Saturday, October 25, 2008

What it is like to go back to the banks.....

Unlike the HKMA which will take the complaints from investors directly and conduct its own investigation, the MAS has asked investors to go to the banks individually to file their complaints. This is what investors typically go through:



As if it is not painful enough for these people who have lost their lifesavings, MAS made them back to the banks who sold them these products and go through the additional stress. Lets not forget that the regulators in many countries did not allow these products to enter their countries that is why it was sold mainly in Singapore and Hong Kong. Yet MAS has taken no responsibility in the whole fiasco, we only hear this denial:

"'So MAS has never said that these are risk-free products or low-risk products or safe products"- Minister Lim Hng Kiang.

The HKMA has already been made to face up to their mistake of allowing banks to sell these risky products[another link]. They have taken the initiative to help investors as much as they can by setting up a complaints center and to conduct direct investigation into mis-selling. MAS was asleep at the wheel when they allowed these products to be sold in Singapore, they then denied responsibility for the mess, initially distancing themselves then reactively taking action as the protest grew. We are told we have world class govt that has to be paid millions ....please judge for yourself if the performance of this govt is in anyway world class and whether the govt and authorities acted in the best interest of the ordinary people.

19 comments:

Sgcynic said...

Not only should our world-clss paid "leaders" be voted out, they should be booted out. How many others are retiring comfortably in the GLCs? Time for retrenchment?

Anonymous said...

worse class or no class?

Anonymous said...

Wonder why banks are trying so hard to ruin their most important asset, the trust and confidence of their customer.

Management should just ask the bean-counters to crunch the numbers, work out the cost benefits, how much is the net loss minus the intangibles such as your reputation.

If the banks aren't so stoic, they might just win over new customers with a swift response to this fiasco, demonstrating such level of service sure beats expensive TV commercial airtime given the free news coverage.

trishaw rider said...

wow! u so critical of our world-class leaders. u not afraid of ISD is it? LOL!

Anonymous said...

anony:11:48
sorry, sentence incomplete, please delete that post.
world class in efficency, but not quite caring about people.

Anonymous said...

what is ISD?

A department led by Lee Hsien Loong and gang with Lan Jiao in the mouths?

What for? To instill fear izzit? What century alredi still ISD here and there. Go fuck Lao Lee in the ass when you see him lah. That Lao Lee mumbo can predict that Singapore is in the golden period when all signals from the US show otherwise since 2007.

yamizi said...

Lucky,

You no longer rally for our noble leaders already?

Anonymous said...

Lucky Tan
Please delete anonymous 11:48am.
Send out by mistake. Thanks.

Anonymous said...

Lucky Tan, ae u sleeping?
Please delete anonymous 11:48am.
Send out by mistake. Thanks again.

Anonymous said...

There are many ways of saying no.

Anonymous said...

"What it is like to go back to the banks....."

It's like telling a rape victim to recount the ordeal to the rapist (FI). Isn't the vistim at risk of self-incrimination?

Jerry said...

Wow, this blog condones expletives. Good good. Angry 'anonymous' no class forummers. good very good.

Anonymous said...

Oh year, forgot to add - dear 'anonymous' with the expletives, you shd lead all our lost souls and lost sheep. why u ask 'trishaw rider' to go #$%* 'Lao Lee'? You shd lead us and go forth to do it first! Better let ur dearest family know b4hand la, do them a favour, so they can be prepared to kena too. You this kind dun give a damn about anyone or anything. Go drive ur car into a wall and lead us! Go for it! Woohoo ;p

Anonymous said...

once lauded as genius in economics, greenspan now claim he doesnt understand why the economy failed. hah. just look in the mirrow lah.

people who are paid millions are very dangerous to the world.

these are fuckers that pass themselves off as our savior.

safe for them with your savings god lah.

Anonymous said...

The same can be said for Lee Kuan Yew.

Once lauded as a visionary, this monkey has evolved from a Senile Minister to a Mon(k)ey Minister

Alexius said...

MAS must have bought the words of the US credit rating agents and thought that the now toxic products are save and secure. They should have done their homework 1st, not just cut and paste the agents' work.

Anonymous said...

there seems to be an unchanging laws of nature that the best, smartest and wisest of men who rise to power will ultimately lead to great destruction.

not that there is anything particularly dangerous about being 'smart' or 'wise' if left indulged. but these people become dangerous to the extent they have are elevated, praised and loved above your lowest denominator.

the sins and bloodshed always flow down from high places.

Anonymous said...

sorry..should be...not that there is anything particularly dangerous about being 'smart' or 'wise' if left UNindulged

tewniaseng said...

Obviously, MAS knew of the toxic products but just kept quiet because of reasons unknown to the layman because they operate without transparentcy. ONly when they are toppled, then all the secrets will be opened out just like in Taiwan