GSB president resigns after mass withdrawals

[carbine1125]

I hope this has open the eyes of the farmers to who is their friend. Suthep is two face, he has his people withdraw the money from the bank in the south while he often a mere 25 million baht for legal fees for farmers. I wonder how much money was pockets from his march on Silom the other day.

Can't accuse you of being two faced or you wouldn't be wearing the one you have!

Nor can we accuse you of being ignorant in Facts & Truth.

Facts and truths according to who, visiting farang with their half baked ideas on how to end the trouble and strife? Or the honest hard working people of Thailand who put their money were their mouth is and stand together on the front line to kick this corrupt goverment into touch?

[boomerangutang]

"tendered his resignation" is not the same as resigning. The bank board will have to decide, and it's likely they will accept the 'loss of face' gesture, and keep him at the helm. This is Thailand: 'Appearances Count More Than Reality'

When I see his youthful face, I think about the thousands of Thais who graduate each year from U. Their parents show up, and are so proud at the graduation ceremony - particularly if it's a degree dealing with 'Economics/Finances' or 'bank management' - because 'money is God' in Thailand. It's only later that the parents, or anyone else who's paying attention, realize that a U degree has nothing to do with making wise decisions. Getting a U degree, basically means showing up for class, and sitting in a chair facing the front of the room for the required amount of hours. The teacher could be a complete dunce talking in tongues, and it wouldn't make a whit of difference. If you don't agree, try having a conversation in English with a Thai U graduate.

Here are some Americans who never got a College or U degree: Ben Franklin, Steve Jobs, Bill Gates.

Here is one who did get a business degree: Bernie Madoff

[inzman]

I actually respect this guy. He is Thai and he takes responsibility for his actions. Quite rare in this country. He should run for office, they could use someone with his morals.

[belg]

if only some politicians would do the same and NEVER come back to politics, neither their puppet family

[klauskunkel]

Wiwat Theekhakeereekul, chairman of Car Mart

said:

Farmers are underprivileged and deserve sympathy, just as financial institutions do.

in other words: Financial Institutions are underprivileged and deserve sympathy. Maybe the poor, misunderstood banks need a hug? or a therapy session?

What a moronic comment, likening the farmers' plight to banks.

[robblok]

''Surasak Riangkrul, director-general of the Foreign Trade Department, said the Commerce Ministry was able to sell about 600,000 tonnes of rice to 10 traders at a recent auction, which should generate an additional Bt20 billion. The money should be forwarded to the BAAC in short order for payment to farmers''.

That's B33,333 per Ton .... is any figure in this Scheme real?

Yes I was looking at those figures too seems a bit odd, i read that the market price is 8.000-9.000 per ton if good quality rice.

[Jip99]

I actually respect this guy. He is Thai and he takes responsibility for his actions. Quite rare in this country. He should run for office, they could use someone with his morals.

Quite right.

Just need Yingluk to understand those principles and she can also fall on her sword.

[steffi]

Can somebody explain why the protests are halting payment to farmers?

[gemini81]

Wiwat Theekhakeereekul, chairman of Car Mart

said:

Farmers are underprivileged and deserve sympathy, just as financial institutions do.

in other words: Financial Institutions are underprivileged and deserve sympathy. Maybe the poor, misunderstood banks need a hug? or a therapy session?

What a moronic comment, likening the farmers' plight to banks.

The banking cartels sure don't. Sometimes contemplate if the farmers do either. They got what they voted for, and its a painful lesson in life sometimes, but most of us learn the hard way.

Next time around, don't vote for the fiefdom of Thailand under the false pretext of 'democracy' which is just a marketing ploy of Thaksinomics.

This woke up the farmers indeed, at least the ones with some common sense. Along with others who are now making more use of the internet and means of getting news other than thai raht or believing their local liege lords.

[robblok]

To add it is refreshing to see someone taking responsibility for his actions i applaud the man.

[Rorri]

gr8fldanielle, on 19 Feb 2014 - 08:55, said:gr8fldanielle, on 19 Feb 2014 - 08:55, said:

aussieinthailand, on 19 Feb 2014 - 08:09, said:aussieinthailand, on 19 Feb 2014 - 08:09, said:

Robby nz, on 19 Feb 2014 - 06:39, said:Robby nz, on 19 Feb 2014 - 06:39, said:

Symbolic resignation only as Worawit is still there, he is said to be acting president for 30 days (according to law ?)

Any bets he will be reinstated after 30 days ?

Only took 2 posts before Suthep got slammed this time, the red loonies are improving, the boss will be pleased.

"the red loonies" ( loony's), So Robby nz, you think the "peaceful protesters" that threw the bomb and blew the leg off a policeman is a loon? how about the one that shot and killed the policeman, is he a loon also?

There is now way that some of these protesters are peaceful mate and who is leading them, The biggest loon of all using farmers as political pawns, first threatening banks if they give loans to the gov for farmers payments then after advice back-flipped and said banks should give loans,

The protestors did not throw a grenade, it was reported by a police officer that the police threw it. It was later reported that the police had an accident and the grenade went off.

Quit spreading lies! The question should be why did or do the police have grenades? Aren't those weapons of war?

Looking at the video, http://www.liveleak.com/view?i=654_1392735073, the grenade did not come from the police. One very brave policeman tried to kick it away.

Edited February 19, 2014 by Rorri

[smileydude]

This guy must be part Japanese or Korean because I've never heard of a Thai resign to show responsibility.

Respect.

[hawker9000]

Symbolic resignation only as Worawit is still there, he is said to be acting president for 30 days (according to law ?)

Any bets he will be reinstated after 30 days ?

Only took 2 posts before Suthep got slammed this time, the red loonies are improving, the boss will be pleased.

"the red loonies" ( loony's), So Robby nz, you think the "peaceful protesters" that threw the bomb and blew the leg off a policeman is a loon? how about the one that shot and killed the policeman, is he a loon also?

There is now way that some of these protesters are peaceful mate and who is leading them, The biggest loon of all using farmers as political pawns, first threatening banks if they give loans to the gov for farmers payments then after advice back-flipped and said banks should give loans,

The protestors did not throw a grenade, it was reported by a police officer that the police threw it. It was later reported that the police had an accident and the grenade went off.

Quit spreading lies! The question should be why did or do the police have grenades? Aren't those weapons of war?

Danielle - this is just what the shin-rouge do. 'Misinformation their stock in trade. It's a cult thing. Trying to get them to stop is like trying to chase the rats out of the sewers.

[kamahele]

Symbolic resignation only as Worawit is still there, he is said to be acting president for 30 days (according to law ?)

Any bets he will be reinstated after 30 days ?

Only took 2 posts before Suthep got slammed this time, the red loonies are improving, the boss will be pleased.

"the red loonies" ( loony's), So Robby nz, you think the "peaceful protesters" that threw the bomb and blew the leg off a policeman is a loon? how about the one that shot and killed the policeman, is he a loon also?

There is now way that some of these protesters are peaceful mate and who is leading them, The biggest loon of all using farmers as political pawns, first threatening banks if they give loans to the gov for farmers payments then after advice back-flipped and said banks should give loans,

The protestors did not throw a grenade, it was reported by a police officer that the police threw it. It was later reported that the police had an accident and the grenade went off.

Quit spreading lies! alt=bah.gif width=19 height=19> The question should be why did or do the police have grenades? Aren't those weapons of war?

Huh? CNN filmed the bombing as it happened. They were standing in the back of the police and filming forward. It doesn't appear that the police had anything to do with throwing grenades. CNN also reporting that there was live fire coming from the protesters before the police opened fire.

[spirit47]

I hope this has open the eyes of the farmers to who is their friend. Suthep is two face, he has his people withdraw the money from the bank in the south while he often a mere 25 million baht for legal fees for farmers. I wonder how much money was pockets from his march on Silom the other day.

Pushing money into the rice-scam and helping farmers are two different things. 18% of the money going to small farmers. Suthep steps back from pressuring banks a few days ago. Will you say, that the current Government that is since 9 months unable to pay, and Yinluck who denied to meet farmers, are the farmers friend? You better open your eyes and realize, that Taksin the farmers only use to get the power. Now there are millions of tons of rice, what you think will do this to the world market, and all rice farmers? The rice will rotten, the prices going down, and rice farmers loose all. Thats what you support, you fool... I think you are more a red nose, than a red snake...

[Stradavarius37]

I actually respect this guy. He is Thai and he takes responsibility for his actions. Quite rare in this country. He should run for office, they could use someone with his morals.

That is one interpretation - another is that he is a paid Thaksin lacky, doing as he is ordered, and taking the fall for his master's stupid order....

[kamahele]

I can't believe that believe that the protest leaders are willing to let the farmers suffer to gain ground in this battle. Well, yes, I guess I can believe it.

[Stradavarius37]

Symbolic resignation only as Worawit is still there, he is said to be acting president for 30 days (according to law ?)

Any bets he will be reinstated after 30 days ?

Only took 2 posts before Suthep got slammed this time, the red loonies are improving, the boss will be pleased.

"the red loonies" ( loony's), So Robby nz, you think the "peaceful protesters" that threw the bomb and blew the leg off a policeman is a loon? how about the one that shot and killed the policeman, is he a loon also?

There is now way that some of these protesters are peaceful mate and who is leading them, The biggest loon of all using farmers as political pawns, first threatening banks if they give loans to the gov for farmers payments then after advice back-flipped and said banks should give loans,

The protestors did not throw a grenade, it was reported by a police officer that the police threw it. It was later reported that the police had an accident and the grenade went off.

Quit spreading lies! alt=bah.gif width=19 height=19> The question should be why did or do the police have grenades? Aren't those weapons of war?

Huh? CNN filmed the bombing as it happened. They were standing in the back of the police and filming forward. It doesn't appear that the police had anything to do with throwing grenades. CNN also reporting that there was live fire coming from the protesters before the police opened fire.

Are we talking about yesterday, or the 2010 Red Shirt riots? I can't tell

[roiethome]

I hope this has open the eyes of the farmers to who is their friend. Suthep is two face, he has his people withdraw the money from the bank in the south while he often a mere 25 million baht for legal fees for farmers. I wonder how much money was pockets from his march on Silom the other day.

Can't accuse you of being two faced or you wouldnt be wearing the one you have!

Suthep isn't two-faced. He has only one face, and that face if the face of the Bangkok-centered, Thai elite who are so enraged that they've lost control of their country to simple, country-folk from the north through the vote they are now willing to bring down the popularly-elected government my any means possible. I assume Suthep will just continue to thwart all efforts of the caretaker government to conduct state business and escalate the violence in the protests which is aimed to provoke the government into taking police action to restore law and order until the violence escalates sufficiently to justify another military coup.

These people know they can't regain control via the ballot box so will resort to any means possible.

Unfortunately I see a long term of unrest for Thailand...

If the last government was elected by free and fare elections, then Suthep and the Bangkok Elite would accept the result, but we all know it was not a free and fare elwction, and the PTP bribed their way to power.

The best thing now would be for the army to take control again and put in place a constitution with real teeth to deal with election fraud, and ban anyone who has participated in election fraud in the past from being banned form any political activity for life.

[Brian67]

He was wearing black as he resigned.....how ironic

[aussieinthailand]

Symbolic resignation only as Worawit is still there, he is said to be acting president for 30 days (according to law ?)

Any bets he will be reinstated after 30 days ?

Only took 2 posts before Suthep got slammed this time, the red loonies are improving, the boss will be pleased.

"the red loonies" ( loony's), So Robby nz, you think the "peaceful protesters" that threw the bomb and blew the leg off a policeman is a loon? how about the one that shot and killed the policeman, is he a loon also?

There is now way that some of these protesters are peaceful mate and who is leading them, The biggest loon of all using farmers as political pawns, first threatening banks if they give loans to the gov for farmers payments then after advice back-flipped and said banks should give loans,

The protestors did not throw a grenade, it was reported by a police officer that the police threw it. It was later reported that the police had an accident and the grenade went off.

Quit spreading lies! The question should be why did or do the police have grenades? Aren't those weapons of war?

Firstly I'm NOT spreading lies, check yourself mate, why would police throw a bomb into their own ranks? I don't think police have as standard issue bombs to use against rioters, and from the reports I saw from several news reports by BBC, AJ, ABC the bomb was thrown from the protesters side, the report is there take a look, and lastly just which report did you get your info from? there a few bias news channels here are there, so maybe the lies are being spread by you!!!

[Baerboxer]

"tendered his resignation" is not the same as resigning. The bank board will have to decide, and it's likely they will accept the 'loss of face' gesture, and keep him at the helm. This is Thailand: 'Appearances Count More Than Reality'

When I see his youthful face, I think about the thousands of Thais who graduate each year from U. Their parents show up, and are so proud at the graduation ceremony - particularly if it's a degree dealing with 'Economics/Finances' or 'bank management' - because 'money is God' in Thailand. It's only later that the parents, or anyone else who's paying attention, realize that a U degree has nothing to do with making wise decisions. Getting a U degree, basically means showing up for class, and sitting in a chair facing the front of the room for the required amount of hours. The teacher could be a complete dunce talking in tongues, and it wouldn't make a whit of difference. If you don't agree, try having a conversation in English with a Thai U graduate.

Here are some Americans who never got a College or U degree: Ben Franklin, Steve Jobs, Bill Gates.

Here is one who did get a business degree: Bernie Madoff

You present an appalling generalization of the Thai University system, based on what? Propagating another "urban farang myth:?

There are good, bad and some middle ground universities here. Guess what - that's the same in the UK, USA and Australia too. Shock horror.

I've tried having a conversation in English with Master's graduates from Australian universities and they can't speak or write English correctly. A language needs to be constantly practiced or the skills deteriorate quickly.

The Thai MOE are much stricter on uni's course assessments and lecturer quality than you portray.

Yes, many criminals went to universities and many self made very successful people never had the opportunity or dropped out. So what?

[Jasun]

Wealthy people pulling their money out of the bank so that poor people don't get the money genuinely owed them. Gotta feel sorry for the farmers, not only are they being punished for voting the wrong way, they're being used. It's crook.

[Nip]

BANGKOK: -- The president of state-run Government Savings Bank (GSB) has 'tendered' his resignation after facing pressure on his decision to lend Bt20 billion to the government's troubled rice-pledging scheme, which led to a rash of withdrawals by customers.

He has not resigned he has merely 'tendered' his resignation........

[Baerboxer]

Symbolic resignation only as Worawit is still there, he is said to be acting president for 30 days (according to law ?)

Any bets he will be reinstated after 30 days ?

Only took 2 posts before Suthep got slammed this time, the red loonies are improving, the boss will be pleased.

"the red loonies" ( loony's), So Robby nz, you think the "peaceful protesters" that threw the bomb and blew the leg off a policeman is a loon? how about the one that shot and killed the policeman, is he a loon also?

There is now way that some of these protesters are peaceful mate and who is leading them, The biggest loon of all using farmers as political pawns, first threatening banks if they give loans to the gov for farmers payments then after advice back-flipped and said banks should give loans,

The protestors did not throw a grenade, it was reported by a police officer that the police threw it. It was later reported that the police had an accident and the grenade went off.

Quit spreading lies! The question should be why did or do the police have grenades? Aren't those weapons of war?

Firstly I'm NOT spreading lies, check yourself mate, why would police throw a bomb into their own ranks? I don't think police have as standard issue bombs to use against rioters, and from the reports I saw from several news reports by BBC, AJ, ABC the bomb was thrown from the protesters side, the report is there take a look, and lastly just which report did you get your info from? there a few bias news channels here are there, so maybe the lies are being spread by you!!!

Be careful with BBC reports. They had a photo with the caption saying protesters through a grenade at police line. In the actual accompanying report Head the reporter was careful to say a grenade was thrown but without accusing anyone. Because he, like us, doesn't know.

The suggestion seems to be that the police had an accident and a grenade went off. Perhaps GR8 can provide the link for us.

[bushwacker]

I feel sorry for the President. Looks to me that he made an honest, reasonable and calculated business decision that was good for the GSB. Which means it was good for the employees, the depositors, the farmers and the country. He got caught in the deceitful, dishonest, power mongering of fanatical blow-hards. Too bad!

[Baerboxer]

BANGKOK: -- The president of state-run Government Savings Bank (GSB) has 'tendered' his resignation after facing pressure on his decision to lend Bt20 billion to the government's troubled rice-pledging scheme, which led to a rash of withdrawals by customers.

He has not resigned he has merely 'tendered' his resignation........

Indeed. Nothing yet saying the board have accepted his resignation, or persuaded him to stay, for the good of the bank.

[SICHONSTEVE]

I hope this has open the eyes of the farmers to who is their friend. Suthep is two face, he has his people withdraw the money from the bank in the south while he often a mere 25 million baht for legal fees for farmers. I wonder how much money was pockets from his march on Silom the other day.

It is nothing to do with Suthep. The president of the GSB made a silly and costly mistake (to put it mildly) in attempting to get the government out of a hole. Yingluck and Kittirat bang up to form, boasted about this to appease the farmers which triggered the run on the bank and hey presto, here we are!!!

Don't they realise that with social media these days it is just too easy to create mass hysteria in no time at all.

This government really is full of a bunch of ignorant bozzo's!! What's more just as they killed off the amnesty bill for good, they have eliminated all potential sources of obtaining banking funds now!!!

[Baerboxer]

I feel sorry for the President. Looks to me that he made an honest, reasonable and calculated business decision that was good for the GSB. Which means it was good for the employees, the depositors, the farmers and the country. He got caught in the deceitful, dishonest, power mongering of fanatical blow-hards. Too bad!

Of course - his quality decision had nothing to do with receiving instructions from his patrons. And all the rest of the people, who thought is a shit decision are not as intelligent or wise as him.

[SICHONSTEVE]

The Commerce Ministry was able to sell 600,000 tones of rice for Bt20 billion? Did I do my math wrong? That's 33,333 thb per ton? Market price is roughly half that or less?! Please explain!!

No you didn't get the maths wrong but what you forgot was to include the Kittirat constant of 'multiply the total realised by 3 in order to increase the farmers confidence in their sincerity!!!