Announcement: All investors in credit linked securities are invited to attend a meeting at Speakers’ Corner today, Oct 18, at 6pm. There will be two short speeches by Tan Kin Lian (in English) and another speaker (in Mandarin). Visit Tan Kin Lian’s blog for more.
Andrew Loh / Deputy Editor
Anyone who has been following the unfolding saga of the chain of events resulting from the collapse of Lehman Brothers would be scratching his head. He would be questioning what the Monetary Authority of Singapore (MAS) is doing – or not doing – and why it is not leading but following.
From the get-go, the MAS seemed to be lost – lost in how to deal with the financial and credit crisis, lost in how to deal with aggrieved investors who are clamouring for redress, and lost in providing leadership at a time of uncertainty.
Perhaps I should have already noticed this when Mr Tan Kin Lian went to the MAS’ office in Shenton Way to deliver a petition on behalf of the investors two weeks ago. I was there to meet Mr Tan who had gone in earlier to deliver the petition. While waiting for him outside the building, I was approached three times by security guards and by a lady who said she was “from the comms department”, meaning their corporate communications department. She obviously was quite concerned that I would take photographs of the building or of any proceedings from that meeting Mr Tan was having with the MAS.
She asked me twice if I were from the media and kept reminding me that no pictures were allowed and that this was “our premises”. Seeing how uncomfortable she was with me waiting there (and how one of the guards kept looking in my direction), I asked if it was better if I waited somewhere else. She replied that if it was more comfortable, maybe I should. I chose to stay put.
Perhaps that was a sign of the chaos and fear, one would imagine, within the MAS. In the weeks following that encounter, many things have happened, which has led to some people questioning the actions of the MAS.
As fellow blogger Lucky Tan http://singaporemind.blogspot.com/2008/10/minibonds-no-leadership-in-times-of.html said, our Government seem to take their cue from the Hong Kong Government, keeping one step behind, sometimes two.
When the saga first broke, the MAS was rather dismissive of investors’ complaints, telling them to go settle it with their banks individually, in contrast to the Hong Kong Government’s tough stance on the banks which had sold the structured products to unwary investors. In fact, the chairman of the MAS, Senior Minister Goh Chok Tong, irked many when he later advised that “that’s life, if you want good rewards, you have to take risks. Otherwise, leave your money with the CPF.” Some I spoke to were quite upset at those words.
The MAS then told the banks (the same banks which investors are complaining about) to appoint their own “independent investigators” to look into the merits of the complaints. When this was met with protests from investors, the MAS made a u-turn and decided to appoint its own investigators instead. And as Lucky Tan also noted, this was done without the MAS meeting a single one of the investors affected.
When the Hong Kong Government announced that they were providing guarantees for bank deposits, the Singapore Government reassured Singaporeans that our financial and banking systems were sound and, as many understood it, the Government was not going to do the same as Hong Kong by providing guarantees for bank deposits. The very next day, however, the Singapore Government made another u-turn of sorts and declared that it too would guarantee bank deposits in Singapore- an unprecedented move in our 43-year history as a nation. This however is being met with some questions: Is it because the Government cares about Singaporeans’ money or that money, by the millions, will flow out of Singapore? With the markets in flux, depositors would naturally want to park their funds in territories or countries with such a guarantee, wouldn’t they? It doesn’t take a genius to figure this out. So the question is why the hesitation on MAS’ part when Hong Kong (and several other countries) already adopted this measure?
In the latest development in the saga, the MAS again took its cue from Hong Kong, it would seem. The Government in Hong Kong has launched investigations into the possible mis-selling of the products. A day after, the MAS announced, in a press conference, that it basically is going to do the same.
Perhaps what the MAS will be doing next is to – again – follow Hong Kong’s lead. Hong Kong has given the banks there an ultimatum to respond to its proposal to buy back the structured products from investors and it also said it was ready to top up the legal funds pool which aggrieved investors could use to initiate legal proceedings against the banks. This is something which is quite unthinkable in Singapore and to my memory, nothing of this sort has ever happened here.
In the light of the depressing lack of leadership from the Singapore Government, it is left to the investors – and public-spirited individuals such as Mr Tan Kin Lian – to do what they can to seek what they consider justice and fairness.
As for the MAS, one would hope that more initiative would be forthcoming. Else, in the words of Lucky Tan, despite paying our ministers the highest salaries in the world, Singaporeans would be given “no leadership in times of trouble!”.
Thus far, the MAS looks more like a headless chicken desperately dashing around than an authority providing certainty in leadership.
I think 10,000 investors deserve better.
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HELP keep the voice of TOC alive!
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Singapore, everything must wait and see. Like the poisoned milk incident. Meanwhile, people may wait and si(die). Then pay so much money to the minister for what? Copycating other people’s policies. Any idiots can do that for much, much less.
I wonder how much months of bonus the ministers are taking home this year?
I mean, the economy is not good, the people are suffering and the ministers congratulate themselves for a good job done (with the Mas Selemat, the Serangoon Gardens, the MAS’s initial refusal to deal with the Lehmann Brothers case until 1000 people turn up to protest, the electricity hike despite rapidly falling oil prices).
I really believe MAS is lost. Is the unfolding crisis is too much for the SG government to handle?
Maybe MAS also has to protect the bank in question? A certain “privatised” national bank? Aren’t they together anyway?
Anyway, welcome to Singapore!
Please keep up your good work.
Thanks for being transparent about what has happened.
I suspect many support your thoughts.
We need more of this Jingo spirit.
Jingo All the Way!
who is in charge of MAS day to day operation? what’s his background?
I kudos to Andrew!
I believe 99.999% (6 sigma black belt) of those financially savvy and qualified and backed with experience, have some influence and authority have not voiced up. They certainly have not made comments like Andrew.
Singaporeans are so united.
I believe the MAS management knows what is the right thing to do. However their decision making is constrained by the flip flopping of their political masters. I think our central bank, just like all our govt agencies, needs to be led by non-partisan civil servants, not politicians. This will not ensure full independence, but at least will provide a little more independence in decision making.
Dr Vivian said that the bank guaranteeing of deposits was economically strictly unnecessary (since, as he said, “our banks are sound”) though psychologically reassuring for people to have an extra safety net. The point about staying competitive was phrased like an afterthought.
Myself, I think the competitiveness in retaining foreign investments was a greater impetus than any noble cause of assuring our own citizens.
After all, for the Holy Good of Surviving As A Nation-State, (talented/not) foreigners ‘have’ to be prioritised over (expendable?) citizens. Time that citizenship actually means more than NS, CPF, and responsibilities (:
They’re so afraid of a PR fiasco that they’ve commited a BIG one in the process lol.
Mas Selamat escaped … now MAS tak selamat
: ) couldn’t resist!
Govt. is the major shareholder of DBS, so must take care of DBS first.
i have a weird feeling that maybe the banks that sold all this toxic products may not be the one bearing all the blame. Could it be MAS who may have forced or strongly encouraged these banks to sell them and in return getting some benefits from it. Why is it that MAS is so slow in respond? If they are clear of wrong doing on their part and are not responsible in this financial boo boo then what is stopping them to enforce financial discipline?
FG
leadership from MAS???? wait long long ….. our garmen only know how to bully locals. just know how to squeeze money out of us……..wait & see election 2011. you will see who is the real BOSS!!
I Agree with Gerald that MAS actually know what’s the right thing to do. Just like the HK Govt. If you stand on the side of the people, do things in good faith, there is no questions of whats the right way to go about it.
In the case of Singapore, when greed override all consideration, when selfish interest are the rules of the day, that is when you start to look like a fool.
In a way the financial crisis is a good thing for Singapore politically speaking,
especially for the less educated, non English speaking citizens. It open their eyes to the kind of leadership displayed so far by the PAP Govt, who are actually
clueless but taking its cue from HK , despite the latter paying their govt leaders
much much less.
I believe most were PAP supporters but they have second thoughts about them
Jesus said, “If you were really blind, you would be blameless, but since you claim to see everything so well, you’re accountable for every fault and failure.” John 9:41
What was the use of MAS saying that our banks are “sound” when it did not want to put its money when its mouth was???
To Goh Chok Tong, losing a few hundred thousand dollars is PEANUTS to him…….so he doesn’t see any problem with it. Recall Mrs Goh saying TT Durai’s pay of $600,000 is “peanuts”??? It runs in the family!
We pay the highest because we are getting the best or so we are told. When the world goes into recession, we also go with them. So why not pay less? Don’t give me the crap that it is beyond their control.
The event shows that the sucess story of Singapore is coming to the end.
walau all the years of raking in high interest rates no complain…..
suay suay kenna once in a lifetime Lehman default money invested gone …. go to government and ask or money back? like that also got one meh….make money tiam tiam …lose money kao peh kao bu go ask mnoney back from ah kong?!!
i agree with MAS approach and position to the banks – do the right thing. Focus on the retirees especially and investigate if they were mispresented; that should be the crux here not on whetehr one makes investment gains or losses
HKG government is losing credibility and creating moral hazards thru its forceful actions.
MAS has made their stand very clear many times. They don’t want to over regulate.
Any intervention by MAS will be seen as over regulation. And since it has left to FIs to self regulate the logic is the FIs should resolve the matter themselves..
But MAS doesn’t realise or refuses to admit the present fiasco is due to no regulation. The FIs are free to do and sell anything they like. The salespeople are free to use anyhting to sell the products and to any body. If you look at the FIs the CEOs don’t care a hoot what their people are doing so long they bring in the business.They close 2 eyes to the activities of their salespeople and they are allowed the complete freedom to use whatever sales pitch. The best salespitch is one that brings in a lot of sales.
This is what happens when MAS leaves the regulation to the FIs..Surely MAS has eyes to see the blatant breaches of the law governing the way salespeople sell and the dubious products these FIs put up for sale, both banks and insurance companies.
“We pay the highest because we are getting the best or so we are told. When the world goes into recession, we also go with them. So why not pay less? Don’t give me the crap that it is beyond their control.”
Let me guess what will be gahmen’s model answer based on similar past pattern of their fantastic reasons,
Ans: If we pay them less, Singapore will go into DEEPER recession while the rest of world goes into recession,
Yes, MAS is slow to respond and is following the herd (most notably the HK Monetary Authority).
Even when they guaranteed the deposits, it is with the first and foremost priority on preserving the outflow of funds from the wealthy. Since HK would the first beneficiary of such funds if MAS do not follow suit with the money gurantee.
HOWEVER, There is one more authority that is running like a headless chicken. CASE . YES! REPEAT AFTER ME! CASE!
They should be the first to act on CONSUMER related issues. Even if financial issues are not under their purview, they can initiate it. They can be proactive and bridge the gap between consumers and banks. Or they can work with MAS to protect the consumers against the banks.
But what have they done? .
Their PAST RECORDS are nothing to scream about too.
CASE should really be disband. There is no purpose in that organisation.
All these, we cannot blame the executives working in any of the organisations.
We can only examine our views of why the mgmt are not doing their job.
I seriously loved to have a viable and quality opposition to contest so I can vote them in. Alas! I think it will be hard. And I defnitely won’t vote the current batch of opposition in. They are as good as CASE.
“HOWEVER, There is one more authority that is running like a headless chicken. CASE . YES! REPEAT AFTER ME! CASE!”
YOu are right. Wonder what is their purpose too. They are superfluous.
It should be renamed as “GONE CASE”
The only word reference to CASE is MAS’s call to handle investor on CASE-BY-CASE basis in the divide and conquer approach , haha.
Aside, out of 82 PAP MPs too, majority are unnecessary and not worth the money (around $13,000 per month). Why need so many ? Even opp party can manage well with WP and SPP and they are getting the same MPs salary. Why need 4 ,5, 6 PAP MPs to manage what can be done with one MPs of opp party given that all are given same salary. Don’t make economic sense. The GRC is wasting the national wealth by having too many incompetent MPs (Many even doesn’t speakup for citizens, just set back and collect $$$) just for political agenda rather than serving the people.
Our leadership is well-paid (by the millions) to be farsighted, to anticipate things and lead Singapore into the future. What this means is that they are blind to events at home in Singapore, cannot handle the situation (remember that they only anticipate) and cannot get their hands dirty (recall that they lead only). That’s why we are exhorted to see things in perspective and move on.
22) isa, spot on!
one word to describe CASE? . . . . . SUBSERVIENT!
23) Daniel,
“……out of 82 PAP MPs too, majority are unnecessary and not worth the money (around $13,000 per month). Why need so many ?”
because PAP has grown too big for itself. too many on its bandwagon asking for handouts. have to satisfy their needs. that’s why we are in such pathetic state. we are being forced to feed these hungry vultures – all dressed like angels – in whites.
22) isa, spot on!
one word to describe Case? – - – - – SUBSERVIENT!
There is no such thing as leadership in Singapore. A dictatorship does not lead, it commands. It is reactive, not proactive.
wat do u expect from sg inc? charity? babysitting investor? of course they have to cover their own as and to justify their million dollars pays.
those who bought the toxic investment from our state bank dun expect much, as they’d never slap their own face let alone take out millions to save whoever they can simply replace with FT
Luckily they are taking a look at the matter, albeit lacking behind HK. Imagine what could investors do if they totally refuse to get involved at all. So in this case I have to say some action is better than no action.
29) Weaskforit
very typical Singaporean reaction.
If they want to tackle the problem the least they could do is to be sincere and tackle the problem fully. no more bluffs. no more lies. no more half-truths.
on our part we must not expect anything less that a full scale investigation into the mess and make the banks and financial institutions accountable to the full.
The locomotion attitude of this govt is making them look more like fools in the eyes of not only Singaporeans but the whole world.
it’s just wayang, but with an agenda to prevent outflow of funds to who else but Hong Kong?
It’s not true to say MAS is headless or clueless. With the rest of our national leaders, she certainly knows how to do something, and then the MSM will say, “move on!”
Our leaders are geniuses, second to none. They have built such a perfect perpetual system that guarantees increasing returns to their coffers, no matter what’s raging out there. You call that headless? I would say voters who voted for them are headless.
For the nth time, I repeat: spare a thought for our future generations. If you have a chance to vote at the next GE, vote the opposition, no matter who that is. The main thing is to break the stranglehold, without which no change will ever come about. A vote that leads to a chance for change is better than one that guarantees no change.
Ciao
The majority of DBS shares owned by government and the government represent the people, in short DBS is owned by all Singaporean in regardless.
So whom should be protect 1st? 10,000 people or 4.5million people?
In a crisis like this, little do little wrong, more do more wrong and major do major wrong. You act people not happy, you don’t act people also not happy. Is a lost-lost for everyone including the 10,000 invester and the 4.5million Singaporean, the government is the punching bag.
There is, in fact, nothing much in Singapore that is left to creativity. They have to follow suit what others do almost every time. The examples of the lack of creativity is astounding.
From casinos to our ‘London Eye’… even right down to the recent F1 event; what wasn’t something that has been done before? They have to learn that one thing is not going to work twice. Our own ‘Flyer’ hasn’t worked out and I remain skeptical on how the IRs are going to compete with the likes of Macau and Las Vegas. Especially with the stringent measure here.
Therefore, it isn’t really much of a surprise when the MAS follows what more accomplished governments do (governments who, incidentally, demand a lower pay. We should seriously think of including foreign ministers in our highly controversial FT scheme).
I seriously find the lack of control of our oh-so-mighty government disturbing, if not highly dangerous.
In these troubled financial waters, we, as the people, look, with high hopes, at our government for help. With the exorbitant salaries they’re getting, they should, at the very least, conjure a bridge over troubled waters. Instead, at this very moment when doubts run high and uncertainties lie aplenty, our beloved government leaves us to settle the score alone.
Even though I’m still an adolescent (and have little, if at all, chance of managing my own investments), I am terribly disappointed.
While Singaporean are paying first class dollars to these white and fat man from the gov, all they can say is it’s our fault that we are complacent and we bear the ultimate risk. What is this man! We pay top dollar and they say it’s beyond their control. Then why pay millions to all these goon doo bird and rather than paying for FT instead. Maybe FT will not be as stupid as these white man who are a piece of white elephant only, good for display and mouth shut and all they know is “let’s move on” … “now take the medicine” or … “if not for us, your woman will be maids” etc … bull shit for them and throw the ball to them who don’t speak for its people but all they can do is to sit happily enjoying the dollar they earned. All thanks to them!
33) i don’t have a nickname: i beg to differ in the link between DBS and Singaporeans. If that’s true, we will say it’s alright to protect the foreign banks that our Govt has poured billions in because their investments are ours. The Govt is supposed to represent the people of Singapore but sad to say, she’s done nothing close to that. She’s even denied many the chance to vote, turned a deaf ear to pleas to delay the GST increase, IRs, ERP and electricity tariff increase. When Mas Selamat escaped, when Sars broke, when financial turmoil hit, its our problem. When times are good, its their credit and another round of pay increase and midyear bonuses, while many citizens are struggling to find jobs.
31) gemami on October 18th, 2008 6.47 pm 29) Weaskforit
very typical Singaporean reaction.
If they want to tackle the problem the least they could do is to be sincere and tackle the problem fully. no more bluffs. no more lies. no more half-truths.
Sincere? they are very sincere indeed, sincere in implementing more taxes during recession time, sincere in getting each and every opp party out of the way, sincere in going ahead with the IRS projects when the public protested, infact they go ahead with 2 instead (see more ppl will be driven to suicide in time to come), sincere in thinking they are worth so many $$$millions in paying themselves out of taxpayers monies, anymore to add? I lost count already.
The problem with the Singapore political leadership is in the perpetuating system of renewing the political elites with technocrats and not politicians using high renumerative rewards as incentive for recruitment. The result is that you end up with unsympathetic bureaucrats with poke up noses pretending to be humble or from humble beginnings as their credentials for high political office.
Just observe all the Members of Parliament – a complete silence in time of crises as though waiting for the Conductor to wave his baton. This is typical Singapore style and is sad.
Fortunately a leader has come forward voluntarily in Mr Tan Kin Lian to lead the thousands of helpless people to assist them in their misfortunes in putting their monies in the Lehman Brothers structured financial products. This is the man that stands up for the right of the people which is so lacking in our Parliament. I salute you Mr Tan Kin Lian and we are proud of you.
Besides the Mini bond and High Note2., I worry there are more other Bonds, Funds or Notes tied up with the regional stock market indices or underlying stocks such as SIngTel, Capitalland, SIA, DBS, Keppel, Wilmar etc to get into hot water as recently the stock markets in the region had plungged more that 30%.
If the stocks drop another 20%, all these bonds, funds or notes will be revalued at the lowest prices or no capital gain at all. ALL these investor will suffer a big LOSS!
HK approach and Sg approach different.
Can anyone advise what is the difference between the banks in HK and bank in SG related to the investment disaster?
14) lee on October 18th, 2008 2.20 pm In a way the financial crisis is a good thing for Singapore politically speaking,….
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I agree but would not dare use the word ‘politically’. So, i would use the word ‘socially’ speaking. Indeed , such a disaster can be seen as a BLESSING in DISGUISE. Before this , how many would VOICE UP for the weak and suffering, those who TAK BOLEH TAHAN the hikes due to low pay? Today, I had a rude awakening that the ST MSM news is now 100 cents a copy. It was 80cents very super recently and then even more super duper recently at 90cents and today it is a $Dollar. Was there an announcement prior to this? Where does all this money go to ? seems like in serious need to get more money?
As i said, before this minibond thingie, ask youselves how many voice up for the weak, naive, poor and powerless? Now, how many investors are looking for and expecting some good samaritan would voice up for them cos its their life long savings may be gone with the wind. People expect not to lose money based on trust and words they hear that are not worded in contracts. Singaporeans are you able to be responsible for your own actions as adults and 1st world highly educated and well travelled though kiasu kiasi citizens ?
Enjoy more good years but dont be despair cos you know you can be responsible for your actions. Now the blessing is that you get to learn, the hard way, that when you need someone to voice up for you, you need to 1st support the idea of voicing up for the less fortunate, the weak, the poor , the innocent and naive and easily psycho’ed and conned 1st world citizens that exist.
Thank your lucky stars for this opportunity to learn. this may be the only way you can grow as a person in this aspect.
So, don’t despair. Start saving now for your retirement.
Hope for more good years and then huat ah! (be optimistic, that is my message)
;)
“anybody know was the kangaroo article taken out? ”
Maybe the kangaroo hop out of the system.
” It was 80cents very super recently and then even more super duper recently at 90cents and today it is a $Dollar. Was there an announcement prior to this? Where does all this money go to ? seems like in serious need to get more money?”
After observation, I believe they increase the price to recoup the investment. I am very surprised that unlike last year, ShittyTimes becomes unsellable. I went to a lot of places and everyday, there is noticeable pile of ShittyTimes remain unsold.
That means two possibilities:
1) Less readership after all no one want to buy crap and propaganda.
2) Less dog owners therefore reduce need of ShittyTimes for dog pooh or maybe the dog owners realise that the ShittyTimes is not even worthy of dog pooh.
Hereś a list of questions that will be asked on Oct 20´s Parliament Session. Stay tuned with Parliament with regards to the outcome.
Mr Low Thia Khiang: To ask the Senior Minister (a) whether MAS will investigate how structured products linked to Lehman Brothers were marketed; and (b) if there is any misrepresentation, whether MAS will assist the affected investors in negotiating with the banks to ensure fair treatment for these investors.
Dr Lily Neo: To ask the Senior Minister (a) to what extent are Singaporeans affected by the collapse of American financial institutions such as Lehman Brothers; (b) how many Singaporeans are losing their savings as a result of this crisis; and (c) what are the safeguards, if any, to protect Singaporeans’ savings in financial institutions and insurance companies from similar financial turmoil.
Mdm Halimah Yacob: To ask the Senior Minister (a) how does MAS supervise financial institutions operating in Singapore to ensure that they fully comply with the regulatory framework requiring disclosures and proper business conduct when they market investment products to retail investors; (b) whether the existing laws and regulations are adequate to protect retail investors against such high-risk investment products; (c) whether MAS will be initiating any investigations into the conduct of financial institutions to ensure that theyhave conducted themselves appropriately when marketing and selling to retail investors; and (d) what more can be done to enhance safeguards for these investors.
Mdm Cynthia Phua: To ask the Senior Minister (a) how does MAS (i) safeguard the interest of the man-in-the-street to ensure that they are aware of the complexity and high risk nature of the financial products they are investing in; and (ii) regulate banks and finance companies in the sale of high-risk and complex structured financial instruments so as to safeguard the capital sum invested by the man-in-the-street; (b) whether MAS will be able to provide the number of
Singaporeans who lost their high-risk investments following the losure of the Lehman Brothers in the US; and (c) whether MAS will require banks to determine the risk tolerance and ensure that the contracted terms and conditions are understood by potential investors before the sale of such products.
Er Lee Bee Wah: To ask the Senior Minister (a) what are the terms of reference for the three independent consultants appointed by the financial institutions to look into the investors’ complaints; (b) what are the procedures to ensure that future investors are not misinformed about high risk financial products; and (c) whether he is able to provide the information on how many of those who invested in these structured products linked to Lehman Brothers were elderly people or retirees.
Mr Siew Kum Hong: To ask the Senior Minister in view of the public concerns on the sale of structured products (a) what are the principles followed by the Monetary Authority of Singapore (MAS) in regulating financial institutions; (b) whether MAS is investigating the allegations that financial institutions have misrepresented and missold structured products to the public and, if so, what is the status of such investigations; and (c) why did MAS not appoint the three individuals reviewing certain financial institutions’ internal processes, instead of leaving them to be appointed by the financial institutions and thereby permitting possible perceptions of conflicts of interests.
Mr Gautam Banerjee: To ask the Senior Minister whether more can be done to (i) improve the level of communication and disclosure particularly on credit and market risk when complicated structured investment products are sold to ordinary investors; and (ii) provide comprehensive product and ethics training to those marketing complicated structured products to retail investors.
MAS’ employees are doing what it can as directed.
SM as chairman of MAS and an economist by training and as update as he was in Tianjin last month for the Davos round must lead to quickly addess the problems. Even as SM, he is not redundant and must exert his influence on the cabinet to decisively solve the problems.
The whole of Singapore is watching you, SM- please stand up for us.
Financial products like hedge funds, derivatives and mini bonds are complicated subjects pushed by western marketeers. It is definitely expected that some retirees’ savings are badly screwed as the sales agents are from reputable banks.
To # 4 Curious, the person in running MAS is only a civil servant, and the position is rotated to gloom others as well. Hence MAS may not have the continuity of strategic and operational monitoring.
To#7 Elysian, the minister’s statement is just dishing out the standard echo of Govt statement that bank deposits are safe.
We need better qualified and really knowlegable leaders in economics and finance (previously we used to have Goh Keng Swee, Hon Sui Sen and Richard Hu) to lead us through the financial and economic crisis.
Projects like Singapore Flyer, F1, IRs, etc… are cosmetic solutions… ask the man in the street – they are wiser in their views – money could be better spent elsewhere!
This incident shows that the MAS do not dare to take risk and would rather follow other central banks policies rather than come up with their own.
Sounds familiar? I think this is due to the Singapore “unique” environment where the people are taught to follow instructions instead of coming up with their own.
LTK,
Tan KL asked those questions for the People already.
regards
the scaredy cat kangaroo
Many’s posts here have become headless chickens – deleted almost immediately. I suspect push mail to black berry or sms is used by the mods.
consipiracy theory only. the writers are as good as MSM ST reporters . I trust blindly.
But that is just me . I hope you continue to buy and not BOY COTT the MSM newspapers of the 100 cents kind. Very expensive for a few piece of paper.
I wont be buying because I am poor after the investment fiasco not because of anything else but you can make a guess my other real reasons. For my personal salvation, I must not say. I am selfpreservation headless chicken of the 1st world kind.