Mr Tan,
Your reader might be interested in this news.
SK
My views
It is better for Singapore investors to keep their accounts with local brokerages, rather than foreign brokerages, due to this type of problem. The local brokerages are more likely to keep their money in Singapore. Even though the client's monies are kept outside Singapore, I believe that they belong to the clients and should be returned to the liquidators on demand. I don' think that the foreign banks or other institutions have the right to reject the request of the liquidators to return the monies. But, it seems that international finance is getting very complicated and risky.
3 comments:
I think the singapore regulators have been very slow and almost inept. Other than a few cursory public statements they have done nothing to assure public confidence. I wonder if they are even knowledgeable of the intricacies.
Singaporeans in general were very loyal to our financial institutions (FI).
That loyalty & trust has been broken thanks to the mini-bond and other similar fiasco.
Wherever we now keep our money. We will have to do our own due diligence. I'm okay with this.
But just don't understand why I still need to pay salary to our financial regulators. Regulate what? Pay them to do what?
To hentak kaki until they get promoted to become Education Minister?
No need to do much work, as the regulator is just a robotic seatwarmer at MAS, to be later recruited into politics by the PAP, and hanging onto the Trousers of the veteran GRC
head, tiptoes into Parliament, and later promoted as a Minister of some post. As long as he obeys the rules, an easy job awaits him at the end of the rainbow with its pot of gold, for life.
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