Friday, July 10, 2009

Rebuttals to editorial in Straits Times

Dear Kin Lian
I was very upset with the editorial in today ST because the editorial is full of errors. I am wondering if you will be putting up a rebuttal in your blog on this article.

It is easy to rebute the factual inaccuracy of the article (rebuttals in bold italic)

> Unfortunately, Lehman brothers turns out to be a company in their basket of "reference entities" - this is not the case
> 10 FIs here weren't selling anything that was unknown to tetail investors. Hundreds of varieties were sold during boom years - this is not the case
> Many investors happily pocketed returns much higher than what could be earned in comparable time deposits - this is not the case
> A fine that is unduly large will raise alarm bells over the fairness with which Singapore's internationally oriented financial sector is run, especially given the difficulties of assign blame in this matter - in HK, financial institutions voluntarily proposed that they compensate ALL investors a minimum 60% to 70% of their invested amount.

There are many more errors that you could probably can point out than me.

S

11 comments:

Anonymous said...

ya, the dude mentioned that he can understand the prospectus!

Anonymous said...

Lucky he did not said that you go in with eyes big big! If not, you get even more upset!

Anonymous said...

Having read the article, all I can say is that the ST Money Editor is spinning a story to make MAS look good. This is part and parcel of the function of a state controlled media, not much different from the People's Daily in China. There is no independent and critical analysis when it comes to any Singapore-related news story. What a sad state of affair for the local press and thus for our people. Taiwan and Hong Kong are very much advanced than us in this aspect.

Anonymous said...

Mainstream media (MSM) journalists have guidelines to follow. They cannot write like those in blogs.

Remember there was one popular blogger who had a regular column in MSM was terminated when he stepped out of line.

Read the internet if you want alternative views or news but of course also use judgment.

But no matter how "alternative" the internet, I don't think it makes much difference to Singapore politics or Singaporean lives on things that really matter. Not like in other countries.

Anonymous said...

Can anybody explain to me the difference between "telling lies" and "not telling the whole truth".

Anonymous said...

He is writing this way because he thinks that is the best way for him to continue the good life, good pay and security. Well, another group has fallen and very soon when his turn comes he will be all alone. His turn will come.

Anonymous said...

"韋奕禮表示,按現行法例,證監會並無權力強制要求分銷商向客戶作出賠償,但經調查後,於考慮如何懲處時,分銷商與客戶的和解協議,以及對客戶作自願賠償的因素,亦會被納入考慮。證監會作最後結論時,會考慮三個元素,包括和解方案能否彌補客戶損失、有關機構有無措施減少日後違規的可能、以及方案對其他機構有否阻嚇作用。"

Unknown said...

Read the Buniness Times Wednesday 8th July 2009. There is an article beside the headline report of MAS investigation. That article is very telling.

Anonymous said...

STC said it has no right to force the FIs to compensate, but it will take into ocnsiderations how the FIs compensated the victims b4 it decides on what punishment to mete out to the FIs.

Anonymous said...

The entire banking system needs an overhaul. Poor oversight, poor regulation, predatory lending, the list goes on.

This whole structured product fiasco is merely ONE of the symptoms.

Anonymous said...

Anonymous reported THAT "STC said it has no right to force the FIs to compensate, but it will take into ocnsiderations how the FIs compensated the victims b4 it decides on what punishment to mete out to the FIs."

Imagine, you punch a guy. The police after investigation, if found guilty, will ask you to pay for his hospitalization and losses; in addition, the police will sent you to jail or issue a fine. In simple words, the police will ensure that there is restoration and punishment.

Imagine, how you feel when the police said he powerless to ensure restoration and punishment?

FROM CASHEW NUT

Blog Archive