Elite Card Project "under Review"

[Creeper]

Far far far smarter investment than dumping ones life savings into a bogus company buying a house illegally in a third world country. So lighten up everybody!

Well said Sir...........

[womble]

Some historical perspective... which indicates that the projection numbers are continually "off" anywhere from astronomically "off" to significantly "off". Also included are references to questionable accounting methods, the mismanagement rampant during the history of the card, and lastly address even the possibility, or lack therof, of a buy-back when talk of cancelling it were considered earlier.

My comments have never been to personally attack any card buyer... repeatedly I've said what someone choses to spend their money on is up to them. I've been more concerned that the truth surrounding the card is published and allow for a more informed public.

The Nation

Published on Oct 11, 2005

Executives of Thailand Privilege Card Co Ltd, the issuer of prestigious Thailand Elite cards, flew to Moscow last week and are later to make a trip to London, trips deemed essential in boosting the number of membership cards to 2,000 by the end of the year [2005].

More overseas trips and events are planned for next year [2006], when card numbers are expected to rise by 4,000, thanks to road shows and the assistance of overseas partners.

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At the end of April 2005, Elite Card had lost Bt250 million. Chansak Chooprasit, assistant vice president, said the loss resulted from the accepted accounting system used by membership businesses. Only 10 per cent of the revenue from membership fees can be reported every year, which means that it will take 10 years for each membership to fully show up on the company’s income statement. The company expects to break even in its 10th year.

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Published on Dec 2, 2004

Prime Minister Thaksin Shinawatra yesterday flatly denied any buy-back of Elite cards, vowing to continue the card project. News reports had Thailand Privilege Card planning to buy back all the 600-odd cards sold to foreigners at a price of Bt1 million.

Thailand Privilege Card Co Ltd, the card issuer, will soon settle the controversial advertising bills with foreign media, which have been outstanding for months, Thaksin said.

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ELITE CARD FIASCO: ‘Minister ordered CNN ads’

Published on Oct 15, 2004

The investigation over who at the Thailand Privilege Card Co should be held responsible for the Bt300 million in advertising bills from CNN, Fortune and President magazines has stalled – after it was discovered a Cabinet member issued the order to place the ads.

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I still find it hard to believe they managed to find 600 idiots willing to part with 1m for one of these cards.

Those that did fall for it may try to justify their stupidity by saying "the scheme is meant for those that can afford to spend 1m baht for such a card".

by the way........

The victims of boiler room scams are usually well educated and not short of a few bob, but their own greed and the belief they are getting a bargain is what makes them part with the cash.

Most people see throuh the scam, but there's always a few who get taken in.

[Meerkat]

I still find it hard to believe they managed to find 600 idiots willing to part with 1m for one of these cards.

Those that did fall for it may try to justify their stupidity by saying "the scheme is meant for those that can afford to spend 1m baht for such a card".

by the way........

The victims of boiler room scams are usually well educated and not short of a few bob, but their own greed and the belief they are getting a bargain is what makes them part with the cash.

Most people see throuh the scam, but there's always a few who get taken in.

I can't really win with this one, can I Womble? It would seem I'm a stupid idiot, who is so greedy I'm blindsided by a boiler-room scam. Oh, and I'm not allowed to try and justify the purchase.

Anyone got the number of a reputable shrink?

[womble]

I didn't mean you were greedy or that you fell for a boiler room scam. That was just an example of another scam. But I do belive those that purchased the cards bought them in the mistaken belief they were getting a bargain.

And it wasn't meant as a personal attack on you although it may have sounded like that, actually everyone I know who purchased one uses the same excuse that they can afford to spend the 1m on it, they try to cover their wasteful spending by letting us know they can afford to throw money around. Kind of like people that set light to money or pour vintage champagne on the floor to prove a point that its only a bit of money and there's plenty more where that came from.

You don't need a shrink, a financial advisor maybe here try these guys they may be able to help https://www.devereandpartners.com

Although why someone would pay for financial advice off someone with less cash than themselves always amuses me. You only have to look at most financial advisors suits to realise they know about as much about investment as they do saville row.

Edited November 11, 2006 by womble