Tan Kin Lian's Blog: Cheated in a good reputation country

Saturday, July 25, 2009

Cheated in a good reputation country

Dear (MAS officer)
I would like to share a story with your MAS people.

20 years ago, my father finished his army service and got a big sum money for his army service in China. The amount is equal to 5 years salary. He bought 10 years China government bond (国库券）with that money from a national bank. He thought China government bond was very safe and he only want to use it for his children's education need in the future. He locked those coupon with much care.

10 years later, when the bond matured, he brought the coupon to bank to cash out, the teller told him the coupon were faked. He can not get anything. What a big shock for him and his family. The teller from national bank sold him the faked coupon. The bank told him they could not find the teller any more. He was not the only unlucky person. Actually there are quite a lot of people faced the same. They together tried to ask help from bank, government, press, and law firm. Finally, a lawyer want to take their case. However, somebody threaten the lawyer and the press. The press stopped reporting their story and lawyer didn't dare to take their case.

His daughter thought this was a place without justice. She studied very hard to got in a good university and later left the place for what she thought was a better country.

However, what happened to her? She fell into the same trap. She didn't suspect that the famous Singapore financial institution would cheat people's money also. She clearly told the FI officer she needed government bond only as she was very conservative and she needed the money for her father's medical need. Her father is paralyzed now. However, The RM sold her toxic complicated product with a faked name "Bond".

She was worse hurt. Her father had to accept the unfair things that happened in a developing country. For her, she didn't prepared for such unfair things in this good reputation country.

If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?

Best Regard!
GD

22 comments:

Anonymous said...: To be fair, last time spore was good. That is why we could progress well.
She may still be living in the past.; July 25, 2009 8:11 AM
Anonymous said...: I am moved by what "GD" has gone through. I like to say to the the writer "GD" sorry on behalf of MAS. While I know I am in no position to judge or comment on behalf of the regulator, my heart tells me that this is the only thing I can do. Take care and God bless. I am convicted that God does bless those who are simple and upright.

CASHEW NUT; July 25, 2009 8:24 AM
sgcynic said...: That's why I've voted and will vote against the incumbent party. I do not "highly qualified" people(in education, profession, experience) if they heart are not in the right place. Why should I support them when I know they don't care for me. Though I'm just a "lesser mortal", I cannot be bought. This country's governance is in urgent need of fixing.; July 25, 2009 8:52 AM
Anonymous said...: If no compensation, u worried for Spore.
If there is compensation, they worried for the FIs.; July 25, 2009 9:44 AM
Anonymous said...: In the good reputation country, even their government branches got cheated (remember our town coucil). And they still insist that what we bought were high risk high returns products. In other words, they condone their town council to invest in high risk, high returns products. Actually I think this good reputation country is not more democratic than China.; July 25, 2009 10:06 AM
Anonymous said...: I believe those in power who can exercise their authority to carry out justice but decide to let the powerful F.I brush aside the small investors for fear of "sending the wrong signal to foreign F.I" will pay for their misdeed in life's journey ultimately. There is a universal law of cause & effect and payback can take other forms and in God's own time. If you live long enough you will believe me. BE GOOD; July 25, 2009 10:57 AM
Anonymous said...: "If no compensation, u worried for Spore.
If there is compensation, they worried for the FIs."

You know which one is more important. You shd know the answer.; July 25, 2009 11:43 AM
Anonymous said...: I think MAS need to change name once Taiwan Central Bank succeed in helping investors get compensation from the FIs due to mis-sell or mis-rep.

I hope the local FI like Hong Leong has a sense of justice and fairness. Come out to match Hong Kong proposals, close case and move on. I bought from Philip Security and as you can see from their compensation, they are one of the worst. I hope Banks will reverse the negative PR and do the right thing else they will continue to suffer in their future business due to "cheat" label.; July 25, 2009 2:25 PM
Anonymous said...: Our fate of receiving compensation or not now very much depend on the authority. When they asked the FI to compensate the vulnerable group, those above 62 years and below Primary 6 education, the FI complied. Now is up to them to realise that the FI had also made a mistake of selling a High Risk Product as a Low Risk one to conservative investors. They should have the heart for the people and tell the FI to share responsibility and compensate accordingly.; July 25, 2009 2:28 PM
Anonymous said...: Yes, there is a universal law of cause and effect. When the leaders of a country do not uphold justice there will be retribution. This is the law of karma. Be good and do good.; July 25, 2009 2:35 PM
Anonymous said...: uh...you picked these guys to receive million dollar annual paychecks and make decisions.

I have never achieved much by telling "someone else" to fix the problem: ie "MAS should regulate wicked bankers and insurance agents!!!"

MAS isn't going to do crap. You picked these guys to do such things. The only way to fix this problem is to kick out the existing team of people.; July 25, 2009 5:05 PM
Anonymous said...: I feel sorry for GD and her father. Shame on our MAS and our government for allowing banks to do such things and not take any effective actions. Ban the banks for a few months/years from selling products that no one wants. That is punishment? They rather protect the banks then fight for Singaporeans to get the same compensation that people in Hong Kong are getting. All because they dare not offend the banks. How can they let the banks discrimate against and be so unfair to Singaporeans. I never imagine that this can ever happen in Singapore. What is happening to our famed civil service and our government? Is this start of the decline? It is not just the banks' reputation that is damaged, our goverment and the MAS's reputation is going to be badly hit. We are going to be butt of jokes of the people in other countries. Headlines "Banks will not offer the same Minibond compensation that Hong Kongers get to Singaporeans because they are second class customers, Singapore Government fine with it."; July 25, 2009 5:36 PM
Anonymous said...: Yes, last time it happened only in certain developing countries and is still happening in these developing countries. Your so called Good Reputation Country is as the name suggests, an indication of its past record. Now with the rampant imports of foreign talents, many of these skilled talents are here, just like fishermen in a new fishing ground. So where is the problem?
In China, I was given fake money from the bank teller. It will soon be happening here. Beware. As they say, foreign talent brings us jobs, yeah, what they mean is bring us more work to do.; July 25, 2009 9:02 PM
Anonymous said...: Smart people would tell you not to put all your eggs in a basket and learn your lesson from this incident. Not many would know in reality you might just have this egg with you.; July 25, 2009 10:23 PM
Anonymous said...: "... If there is compensation, they worried for the FIs."

Hello there, My BIG FAT PAY is tied to the BIG FAT HEADS of the FI's; of cause I should worry for the FI's. If you were me, you would protect the FI's too, won't you?; July 26, 2009 11:25 AM
Anonymous said...: Singapore is different from Hong Kong. They are a special economic zone of China, if anything goes wrong they shall have China to back them up. So please stop comparing us with them unless you want China to adopt us as one of their zone, different context please wake up. Your friend has a rich father you can only hope for better for your next life and treat your father nicely.; July 26, 2009 4:26 PM
Anonymous said...: "Singapore is different from Hong Kong."

If you ask the people in Hong Kong, nine out of ten would tell you that Singaporeans are very dependent on the government whereas they are very independent. Comparing the two governments in the handling of this crisis, I submit that I am not smart enough to understand how they could develop such an impression when the complete opposite is true.; July 26, 2009 8:50 PM
Anonymous said...: The HKers & Taiwanese believe that sporean are dependent and stupid.
Do you agree?; July 26, 2009 11:31 PM
Anonymous said...: Every election each of us has the right to decide whether the government is serving us well. The next election will answer the question "whether Sporeans are dependent and stupid" and, if I may add, NATO - non action talk only.; July 27, 2009 10:06 AM
Anonymous said...: I think we are kaisu, kaisi and stupid.; July 27, 2009 10:20 AM
Anonymous said...: "If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?"

I like this quote from GD. Indeed where is the just treatment for Singaporeans. This story should be circulated widely to the whole of Singapore to show how MAS has mishandled the whole episode from the beginning and judging the "nothing heard, out" response from MAS to what has happened in Hong Kong, it is not the end of their bungling. The heads of everyone in MAS from the MD, his Dy, Corporate Comms etc is buried in the sand.; July 27, 2009 11:21 AM
Anonymous said...: Dear GD,
I cannot do much for you but I can cry with you for the injustice denied you by our goverment and the MAS and also for the future of our country.; July 28, 2009 11:04 AM