Thursday, September 25, 2008

BREAKING NEWS : HK initiates mis-selling probe!!!

LATEST LATEST : MAS has asked banks to appoint independent parties to oversee complaints [LINK]. Err....if they are appointed by the banks, how can they be independent???

Hong Kong has started investigations into mis-selling allegations.[Link][Link]

Hong Kong authorities have met investors, set up direct hotlines, and law makers have met investors to organise a collective action which the best way to recover investors' money because you don't expect banks to volunteer compensation.

"MAS has also asked FIs to keep us informed of customers' queries and complaints "
.
"Why is MAS listening to the bank and not the people. Why don't MAS let customers inform them of their complaints directly?" - Lucky Tan
.
"What really frustrates me is the subdued response from MAS. As the financial watchdog, I think it has been extremely reactive and it has so far distanced itself from blame"-Mr Peter Lim, a Minibonds investor
.
MAS in its statement advises investors to go back to the FI (financial institutions) as individuals with their queries. The latest statement says it is "in close contacts with FIs" and have asked the FIs to keep them informed of complaints. I see...this is how our system works. When anything goes wrong, MAS will link up with the banks and listen to them. Hmm....if you're a bank, what would you be telling MAS? Now I see why we pay our ministers and civil servants so much. If anything goes wrong and Singaporeans need help, they are there to teach Singaporeans to be self-reliant. At the end of the day, no matter how this matter is resolved, Singaporeans will remember the response of their authorities vs those in Hong Kong. Remember when the pay of high ranking civil servants and ministers was hiked, we were told that it was for their performance....and this is typically how they perform in times when Singaporeans need them.

5 comments:

Anonymous said...


FBI investigates four Wall Street firms over sub-prime meltdown

Anonymous said...

DBS, Temasek, PAP, MAS all one happy family mah.

PAP MP's like Lee Bee Wah rather listens attentively to the woes of table tennis player Li Jiawei, rather than listening to the uncles/aunties in their constituency who lost $$$$ to Lehman Bros.
Think a bit, you also know it's like that mah.

Anonymous said...

smart move. MAS should distance itself even further from the fiasco. They neber tell the investors to by these things mah!
Same same - if Mas selamat escape - invite someone from within the MHA to sit in the BOI - then you can easily exercise discretion on what to publish.

Anonymous said...

Nothing unusual. This is PAP govt style. Appoint your own investigators e.g. MHA own inquiry on Mas Selamat's escape.

Anonymous said...

big brothel likes to carry stick mah haha