Let us go back more than 2 years. 4 petitions on the mini-bonds and toxic products were given to MAS. They refused to meet representatives of the petitioners. This is SM Goh's reply on why MAS could not meet any group of investors. He said "market sensitive information".
What market sensitive information? Is this the reason to refuse to meet people who have been victims of mis-selling? Why so aloof and stay in ivory tower? Actually, there is no market sensitive information-it is just a lame excuse.
One of the new PAP MP's I think fight against Minibond investors.Its that short guy .It seems his father was Minibond investor ( retired from Maybank )and he went to the rallies and asked people not to sue the banks.Hope somebody can do the investigation.If this is true then really sad .Very evil
ReplyDeleteIf HK Monetary Authority didn't take the lead to vigorously fight for HK investors' rights and take their banks and brokerages to task, you can be sure that MAS will not have done anything. The average 70% refund that S'porean investors got from the Lehman Minibonds is wholly attributable to HKMA's actions, not MAS.
ReplyDeleteAs for the "remarkably quick recovery" from the recession, it has nothing much to do with PAP or MAS. 99% of it is actually due to the massive money printing by USA, China and Japan which prevented a complete meltdown of world financial markets and companies. Without the money printing, we will experience exactly like the Great Depression in the 1930s. LKY admitted as much when he spoke to an American interviewer in 2010. LKY seems to be more candid when speaking with Americans and such stuff actually gets published in USA and not censored.
Many countries also recovered very quickly, including South Korea, HK, Taiwan, Thailand, Malaysia, Indonesia --- these countries don't have PAP and they also don't have $3M dollar ministers. Anyway the massive money printing has merely postponed and slowed down the ultimate crash and deleveraging that is required to cleanse the world financial systems, monetary systems and asset imbalances.
The takeaway from all these is that PAP is only good at leading Singapore like a plastic bottle on the seas. When the wave crests upwards, Singapore rides up the GDP growth and big company profits and big property booms. But similarly PAP also cannot and doesn't know how to minimise the events when the big waves crash over Singapore.
The former MAS man, Heng Swee Kiat,
ReplyDeletethinks Singapore's recovery is all due to him and the PAP, even Govt bank guarantee for deposits is all Hongkong's idea, and he just copy cat.
And he claimed credit for it.
Everybody knows it was China and America who saved the world economy, not Heng, nor PAP. Such thick skin.