This is an interesting account of how retail investors are protected, or not protected in Singapore, Hong Kong and USA. It is a sad account for the investors in the DBS High Notes 5.
http://singaporemind.blogspot.com/2011/11/video-clip-from-meltdown.html
http://singaporemind.blogspot.com/2011/11/video-clip-from-meltdown.html
The proactive involvement of the Hong Kong govt was the result of the medias (newspapers, radios) openly criticized the finance minister, governor, head of HKSEC (same as MAS) didn't do enough to stop the bank to continue selling the toxic CDO while Lehman was already have credit rating downgraded by few credit agencies. The Democratic Party ( they are elected by citizens, they may lost the vote next time if they don't speak on behalf of their supporters) also used the special law which grants the right to bring all of them including those bank CEO to the legislation council for hearing, questioned them, made them looked stupid, shame etc. Also those victims has formed a union to protest day and nite outside the headquarter of the bank, outside Donald's house (HK governor) to give him enough stress.
ReplyDelete