Read this article.
My comment.
This investigation has relevance to the investors of the Mini-bond, Pinnacle notes and Jubilee notes. If the banks had acted fraudulently in getting the rating agencies to give a misleading rating, there is the possibility of recovering the loss in US courts.
I respect the AG of New Yrok. At the time that the alleged wrongdoings were happening, people were not aware. When they now know the facts, with the benefit of hindsight, they are willing to take the banks to court and let the court decide if there were any wrongdoing. The banks are likely to agree to some form of settlement and to make some compensation to the parties that were wronged.
I hope that our authority in Singapore will also consider similar action on behalf of the small investors that were hurt by these wrong doings.
Our dear MAS don't seems to be interested at all.
ReplyDeleteLatest from the NYT:
ReplyDelete"With Banks Under Fire, Some Expect Settlement"
http://dealbook.blogs.nytimes.com/2010/05/14/with-banks-under-fire-some-expect-settlement/
MAS does not have enough man power to handle cases. Remember, MAS asked to interview investors and decide on their behalf.
ReplyDeleteOne basic duty of the governments is to ensure that their hard working and thrifty citizens could retire comfortably.
ReplyDeleteBut with “Caveat Emptor”, It seem that financial institutions no longer need to answer for the quality (whether bad or toxic) of the financial products which they sold or designed.
With so many bad or toxic products (Minibonds, Pinnacle notes, High notes, Jubilee notes, insurance products, CDOs, CDS, ….) around, being hard working and thrifty is not enough, your whole life’s saving could be easily cheated by those “talents” (financial experts and legal experts) who are responsible for designing complex financial products.
MAS dare not to be intersted, as it exposes the flaws in their regulatory system.
ReplyDeleteplease join us to sure Morgan Stanly to prove that the "investor walk in with eyes oopen" is wrong.
ReplyDeleteShow me how MAS is going to get paid, and I will show you how they behave.
ReplyDeleteLuckyTan's latest:
ReplyDelete"Current SEC investigation into investment banks...."
http://singaporemind.blogspot.com/2010/05/current-sec-investigation-into.html
"""The Pinnacle Notes sold to Singaporeans was a product by Morgan Stanley currently under investigation by the SEC.""""
ReplyDelete(From Lucky Tan)
Hope some positive results can come out of it.
All these Notes: DBS HN5, Morgan Stanley's Pinnacle Notes, Merril Lynch's Jubilee Notes, are all packed with these CDO as underlying assets & are being investigated in USA, Why is MAS still not investigating? Aren't we world class government and always set good example to other countries who has no integrity?
ReplyDeleteMAS Expert approve things that they never understand. They will get their butt kick in coming election
ReplyDeleteMAS: Must Act, Sir?
ReplyDeleteThe decision to act does not lies in MAS as a whole but the chairman and inturn the other two Ms.
So what if the MAS MD recommended to act? He need clearance from chairman, who inturn needs the support of the Govt.
Once they put on the business hats, then nothing will happen as the US Banksters and Sgp DBS are the Untouchable...
A NMP has asked a question after Goldman Sach has been investigated by SEC. Anyone knows the actual question asked in Parliament and when is the next parliamentary sitting? Please share information.
ReplyDelete