The US regulator is filing legal suits against several big banks for the subprime mortgages that were sold to Fannie Mae and Freddie Mac. More details here:
http://slatest.slate.com/posts/2011/09/02/mortage_lawsuits_big_banks_to_be_sued_by_federal_regulator_over_.html
I expect that the legal fallout can be quite serious for the global economy.
http://slatest.slate.com/posts/2011/09/02/mortage_lawsuits_big_banks_to_be_sued_by_federal_regulator_over_.html
I expect that the legal fallout can be quite serious for the global economy.
Dear Mr. Tan,
ReplyDeleteWhat are the implications for the investors in Singapore who had purchased the toxic assets? Grateful for your perspective. Thank you.
Note that Citigroup is among banks being sued. Our GIC invested a lot of our money in this banking Group.
ReplyDeleteWould like to hear what President Tan got to say, he got GIC involved when he was its Exec Director.
He banked on his considerable financial experience in the international field during the Election , well, what say you now, Mr. President. Honeymoon is over.
I do not think it is going to prop MAS into action. For those who have taken legal actions, probably they are at their final stage of legal action. There are not much news about those court cases.
ReplyDeleteHeard that there are many gold investors were swindled of their life saving. I too almost swindled by a fund manager (MAS black listed him and now he operates in Malaysia), luckily I did my homework.
Since sep2008, I only purchase straight forward unitrust and shares from banks and nothing else.