Published on April 27, 2005
The SEC is right to impose stricter rules on property funds
Re: “Property funds: SEC rules stifle developers”, Business, April 25.
A property fund purchases completed real estate projects and holds them as income-generating assets. In a corrupt society such as ours, they may be used as instruments of fraud by developers because these funds may be used as ready buyers for their projects at prices that may exceed the fair market value of their future income generation potential. It is the responsibility of the SEC to protect retail investors from scams of this nature. The regulators are proceeding in this case with extreme caution for good reason. It is not the intent of property funds to provide capital for real estate development, but only to purchase successful income-generating projects once they are completed. What property developers would like is to pre-sell the project to the fund to provide development capital and to retain a cost-less call option to buy back the project if it proves to be profitable – and the option to walk away from it and leave it to the suckers if it does not. Prudent regulations are required to protect retail investors from this scenario. Cha-am Jamal Bangkok ******************* The govt deserves some credit for saving lives Re: “Road safety should be for every day”, Editorial, April 13. The Nation should be commended for this timely article. Indeed, why not make strict law enforcement a regular routine? However, your statement “As it is now, people continue to be killed or maimed throughout the rest of the year in way too many preventable road accidents. The authorities can be counted on to lapse into post-holiday lethargy, simply because Thaksin fails to give them a specific order to enforce road safety all the time or else lose their jobs” does not do justice to the hard-working government officials who stay up very late during the 10 critical days of Songkran, or to their immense efforts throughout the year in trying to save the lives of the Thai people. Your final statement “Thailand’s road safety cannot improve until its drivers – and policy-makers – acquire the ability to think straight” needs substantial qualification. I think what we need is a comprehensive road-safety strategy, which we appear to have, and the absolute resolve of the government and the public to stop the killing on our roads. Pichai Taneerananon Songkhla ******************************** Taking on corruption takes serious courage Re: “Sidelines: Pridiyathorn sets the mark for integrity”, Opinion, April 24. I thank you for this piece. It is not for everyone to write the truth. You need courage. Lately, I have not seen much courage in your paper. Authoritarianism is running amok without resistance from the Thai people. I commend you for showing courage. I commend the governor of the Bank of Thailand, Pridiyathorn Devakula, for speaking the truth about the corrupt powers in Thailand. As for me, I gave up and moved my business back home. I took my family with me. Pavel Andersson Sweden ******************** Thanks to Bangkok for a nice holiday My husband and I have just come back from spending five days in your lovely country. I just felt I had to say a big “thank you” to the people of Bangkok, who must be the friendliest, happiest and most helpful people. Every time we looked like we needed assistance, people would go out of their way to help. This is most unusual in big a big city. I wish more countries would be like this. The security guard at the Pathumwan hotel, who obviously worked such long hours, always greeted as with a warm happy manner. Just one last comment: please, ladies, you are all just so beautiful in your own way, please don’t worry about all the whiteners. You are unique, this is who you are, don’t change. In Australia, a woman lays in the sun to get a tan and spends a fortune trying to get dark. We are all different and that is what makes us special. Thank you again for a most enjoyable stay in your wonderful country. Alexandrina Johnson Australia ************************ Help the people of Phang Nga by going on holiday For the increasingly impatient residents of Phang Nga, the efforts to return life to normal after the tsunami don’t add up and make no sense. It’s been a no-win fiasco – no more tears left to weep, no more broken promises left to withhold, no more excuses left to proffer. Too many of the masses are still homeless, jobless and seemingly hopeless. There are virtually no tourists, which means no income, no work, no prospects, no money and no way out! Yes, there is a pressing dilemma that confronts all of us who were lucky enough to have perchance survived the tsunami disaster. We must face up to our responsibility to say “yes, I care about the victims” and “yes, I will share what I can with these hapless victims of misfortune”. How can we do this? With a renewed individual commitment to becoming a “yes” person by volunteering to do whatever you are capable of doing now, or by giving generously and often to reaffirm today’s priority to assure successful, proud futures for some of the most appreciative and needy members of our global family. It’s a perfect time to help jumpstart the local economy by planning a relaxing getaway vacation to the more-pristine-than-ever seashore – no traffic congestion, no distracting noise, no price gouging, no overcrowded beaches, no hustler hassles, no confrontational problems – just some quite wonderful, very friendly people who would sincerely appreciate your interest and welcome your support. Dr Chanchai Prasertson Bangkok ************* The Chinese have plenty to answer for too It saddens me to read about how the Chinese are condemning and rioting against the Japanese for not acknowledging their wartime atrocities in educational textbooks. Japan has already apologised twice now for its horrific wartime crimes. What else do the Chinese want? Contemporary Japanese, for the most part, are working peacefully to build economic bridges between the two countries, and have no gripes against the Chinese. They are embarrassed when people bring up their militaristic history. Yes, their soldiers were cruel and what they did was savage. But why are the Japanese of today being made to suffer for events that occurred before many of them were even born? While they are at it, why don’t the Chinese riot against the British? The British brought them opium, virtually sucked the country dry and broke their pride and spirit. When I visited Shanghai a while back, I recall a sign posted in front of an affluent British housing compound as a memory of times past. It read: “No dogs or Chinese allowed.” Where is the outrage there? Moreover, the Chinese themselves have a lot to answer for. It’s enough to blame others for violent behaviour and persecutions, but what about the Chinese themselves? What about the atrocities committed against their own citizens? Millions of innocent people suffered when the vicious communists took control of the country; in the Great Leap Forward and during the suppression of Tibet. The list goes on and on. Fact is, the Chinese are hypocrites if they believe outsiders are the only ones who owe them an apology. If the Chinese government had any courage, it would end these senseless riots and let bygones be bygones. I don’t see the Japanese destroying American assets in retaliation for the A-bombs that devastated the country and killed thousands of Japanese. You can’t change the past, but you can do something about making the world a better place to live. I hope Hu Jintao is up to this challenge. Outraged taxpayer Bangkok ******************** Vietnam and WWII were very different wars I refer to the letter that appeared in The Nation last Saturday about Jane Fonda and her political activities 35 years ago [“The Jane Fonda story: A lesson in history”, April 23]. The writer, Samuel Dougherty, mentions lessons of history, but obviously fails to comprehend the difference between the Second World War and the Vietnam War. On the allied side in the struggle against Hitler’s Nazis during the Second World War there was scarcely a voice in opposition to the idea that the enemy was evil and deserved defeat. During the Vietnam War on the other hand, there was considerable resistance and sometimes even violent opposition to America’s involvement in this war. The opposition voices at home in America were well supported by similar criticism from all around the world, including the majority of European countries. Mr Dougherty makes a rather silly comparison between Jane Fonda and those he called traitors during the Second World War – Lord “Haw Haw” and others. Instead of blaming the American defeat on the likes of Jane Fonda, he would be more historically accurate if he contemplated the fact that America and its erstwhile supporters made a monumental blunder getting involved in the Vietnam War at all. America was defeated because its own people eventually realised that it was a mistake and forced a withdrawal. In other words the defeat came as a result of mistaken decision making and had nothing to do with traitors. If attempts had been made to put Fonda on trial, the courts would still be full. Paul Sweeney Bangkok
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