Singapore ponzi scheme will become bigger and bigger and BOOOOOOM

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Tan Kin Lian's Blog: Ponzi scheme
12 Mar 2010 ... The ponzi scheme will become bigger and bigger and more people will be caught. There is already a ponzi scheme going on in Singapore now. ...
tankinlian.blogspot.com/2010/03/ponzi-scheme.html - 10 minutes ago -

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Ponzi scheme
by Tan Kin Lian
In a ponzi scheme, the promoter offer an attractive rate of interest, say 12.5% for 6 months. The promoter is able to give this return to the investor if he is able to get more people to invest in the scheme and also for the original investors to re-invest their money.

As more people are drawn in, the ponzi scheme becomes bigger and bigger. The investors think that they are getting a good return, but they did not realize that they will not get back the money that is invested, as it has been taken away or spent by the promoters.

If there are no new money from investors, the promoter will not be able to pay the 12.5% interest every six months, or the investment on maturity. They will give all kinds of reasons to delay the payment. In the meantime, they will be selling their investment to get money from new investors.

In many cases, the investors are paid the interest, provided that they agree to renew their investment for another six months. They are likely to face the same difficulty in 6 months' time.

The ponzi scheme will become bigger and bigger and more people will be caught. There is already a ponzi scheme going on in Singapore now.

Be careful. Do not be caught in this scheme. You may not get back your investment.

Tan Kin Lian

 

[exSINgaporean]

Ponzi scheme....it can't bit the CPF lah!

Mar 12, 2010
Automatic CPF Life at 65
By Cai Haoxiang

CENTRAL Provident Fund (CPF) members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday.

He disclosed the refinement when responding to Mr Sam Tan (Tanjong Pagar GRC), who asked if there was anything that could be done to help those previously not eligible for the scheme - which provides a steady stream of retirement income for life.

Currently, CPF Life will apply automatically to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account.

Those without that amount are left out. But with the announcement, this group will now be included automatically should their CPF savings increase to $60,000 by the time they turn 65.

The CPF savings of such individuals may continue to grow by age 65 if they continue to work or receive refunds from the sale of property, Mr Gan said.

Such was the level of interest in CPF Life that it was opened up last September to Singaporeans and permanent residents aged 55 and older. Since then, some 37,000 people have signed up, committing a total of $1.7 billion.

Read the full story in Friday's edition of The Straits Times.

 

[Watchman]

 

[zuoom]

sounds a little like the recent silver thing i hear about.