Monetary Authority of Singapore is the governing body for financial institutions in Singapore. If there is no representative from MAS to speak out and help work things out, what is all the stuff about issuing licenses for operations in Banks for?

Paper-work only, is it?

Politicians were shouting for pro-globalisation for the last ten years. The rich and
the powerful became more greedy and wealthy at the expense of the vast majority of the ordinary people and the working class.

The camel’s back break and overnight credits are completely wipe-off. All you need is a flash-back over the past eighteen months. The en-block fever was at its peak, developers were switching from building accommodation to jewelry-studded apartments and selling for $3,000 psf upwards, property brokers were singing the Orchard Road song, property owners were asking for sky high prices, the Straits Times Index hit its peak of 3,832 on 11 October,2007 and so on.

If anyone lost money either in either overvalued properties or questionable structured investments don’t push the bug. If the elderly were siphoned off their money by the hungry wolves selling such products is another matter, which I sincerely feels sorry for them. People must learn not to listen to popular news media but have self control and lives within their means. The people who are really hurt are usually those who are over extended in borrowings and debts. These are the ones getting involved in speculation rather than investing.