GOLD TRADING: Prompt action on firms may have made many the wiser

THE action of raiding Genneva Malaysia Sdn Bhd and other similar "gold trading companies" by the authorities at the beginning of this month is ostensibly laudable.

http://www.nst.com.my/mobile/opinion/lette...-wiser-1.164496

lol once again kena maki...

my! v3!
To say congrats in this situation is way too awkward!

It only shows the denial is still very strong!

Lets keep thrashing the pro-genneva supporters!

Their ultimate aim to get goverment to use tax-payer $$ to bail them

********** extracted from the article
..
Any initial scepticism they might have over such schemes disappeared particularly when the authorities remained relatively "silent" for more than two years.

The article mentions that "action can only be taken (by the authorities) when it has been established that an offence has been committed". Does it take that long for the authorities to establish "an offence"? Is it so difficult to start an investigative probe into the system? Did Genneva not submit periodical audited accounts to the authorities?
...
*******************

My former masaleh boss like to call such behaviour as square head. Never jump out from the comfort box to do something excellent. We want to be a developed country by 2020, in fact, this Dr M's vision contains a typo mistake, it is 20200. A zero is missing.

what investors? say again

Guys, something to ponder about:-

Thumb nail:-


Enlarged:-


This post has been edited by gogo2: Oct 31 2012, 05:07 PM

Diagram is garbage. Purposely understates Genneva's cut in order to discredit BNM.

Genneva has a markup of 25% from gold spot price. This means if the customer buys RM1000 from Genneva, than using this simple model's logic, there should be RM200 in Genneva's CIMB account while the customer gets RM800 worth of gold

This post has been edited by arubin: Oct 31 2012, 05:26 PM

Important part is customer didn't get the gold yet. So the money should be in the CIMB bank. So why customer no gold
and CIMB bank no money? Where is the money?

i read this in one of robert kiyosaki's book. it says "a con man can only con u when u want something for nothing". or we know it as too good to be true...invest 100k, sit there, do nothing and receive hibah 2% monthly (rm2000) just like that. if i invest 1 mil and i'll be earning rm20k monthly. everyone can become CEO, earning a CEO's salary but work job is like a baby... sleep, eat, shit...

Human is a complicated living creature. Not everybody has the same ability. Somebody are not that lucky, they were born without sensor of detecting scam.

Similarly, in school, one group of students take 10 seconds to understand a simple math formular, another group needs half day, and another group has no way to understand it no matter how.

BNM is reponsible for public interest protection as their claim. We are not expecting BNM does everything. We just want them to do their best.

If we accept what they have done so far is considered as the best, perhaps either we are too kind or we are too low standard.

Do think this seriously - there are people who really can't detect scam or insensitive to scam. Nothing to do with their greedy attidute.

In fact, most of us, perhaps all of us, are greedy to $$$$$$$$$$$$$$$. Just that we were born with a better verson of natural scam detector.

true. they were blinded by their laziness and greediness..

i quite pitty those victims. who is not lazy and greedy? but their ignorance is what makes them stupid and dont deserve my pitty. dah salah, mengaku je lah.. ni nak blame the whole world... and continue to hope that it's not a ponzi scheme

you still havent got a clue what happpened is it?

“Based on our information, there are 35,000 investors that had been detected with investments worth some RM10bil," Deputy Finance Minister Datuk Dr Awang Adek Hussein told Datuk Ibrahim Ali (IND-Pasir Mas) during Question Time.

Ibrahim wanted to know if the government would interfere and assist the investors.

OMG!! It was Ibrahim Ali of PERKASA who raised the question about Genneva today. I hope those GMS guys have better judgment and sense than to go praising this ultra-rac*st for raising the question in Parliament.

http://thestar.com.my/news/story.asp?file=...3047&sec=nation

This post has been edited by Akonn: Oct 31 2012, 05:49 PM

Hahaha they even praise Bung Mokthar and the Umno youth for helping them, why do you think they won't do the same if this katak help them

wanna bet?

I think Shereen Lim might. She did mention something about approaching PERKASA once.

Well, I guess if you are a person who are unable to determine what you're going into is a scam or not, then, it's best for that person to stay away from it. Think about it, there are alot of other things out there that will entice you into putting your hard earn $$/precious time in promise for a good return. It could be MLM, direct selling, blindly investing into equity/debt/derivative instrument/structured products/unit trust/insurance, etc. The list just keeps going on. Till he gets it, it will jsut be another painful lesson to go through. Our regulators can only do so much and I must say there have been doing quite a great job so far.

It is indeed sad to see/say that the direction taken by the society of the world today in developing ourselves materially (concentrate gather $$) is probably a digression and is probably an inhibitator to development but this is an entire topic all together. Had we not develop such a social system that places empahsis on $$ so greatly, we might just have people with greater characters and less greedy. I stand to believe that the result of all the greed today is in a way a by product of the system that we've live in. Yes, humans might just be greedy by nature but our created system has definitely greatly amplified that effect.

What is inherently sad is they were too few individuals speaking out or actively trying to debunk this scheme earlier on - Malaysian society dictates that we each give the other tolerance, especially if this involves the well-being of the known strata of individual, group or community.

Unfortunately, in this case, it works against us. Too many people, induced by their close relative, friend, cousin or fellow members of a society was socially convinced that this was a secret, a superior method of working in the "system" but gaining far higher profit.

Hindsight, as always is 20/20 and crystal clear, and we can easily dictate or label who were the victims, the perpetrators and masters. It’s easy to sit back, do armchair comments on these individuals and label them as "stupid, weak, smart, greedy, financially savvy, intelligent, superior...." the list goes on.

I see too much finger pointing, too many “I am right and you are wrong”. Selected parties trying to climb and elbow each other to win the argument and prove themselves superior/right/absolute. Disgusting.

Do yourself a favor folks, if you see something wrong, or someone about to do something that might jeopardize their well-being - let the person know. Politely of course.

A sad time for Malaysia and Malaysians indeed.

If I'm not wrong, there were a number of forum-ers here who tried their very best to argue and destroy Genneva's promotions here. Pat Lu used to be very active in this forum, trying to recruit more members for Genneva. Plenty of people tried to debunk her.

Unfortunately, not everyone was willing to listen to reason. Too many were blinded by greed, by the opportunity to earn easy money without having to work hard. They believed what they wanted to believe, and the human mind can play great tricks on oneself.

If any of you subscribe to Time magazine, take a look at the cover story of the Oct 15 issue. A study there showed that when Republican supporters were provided with evidence that a Republican candidate actually falsified information in his speech, a majority of the supporters actually brushed aside this evidence, instead of accepting it and taking it as a fact. Same goes when Democrat supporters were provided the same evidence about Democrat candidates. I think the same thing is playing out now among Genneva investors.

On a personal level, I stopped a number of my family and friends from investing in Genneva, and I'm sure many of us here have done the same thing as well.

This post has been edited by Desvaro: Oct 31 2012, 06:14 PM

********** From GMS

Agnes Tan Sin Yee Hey, pls check properly genneva's gold only 3-5% higher then the price outside, 20% higher? Where u get this？who wanna buy if 20% more than outside, u thought we r idiot .Pls dun give any comments if u r not sure, thanks.

12 minutes ago · Like**************



I'm lost! The more I read the more I have

On that note, I thank you and those who did try the stem of tide for that.

.....some novel or movie somewhere.....

"too many villains, too few heroes nowadays...."