Comment posted in my blog
I don't see anything untoward with Dr Balakrishnan's comment/opinion to The Online Citizen. (Mr Tan) argues for a calm, accountable and high-trust environment in Singapore. Nothing wrong with that. In fact, if you think about it, these are the exact attributes that should help us seek redress in our case with the banks. If the FIs are made to be accountable for their ill-advised sales technique/process, isn't that we want?
Mr Tan is providing valuable leadership in this matter when all of us seem to be headless chickens running from pillar to post over our predicament. So, I am thankful for what he is doing and especially so when I understand he has no personal funds at stake since he has not invested in these toxic products.
Mr Tan's friend who advised him comes from the political arena, and so I can understand why he said to be careful. However, IMO the situation is not exactly translatable here - our investments are commercial transactions, between banks and customers. Singapore's very economic lifeblood depends on similar transactions each and every day.
There has now been allegations of mis-selling and mis-representations on the part of the banks. As long as we keep our demands for remedial actions, whether individually or collectively at an apolitical level, why should there be anything to fear?
If you were robbed on the street one dark night, do you fear to report to the police. The robber should be the one who should be fearful, not you!
We are the aggrieved parties in the current situation. Like Mr Tan said on Saturday, just state our own case honestly and in a straightforward manner. There is no need to politicise the situation. Neither is there a necessity to fling untruths and half-truths about - it may help you to rant and beat your chest, but why run the risk of legal action.
The important thing is, when the need arises, we must speak up. The simple inescapable fact is that if we do not, then we cannot complain that the remedies we sought are not given us.
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