Monday, November 07, 2011

Video Clip from Meltdown

Here's an interesting clip from Al Jeezera documentary on the financial crisis Meltdown. Part of the video discusses the case in which the SEC went after Goldman Sachs for selling complex financial products to ordinary American citizens ("widows and orphans") in which it was the counterparty to benefit. from the failure of the products. Goldman coughed out US$500M as fines and compensation. In a similar caserecently, the SEC went after Citibank for mis-selling US$285M mortgage bonds to investors[Link].

A group of Singaporeans who lost their money in High Notes 5 sued DBS Bank. The High Notes 5 was a product created by DBS Bank in which it was the counterparty should the

Other investors like retiree Tham Wai Wah, 60, also felt 'cheated'. She had
trusted the relationship manager who had explained to her last year that the
High Notes 5 product was 'very safe'.


She said that with only an O-level education, she could not fully understand
the prospectus. 'I told them I'm a conservative investor and that this was my
CPF money.'


She put in $125,000, part of her Central Provident Fund (CPF) savings she
withdrew upon retirement after working for 30 years as a clerk. Her husband is
also retired.[
DBS 'High Notes 5' Investors:They pumped in life savings and now feel cheated
]

There were 1084 investors of High Notes 5. 873 filed for compensation, of that number, 669 received nothing[Link]. A total of 7.8% of the amount invested was returned to investors.

Because of the proactive involvement of the Hong Kong govt,  Hong Kong investors received far higher compensation[Link]. The Singapore govt left it to the banks to decide who deserve compensation and how much. The Hong Kong govt negotiated a settlement with the banks in which investors would get back 96.5% of the money invested in Lehman Minibonds[Link].

DBS High Notes 5 investors in Singapore were left without any choice but to try to get their money back by suing DBS.. They lost the case and appealed against the verdict. They lost the appeal last week and reached the end of the road in their pursuit of justice. It is hard for private individuals to win a legal case against the bank because they are well covered by the terms in the contract.  The Hong Kong strong-armed the banks into paying and the US SEC threatened a full blown investigation imless banks pay up.  It takes a govt like the PAP to abandon ordinary citizens and leave them to fight alone for their own interests against powerful banks.

The video below also covers the real estate boom and bust in Spain and Dubai. There are many lessons here for us:

"Dubai in many ways, not to be too uncharitable, was a state pyramid scheme...a state ponzi. It relied on more people coming in to buy their property or even their deposits of people who were there earlier than them...and it had to keep on going"
- Christopher Davidson author "Dubai : The Vulnerability of Success", 19:10mins into the video.

The race to be the financial capital of the world was an important contributor to the crisis. This race is essentially a race to the bottom as govts deregulate to attract financial institutions:

"The real problem that we face going ahead is this same kind of pressure - where is going to be the financial capital of the world...is going to come back once the memories of the crisis has faded/ Certainly, Frankfurt and Paris are going to be back into the race....so is Tokyo so is Singapore so is Shanghai so is Hong Kong. And what I think may well happen at some point it is going to be Hong Kong and Shanghai combine ....its going to be regulatory arbitrage.....its going to be a race to the bottom" - Paul Martin, former Candian Prime Minister, 30:13min into the video

How did the toxic Lehman Minibonds get into Singapore and not other countries? Why are there   1000 investors in Singapore using MF Global wondering if they can get their money back? Why are banks calling you 2-3 times a day on your cellphone asking you if you want an unsecured loan?

We deregulated to attract banks and foreign financial institutions.  The govt wants to keep the GDP growing by growing the financial hub. Lets be mindful that this is a race to the bottom and the collateral damage may be the lives and well being of ordinary Singaporeans..


You can watch all 4 parts of the documentary starting with Episode 1:

65 comments:

Amused said...

What do you expect when the govt owns a big part of the bank?

Anonymous said...

I hope those DBS high notes investors are not stupid enough to continue voting the despicable PAP govt come 2016.

Anonymous said...

I think those who lost money in High Notes 5 are a very small minority, definitely much smaller than 40% of voters.

That's why the outcome of GE 2011 was 60% mandate and 93% seats for PAP, which is very good, considering how bad things are, like what Lucky said.

We also cannot compare Spain and Dubai with Singapore. Ask yourself, are the Spanish and Dubai govt and people the same as PAP govt and Singaporeans?

Anonymous said...

A conservative investor bought a financial product from a financial institution with the understanding (from the sales brochure and newspaper advertisements) that it is a long term bond issued by six leading banks. The bond pays 5% interest per year for a 5-year tenure.

He discovered later that the product he bought is not a bond. And worse, it is bad or toxic.

The product he bought is a very high risk complex financial product. A group of “elites” (financial and legal experts) is responsible for the drafting of the newspaper advertisements, sales brochures and prospectus so that it appears similar to those low risk bonds issued by banks.

The investor complains to the authorities, but the authorities is having an opinion that he must be invested with his eyes open because he did not satisfy the conditions of “vulnerable investors” (i.e. education level must be below primary 6 and age must be 65 or above).

The authorities did not investigate into the complaints of misleading advertisements, sales brochures and the quality of the product (whether bad or toxic). Instead, it is more interested in how the financial institutions train their sales staff.

The group of “elites” and their associates managed to create an impression that the victim is greedy and has unrealistic expectation (such as expect high return and no risk …).

The poor investor not only lost most of his 30-years hard earned money, but also deeply humiliated.

Veritas said...

Hi Lucky,

I took a pic from your blog regarding MS pinnalce.

I hope I will be allowed to take some material from your blog, in the future.

Lucky Tan said...

veritas,

no problem. Take want you want. Take what you need.

Veritas said...

Thanks Lucky

Anonymous said...

In the same way as seperation of the state from religion is important for the advancement of society as a whole, so is the seperation of the state from business interests.

Anonymous said...

That's why I say we have no choice but to vote the PAP out.

Anonymous said...

Don't say vote PAP out lah, even make PAP lose 2/3 majority seats also very difficult already.

Some more 2011 was the best time to do so but didn't.

So forget it lah.

Anonymous said...

"We deregulated to attract banks and foreign financial institutions. The govt wants to keep the GDP growing by growing the financial hub. Lets be mindful that this is a race to the bottom and the collateral damage may be the lives and well being of ordinary Singaporeans.."
Lucky Tan

Aiya, what is this compared to casinos? Casinos are part of GDP growth through casino hub.

Anonymous said...

More of these banksters in S'pore is good. Light touch and caveat emptor is good. Financial engineering and financialisation of all sorts of products is good.

DBS/OCBC/UOB should create and sell "property bonds" based on price index of S'pore property, or price index of resale HDB, or price index of D9,D10,D11 condos. Very safe one --- S'pore property always go up --- can get bond interest equal to property price increase 5%, 10% per year. Better than bank deposits. Somemore from local big 3 banks and based on local property and high quality MAS regulations and rich buyers. Sure win one. Not like those Minibonds based on shaky ang moh buyers with no savings and maxed out credit cards.

What for PAP mass import foreigner bank talents and try to create financial hub if we cannot even produce our own local "bonds" based on local stuff?!? Like that all Sinkies can benefit from the property boom. No need to have $1M to buy condo. Just need $1K to buy 1 bond, and participate in the 5%-10% a year property boom.

Anonymous said...

Don't forget we still need another 900,000 foreign workers in the next few years, these haven't add in the white collar foreigners yet.

Just turn on the tap, unlimited flow of foreigners come to Singapore to support the properties market.

It can be safely said that there is only one direction in the property price, that is up up and all the way to sky.

Anonymous said...

"We also cannot compare Spain and Dubai with Singapore. Ask yourself, are the Spanish and Dubai govt and people the same as PAP govt and Singaporeans?"

Yet, we compare our GDP and benchmark towards Swiss standards.

Why compare our skills with others?
What would be the point? after all, we are different, yes?

Let us all live alone in the world and cut off the internet... no need to compare then.

Anonymous said...

Dear lucky, thank you for sharing. I have read a fair bit about the 2008 global financial crisis but this documentary is well research and cover many angles and countries. It also posed issues for future scenario that may occur.

From my perspective, Singapore too is having its property bubble. When you have property prices that rely on dual income to be serviced over a 30 years period, it is a disaster in waiting. Once there is a severe economic downturn with Singapore heavily relying on the external economic environment, that posibility is quite high in today economic environment. Once the bubble burst, it will take at least a decade or more for the property sector to recover and thousands of families with be ruined.

Secondly, I understand that both our sovereign fund and the GLC has significant exposure in holding large shares in the Chinese banks whereby transparency of the exposure is not obvious. GLC also has significant property development and holding in the China market though I understand that some have been off loaded into REIT so that should reduce their exposure when there is a significant down turn in China.

The documentary mentioned the number of vacant office building in shanghai and the million of empty condo units in China and compared them with the situation in Dubai where speculators enter the market with no intention to use or live in the property but to flip the property till the musical chair stop! It's insane to see Dubai creating new world, basically small sandy islands that represent the world to create another property boom when they are loaded with so many unoccupied buildings including those in the famous palm water front! I am sure soon these properties will find their way in Singapore for sale and some gullible Singaporean will fall for it.

Anonymous said...

The property bubble in Singapore will only burst if nobody want to live or come to our 700 sq km island anymore.

Will this happen and when?

Maybe yes, but not in my lifetime. Or unless an earthquake or tsunami totally wipe out SIngapore.

And if in 2011 it is OK, I think forever will be OK.

Anonymous said...

"From my perspective, Singapore too is having its property bubble. When you have property prices that rely on dual income to be serviced over a 30 years period, it is a disaster in waiting."
Anon 7/11/11 16:17

It's a disaster already, what in waiting are you talking about?

But despite the disaster, Singapore is still very peaceful and PAP govt very stable what. And if this is the case now, why not in future too?

Anonymous said...

//No need to have $1M to buy condo. Just need $1K to buy 1 bond, and participate in the 5%-10% a year property boom.//

Italy pays 6-8% interest on their bonds too.
Every bankers in the world knows that is not sustainable.
Just watch how they are going bust next.
Don't blink

Anonymous said...

The bankers, property developers and governments are the greatest cons of this era.

Anonymous said...

It is very stable and peaceful because the bubble has not burst yet!

Anonymous said...

Its very much the same as Bangkok's flood.

Some areas are underwater, some just a little and in central BKK, bone dry

Singapore is bone dry.

This crisis is very slow, and seeps in. There will not be any dramatic hoo haa.. just ensure enough hard cash in your house & wallet everyday.

Greece will survive
Italy will survive
Euro will survive.
but all will suffer injury

Anonymous said...

With the PAP govt in charge, Singapore won't flood like Bangkok lah, no matter how heavy and how long the rain, or how high the tide.

In the 60s, 70s and even 80s, Singapore used to flood like Bangkok now, but PAP learned how to deal with the floods, that's why no big flood since then.

All thanks to the great wisdom of the at least 60% who voted PAP at every election.

Anonymous said...

PAP in its desperate quest to grow Singapore into a number one financial hub allows all kinds of toxic financial products and crook financial companies flood Singapore with no regard for the welfare of its citizens. Unless you are a savvy and sophisticated investor, better not touch and buy any unfamiliar financial products or use the service of unfamiliar financial companies in Singapore. Our heartless government simply let "wolves" and "tigers" onto our shores to "eat up the daft sheep". So if you are conned, for them it is a matter of you die your business.

Hang Seng Parasite said...

Lets just faced it, Singapore government have no idea on solving the problems it faced. I have a feeling all the uphoria that is being built in the Marina Bay area is really the last nail in our coffin. the idea of developing your service economy via a laissez faire approach have proven to be an utter failure. The real growth and sustainability to a country future is investment in a vibrant SME sector. these SME should make up at 2/3 of our GDP. Having GLCs provide direction and worst still our SWF is a road to ruin, Our GLCs are simply sitting on a pile of suceess acquired in the few decades of early growth and now squandering it away.

Anonymous said...

The day where you can make money out of your HDB is over. Prices will continue to rise.

HDB units in what used to be cheaper alternatives such as Yew Tee and Woodlands are asking for $40 000 COV for a 4-room (10 years old) and priced at S390K not including COV payout.

This is 2011.

The resale price indec has increased by roughly 3% on the low.

This trend should continue till 2013. The market will stabilise.

However, HDB is pegging its BTO onto market prices.

As such, HDB BTOs are about $100K cheaper. Compare this to 30 years ago, when a 4-room cost $40K. And $120K 10 years ago in the same locality as stated above.

How far a boon the HDB flat can go depends very much on how far a rise the resale HDB market goes.

The resale market is not going to suddenly drop to $40K overnight. The government won't allow that (for now).

Then again, how high a price can a HDB flat go?

I think much higher.

The introduction of the DBSSS Scheme was, partly, to raise the bar on the price of HDB flats so that current prices will continue to inflate and the government and developers earn. This would include a bigger bonus paycheck for ex Minister Mah as his pay depends on it.

A sign of dropping prices occurs when HDB stop coming up with schemes such as DBSS, etc. to artificially inflate the market.

Let's step back a little and ask ourselves: "Is paying $250K to $320K for a 4-room Build-to-Order flat on a 30 year loan seem right to you?"

Does it even make economic sense to have to pay for a house which is 7 times more than your ANNUAL income of $36 000 (Singaporeans average income set to $3000 as most who buy BTO have only started work) ?

You earn 3-4k and you pay for $250K. This is a safest case scenario.

The reality is that most can't get a BTO as the government slept on the job even when it pays itself millions in bonuses and are starting to ramp up production.

So these folks, either delay marriage, customary marriage, squeeze with their parents (if there is space), don't get married, or enter the resale market!

When you force them into the resale market, then everything that was calculated is doubled in the above example.

Something is seriously wrong with Singapore's system.

There's an elephant sitting in tne living room and no one says a word about it.

We need more whistleblowers.

Anonymous said...

'Something is seriously wrong with Singapore's system.'
Anon 8/11/11 01:12

But how come majority (60%) don't think so and continue to vote PAP every election?

Or is it something is also seriously wrong with them?

So wrong + wrong = right? Hahahaha

Anonymous said...

Not until the people change the Yamen, the Yamen can always change the people one way or another.

Anonymous said...

"But how come majority (60%) don't think so and continue to vote PAP every election? Or is it something is also seriously wrong with them?"




Just because there are elections do not mean the results are legitimate. If so Qaddafi and Saddam Hussein and even the Junta in Burma are legitimate. But are they? Keep parroting about 60% non-mandate just shows how desperate PAP cyber goons have become.

Anonymous said...

'How far a boon the HDB flat can go depends very much on how far a rise the resale HDB market goes.'

Can it be said that how far property prices in Sg will go depends ON HOW MUCH FOREIGNERS ARE ALLOWED TO BUY THEM?

Btw, it is in Bloggerland that one finds the most intellectual political dissidents. It is also here that one finds the best arguments and contributions to make Sg a better place for all.
However, oni few of these intellectuals are on the ground to lead, galvanize and put their words into actions.

WHY?

Prudence speaks... said...

We embrace capitalism, do not deny it

Capitalism is symbolised by higher prices and earnings. Lamenting about how much HDB prices are is the same repeat story 25 years ago when I first got married... $150K for an executive flat i Toa Payoh for me was really expensive.

What did I do? I bought it anyhow..
into the great unknown I dived, would I get promoted? would I earn enough to pay the mortage? All based on hope. No solid evidence that my income would rise... I only had A levels.. even to this day. At that time my salary was only $1,800.

What is the difference today?
Its the mindset of young people.. they want a home, sure.. but they also want:

Holidays
Cars
Credit cards
SmartPhones
5 day weeks

Like that, how to save $$? to pay loans?

I didn't go for holidays for 10 years
I didn't own a car for 15 years
I didn't have credit cards
I worked 7 days straight
I used a pager for 15 years

Yes, I suffered.. but I am in the same home and importantly, I am debt free.

Anonymous said...

I must say that the video was very enlightening.

Scientific studies that showed 65 million empty apartments in China? Wow... Must be pure speculative property bubble.

I wonder if there are many apartments in Singapore bought by "investors" for flipping, that are sitting empty right now?

Anonymous said...

What is 65 million apartments in China?
Go and visit the villages and up in the mountains of China, You will see plenty of big houses occupy only by the older folks. Earning money to build and own big houses is a Chinese tradition.
How many visitors to China see slums and squatters in China???

Comparing Singapore to China on housing is like comparing a lime to a Kumquat(Mandarin Orange). Does Singapore even has the class to be compared to Malaysia?

Anonymous said...

Does Singapore even has the class to be compared to Malaysia?
Anon 8/11/11 17:22

Does the ruling party in Malaysia has 93% in Parliament?

How to compare?

Anonymous said...

This is an enjoyable blog entry. There is a need to rethink capitalism or if we can't move to that; the very least to limit the ill effects of supposed free-market systems.

The problem with Singapre is that it is too small to survive. It can't move things in the world. I feel Singapore is another Iceland waiting to implode. Just look at our desperate attempt to restructure our economy by building a casino. I don't suppose the Malay Moslems counterparts among us could work in a casino as it's against their religious injunctions.

What kind of jobs are we creating for the next wave of Singaporeans entering the job marker?

We have not gotten our economic fundamentals right. We are not seeing any vision by this present government to chart us on a course of economic development.

I think those who are talentled to be leaders ought not to lead Singaporeans or take up the job for the sake of power and money.

Let the talented leaders lead the country.

Anonymous said...

"Let the talented leaders lead the country."
Anon 8/11/11 20:53

The PAP leaders, although not the best talents, but they are the best available talents for voters to choose.

You tell me honestly, are there better choices than the PAP available?

Just like the MRT. You can complain crowded lah, hot lah, etc etc for all you want but is there a better MRT than what is available?

Can you afford to drive or take taxi everyday?

Or can you afford not to go to work?

Anonymous said...

quote : Their objective isn't to control the conflict, it's to control the debt that the conflict produces. You see, the real value of a conflict, the true value, is in the debt that it creates. You control the debt, you control everything. You find this upsetting, yes? But this is the very essence of the banking industry, to make us all, whether we be nations or individuals, slaves to debt. : unquote

Anonymous said...

"Just like the MRT. You can complain crowded lah, hot lah, etc etc for all you want but is there a better MRT than what is available?"

it is not about the MRT which is okkkkkkkk laaaaaaaa. it is the crowd..... if you make it worst, there is still something that is BEST AVAILABLE (so-called). it is relative my friend.

it can be a rickety old bus in a sparesly populated area, however you get to feel the calm with a serene mind.

Anonymous said...

Lucky Tan
Is one lot of CapitalLand bond at S$96 for 3.75% annual return locked in till 2017 OK for investment?
That means total investment is S$96,000. It seems better return than the bank deposit interest of 0.5%?

DanielXX said...

To me, it's pretty clear Singapore has peaked as a nation politically and as an economy financially. In a new age where access to energy/resources is king and where the Western powers lose their vitality while Asian powers depend on their domestic consumption, Singapore will have a difficult time. Its competitiveness has been eroded by the morally corrupt property practices that have evolved over the years, and tis will be hard to unwind without at least a decade of pain.

Anonymous said...

"...Singapore will have a difficult time...at least a decade of pain."
DanielXX 8/11/11 23:20

I thought now is already a difficult time and pain for the peasants, no? In fact quite some time already what.

But everything still look peaceful and prosperous what. And PAP still very strong with 93% seats in Parliament what. And the President elected by the voters also PAP's choice what.

DanielXX said...

i mean if we want to unwind the ppty structure that is undermining our structural competitiveness, it will affect so many vested parties that it will be very painful. Not just the common people, but everybody. However, if we really want to be competitive, this is where we need to go. Trying to bea farking Monaco of the East will not work long term. Everybody else is building casinos. As Asia rises, we will not appear as attractive anymore. The way to progress is through blood sweat tears and ideas, and not with simple strokes of the pen and moving money here and there.

DanielXX said...

i mean if we want to unwind the ppty structure that is undermining our structural competitiveness, it will affect so many vested parties that it will be very painful. Not just the common people, but everybody. However, if we really want to be competitive, this is where we need to go. Trying to bea farking Monaco of the East will not work long term. Everybody else is building casinos. As Asia rises, we will not appear as attractive anymore. The way to progress is through blood sweat tears and ideas, and not with simple strokes of the pen and moving money here and there.

Anonymous said...

It pleases me to no end to see Singaporeans getting screwed by their government. That's exactly what a group of self-centered, greedy, and shortsighted cowards deserve.

If they care a bit more about their fellow citizens and a bit less about their HDB flat resale value, if they could see further than the promised covered walkway to the car park and burn a deeper rage when the government screws them to gratify its corporate cronies, the PAP government will end up like the Gaddafi government.

Anonymous said...

"Let the talented leaders lead the country."
Anon 8/11/11 20:53

The PAP leaders, although not the best talents, but they are the best available talents for voters to choose.

You tell me honestly, are there better choices than the PAP available?

"Just like the MRT. You can complain crowded lah, hot lah, etc etc for all you want but is there a better MRT than what is available?

Can you afford to drive or take taxi everyday?

Or can you afford not to go to work?"

Is your idea of producing 2 large casinos on a tiny idea the best we can do?

I think we can do so much better than to create jobs for our young to be gamblers and dealers.

There are a lot of unconscious Singaporeans who mistakenly believe the PAP of today is good. If Josephine Teo has to always defend her case and back it up not with competency but keeps harping on past track records, it is clear the PAP has run out of ideas. They are not innovative. If your idea of being innovative equals being morally corrupt, be my guess.

We need to examine and scrutinise their policies and stop the bullying.

This is my home... said...

"What kind of jobs are we creating for the next wave of Singaporeans entering the job marker?"

Ha! ha!.. they created the casino for foreigners remember? to work, to play, to gamble.. not for citizens!
We need to pay a levy remember?

No jobs have been created for locals except political posts of President,Emeritus, yes, and even Josephine too!

You & I?? well we can apply for taxi license... apply only ok? not approved yet!

You can also help with GDP growth by supporting the financial industry, insurance to buy their products.. and the foreign broker, agents will have plenty of work to do..

But I like anon's extract of the quote:

"Their objective isn't to control the conflict, it's to control the debt that the conflict produces. You see, the real value of a conflict, the true value, is in the debt that it creates. You control the debt, you control everything. You find this upsetting, yes? But this is the very essence of the banking industry, to make us all, whether we be nations or individuals, slaves to debt."

It says it all.

Hang Seng Parasite said...

"Their objective isn't to control the conflict, it's to control the debt that the conflict produces. You see, the real value of a conflict, the true value, is in the debt that it creates. You control the debt, you control everything. You find this upsetting, yes? But this is the very essence of the banking industry, to make us all, whether we be nations or individuals, slaves to debt."

words of reality from the villian in the movie "The International" starring Clive Owen. The story is based on the collapse of the Bank of Credit and Commerce International.

A pakistan bank that through clever networking went global and was the money launderer for conflicts and crime. The only bank ever to achieve full license in China. A feat not matched even by Citi and HSBC today. It collapsed wiped out the savings of many people aroudn the world, most notoriously HK citizens

Anonymous said...

" Hang Seng Parasite said...
"Their objective isn't to control the conflict, it's to control the debt that the conflict produces. You see, the real value of a conflict, the true value, is in the debt that it creates
"

I don't understand what this means. Is it not that the debt created the conflict in the first place? Can someone explain this better and clearer?

Hang Seng Parasite said...

Debt does not necesary create full scale armed conflict. There could be a variety of reasons. However a conflict is sure to produce debt. Conflict need weapons, people, machinery, bribes, etc. To supply both sides and making sure the conflict do not end in a timely fashion will ensure a steady stream of high interest bearing debt which could be paid in not neccessary cash but could be in the form of commodities, diamond, concession, mining rights and so on.

Anonymous said...

I never buy products from banks as they might have a hidden agenda. I also never buy investment products from any insurance agent after I lost more than 10K with two from two different companies.They sell mostly what they can get the most commission. Do your research and I never lose anywhere near that.Otherwise, dont invest, that is also a good investment plan.

Anonymous said...

Anon 10/11/11 12:01

Exactly.

And if you want to have a lot of money, first have a good paying job or do a good business to get the money. And then invest wisely or just leave it in the bank and don't invest like you said.

Few can be like Warren Buffett who became rich by investing.

Anonymous said...

To the government, Singaporeans and foreigners are just raw materials. So, there's no problem of showving the immigration policy down the Singaporean's throat.

Anonymous said...

Thanks, Han Seng.

Anonymous said...

People's minds can be broken and domesticated...

Anonymous said...

"I don't understand what this means. Is it not that the debt created the conflict in the first place? Can someone explain this better and clearer?"

Vice versa and try to think in terms of metaphors & analogy. Conflicts may not be outright wars, it may be the stress & tension that you encounter over a relationship or over the need to commit a purchase or anything which you may get trapped into a debt cycle.

Anonymous said...

Quote of the day from Obama,

“No veteran who fought for our nation should have to fight for a job when they come home"

We have to fight for our jobs with foreign talents after serving NS.

Anonymous said...

We have to fight for our jobs with foreign talents after serving NS.
Anon 11/11/11 06:10

So? Even if you had voted against PAP, you are the minority, only one of 40%.

Anonymous said...

We have to fight for our jobs with foreign talents after serving NS.
Anon 11/11/11 06:10

So? Even if you had voted against PAP, you are the minority, only one of 40%.

Anonymous said...

The enemy of sporeans is not the foreigners, the enemy of sporeans is the PAP.

Anonymous said...

The enemy of Singaporeans is the Singaporeans themselves, especially those who voted against PAP.

Who ask them to be such Singaporeans?

Anonymous said...

I have been following Keiser reports in Youtube and the 2 hosts have been giving good explanations of how the bankers are causing the economic problems. Good stuff. Singapore is going down the same road sadly...

Anonymous said...

DBS is basically Gov.
That's how DBS can just takeover POSB with no or minimum payment.
Do you have any information about this?
If I am not wrong DBS had lost a lots of money in buying another bank in Thailand.
Without taking over POSB and using their billions depositor money, DBS may have to be closed down.
The Gov definitely cannot let this happen as this will badly reflect the incapability of Ms Ho.

Anonymous said...

http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/judgment/13072.html?utm_source=rss%20subscription&utm_medium=rss

Anonymous said...

Have a look at at article 13 in judgement above: In reality, the HN5 were a bet dressed up and marketed as an “investment”.

inkjet printers ink said...

nice video its clear so many issues thanks for sharing keep it up.

Anonymous said...

Great videos, Thanks for sharing..

Sadly but really..is there anything normal ppl like us can do apart from voting for opposition..which the result always seem demoralizing ....