A group of DBS High Notes holders planned to organise a sit in at DBS' Shenton Way office. They have been warned by the police that it is against the law and action will be taken against them if they went ahead with it. Well, I thought mis-selling was also against the law...but nevermind...more on that later. What is legal in Hong Kong which is now under the rule of communist China is illegal in Singapore......20% electricity tariff hike, you just have to swallow it, lost your lifesavings, you just have to accept it. We are living in Singapore a lawful, orderly country where citizens are expected to obey the law, wait patiently for things to be to be done for them and trust that those in authority will act in their best interest. If you want to protest, it has be in Hong Lim where it is contained and orderly ....and does not put the authorities under undue pressure to do something to help. The old argument that protests will cause foreign investors to flee, doesn't seem hold anymore because those investors come from countries where protests are held frequently and nobody seems to be fleeing from Hong Kong....and nobody is investing in N. Korea where there are no protests.
There is no need for protests IF govt responds to this issue with urgency and genuine empathy. If the authorities acted with much more sense of urgency, with the assurance that justice will be done, I think everyone would prefer to not to take matters into their own hand.
I read a few comments in my blog that mis-selling is "hard to prove". I don't think so....I think it is quite easily proven through affadavits from hundreds of investors, the past risk adverse behaviour of these investors and system of incentives the banks set up to sell these products. RMs were given quotas, motivated by commission and had their performance measured by the volume of sales...in particular, the sales of high margin structured products. If these things don't lead to mis-selling, they must have hired priests to be RMs.
Don't worry our system can still work to bring about justice. On Monday 20 Oct 2008, the parliament will convene and this is one of the issues tabled for discussion. It is time for your MP to work for you. Please provide your MP with your affadavits, and tell him or her that you will be watching this sitting of parliament closely. Mis-selling is as illegal as protests in Shenton Way in Singapore. If you have been mis-sold these products, a crime has been committed against you. The authorities cannot let a crime go unpunished especially so in a nation where the leaders are so proud their high integrity....