GSB president resigns after mass withdrawals

[Baerboxer]

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!!!

Be careful on that one - the Amnesty bill ain't killed off for good, far from it.

She who must be obeyed was showing me somethings on fb last night. Apparently Yinggy needs to get into her government office today and change some things, including the color of a Bhudda. A fortune teller has instructed the Shins to do this. If they can do it, as instructed, they will retain power and bring the boss home. If not, they will loose power and suffer all that entails.

The actions yesterday to clear protesters, the attempts at raising loans from GSB to pay off farmers and avoid there protests today, all aimed at getting her into government house so she can comply with the soothsayer's advice.

Great to see the caretaker leader taking decisions based on intelligence, knowledge for the benefit of the people and country.

Thaksin - sent from the gods.

[Chao Lao Beach]

"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."

So the Gov is now claiming they have sold rice for 33,000+ Baht a ton. Why would these 10 traders sell it at that when Vietnamese rice that iust not rotten sells for 8000B a ton ? I thought all this problem came because the Gov was paying at 15k well above market value.

Can someone please explain?

[tomyummer]

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!!!

Duoh! That's why I failed Thai math 101! Or was that Thai Civics 101?

[SICHONSTEVE]

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!

I reckon his decision was stupid - if he doesn't understand and appreciate the hatred held for this government (from a large majority of the depositors) then he doesn't deserve to be in the position.

He seems to have adopted the Thaksin position of 'I know what I'm doing but nobody else does' - well we all know how that has turned out for Thaksin, don't we!!!

[SICHONSTEVE]

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,

So the life of a policeman is worth more than 3 protesters, is it!!! Where is your mention of them??

[SICHONSTEVE]

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.

I'm sure there must be some logic in there somewhere - can you point out the word that makes sense!!!

[SICHONSTEVE]

"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?

True. I know a criminal that went to university and made himself very rich through his qualifications. The Doctorate he took proved invaluable to him - I believe it was in 'criminology'!!!

[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........

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

What are the odds if he does in fact move on that he will next appear as president of the BAAC?

[EyesWideOpen]

Sometimes I am simply astounded by decisions made by people in power here.

The fact he is resigning over this bungled loan would imply he was responsible

for it, meaning it was not a committee decision. So when the depositors of his

bank find out through social media that he is loaning their money into the

bottomless pit of the rice scam, what the hell did he think they were going to do ????

[Robby nz]

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,

So the life of a policeman is worth more than 3 protesters, is it!!! Where is your mention of them??

Leave him alone he just couldn't resist proving without doubt that he wears the red loonie tag.

[MaxLee]

"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."

The new model for running a bank..."Save face. Lose money." Somehow I don't think the rest for the financial world will embrace it

Yep, run away from responsibility like coward,... it's rather, lose, money, lose honor, resign and save face,... that way around rather... I KNEW this dude was kinda phony from the start, ever since I saw him in the News a week ago. That little backstabbing rat, and secret lap dog puppet of the Thaksin cronies

Edited February 19, 2014 by MaxLee

[tenaceous]

Damn!! there goes my retirement fund account

[Jonmarleesco]

Seems little doubt that GSB was pressured. Now Yingluck and Kittirat are trying to pass the buck for the government's inability to underwrite its monumental folly and Kittirat expects the taxpayer to pick up the tab to pay interest to the farmers. Perhaps the perpetrators of the whole sorry programme should fund interest payments.

[Chris Lawrence]

It is sad that the rice farmers are not getting paid. The scheme was set up and agreed too. So the alternative now is to starve people into submission. Sounds a bit like what the little fat boy is doing in North Korea.

Off topic, but mentioned here, the grenade that went off was reported as thrown by the protesters and seen on news report here in OZ.

At the end of the day, banks do have a moral obligation to the community; this banker was showing just that. They should print the people who objected to the loan and the examine their financial capacity. Bet these people wont be from up north or dirt poor farmers. But then if they did that we would see the pig flying.

[bluie3]

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...

I agree with this post. Why was it so called farmers in the South that withdrew their money? How did they amass so much wealth that 30 BILLION Baht could be withdrawn? Do they hate the other THAI farmers in the North and North East so much that they want to stop them getting payments for the rice they already grew and sold?

It is a horrible political stunt by a horrible group led by one of the most horrible men in Thailand - Suthep, the bankrupt murderer who sizzles at the thought that one day Oak could be PM of this country. His mind is deranged and a liquid mess of seething hate for a family which is Thai and I sincerely wonder who is BEHIND him so that it seems nobody can touch him - I think Thai people knw but I'm a foreigner and I know nothing - even though I've been through the coups from 1991 to present

[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.

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...

I agree with this post. Why was it so called farmers in the South that withdrew their money? How did they amass so much wealth that 30 BILLION Baht could be withdrawn? Do they hate the other THAI farmers in the North and North East so much that they want to stop them getting payments for the rice they already grew and sold?

It is a horrible political stunt by a horrible group led by one of the most horrible men in Thailand - Suthep, the bankrupt murderer who sizzles at the thought that one day Oak could be PM of this country. His mind is deranged and a liquid mess of seething hate for a family which is Thai and I sincerely wonder who is BEHIND him so that it seems nobody can touch him - I think Thai people knw but I'm a foreigner and I know nothing - even though I've been through the coups from 1991 to present

To borrow a red cliché. I think that you 'hit the nail on the head' when you stated I am a foreigner and I know nothing - with particular emphasis on the latter part of the sentence!!

Edited February 19, 2014 by SICHONSTEVE

[h90]

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.

And in 30 days....so he'll just continue because in 30 days people will look at something different...typical PTP style....

[SABloke]

A quick question : Are banks allowed to disclose private transactions without a court order? If not, then how did TV members get access to the withdrawels list? I mean they must have it right - how else could they KNOW it was southern farmers and Bangkok elites that withdrew the 30 billion? Just asking...

Sent from my GT-S7270 using Thaivisa Connect Thailand mobile app

[Mr Yim]

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?

Please provide a link to your post.

[Mr Yim]

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!!!

I think gr8 has been drinking the same stuff as Suthep. The yellows are in total denial. I would call them buffalo but dont wish to insult buffalo.

[billd766]

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...

I agree with this post. Why was it so called farmers in the South that withdrew their money? How did they amass so much wealth that 30 BILLION Baht could be withdrawn? Do they hate the other THAI farmers in the North and North East so much that they want to stop them getting payments for the rice they already grew and sold?

It is a horrible political stunt by a horrible group led by one of the most horrible men in Thailand - Suthep, the bankrupt murderer who sizzles at the thought that one day Oak could be PM of this country. His mind is deranged and a liquid mess of seething hate for a family which is Thai and I sincerely wonder who is BEHIND him so that it seems nobody can touch him - I think Thai people knw but I'm a foreigner and I know nothing - even though I've been through the coups from 1991 to present

So you personally have decided that Suthep is a bankrupt and a murderer even though he has not been to court and legally is presumed to be innocent.

You obviously have proof of this so please publish it on the forum so that we can all admire how brilliant you are.

Of course if you DON'T have any proof and are just parroting from one of the many volumes of telling the truth the Red Shirt and PTP way I could understand.

[iamariva1957]

Man the Life Boats!!!!

[GAZZPA]

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,

Ok, but thats missing the big picture here. The farmers are in serious trouble, they are in that trouble because the government hatching a ridiculous plan. The problems with late payments and the plan falling over were all in place and happening long before the protestors.

I may or may not agree with the protestors but the blame for the rice scheme should be laid squarely on the shoulders of the government, and they need to take responsibility for their actions.

[belg]

he resigned, ok, but did he get a hefty exit bonus ?

[diehard60]

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.

Ok here you are. it is all suthep's fault. Plain and simple. If he were working for a fre deomcratic society he would have stopped months ago and TOOK part in the ELECTION. But he does not want democracy he wants a dictatorship with him as the dictator. I really hope you people in BKK will wake up and smell the roses instead of suthpe's POO.

[wprime]

Huh? Since when do Thai people resign when they make a mistake?

[RUGBYPAUL2]

I know I haven't been In Thailand long and being Married to a Thai Official is quite wrong, but I think most of the people posting on here are quite amazing!

I see things through my wife's eye's as she is Thai, and educated she knows as to millions of Thai's that the whole of Thailand every single person from the lowliest Clerk in Immigration to the Highest of the High are, and always will be corrupt you will not have a Thailand until you have a Royal Thai Police force you can Trust, you have to start at the bottom and clear out the corruption. Like him or not (I don't) Sutthep is right to want a change in Leadership, as to why he is doing it this way, there is no other way as Thaksin can buy as many votes as he wants, My wife's family were all Paid a thousand Bht to travel to BKK to Protest and were told to cause trouble, they didn't they just took the money as do all politicians, they were also given 500 Bht to vote, most people who post on here are just doing it for the argument it provokes, Try using your brains and see the truth.

[winstonc]

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

aaah but only resigned .to try and save the bank he hasnt gone yet..he was happy to do it first though ..he did what he should have done..the customers have voted with their money,understand this they have had enough,and before any trolls get involved answer this very very simple question why werent the farmers paid in october,if everything was so great,answer 2.2 trillion baht loan was quashed thats how they were going to pay them come on guys remember that loan where they didnt have to say how it was going to be spent..

[winstonc]

I know I haven't been In Thailand long and being Married to a Thai Official is quite wrong, but I think most of the people posting on here are quite amazing!

I see things through my wife's eye's as she is Thai, and educated she knows as to millions of Thai's that the whole of Thailand every single person from the lowliest Clerk in Immigration to the Highest of the High are, and always will be corrupt you will not have a Thailand until you have a Royal Thai Police force you can Trust, you have to start at the bottom and clear out the corruption. Like him or not (I don't) Sutthep is right to want a change in Leadership, as to why he is doing it this way, there is no other way as Thaksin can buy as many votes as he wants, My wife's family were all Paid a thousand Bht to travel to BKK to Protest and were told to cause trouble, they didn't they just took the money as do all politicians, they were also given 500 Bht to vote, most people who post on here are just doing it for the argument it provokes, Try using your brains and see the truth.

you dont need to tell us paul we already are aware..but thanks for the post sir..

[fasteddie]

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?

<deleted> the video is pretty clear, when will you dumb fascists stop talking <deleted>?

The question is, what are peaceful protesters doing with grenades?