We can learn from the Swiss.
Mr Minder has embarked on a truly Swiss course of action to prevent such excesses in the future. Using Switzerland's system of direct democracy, he has collected the required 100,000 signatures to hold a nationwide referendum to end, as he puts it, "the corporate rip off."
http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/7741561.stm
"Its reputation in Switzerland may never recover."
ReplyDeleteSounds like the Swiss version of DBS.
"So, like spurned lovers, the Swiss are taking their affection elsewhere. At least £70bn have been removed from UBS over the last year."
Now the swiss showed their fury through their actions. Anyone know if DBS/POSB is losing deposits?
Not sure about others, but for me, they "lost" $30K this week !
ReplyDeleteTransferring/deposit to somewhere else.
Lol, just to add
ReplyDelete"The bank (UBS) is haemorrhaging money, and smaller local banks are doing a roaring trade."
Should be good news to OCBC and UOB. At least OCBC got the conscience not to retail the credit link notes through its retail branches.
I am moving my bank account of S$1.00 out from DBS. No point letting them earn my S$2.00 every month.
ReplyDeleteSwiss
ReplyDeleteMartian
Seriously, whats the difference to this Little Red Dot if nothing EVER get thru
Ask yourself deeply
Mr Tan, i found a very good lecture by f.a.hayek on "decent" money which argues that central banks and gahmens (MAS, ECB, BOE, BOC, FED, BOJ,.. etc) are the root cause of the financial crisis..
ReplyDeletei hope if you become MP/president, you can start asking what happened to our "decent" money..
http://www.mises.org/story/3204
.. there was no hope of ever again having decent money, unless we took from government the monopoly of issuing money and handed it over to private industry...
The U.S. needs national ballot initiatives like the Swiss.
ReplyDeleteThe most evolved project for national initiatives is led by former Sen. Mike Gravel. Registered voters can now vote to ratify the National Initiative for Democracy at http://Vote.org, much as citizens ratified the Constitution at the Conventions when the Legislatures wouldn't!