That Genneva Facebook Supporters page is a treasure trove of conspiracy theorists, all of whom suddenly seem to be an expert on banking despite never having taken a class in Economics 101.

So many of them claim that hibah is needed to pay medical bills. How can the amount be unreliable?

"Sorry doc, but can I get a discount on the dialysis today? Hibah tak cukup?".

Erm, that's because Pat Lu is female?

Well, Robert Kiyosaki just got declared bankrupt recently so that might have a lot more in common than you think.

This post has been edited by arubin: Oct 11 2012, 10:31 PM

Who? Me? Of course I am. She's the most entertaining of the bunch. Without her around, there's no good drama. All hail Pat Lu!

Wahliao, that one just leveraged herself into one big financial hole. I wonder how she's going to keep up the interest payments to the pawn shop without the hibah.

Our friend Pat Lu got a shout-out on FMT

Manipulating a golden greed

I believe we all know who MyGoldenGoose is. Shame the blog is no longer around though. Goose got plucked and cooked.

While I do think that the previous poster's comment was unnecessary, well...I've said it before and I'll say it again. I do sympathize with the lower level victims who are really in dire straits because of this. The higher level consultants? Not so much. Not especially when they go around hurling crazy conspiracy theories all over the place. Banks are evil, BNM is evil, people who doubt Genneva are ignorant. Blame blame blame. Everyone else is at fault. Is it their own fault that they were blinded by greed? No lar, where got? They are just gold traders only. Gold price has been going up, don't you know?

If these consultants need to find a way to earn income after this, I would suggest they take up a job teaching tai chi.

Its laughable how so many of them seem to think they are such experts on investment, economics and banking, judging from their various comments.

If you're so good at investing, you won't be financially wrecked just because one of your investments nosedives.

If you truly understood banking, you would know that banks do not need to be liquid enough to be able to pay back all depositors simply because it is unlikely that everyone will withdraw their monies simultaneously. What's important is that their net assets are equal to their net liabilities, and banks are usually quite strict in this regard. Financial audits are carried out regularly in the banking sector.

In any case, should the bank go belly up anyway, your deposits are safeguarded by a government guarantee to a certain amount (one which most of us are unlikely to hit on a single account).

On the other hand, it is NOT OK for a company like Genneva Gold to be in the red like that. If their net assets do not add up, there is just no way that they can pay back all their customers EVER. Not unless there is a fresh injection of new monies and that would make it a Ponzi Scheme.

This is a concept that they can't quite seem to grasp.

Wait wait, they marching to putrajaya or parliament? I thought they said putra. Change of destination at last minute?

Let's see if got 300k people as they claim lol.

Found this on their FB supporters page:

YES!

This post has been edited by arubin: Oct 15 2012, 10:40 AM

Those guys are wrapped up in their own cocoon in their FB supporters group. I could have told them exactly what is needed to be done to improve their image and look more credible, but they would probably have blown me off for being a nosey kpc.

1. Cut out the melodrama.
All those sob stories are unbelievable. If you life is on hold because Genneva stopped hibah, how on earth did you manage to live before that? Keep it simple. Just say what Genneva has added to your life, and what you would have to do without now that you have no hibah.

2. Never admit you went all in.
People will just think you are stupid and greedy. Poof goes any feeling of sympathy.

3. Stop criticizing the banking sector and the value of fiat money.
Yes, it has its fair share of scandals recently. Doesn't change the fact that currency and banking are an essential part of modern commerce - unless you want to go back to those days where you could exchange a camel for a slave girl. Hmm, actually that's not such a bad idea...

4. Cut out the conspiracy theories.
You'll just look like a bunch of quacks. People will lump you in the same category as UFO abductees and Bigfoot spotters.

5. You badly need public sympathy & support.
No, this is not a 'national crisis'. They claim this has affect 300k people nationwide. Congratulations, that's just a little over 0.01% of the population of this country. That's barely a blip. You're not 1%. You're not even 0.1%. You need the public behind you.

6. Be more receptive of public opinion.
For reason 5. Accept what people have to say and thank them politely for it, even if you don't agree with them. No calling them stupid, jealous, ignorant, etc. This is not a time to pick arguments with the public.

Of course, if they followed all of the above, it will no longer fun to watch them combust now, eh?

I get annual reports from any companies that I have invested in (of course, I don't buy tiny amounts like 100 shares). These Genneva folks, never seen 1 financial statement even, yet they so trusting with their money.

Rule of thumb: Never invest in a company that hides its balance sheet and profit/loss statements.

Oh wait, they are not investors but gold traders so they have no right of access to such statements.

You can tell they are getting confused and desperate now.

On one hand, they are asking how can Genneva's integrity be questioned when Dr. M himself officiated their opening ceremony and advised people to buy gold.

On the other hand, you see some of their supporters lambasting Dr. M, blaming him for all sorts of corruption scandals.

Pity they have disabled posting by outsiders or I would have called them out on their hypocrisy.

http://theangryinvestor.blogspot.sg/2012/1...nd-how-its.html

That guy above states it simply and clearly. There is just no way that Genneva is making a profit. If you want to say gold appreciates, so does real estate yet you don't see any property sellers offering you hibah payments.

Depends on whether they can pin down the consultants to a chargeable offence. Best I can think of is that they can hit them with abetting whatever Genneva is guilty of, but this is tricky as you need to prove intent.

Might involve some sort of plea-bargaining. If the Genneva directors are charged, they might attempt to ask for leniency in exchange for testifying against the consultants.

This is why some people have advised the Genneva supporters to hire their own independent lawyer. After all, Genneva's own lawyers will look after the directors first, the consultants second. That bit of advice was ignored and deleted though. Ah well, their loss.

This post has been edited by arubin: Oct 16 2012, 11:51 AM

That is why the consultants keep insisting that what the are getting is a discretionary gift, a 'hibah'. No, it is not income at all. Don't put words in their mouth.

I am way too amused at where this is going to intervene lol.

Hello Miss. I am from Bank Negara. If you would show me your gold, I will show you my hibah. Shall we being trading?

Bwahahaha, I take it none of the Genneva Supporters are Japanese movie buffs or they will recognize that Will Pang's portrait is that of Beat Takeshi.

What's funny is how Eddy's update actually make more sense than all the crazy theories brought up at the FB supporters group.

There is a common misconception that Public Gold is affiliated to Public Bank just because of the name. It is actually completely different company. Public Bank has its own gold investment account.

Also, it is has a rather more viable business model that is not ponzi at all. Their gold roughly correlates to current market prices and they always buy back at a lower price than they sell. No hibah bullshit. Its almost like a foreign currency exchange except that they deal in gold instead.

Not quite sure why they are on the watch list but whatever the reason is, definitely different from Genneva's.