Thursday, March 03, 2011

SCMP: Bank officer charged on mini-bonds

A bank officer in China is charged for misleading customers on investing in the mini-bonds. See this report. Many relationship managers in Singapore have committed similar offenses but are not taken to court here.
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4 comments:

sgcynic said...

This is a city ruled BY law. I am not surprised by the inaction of our authorities. Shang4 liang2 bu2 zheng4, xia4 liang2 wai1 (if the upper beam is not straight, the lower ones will be crooked). This system without proper checks and balances and places undue reliance on trust in individuals has peaked long ago and is now sliding down a slope. It will pick up place with time if nothing is done immediately to reverse it. Checks and balances: Imagine getting the same individuals who are accused to do their own investigation and report. Any respect I had for the institutions and positions are long gone. For example, in the past, I would give face to the office of the minister despite disagreeing with the person who is the minister. However, seeing how the position is abused for political ends, I have nothing but contempt for the positions and the persons (Think the executive powers of the MICA and HA ministers to ban "undesirable" materials and assemblies which are not even subject to the oversight of the courts). I also do not look up to the courts, hearing the basis for their judgement in "political" cases. (Think how the judge rationalise that Goh Chok Tong and gang can be legally at the polling station because they do not violate the rule that no persons shall loiter within 200m of the polling station). Nothing but contempt for them since this is the attotude they hold for the people.

March 04, 2011 6:31 AM
Concerned said...

Better do your investment in Hong Kong than in Singapore, at least you are protected if there is any misrepresentation.

March 04, 2011 11:02 AM
zhummmeng said...

No one is going to blame anyone if a proper process is conducted, right?
The problem is these RMs and insurance agents don't. They push products upfront and lie to you about the products and only tell half truths.
They are all salesmen and NOT consultants or advisers. They already have in mind the product to sell you. The presentatiion is just a modus operandi to con you.

March 04, 2011 12:29 PM
yujuan said...

Ya, invest in Hongkong or Australia, never in your own country, Singapore.
Ya, lost respect and trust in our
institutions and Govt, who would play us out just to cover their backsides.

March 04, 2011 1:50 PM

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