Hi Mr. Tan
I see that the International Panel of MAS include the CEOs of Morgan Stanley and Merrill Lynch, who are responsible for creating the Pinnacle Notes and the Jubilee Notes. DBS, which is subsidary of Temasek, creates the High Notes.
Is this the reason why MAS is reluctant to go after these investment banks that created these toxic products?
We still do not know if MAS is investing the investment banks that created these structured products. So far, we have not heard of any news from this angle.
The only news is that the distributors are encouraged by the MAS to compensate the "vulnerable" investors in full, and to seek a "fair settlement" with the other investors. It appears that the claims of the non-vulnerable investors are being rejected on the grounds that there were "no mis-selling".
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