IN anything we do, MR.EFFORT will always come in. There is no such thing as sit down and wait for the money to come in. No pain, no gain. Still need to work hard for something that will eventually benefit our hardwork.
I think, for the most part, the people caught up in this mess are not necessarily lazy. Most are hardworking and accumulated some savings.
What they all have in common is a desire to better their present financial position. Regretably, people's better judgement often tend to be clouded by promises of glitter and quick riches. In short,.... greed......not necessarily bad, but will be if you do not temper it with some common sense.
Most rich capable people made their money because they are motivated by greed but with them comes a commercial savvy which is why you do not see people like Teh Hong Piow, Robert Kuok, and other institutional investors, etc, putting money into crap like Genevve.
This is not something that happened overnight. A lot of people forget that Genevve and similar setups had a history of being raided by the monetary authorities. This is not the first time but certianly this last raid was by far the most severe.
The official word is that complaints and irregularities have been received regarding their activities. You cannot be too simplistic and cynical about the authorities motives just because none of the complainants have publicly come forward. If an investigative process is ongoing, it is typically usual matters are kept discrete so that evidence and witnesses are not compromised. If a competent organization such as the Singapore Monetary Authority has staked its reputation on the raids, it also says something. It's also clear the SMA coordinated with the BNM because the raids were executed simultaneously.
My personal opinion is that the double digit rates of return Genevve are offering are not commercially sensible or sustainable. Consider that banks today, at best, will offer +4% on promotional fresh FD placement or 1 year or less. Even high risk Italian Goverment Treasury Bonds do not go into the double digits. The last peak yield on the Italian stuff was +5%, if I'm not wrong.
What this says to me is that, if someone walks up to you saying that they will offer your double digits interest payout over the short-term, its either a scam or an unsecured loan. Genevve does appear to have characteristics of a ponzi scheme of sorts. In any case, there's a real fishy stink to the whole setup. For everyone's sakes, I hope I'm wrong
