Dear Mr. Tan Kin Lian
I am concerned about the lack of action or discussion about the Jubilee Notes that Merrill Lynch put together, allowed to default on the excuse that a single of the six highly regarded reference entities went broke, and left all investors with zero compensation.
Here we have a large Financial Institution that is still alive and sound, yet they seem to be getting away with doing everything wrong. They apparently sold off the instruments in question for next to nothing as there is no market at this time.
Yet, MAS seems to not even mention them, much less going after them. I would not be surprised, if the buyers of these instruments were able to sell them for good value to the US Government and pocket a handsome profit while we, the investors, get nothing.
Again, where is Singapore's regulation and supervision to ensure the good name of Singapore as a safe and well regulated Financial Hub is not placed in disrepute?
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