The Hong Kong govt has admitted that the whole regulatory framework from the approval of these products, marketing and selling has to be reviewed. In the meantime, they have frozen the sales of these products. They have admitted that they have done something incorrect in the regulation of these products. They are now answerable to the people. The MAS has denied EVERYTHING. They deny that deregulation of these products have led to these problems. They denied all responsibility associated with debacle. In fact our leadership has laid the blame solely on the people who lost their lifesavings especially those who are educated and young. These people are now told that they have gone in with their "eyes open" and have no legal recourse ....and banks are compensating out of the kindness of their heart because legally it is "case closed". ...all these words from MM Lee.
In Singapore we (some of us) gave up some of our rights and personal freedom as a result of a social contract in which the PAP will protect the interests of the people without the full implementation of democracy. In this saga, we see this social contract broken (if not shattered), the govt took care of itself first, then its other interests with the people coming in last. Singaporeans who lost their lifesavings left to fend for themselves. .....
.[I have an urgent matter to attend to will complete this posting when I get home later perhaps after Hong Lim Park...please people, Singaporeans go to Hong Lim and show support for your fellow Singaporeans....learn something in the process.
Please post your comments and your views....I'll be back]
I'm back. Here a video of Goh Meng Seng's speech on social justice at Hong Lim. The sentiment on the ground is the govt and MAS will not be doing anything more for investors. If anything, the advice given out by MAS to go back to the banks one by one to complain proved to be useless for most investors. The bank will simply send a letter telling them "no case". Why would the banks respond in any other way? The remarks by MM Lee saying that investors went in with their eyes open and legally it is "cased closed" ...and banks compensate the vulnerable out of goodwill...all this tells us that at the highest levels of govt, they believe that MAS and the banks have done no wrong and investors are solely and fully responsible for their own loss. Only 3 countries in the world allowed these products to be sold and Singapore is one of them. Looking at past cases, if the same thing had happened to investors in US or Britain, I have litle doubt the regulators will not only force the banks to buy back the securities, they will also impose heavy fines on the banks for violating regulations. Perhaps that is why US investment banks travelled half way around the world to peddle their toxic waste and our regulators allowed them to be sold in Singapore.
The next step for investors is to take collective action - there is really not many choices left. However, because our govt refuses to conduct a proper investigation into mis-selling, it is hard for investors to produce hard evidence to support their case - they will have to go to courts with their affadavits and hope there will be whistle blowers among RMs willing to step forward to tell the truth. At the end of the day, justice might have to be imported from HK where the govt is starting a public probe into the bank. Our govt, the People's Action Party has other more important things to do than to act for people.