Dear Mr. Tan,
You may wish to watch this video clip. I hope that our politicians have the same gumption to grill the MAS about their failure in the sales of structured products in Singapore.
You may wish to watch this video clip. I hope that our politicians have the same gumption to grill the MAS about their failure in the sales of structured products in Singapore.
11 comments:
MR TAN
It was an excellent video clips. Let me share some illustrations.
[a] If you ask "A" and your MAID answers "B". She will get the GRILLING.
[b] If you ask "A" and your DAUGHTER answers "B". She will get the GRILLING.
[c] If you ask "A" and your STAFF answers "B". She will get the GRILLING.
[d] If you ask "A" and the CASHIER at supermarket answers "B". She will get the GRILLING.
It seems that SINGAPOREANS are intelligent at their DOMESTIC affairs. It seems that LESSER-EDUCATED are good at articulation when it comes to issue touches their blood and flesh ......
FROM "I Don't know What to Say"
Yes, somebody should be grilled for the failure of the banks to ensure that they take all necessary steps to explain the toxic products thoroughly to their "valued" customers. Can we get the same guy to do the grilling as well? He is one foreign talent I don't mind having in Singapore.
The answers given by the US regulators sound familiar. Follow the processes...
MAS and the financial regulators in singapore really need to learn to right the wrong. Their performance over the minibond issue have make me lost confidence. I think a major change in these organisation is needed, probably starting with the government.
MAS should be made by the politicians to answer for allowing the banks to rip off the citizens by their lack of responsible oversight and now incompetent corrective action to right the wrong. There must be accountability. Right now, the banks are just paying peanuts and use statistics to create a false impression that many people have been compensated. MAS has been fooled by them. They only pay 100% to the very small investors or pay a small fraction of the sum to some investors. Those who invested large amount are rejected. This is made worst by the fact that FIDReC can only award up to $50,000 per series. ABN AMRO has agreed to lift the ceiling to only $75,00. That is still peanuts based on the amount that some people have invested. Couldn't MAS or the government do something to lift this ceiling because of this special circumstances rather than let the bank dictate? MAS now sits back & congratulate themselves for "a job well done". The truth is the banks have once again taken them for a ride. MAS has in the process stabbed the back of the ordinary citizens who have been ripped off not once but twice. Hong Kong politicians & MA are the ones doing it right. Not our MAS or our politicians.
Excellent video...thanks for posting.
"you couldn't find your backside with your two hands with the lights on"
"protect investors..detect fraud quickly... how did that work out?
We are supposely a first world country but does our elected political representatives have the moral courage and conviction to bluntly pursue for straight answers from the people heading our regulatory bodies like Rep Gary Ackerman. We often see cameo appearances by citizen elected MPs going thru the motion of questioning issues close to the hearts of citizens and seemingly satisfied with broad brush answers by the respective ministrial representative. I can only said that we have not arrive in the first world. The day when we see more of the likes of Rep Gary Ackerman in our parliamentary processes only then we can say we are close to it.
Just take a look at our Chinese TV media with altogether 4 time slot allocated for News.
Really short on quality which reports too much of useless stuff in these prime time (ie. like who is getting married and who gave birth,etc).
Why? The relevant govt authority need to understand that our citizen would only get more ignorant and narrow-view with this type of news. Is that what they really want for our future generation?
For eg, my business associate from China after
watching our news are laughing at us during our dinner for the same reason which i am really ashame of.
I travelled quite globally and if China being a more controlled environment could have their main TV media(ie CCTV1) reporting serious international and domestic news.
It is time we dont keep fooling ourselves that by not telling the public, everything would be fine. That's a very heavy price our future genertion has to pay for it.
Pls help our children!
being MAS and uniquely SE, u think that stands a chance for the grilling and accountability of this regime? Try Harder & if things were possible, democracy will since have not only given birth, but would have nature the growth of many siblings...this is SE and when the tide of change? try thinking harder and hoping for 'fat luck', then again, why not do something relevant to get back the mandate of 'inquisition of rights' frm the people of SE?
DEAR SIMPL
I agree with your comment. I have the same pain and burden for Singapore media. We report what and how event happens but without opinion and analysis.
My source of food is BBC, Phoenix new, etc. Pray for our children.
Your comment "my business associate from China after
watching our news are laughing at us during our dinner for the same reason which i am really ashame of."
FROM CASHEW NUT
It looks like people have given up on MAS as regulator.It is not regulating but creating opportunities
for banks and insurance using their greedy and willing to anything sales people to fleece the public. Although laws are there but MAS is not enforcing them. Daily people are being cheated by insurance agents , by RMs , by property agents and yet MAS looks at them idly and indifferently . Is MAS beholden to the FIs?
It would be unrealistic to expect PAP MPs to grills MAS for its failure as regulator to permit the selling of complex structure financial products to RETAIL investors. After all, the Chairman of MAS is our Senior Minister GCK. Would anyone like to be rebutted by your boss in front of camera and likely to lose your MP seat [and allowance]?
If you remember at the start of the Minibond fiasco, Mr Goh has made a comment that "Investors went in with their eyes OPEN." to protect MAS standing.
Unfortunately, he has failed to see the wave of resentment against the government from the public when video clips and internet discussions showing how victims are dude into investing in the product by FIs and voicing their disapproval. Following that, banks have decided to compensate vulnerable investors for their loss. If it is true that Investors when in with their eyes opened surely there is no need to compensate them.
The responsibilities of the structure products fiasco lies not with just 1 party. Regulator, FIs and Investors all have to bear part of the responsibilities. So far, investors and FIs have acknowledge their responsibility by taking partial losses and compensation to investors respectively. Only our Regulator MAS fails to acknowledge its responsibilities and accountabilities to the public.
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