Don’t expect any kind of leadership from those who behave like eunuchs in the present regime even if they have attended prestigious universities.
None of them are comfortable stepping up to the plate in a crisis.

True until 17 Oct.

Now ahead of HK in theory. HK talking of buying back at mkt value (PEANUTS),and investigating misselling.

“[V]ulnerable” folks being helped here and SM and now PM talking of banks putting their reputations on line if customers don’t think they are fairly treated.

Helping the “vunerable” and SM and PM views may turn out to be WAYANG, but in theory S’pore govmin doing more than HK govmin.

Those that lead have retired, these manage.
Those that build up reserves have retired, these suck and squander.

All these bunch of leeches have to go, there is no other way except change, do not have to be any particular opp party but change is the only way out.

Mr. Alan Greenspan, the former chairman of The United States Federal Reserve,
admitted his error of judgment during his watch for not intervening when the US banks and financial institutions were getting overboard in the fraudulent mortgage lending and keeping interest rates too low for too long. The Singapore & HongKong
fiasco of the Lehman Brothers’ structured deposit products are the result of the greedy bankers all over the world.

This clearly shows that the Central Banks around the world , Singapore’s MAS included, should share the responsibility of the economic fallout as well as the losses suffered by the purchases of the L-B’s structured products. It should be noted that the confession of the once all-mighty Alan Greenspan came about during the Congressional hearing on 24 October.

“This clearly shows that the Central Banks around the world , Singapore’s MAS included, should share the responsibility of the economic fallout as well as the losses suffered by the purchases of the L-B’s structured products.”

“Mr. Alan Greenspan, the former chairman of The United States Federal Reserve,
admitted his error of judgment during his watch for not intervening when the US banks and financial institutions were getting overboard in the fraudulent mortgage lending and keeping interest rates too low for too long. ”

No, no… Our gahmen and government organization are flawless and cannot be blamed because MAS is misleaded by Alan Greenspan due to mis-selling and mis-representation by the famous Mr. Alan Greenspan. Mr. Alan Greenspan cannot escape responsibility because of caveat emptor anymore. MAS trust Mr. Alan Greenspan so much and it is Mr. Alan Greenspan that disappointed MAS. Since Mr. Alan Greenspan had admited his mistake , our MAS may as well put the entire blame on Mr. Alan Greenspan and that will save MAS’s reputation and allow MAS to move on.

After all, our government is world-famous for the playing the blame game, and it will have more credible and integrity if the government continue to uphold the blame value and “Not my fault” principle.

mis-selling is the product of dishonesty, banks and Fis were dishonest because they needed to compete to make profits. it is this competition for profit ,coupled with their dishonest behaviour, that led to mis-selling.

victims of minibonds if all united together and just go to court to sue banks and mas and no need to discuss anymore with them, i think the effect will be very very big. maybe can create “people power” like in the phillipines.

7) gemami on October 27th, 2008 10.22 pm
Its the “must make high profit” policy in all garment link corporations that leads to all this mis-selling or dishonest selling of the products, all they care is to make alot of $$$ no matter it takes, or get the walking certificate, so its the system set by the ppl up there, so the sellers also have no choice or not entirely their fault.

I hope the rest of singaporeans take this Fiasco as a Blessing in Disguise – Do NOT TRUST unless whatever People (whoever he is) say or promise is written down in black and white and signed and given to you.

So, this means Trust as much as you want as you normally do BUT! get whatever ‘koh-yoh’ the ’salesman’ (whoever that may be on this planet) to show his sincerity in what he say by way of black and white. This is the litmus test. If he hesistates, you know you are entitled to suspect him. To play safe, don’t buy what he says. This is only fair for you.

So, lets wake up each morning from now on, and repeat 10 times in our minds or shout out loud “Don’t TRUST unless given black and white”.

Examples:
If ’salesman’ promise more good stuff if you buy what he lehlong , 1st thing, rule of thumb, ask him to show his sincerity by way of black and white.
If he can produce, feel free to TRUST as blindly as you like ;)

Mr. Alan Greenspan, the former chairman of The United States Federal Reserve, admitted his error of judgment during his watch for not intervening when the US banks and financial institutions were getting overboard in the fraudulent mortgage lending and keeping interest rates too low for too long. The Singapore & HongKong fiasco of the Lehman Brothers’ structured deposit products are the result of the greedy bankers all over the world – red_dot (#5)

I really dislike the blame game because pointing finger will get us anywhere any time. So what if Alan Greenspan admitted that it was his fault partially that led to the financial crisis? His admission will not improve the current financial crisis.

A solild plan of action with verifiable and reachable goals at each stage is important. I applaud that world leaders have met together to tackle the financial crisis. Efforts to coordinate an international concerted action via the UN General Assembly, the Asia-Europe Meeting (ASEM) and ASEAN are really commendable. Thailand’s proposal that mirrors the defunct Chiangmai Initiative is something worthed looking into.

Comparing the international response to the global financial crisis with how MAS responded so far to Lehman-linked investment products, one can see many parallels:

1. In response to growing intervention from governments all over the world in the financial crisis, Dr Tony Tan (Executive Director of GIC) warned against over-regulation and protectionism during a press conference in Washington DC (13 Oct 2008). MAS says it does not intend to over-regulate on the sale of structured products to retail investors.

2. Minister Lim Hng Kiang (Deputy Chairman of MAS) said that it is not up to MAS to judge the merit of the investment product, yet MAS endorses the standard of clarity in the prospectus of the investment products, citing two legal tools The Financial Advisors Act and The Securities and Futures Act are already in place, yet MAS, being the regulator empowered to enforce these laws, chooses not to exercise any power. Yet the shortcoming of these laws were conviniently ommitted from his reply to parliamentary questions on Sale of Structured Products to Retail Investors.

3. Alan Greenspan admitted that it was his oversight to expect financial institutions to continue to lend and underwrite rationally. Nobody has forseen that greed will precede rational thoughts, resulting in the current financial crisis. Does MAS expect retail investors to be less susceptible to greed than financial institutions? The victim’s greed is the con man’’s best friend. This is the age-old formula of how cons and frauds have been pulled over the world since the existence of dishonest people.

The older people, like me, will remember Dr. Goh Keng Swee. He was the first finance minister of Singapore. He was the architect of Signapore’s economic strategy that took our nation from a third world to a first world economy.

Dr. Goh was chairman of the Monetary Authority of Singapore for a decade (or thereabout) during the 1980s. He had strong ideas about how MAS to run its monetary policy. He did not follow the conventional, global practices. He knew what was in the best interest of Singapore and was not easily fooled by the foreigners.

I wish to record this strong respect for Dr. Goh Keng Swee. For the past ten years, Dr. Goh has been very sick and has lost his memory.

Hi #10

It is the responsibility of the Government to build an enviroment of trust. The citizens should be able to trust the following:

> that our food is safe
> that our water is safe
> that crooks and murderers do not prow the streets
> that crooks and cheats are not free to con the people
> that our banks can be trusted to look after our money

If we cannot trust the the institutions, what is our government for?

11) Donaldson Tan
12) Tan Kin Lian
13) Tan Kin Lian

Wow! Wow! & Wow!

MAS should hire Alan Greenspan as the chairman. He is up for grab. Maybe pay him $5 millions to mess up our economy .When it comes to non interference, no regulation he has a proven track record. The record is before all of us, the mess he created. MAS too for not interfering and stopping products like the miniBOMB when professors from NUS and GIC said they are very complicated that they couldn’t understand. But the Ah Peks, the Ah Sohs and old uncles and aunites can.They can read the prospectus and understand it and make INFORMED DECISION. Wonderful, this is how Caveat Emptor works. Too bad, Ah Peks and Ah Sohs you too must make caveat emptor informed decision because MAS, the chairman and the deputy and the MD say you can. You are responsible for your own actions.
The laws are only for decorating the walls of FIs and not for enforcement. No over regulation. If over regulation how can the FIs make money, the RMs make more commission, the insurance agents qualify for mdrt, cot by selling you structured products, by selling you whole life and anticipated endowment?
MAS does not judge the merits of the products. You investors find out yourself. You should know whether they are good or not. You can read , right? MAS only supervises but let the FIs and their khakis do anyhting they like so long Singapore is a financial hub… So good luck