Read this report.
It explains the situation in America. The banks are held accountable for selling structured notes without explaining the risks to elderly investors. If a similar approach is taken in Singapore, many people would have been compensated for their losses.
Every country has different situation in terms of resources, economics and many other aspects. Singapore being no other economic resources like raw material (commodities) or even free to print money. This is very challenging for Singapore to have GDP growth and to generate income for the Govt. New services or products have to be generated to move money around. A same $10 changing hands among 100 or 1000 people generate taxes to Govt. such as GST or income tax (like big bonuses). Finacial products generate huge amt of money changing hands hence Govt would not try to stop or put too many regulations to jeoppadise it. Not fogetting the huge investment in banks that the GIC/Temasek has in stake. Will same approach be taken here in Singapore...I dun think so.
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