Friday, December 05, 2008

Belgium Investors demand compensation.

"Misleading advertising violates legislation on trade practices. The question is whether the people, when they bought these products, if they were properly informed about the possible risks. There was talk of capital guarantee- 100% and it then it turned out that 1) it was a product that was not from the same bank they bought it from; and 2) afterwards it also turned out to be a bank that was vulnerable to problems..." - Minister Van Quixkznborne of Belgium.

The protestors were received by Economic Minister Quizkznborne.

Point 1 : Singapore investors are not unreasonable to ask for compensation like investors every where else.

Point 2: Unlike Singapore ministers who are too busy to even talk to Singaporean victims, the Belgium minister received the protestors and spoke to them to see how he could help. Now you know why Singapore ministers are so highly paid. They are so busy they don't have time to handle small matters such as the loss of lifesavings of 10,000 Singaporeans. Not only are our ministers busy, our top public servants in MAS are also very busy.....too busy to talk to ordinary Singaporeans. The leaders of other countries are incapable of saying these things to their citizens - "you go in with your eyes open", "case closed", "it is all in the prospectus"....which makes our leaders unique....


Anonymous said...

Other countries' ministers can speak up for the citizens on such matters because there is no conflict of interest. Their ministers serve the people, they do not have businesses interests and most importantly they don't have wives who own or control state holdings which own the banks that sold the toxic waste products.

Anonymous said...

you mean Ho Ching runs Temasek which owns DBS is it? And DBS arranged and sold the high notes thing is it?

Say so lah.

Oh yea, and Lee Hsien loong was the one who liberalised and allowed minibonds to be sold when he was minister of finance is it?

Aiyah - say so lah.

No wonder all citizens who got burned are like headless chicken running no where. Now Goh Chok tong heading MAS - lagi chiat lat right??

Anonymous said...

After so long, MAS can't even decide if the banks are guilty of mis-selling.

Is MAS stalling for time, and waiting for the whole matter to blow over by itself?

As usual, the banks will deny any responsibility and make the RMs take the blame. But when it comes to earning money, the banks will assume full responsibility.

ArtBoon said...

There are people making noise.. just dunno if this will be a futile ex...’-corner-event-tomorrow-–-saturday/

Onlooker said...

Vested Interest of themselves. Not the best interest of the people.
In this case the Belgium MPs vested interest is getting elected therefore they act in the best interest of their people.
In our case,The vested interest is the FAKE appearance of economic growth.

Anonymous said...

I don't understand what's Lucky Tan's problem.

Why must our PAP MPs meet the minibond investors? Why must MAS officials meet up with them?

Do the MAS officials owe these retards a living? The officials have real duties to do. They don't sit around twiddling thumbs like the Europeans do.

Why must our MPs meet them? There is no need to. At the end of the day, these minibond losers will still vote for PAP. You know they will.

Jim said...

I wonder how the Singaporeans who lost their life savings to cheats can remain so calm.

If I were them, I would have protested like the people overseas. Even an ant knows how to fight back if it was attacked...Singaporeans? Sigh... What kind of people have we become?

MB said...

To Anonymous 10:26pm

I don't understand what's your problem.

Why do you use such harsh language ? I am sure if it was your own mother who bought the Minibond, you won't talk like that.
The crux of the matter is the investors were misled by the FIs into buying this risky product and the MAS were the ones who approved the product without doing due diligence. So the gahmen owes the investors an explanation.

Anonymous said...

To MB:

The government do not owe them any explanation. So far, the minibond retards don't dare to do anything, except kao-pei-kao-bu. They don't dare to sue. They don't dare to vote against PAP.

I made my point.

Anonymous said...

Hey! Don't anyhow our FIRST CLASS government with other countries Ok! if this country isn't run like a profit oriented company, how elite earn their million dollar pay? And how to continue to be first class country?

PK said...

Lucky, another great piece of work, keep it up and hopefully one day we will see the kampong spirit back in town where the citizens help each other instead of against which is happening now.