I have sent this letter to Dr. Andrew Khoo, copied to Mr. Goh Chok Tong
Dear Dr. Khoo
Several signatories of the Petition have asked me for the response of MAS to the Petition. Can you give me a progress report, so that I can communicate with them? Does MAS find the issues raised in the Petition to have merit?
Mr Tan,
ReplyDeleteCan you give us Dr Khoo's email address, so that we can help you to expediate for response.
MAS understands our anxiety and have identified three well-respected individuals to oversee the relevant FIs’ complaints handling and resolution processes for these 'toxic products'. Priority is set to ensure that our complaints are reviewed / resolved quickly and fairly
ReplyDeleteIt is now MAS' turn to act quickly and give us a fair answer !
With its huge ( manpower )resources, we expect MAS to act even faster than the three independent party ,namely Mr. Gerard Ee , Mr. Law Song Keng and Mr.Hwang Soo Jin .
In this aspect , can Singapore MAS benchmark herself to HKMA ?
Cannot compare. Becasue we have the World Class Talent here.
ReplyDeleteMaybe is time, to prove to us how they handle this.
Maybe MAS doesn't have any clues how to go about replying it.. Perhaps, all they know how to reply is, "Singapore banks have adequate CAR..."
ReplyDeleteIn Singapore, we need "X" working days to get reply. "Y" working days to ... and "Z" working days to ...
ReplyDeleteSo nothing will get done.
Dr Andrew Khoo's contact details can be found in the government directory http://www.sgdi.gov.sg, you just search for Monetary Authority of Singapore, Andrew Khoo
ReplyDeleteLet's all write to Dr Andrew Khoo for reply.
ReplyDeleteHow can we compare MAS with HKMA? Our MAS senior staff earning million dollar pay package whilst their counterpart in HKMA earns peanut. Our MAS senior staff are 高高在上,we need to kneel down and address them 万岁万万岁. Whilst HKMA senior staff remember that they are civil servant whose salary is paid by tax payer.
ReplyDelete"In this aspect , can Singapore MAS benchmark herself to HKMA ?"
ReplyDeleteDon't you know the gov only benchmark selectively that portray them positively ? The only time they can benchmark and outwin HKMA is how quicker they take money from citizen ! HKMA definitely lose out to this speed since they have to go through citizen's approval first !
What is the best answer MAS can give to investors when ask how long it takes to resolve the issues ? It can take a clue from Lim Sweet Say by proclaiming world-class answer,
"You ask me, I ask who? Find your own answers."
I think we need to have faith in how the government would handle this issue.
ReplyDeleteSince Mr Tan has already wrote to Dr Khoo, it would be more appropriate to wait for Dr Khoo to respond to Mr Tan. I can understand the anxiety of those who had invested into the minibonds but it does not help for everyone of us to email the government officers, Ministers and MPs. It would only cause them to spend and divert resources in the wrong way instead of focusing on the current teething issues relating to the minibonds.
There have already been a petition strongly backed by the sheer number of petitioners. I believe that the government would have heard the worries, concerns and anxiety of the investors. We should await for MAS and the banks' response to decide for ourselves whether it has been satisfactory.
Anon 12 am,
ReplyDeleteI think Singaporeans had faith in our govt all these years. This is the reason why they have always gotten over sixty percent of the votes.
It is also very clear that our obedience and preference for leaving it to our govt to do the best is not working very well. For example, I saw on TVBJ, a HK channel, how the HK governor spoke so convincingly and so strongly for the people, demanding that the banks hurry up to respond while here in Singapore the common folks are asking MAS to hurry up without a response. I conclude therefore that having highly paid officers is not the answer to an effective administration or govt but rather a balanced representation in parliament is. I saw how opposition legislators pressured the administration for results and how the common people are able to protest and get things done faster. Here, we just silently obey and get nothing, not even more good years as promised but escalating prices led by NTUC Income, NTUC comfort and other NTUC affiliates. Even our electricity bills are increased while in HK GST and electricity tariffs are reduced. All this is happening not in a golden period but in a deflationary period. It obviously shows that our govt actions are not working correctly and the our lives are not improving but deterioriating.
Earlier in the day when I was buying lunch, I commented to the China lady serving the food that it is very expensive and she replied that in China she can eat better quality food for much lesser price and that the food here is inferior in quality. That means even people in China are having a higher standard of living and a lower cost of living while we are having a lower standard of living and a higher cost of living. Why is this so?
Your reasoning that we will be diverting their resources sounded very familiar. Why is it that in HK, with all the protests and drama, both in and out of their parliament, their resources are not stretched and action taken quickly? Why do you think DBS HK reacted so quickly? Therefore your argument sounded tired and no longer cut any ice with Singaporeans anymore. There is a cantonese saying in HK which roughly translated means if you do not strongly demand then you will be forever waiting.
Well, I think they have a timeline to fight with HK to approve products but they may not have a timeline to reply to investors' queries.
ReplyDeleteThis is an honest mistake. Let's all learn from it and move on.
ReplyDeleteStill learning? I can understand it if an apprentice being paid $415 need to learn and move on. I cannot accept nor understand that people who are paid millions are still learning like a novice and still asking to move on. Haven't they stop learning and start acting like a master since they are paid salaries many masters do not make in a lifetime?
ReplyDeleteThese people are defending their multi-million salaries by saying it will keep talented people serving in the government. This is just an excuse to rob the tax payers' money and in broad daylight too. Did they do anything to help the investors ?? NOTHING except playing taichi !! We don't need big "talent" without hearts, what good can such people do for the country when they are only after $$$ (& power).
ReplyDeleteHere goes one of Jack Neo's movie : in the civil service - you must complete a form and wait for one day for a new bulb, wait for two days for a fan replacement, wait for one week for an aircon etc. Here, we are talking about at least S$500m, I fear that MAS may not take 5 years to take necessary action, relatively speaking....
ReplyDeleteIt takes almost 1 month for MAS to respond. For the investors I am not surprised your findings will take very much longer. In the meantime be prepared to eat grass (if there is any left) and fresh air.
ReplyDeleteMAS should forward the petitions to the Banks and demand a reply by 1 week on the resolution rather than wait for market price and all the crap. From the signatories, if 60% are misrepresentations, it is conclusive that the FI should compensate all 100%. Why play play and see case by case. By dividing the people, they will conquer and the FIs are very skill in doing this.
Right, maybe a standard email should be made available for all 1000 signatories to email to MAS and their respective MPs for immediate action.