It is strange that the US courts are looking after the Singapore investors by ordering Morgan Stanley not to take action in Singapore court to thwart the class action taken by Singapore investors in US courts. Why is the law in Singapore not protecting the interest of Singaporeans who have lost $160 million of savings after being sold bad financial protections?
http://singaporemind.blogspot.com/2011/12/pinnacle-notes-morgan-stanley-ordered.html
Quote from Lucky Tan's article:
http://singaporemind.blogspot.com/2011/12/pinnacle-notes-morgan-stanley-ordered.html
Quote from Lucky Tan's article:
o who was the counter party that made from all the losses from Pinnacle Notes? Morgan Stanley...the same investment bank that sold these notes to investors. Now you see why they want to avoid fighting the lawsuit in USA. In the US the authorities took up the hard work of investigating the banks, gathering evidence and suing the bank to recover investors' money....so what did our 1st world govt do for Singaporean investors? ...These Singapore investors were left to fend for themselves against a powerful investment bank, they had to get their own lawyers, fork out their own money and do every thing themselves to get some justice. Where are the men and women who say they have to be paid well to serve the people?
In Singapore, according our ex-MM - they went in with their "eyes open" and signed on the contract so there is no case. This feels like an over-simplification of justice,,,and a case that cannot be won in Singapore has more than a fighting chance in USA.
1 comment:
MAS could have done more for the affected investors in Lehman related investments.
It was as clear as day light that banks in Singapore did very bad thing to their customers.
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