Tan Kin Lian's Blog: Slur on our reputation

Monday, June 28, 2010

Slur on our reputation

Singapore is getting a bad reputation at international circles.

I watch a CNBC program where a financial expert was being interviewed on the new financial regulation measures that are being introduced in the US Congress. He has a vested interested to continue the old practice as it allows his firm to get more business and make more money. He reply was that, if the new bill is passed, the US banks will move their operations overseas, for example, "Singapore". He mentioned only Singapore and did not mention Hong Kong or other financial centers.

This gives the impression that Singapore is ready to attract the international banks to continue their risky and shady business, that has caused the collapse of the global financial system.

The financial business that is being attracted to Singapore may create jobs for the bank employees and wealth managers. But it came at a heavy price for the local people. With the liberal environment, the banks have been selling risky structured products to many consumers, who have lost large sums of money.

I wish to ask our leaders. Is it worthwhile to develop the financial center in this way, i.e. the slur on our reputation and the loss suffered by ordinary folks?

Tan Kin Lian

26 comments:

Anonymous said...: If this was to happen again, it will be one of the reasons again...
1) We were caught off guard
2) It is impossible to have 'lossless' financial system, there are no free lunch
3) We could limit the impact BUT be prepare to PAY more
4) You go into it with your eyes wide open

More people will be at speaker corners signing petition.

Anyone want to add on to the list?; June 28, 2010 11:05 AM
Anonymous said...: So if MAS bows to the foreign FIs then our locals consumers will the ones paying their big fat salaries.; June 28, 2010 11:25 AM
Anonymous said...: In addition to being called a "global money laundering centre", we have also had the honour of being labelled "internal human traffiking centre" and " prostition hub". We are really a hub of everything. There are great synergies with all the hubs that you can be. For example, by being a regional education hub, we naturally become a prostitution hub ... etc.; June 28, 2010 11:28 AM
Anonymous said...: Yes, I welcome all these cunning banksters and financial conmen and conwomen to setup shop in singapore and invent more derivatives and "savings products" to swindle and con the people here.

I hope they will contribute massively to a gargantuan financial and property collapse, 80% unemployment and widespread social unrest, rioting, looting, burning, killing.

We have reached the point where singapore can only learn wisdom through real hardships.; June 28, 2010 11:58 AM
Anonymous said...: Our aspirations to become a financial centre is at all costs.

White collar crimes are tolerated and not detected until damage is done.
The strategy is to grow fast and quick and become reactive to reports of wrong doings.. it should be proactive and pre emptive.

But our regulators have nothing since the tools ( the laws ) are inadequate.. we welcome all and sundry because it provides us with jobs.. dont care what type of jobs.. just give us jobs!!

All the ministries seem to be focused on jobs and jobs alone.. that is one reason our country cannot progress towards a more civic and considerate people.

The pragmatism is ingrained into the genes... change can come perhaps in another 50 or 100 years.. even then its is uncertain.; June 28, 2010 12:01 PM
Anonymous said...: Rex comments as follows,
Yes indeed, i wish to add to your list, thanks to a once very customer oriented CEO of a certain transport company.

5. You could still don't buy the toxic products, it is whether you chose to or not.

rex; June 28, 2010 12:21 PM
Anonymous said...: I do not think it is the intention of the commentator to slur Singapore's reputation. Let us be honest with ourselves. It is a fact the Lee Hsien Loong regime is actively courting financial institutions to set up here with all kinds of incentives and carrots. So what kind of signal does that send out.

Under the 'trickle-down' system of economics that this regime embraces, it is very clearly defined who would benefit the most first, and who will end up last.; June 28, 2010 12:29 PM
Anonymous said...: Look at this man who knows no shame.
Promoting his own seminar at the expense of your effort in Hong Lim Park.

"Dennis Ng - Do you know any family, relatives or friends who have Lost Money in Scams? How can you help them? Going to Hong Lim Garden Speaker's Corner to support them may not help them at all. Why NOT Learn How to Avoid Falling into Scams? In 8-hour Seminar How to Save and Accumulate One Million Dollars Seminars, 15 mins in the seminar is all the time needed to learn this....& (the Trainer) I've avoided ALL the scams so far... http://www.masteryourfinance.com/web/index.php?page=shop.product_details&flypage=flypage.tpl&product_id=1&category_id=1&option=com_virtuemart&Itemid=35"; June 28, 2010 12:30 PM
Anonymous said...: PRO-BUSINESS to attract foreign investments etc....that's how some dodgy Lanbanking Firms landed here in the first place and more to come.; June 28, 2010 12:44 PM
Anonymous said...: Just take a look at Switzerland where bank secrecy rules and people park their illegal money there.

Now the US and other countries are going after the Swiss banks who are holding money of customers who evaded taxes.

Likewise if Singapore decides to allow these kind of risky and shady business here it will be a matter of time this issue will haunt us. It is not worthwhile to do this. Why does Singapore not learn from other's mistake??; June 28, 2010 12:44 PM
Anonymous said...: The elites need huge profit to justify their sky high salaries and bonuses.
How to have huge profit without venturing into risky and shady businesses?; June 28, 2010 12:57 PM
Anonymous said...: Well Now that we have all learnt our lesson just don't go into structured products or don't even buy any products from the banks and FIs. Just stick will plain vanilla investments, shares, unit trust etc. But as Mr Tan syas there will be poor unsuspecting people who will be enticed into buying.; June 28, 2010 1:01 PM
Unknown said...: I hope Singapore government can send out strong messages to these financial banks that these are not acceptable products.

Local people are being con into buying these products and they are suffering right now. Their savings are gone and with the high cost of living in Singapore, how are they going to survive? Most of them are depressed and worried about their future.; June 28, 2010 1:42 PM
Anonymous said...: of course their answer is a definite "Yes! It is worth it." For the short term, it will push up the GDP and hence their bonus. They will be busy counting the zeroes in their bank accounts and cpf accounts (at least that's what a certain deaf frog minister will be doing for sure).

When they run the country just like a mnc minus the accountability and responsibility what do you expect?

When they need you they will ask the citizen to stand united and fight with them. When they don't need you, they treat you worth then a foreigner in your own country.

I say go to hell with your bs. I would rather go to another country and be a second class citizen then being a second class citizen in my own country.

Nowadays, I just can't be bother with anything happening to Singapore. I just can't stay connect with so many foreigners around everywhere you go.; June 28, 2010 2:00 PM
Anonymous said...: Our leaders would not give a hoot about the local people being conned or fleezed.
One casino manager said he was surprised Singaporeans make up a large percentage of the casino
patronage at Sands marina, despite the $100 levy.
Likewise maintaining Singapore's financial centre status is far more important, thus closing an eye to shady deals at the FIs here,
attracting unsrupulous people to set up shop here.
And the economic growth, at the peoples' expense, will contribute to the Ministers' pay, expressed at a percentage to the growth.
We have lost trust with the PAP Govt who has become selfish with a money face plastered all over.; June 28, 2010 2:07 PM
Anonymous said...: It is all well & good to have these companies set up HQ here.
But does it translate to more jobs or just 1 receptionist, 2 Directors and 1 secretary? all parked high up on the 32floor at Suntec?

They may have 1 trillion dollars worth of products.. it still does not trickle down to Lim Ah Beng who sips kopi and places a $2 bet on Argentina to win the world cup.. he remains jobless and gets $ from his children and odd jobs.

Businesses dealing with financial products sounds all very "tok kong"
,sophisticated and an aura of " I have arrived".. this is what Singapore is now.

Yet it is all we have created.. since we have no timber to sell, no oil to drill, no gold to mine not even sand.

We are not better off than our neighbours.. it only appears to be so..it is an illusion.

We have no soul.; June 28, 2010 2:19 PM
Anonymous said...: We still have yet to hear of the outcome of the investigation into the mis-selling by the RMs of the banks..
I wonder it is purposely dragged hopefully people may forget all about it.
What about the rogue insurance agents?; June 28, 2010 2:19 PM
Anonymous said...: Looks like the smell of our rotting fish head is starting to attract all manner of carrion feeders like vultures, coyotes and flies.

Growing signs of a rotting fish head:
a) loss of hearing (deaf frog)
b) inability to accept responsibility for failure (SMRT vandalism, Orchard Road floods)

c) lowering of standards
e.g. "Don't expect flood-free Singapore", Straits Times, 28 June, front page headlines.

d) all talk and no action
e.g. TV advertisements on filial piety

Teach Less, Learn More
Why not:
Talk Less, Do more
Earn Less, Do more

Why not tie Ministers' pay to frequency of floods. Guarantee flooding problem will disappear very quickly; June 28, 2010 2:36 PM
Anonymous said...: You are right. But it looks like the PAP is not concerned about its own citizens. All they care about is business.; June 28, 2010 2:48 PM
Anonymous said...: It is quite clear now why Government was siding the FI's especially the foreign ones in the minibond fiasco ! Look at who are foreign advisors to MAS! Which other countries in the world that do not look after their own citizens' interest in the Minibond scam!; June 28, 2010 3:34 PM
Anonymous said...: Quote from the CNA website:
S'pore must learn from recent flooding episodes: PM Lee

So when that lipping guy escaped from ISD, we must learn from the episode.

When the SMRT depot security was compromised, we must learn from the episode.

Next time when all the FI came and screw up all our hard earned money, we will know what they will say right? Yes, we must learn from the episode.

I only know that they earn millions but learn nothing from the episodes.

Learn from the episodes? My foot!; June 28, 2010 4:55 PM
Anonymous said...: Mr Tan, I feel that the damage done by banks is quite limited as compared to what the 2 casinos can wreck.; June 28, 2010 7:32 PM
Anonymous said...: Pro-business means you welcome all the foreign banks and let the poor locals with short memory or new generation fall for the smart scams. Pathetic but that's why history repeat itself every 20-30 years with new set of victims as the oldies are no longer around to remind them by then.; June 28, 2010 8:45 PM
Anonymous said...: Well our beloved policy is "growth at all cost". We are now already a vibrant gambling hub....4D,horse race,Toto, football bettings,casinos etc.
My family went for birthday lunch in RWS last week and from outside the Casino I saw many uncles,aunties,housewives,middle age men patronising the casino.Surprising I did not see any "Ang Mo".; June 28, 2010 9:14 PM
Pre war said...: Ha! Ha!.. "Ang Mohs" are all bankrupt!.. Asians ( in general ) are the richest people now.. even aunties have more money ( don't be fooled by appearances )

Thats why the "Ang Mohs" are in town to get your money via many shady products.. and we are still stuck in the colonial attitude that "Ang Mohs" are upright, honest and very knowledgeable... nothing more can be further from the truth!

My father ( who lived through the Japanese & British ) advised me never to trust the "Ang Mohs".. they are the worst crooks on earth.
At least the Japanese had honour and are true to their words: If they want to kill you, they will!

Don't let me get started on the kek-lengs; June 29, 2010 9:59 AM
JS LEE said...: Heavy tax the financial sector profits & cap their salaries & bonuses since they produce little or no real goods & services. They r no different from bookies to me.; June 29, 2010 7:00 PM