Justice: Thai Public Gets Milked as Politicians and Banks “Squeeze Out Money”

By Tammy, this blog humanity journalist

The Thai tax paying public is getting milked by politicians, who are charging the tax payers for massages and banks who say they will set up special units to go after rising NPLs.

“We are being milk dry by everyone,” said the head of Thai consumers union.

Post Today, part of the smart right wing Bangkok Post group, just reported today that Thai politicians have been going to massages at Suan Disit University and is putting the bill as medical treatment for the Thai tax payers to flip.

Post Today also reports that most Thai banks, including government banks, are fast setting up special units to go after NPLs. While Thailand is on an up-tick hype, NPLs have been rising with little attention given. Latest figure show it went up from about 4% to 4.6% of total Thai lending.

Suan Dusit says that its massages are not for medical purpose but for relaxation. “We put it in every bill the purpose of the massage. But we are at a loss how it turned out to be for medical reasons. Perhaps the political problems is causing politicians to get tense and they need relaxation. So perhaps it is medical,”

Suan Dusit’s have about 15 massage girls working for it, many of them young students looking to make extra money. In Thailand massages is the contact point for a sweet relationship. Recent reports by the Manager group, says Thai politicians are into girls with collage degrees, because of the intellectual levels, and not other things, were compatible.

Meanwhile, the Thai consumers group says for banks to establish special units to go after NPLs, will exert pressure on the public because banks have been known to use S&M tactics to milk out money from the public while they were suffering. The Thai central bank, had issued rules governing debt collection to try to stem these S&M tactics.

Meanwhile, the Abhisit government is all freaked out about loan sharks, charging high interest rates and is cracking down on them and is offering a special package of loans to help the poor re-finance their debt. However, it is doing little to banks customers charged with high penalties for missing payments and using these real nasty tactics to collect their loan payments.

The Thai central bank reports that it is worried that currently, all banks in Thailand are focusing on fees income to off-set their lack of loan prospects. Latest figure shows fee income, is up massively at Thai banks. The central bank says when the economy picks up, the banks will probably lower the fee income.

These fee income have included the cost of going after NPLs. It is uncertain how these special bank units will add to those fee structures or if the central banks rules on banks collection methods, apply to these outside banks units.

Post Today reports that banks loans are on the verge of picking up, particularly in the 4th quarter of this year, with Thai industries stock up on depleted stocks and getting ready for the Christ mas holiday shopping season.

So the bottom line is all hope for Thais who are in troubled financially, lies on the Christ mas spending of rich folks in advance industrialized nations. All this is to show you, why Thais really like to go to massages.

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