Tan Kin Lian's Blog: Accountability in Hong Kong

Monday, June 15, 2009

Accountability in Hong Kong

I have posted several media articles about the process in Hong Kong involving the legislative council and the Monetary Authority.

The elected Lego members (equivalent to our Members of Parliament) have summoned the top officials of the Monetary Authority for questioning regarding their role in approving the credit linked notes for sale to the general public, and the steps that they have taken to rectify matters after these products went bust.

This is the process of holding people accountable to do the job that they are expected to do. It is very educational. It is good for society and will encourage officials to learn from mistakes. It will lead to better governance.

Tan Kin Lian

9 comments:

Anonymous said...: MAS. so far no sound no picture.; June 15, 2009 8:20 AM
Anonymous said...: The escape of MSK already speaks for itself, hence don't expect anything else more from the mis-selling or misrepresentation of credit linked notes and end of the day, we are going to be left to fend for ourselves.

We are very much different from HK in terms of oppositions, street protests and democracy. In fact we got alot to learn from HK (which is not a first world country?); June 15, 2009 9:48 AM
Steve Wu said...: Yet we find that our MPs, especially the members of the Government Parliamentary Committee (GPC) for Finance and Trade and Industry (the new chair is Jessica Tan) have been universally silent on this matter.

That elected representatives are not doing their appointed jobs even when asked to is simply unacceptable.

Does it require a Mandamus application to compel the government just to do the right thing?; June 15, 2009 1:40 PM
Anonymous said...: on one hand tell us to invest our nest egg wisely and not to depend on govt for retirement but on the other hand products are mis sold and the ppl bear the brunt, and there is no pursuit for accountability,like that isn't the citizen caught between rock and hard place??; June 15, 2009 4:10 PM
Anonymous said...: My advice to investors is NEVER and NEVER leave your your money in the hands of insurance agents for whatever reasons. It is like putting a thief in charge of your piggy bank.
Don't let this happen and hope the law enforcer will help you. No, prevention is better than cure.MAS is on holiday.
Why don't trust the insurance agents?
Insurance agents don't even understand insurance how do they understand investment? Do they plan your insurance? No, they sell you insurance to earn high commission. It is different from planning your insurance so that you are NOT under insured or planning your retirement.These agents only interested to sell wholelife or endowment and the only 2 products they are trained ,specialised so that they can earn high commission, the company earns high annual premium income, their managers earn high over riding commission and the sucker like you pays all of them. Plan? they only plan for themselves and strategise how to make you buy a high commission product.; June 15, 2009 5:52 PM
Anonymous said...: Nothigs can be worst than Miibomd and pincle.
100% or near 100% loss.
Don't trust those introducer any more.
Don't trust the adviser (IFA?).; June 15, 2009 9:15 PM
Anonymous said...: I am very saddened why no MP stand up and voice about the problem of structured notes selling for the people who voted them into parliament. I am saddened not for the money lost, but the profound absence of JUSTICE, COMPASSION, CONSCIENCE.

I was at the Hawker Centre, I saw a shabbily dressed worker, voluntarily passed $2 to buy one pack of tissue paper from a lame old man. I was encouraged greatly, in spite of the grey cloud above us. Brothers and sisters, take heart. Heaven will open. Do good and there will be a God who see you.

FROM CASHEW NUT; June 15, 2009 10:30 PM
Anonymous said...: Cashew Nut,

Most of our MPs were not voted in by the voters, they either got in by walkovers or thru GRC "backdoor".

I'm not surprised they did not stand up and voice up for the affected voters.; June 16, 2009 2:58 PM
Disgusted said...: Quote:"Nothigs can be worst than Miibomd and pincle.
100% or near 100% loss.
Don't trust those introducer any more.
Don't trust the adviser (IFA?)."
Ye i totally agree. Rather lose the money myself than to trust those adviser or FI. cause nobody is more interested than myself. I myself learn it the hard way....so i rather spend time to learn the way to invest then to depend on some EXPERT to tell me. at least i know i share the upside and not like " Head" FI win, u win abit (5%) and "tail" FI dont lose but u lose (100%) all of your capital.; June 22, 2009 6:42 PM