Tuesday, September 03, 2013

The heavy cost of neglect

By allowing scams to continue unchecked, the Government is causing more harm than just financial loss to the investors - families can be broken up.

I want to share the cases of two women who were cheated by scams. They dared not tell their husband, as it would lead to a breakup of their marriage. They had to suffer the anguish on their own and keep the secret from their husbands.

It is likely that if the cheated person is the husband, many would not dare to tell their wives.

It is easy for the Government leaders to say - you have to be more careful, but they have to realize that the ordinary folks are easy prey to the crooks. It has happened over the decades.

This is why any decent Government has to take responsibility to make the laws, to investigate and to enforce the law. By doing nothing, the Government is neglecting its primary duty.


yujuan said...

Monitoring money scams take up lots of resources, like time, costs and manpower, the last most important.
They rather concentrate scarce manpower to jaga terrorist movements and the 2 casinos' crime potential.
Now, Govt even have to jaga their own civil servants from gambling in the casinos, to prevent pilfering from State coffers, so where got time also
to jaga ordinary citizens' money, simply not enough mata matas around.
If State moneys are cheated, then it's a different kettle of fish.

Tan Choon Hong said...

If the government decrees all schemes are subject to licencing, they will be swamped with applications and might not have the relevant expertise to vet every one of them. The bigger problem is that approval means endorsement which the government cannot afford to do. The better suggestion is to have very heavy penalties for fraudsters like full restitution plus three times the amount in fines. Problem is, which average person can afford to sue? Looks like caveat emptor is still the best policy for all investors.

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