A victim of the toxic products writes about the pain of suffering a loss, and the failure of MAS to follow the Hong Kong example. Read SGEP or click here
I respected MM to this day. Many times, he talked sensibly. But that comment of "greedy investors investing on MINIBONDS and PINACLES" is absolutely unfair and got me fuming to this day. The town councils had also invested on the minibonds. If we retail investors were greedy, then they were too. Should they then be held accountable for the mistake, as they were using the public funds. The fact was even the town council was misleaded into believing that the structured products were generally safe. We cannot be greedy over 4%-5% annual interest returns, not even commpounded. We were all victims. The MAS should have known but they also knew that it didn't made sense to challenge the corporate giants. The authority is too afraid to lose with a few GDP points. I believe the town council, with backing of the authorities, should have gotten better compensation if not all. So it is ok to sacrifice the general investors like us. Personally I think that is our govt nowaday. So sad...
Ya, MM criticised the investors they went in with their eyes opened, what about himself and his daughter-in-law. Did he and Ms Ho Ching went in with their eyes open also, when they invested our moneys in those botched foreign banks, the busted childcare centre in Australia or the unlucky Manhattan property in New York, etc., etc.
I respected MM to this day. Many times, he talked sensibly. But that comment of "greedy investors investing on MINIBONDS and PINACLES" is absolutely unfair and got me fuming to this day. The town councils had also invested on the minibonds. If we retail investors were greedy, then they were too. Should they then be held accountable for the mistake, as they were using the public funds.
ReplyDeleteThe fact was even the town council was misleaded into believing that the structured products were generally safe. We cannot be greedy over 4%-5% annual interest returns, not even commpounded. We were all victims. The MAS should have known but they also knew that it didn't made sense to challenge the corporate giants.
The authority is too afraid to lose with a few GDP points. I believe the town council, with backing of the authorities, should have gotten better compensation if not all. So it is ok to sacrifice the general investors like us. Personally I think that is our govt nowaday. So sad...
Ya, MM criticised the investors they went in with their eyes opened, what about himself and his daughter-in-law.
ReplyDeleteDid he and Ms Ho Ching went in with their eyes open also, when they invested our moneys in those botched foreign banks, the busted childcare centre in Australia or the unlucky Manhattan property in New York, etc., etc.