Posted in www.theonlinecitizen.com
14)--> Lucky Tan on September 24th, 2008 11.22 am
It is interesting to watch how Hong Kong respond to the Lehman Minibond issue vs Singapore.
In HK, the authorities have set up direct hotlines to register complaints and lawmakers are preparing to take action against the banks. In Singapore, MAS issue a statement asking individual investors to go sort it out with the banks themselve - its like a “please don’t bother me attitude”.
Hong Kong has often been compared with Singapore as having a more laissez faire approach to the economy. Unfortunately, when the people need more government intervention in critical times like this, Singapore is taking a more "laissez faire" approach.
ReplyDeleteWill the Securities Industry Council in Singapore follow the HK Securities and Futures Commission in investigating the conduct of the FIs in the sale of the minibonds and other structured products?
ReplyDeletehttp://www.thestandard.com.hk/breaking_news_detail.asp?id=6645&icid=3&d_str=20080925
Which is why HK is ahead as a financial centre.
ReplyDeleteI also noted the differences or rather indifferences. So far not much effort from MAS. They act like traffic warden ... direct the jam traffic to another junction and then watch what will happen ... tai ji master or tai ji novice (obvious even to the blind)? ... maybe HK authority is the ultimate drama king ... drum up a lot but in the end the outcome is still the same ... but at least they kknow how to score point with the public for the acting. Who knows some MAS fellow will followup with a study trip to HK and learn their acting or PR skill.
ReplyDeleteMAS has been very silent on why they allow a sophisticated product like minibond to be allowed for retail in the first place. Of course, MAS has been vigilant on other finacial scam such as pyramid schemes and alerted the public. Who knows the MAS officer in charge of this minibond then may also be hoodwinked due to a lack of knowledge or complacency (Lehman = big name = no problem).
Please correct me if I am wrong. This minibond seems unlike the DBS Note which was targeted at high net worth individual or those with more money to invest and thus did not take on the retail route. So potential misrepresentation maybe by DBS RM.
But minibond may be a different animal if MAS permits it for retail route. At least the minibond have fine print for us to read and if we still blur blur, then we are not clever. This is better than MAS who doesn't tell us to what extent they can help investors ... they dont even show us their fine print ... well, I hope they are saving their bullet before they deliver the final blow like all good kungfu master do.
Good luck to everyone and dont let this affects our daily happiness. Personally, I am more worried for the retirees who do not even know they have lose their life savings. They do not have time to recover and may go beg for gov handout in years to come.
Sir - In time like this, everyone now seem to blame the RM - but it is the authority (MAS) that allow such products to be marketed here and also the bank itself is pushing the RM to sell these products which give high profit to the banks. When the fall comes, everyone try to point fingers at the RM who is the interface between the bank and the customers, hoping that the attention will not be focus on themselves.
ReplyDeleteWe are paying the ministers and MAS officials , millions and hundreds of thousands of dollars to keep an eye, to protect public interest, they now say go settle this among yourselves. The MAS officials must have read Dr Money and your websites and have other information about such products being marketed here and they seem to think it is OK? Other events such as the tainted milk and the passive role of the AVA, the private education institutions who in my view are swindling the foreign students with all sorts of dubious degree courses are licensed by our MOE. Here again they are saying they are not responsible. Buyers beware. Its laughable if it is not so sad a reflection of what our government officials, our society has become.
people dun understand something, when they say the gahmen this and the gahmen that..
ReplyDeletewho is the gahmen?.. its you..
you're the gahmen..
the masses have much more power than the selected few can imagine.. keep applying pressure! on your MP, CASE, RMs, UOBs, DBSs, OCBCs, StraitsTimes, MAS, FIDECs,..
ym
I no longer have any faith in MAS. If I were to start a company (web) in the future, which most likely am, I'll always consider setting it up in other countries than in Singapore. This is my reaction to how they are reacting.
ReplyDeleteI am a 61years old retiree and together with my wife we put in our $100K life saving in MiniBond3 as persuaded by the AMRO banking staff.How to go on with our retirement life? This time really "Cry Also No Tear" .If no MAS intervention or help,Sure Die.
ReplyDeleteHK has 36 Minibond series, Singapore only has 9. It's expected that there are more people who would make noise in HK.
ReplyDeleteWhat is the total amount sunk into minibond? It is very sacry. This is the first time in singapore's history when so many old people loss their money. This could become a big condifent issue.
ReplyDeleteMr. Tan,
ReplyDeleteLook like our only defend is "mis-sold" the product. Could someone set up something for us to brainstorm and exchange what situations may be considered as a "mis-sell". This would help us to put up a stronger case. Thank you.
Louis Tan,
ReplyDeleteIt is ok. Our capable govt with 66.6% mandate from people like your good self and spouse has already made plans for you and will protect your cPF savings to ensure you have a vibrant and active retirement. You and your spouse can join the ranks of those competing with foregin workers to keep our foreign talents happy by ensuring their million dollar luxury houses clean and tidy. These healthy activites will keep both of you fit and healthy till you use up your CPF minimum sum.