 parliamentary majority. There is no alternative.
Without any checks on the PAP, all your hard-earned CPF will never be returned to you at 55.
Phillip Ang
hell no. speculating on hdb flats like what sam leong did before he jumpship to OZ is what contribute to outrageous hdb prices. hdb flats should remain lowpriced and ONLY for singaporeans. not speculators, not businessmen, not the ungrateful far-right quitters living in OZ or NZ. u dun be stupid too!
Enough people can afford them. That's why Duxton HDB apartments can continue to sell at $1M, you pedophile.
I repeat: The problem is with sinkies wanting to buy HDB cheap, and then resell them for a hefty profit on the resale market.
To achieve this object, sinkies, especially opposition supporters, lie brazenly that HDB prices for first-timers are way too high.
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no difference to you lah smart alec
even with original lines
you will still swallow them like lices
haha..cant be help
worry for you...
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