Do you know the name of the top person in MAS or govt handling the structured products issue? I don't and I believe many Singaporeans don't. 10,000 Singaporeans had their savings wiped out and where is the leadership?....Where are the leaders? The most prominent thing that was said to these aggrieved investors was "That's Life".
In Hong Kong, HKMA head Joseph Yam has taken it upon himself to be responsible for finding a resolution. He initiated 71 direct investigations and pledged to resolved the 1st one by the end of the week. In Singapore, MAS hammered a deal with banks to have them appoint their own investigators.
HONG KONG -- Hong Kong lawmakers accused banks and regulators Monday of mistreating investors who lost millions of dollars buying risky structured products backed by Lehman Brothers Holdings Inc.
Hong Kong Monetary Authority Chief Executive Joseph Yam said 71 separate investigations were under way, involving customers who purchased the Lehman-backed products from nine banks, and he pledged to resolve the first one by this week.
Three banks said they would compensate any customers who can prove they were misled into believing their money was safe.
During an emergency hearing into the scandal rooted in the global credit crisis, the HKMA