Andrew Loh / Deputy Editor
This is a personal observation piece on what has been happening at Speakers’ Corner with regards to the credit-linked securities saga.
Mr Tan Kin Lian has been making speeches there for five weeks now – giving advice to the aggrieved investors who have lost, in some cases, all their life savings. When I look at the faces on some of them, especially the more elderly ones, it saddens me a great deal. While there are those who say that they should have known better or that they should have exercised personal responsibility when they bought the products, this is seeing things in a very simplistic and puritanical manner.
There are a number of reasons why they did not understand what was written in the various prospectus provided by the banks, some of which are as thick as 80 to 100 pages. I shall not go into that here. Many have already spoken about it.
What saddens me even more is that none – absolutely zero – of our Members of Parliament have seen it necessary or worthy for them to visit Hong Lim Park on any of those five Saturdays to speak to the affected investors in person. Considering that the first event attracted 1,000 and more people, and subsequent ones between 400 to 600 people, with extensive media publicity, it puzzles me that no MPs found it necessary to grab the opportunity to speak to the hundreds of Singaporean investors in person and see if they can help.
What on earth are our MPs doing? What are our MPs for?
Isn’t 10,000 investors enough reason for them to come forward and help out?
Instead, the job of advising the investors is left to a lone Singaporean, Mr Tan, and his helper, Mr Goh Meng Seng and a group of volunteers. They, to their total credit, are doing what they can. In this, I take heart – that though some may shy away from what they may consider a “sensitive issue” or may be more interested in making sure they do not “get trapped politically”, there are Singaporeans who will stand up for what is right.
I can’t say the same for our MPs, though – whether they are from the ruling party or the opposition. As far as I know, they’ve only made comments and asked some questions in Parliament – to no effect whatsoever. The Workers’ Party, officially, have released one press statement on the issue thus far – expressing “concern” that some investors are contemplating legal action against the financial institutions. The WP said it is “concerned that such investors may end up paying huge legal costs.”
The other opposition parties, save for Mr Goh who is from the National Solidarity Party, basically, have done nothing. Perhaps there are no political points to be scored. Or that it is politically risky to get involved. Maybe they just dislike Speakers’ Corner, seeing it as a “rabble-rousing” venue unworthy of their presence. Whatever their reasons, it is sad to see them well, being nonchalant about the losses faced by thousands of investors.
Perhaps some will ask, “What can the opposition do?” I would answer, sometimes, just being there for someone in need is enough. Perhaps just being there will show the government that if they do not take the issue seriously and deal with it quickly, there is a cost to be paid politically. Perhaps you only need to be there to show that you care.
Perhaps you should stop thinking like a politician and behave more like a Singaporean who cares for those in need.
But alas, none of our PAP MPs and opposition MPs care, apparently.
When I was at Hong Lim Park, elderly investors would come up to me and ask me questions about certain investment banks, how to go about writing statements, or what they should do generally. I wish I could give them more substantial advice but I am no expert in such matters. My job in helping Mr Tan is to provide publicity for his events – either through The Online Citizen or by sending out press releases to the media.
I wish I could do more to help the investors individually.
I wish our MPs would do more too.
Mr Tan has said that he will be there at Speakers’ Corner every fortnight until the matter is resolved satisfactorily. Thus, our MPs will still have opportunities to visit Hong Lim Park and speak personally to the investors.
Perhaps only then will they understand the acute anxiety which the affected Singaporeans are feeling – and get a real feel of the ground, so to speak, instead of relying on the newspapers to get their information.
Otherwise, making meaningless speeches in Parliament and issuing press releases are not going to do anything – as have been shown in the past five weeks. Nothing, really, has changed and the banks and the financial institutions – indeed, the Government itself – are dragging their collective feet. Perhaps hoping that this matter will go away somehow. (Compare this to Hong Kong where the government there is doing more and doing it swiftly as well.)
Until some politicians are willing to stand up for Singaporeans, Singaporeans have to stand up for themselves.
If that is the case, one wonders why we elect MPs in the first place.
Indeed, some at Hong Lim have also wondered the same.
———-
Gemami,
Your question is apt. Amongst all the irony of a democratic nation where power is to the people, in Singapore, “we” sadly live in fear of the PAP government. Its as if “we” will not survive without them. People seem to feel that they have no power over their own destiny because everything has been planned by the PAP for them. All they need to do is follow the leader. There is no alternative. People actually believe that power is with the PAP!!?
Wow!
Even the First Lady is lending her support?
I am so honoured.
Thanks, Mrs Nathan.
Funny isn’t it? PAP blame Sgreans for their crutch mentality but the truth is, they created this kind of society.
We fear the PAP, dare not speak up against them, dare not oppose their policies etc etc, we just let them make the so-called best decision for us.
People say we are cowards, lack creativity, lack entrepreneurship, and even worse ignorant and ungracious.
Ever wonder why this kind of society exists in little red dot?
Maybe PAP can give a better answer.
I plan to be in Hong Lim Park every two weeks until the end of this year. Each time, there will be misled investors who are turning up for the first time to get guidance. It also allows the other investors to discuss their strategy. I shall also give an update.
Some investors may get settlement or decide to drop out. Some may find alternative places to meet. Some may have taken up collective legal action and will meet with the lawyer.
The crowd is likely to dwindle in the weeks ahead. If the crowd becomes small, I shall call off the meeting and take a good rest.
Mr Tan Kin Lian,
You have done a fantastic job to the best of your ability and if it bears no fruit you will still take heart that you have endeared yourself to thousands of Singaporeans.
The fruits of your labour will come in other forms, particularly at the next general election. You have, by your most admirable deed of selfless sacrifice, shown up what this govt is all about and at the same time allow Singaporeasn to come to realise that this govt does not care for them.
These are important lessons we have taken with us.
A stranger you came, a thousand friends you made.
All by the simple act of kindness.
From the bottom of my heart, I thank you, my friend and fellow countryman.
Tan Kian Lian:
YA I agreed with Gemami that you are probably one in a million!
We wont dare to do what you did because:
1. We are too scared that the authorities will clamp down on us even though HLP is already a legal protest ground. The old fear is still inherent among us.
2. We think that we are incapable of gathering so many people and will they listen to us?
3. We also lack the confidence that we can tackle such a big group of investors who may ask us intelligent questions that we can”t answer.
4. We don’t have this DNA yet here to speak up in such bravery against the authorities after seeing what happened to CSJ and JBJ so your’s is a good testiomony that doing good out of a kind heart is all that matters.
5. We are fearful that one wrong step and we will be sued by the govt so best not to do anything.
So you deserve all the appreciation true son of SIngapore! For the sake of SIngapore, do consider standing up for GE. I will carry your files for you.
Latest news:
Two town councils have invested around $12 million in the minibond trust.
SINGAPORE: Two out of 14 PAP-run town councils in Singapore have invested in Lehman-linked structured products.
Holland-Bukit Panjang and Pasir Ris-Punggol town councils have invested a total of S$12 million in DBS High Notes, Lehman Brothers’ Minibond Notes and Merrill Lynch’s Jubilee Series 3.
That’s about 0.6 per cent of the total funds available for investments.
Senior Minister of State for National Development and Education Grace Fu gave this update in Parliament on Monday.
Town councils can invest up to 35 per cent of their sinking funds in corporate bonds and equities.
Based on the financial statements submitted to the National Development Ministry for 2007, Holland-Bukit Panjang Town Council invested about S$8 million or 6.7 per cent of its available funds while Pasir Ris-Punggol Town Council invested some 2.6 per cent totalling S$4 million.
Other town councils such as Aljunied, Ang Mo Kio-Yio Chu Kang, Hong Kah, Marine Parade, Tampines and Tanjong Pagar also have exposure to Lehman Brothers.
The fund managers appointed by these town councils invested S$4 million in Lehman Brothers through their investment portfolio.
These account for less than one per cent of each town council’s funds available for investments. – CNA/vm
I think most talented and capable and credible singaporean calibres do not step forward as they are still stuck in the maslow’s hierarchy level of self-esteem, working hard and trying not to make mistakes. Fortunately, TKL who has gone up the maslow hierarchy and attained the level of Self Actualization and having retired decided to give back to the community during his retirement years. I am sure many would feel some urge to voice up for the community most of us being opinionated singaporeans who generally are capable complainers. But for safety, many would not. So, TKL is indeed 1 in 2 million. The other unsung heroes include the rest of TOC team. I believe most people in this country have not gone through hardship hard enough to have the mentality to step forward. People in France, USA have gone through revolutionary periods and they have this history to learn from. As for me, I just do not have the calibre to represent the people. Else I would have stepped forward.
Thus, I conclude that singaporean mindset will only change and be more like other developed worlds and developing country democrats after a long long time. By then I would be dead already , for sure.
Thus, it saddens me about the Reality I am witnessing every day for the last many many decades. As the great JBJ is no longer with us, we can only be grateful that a man like TKL decide to do the ideal thing, for us.
I am in the process of choosing a country to migrate to and should make up my decision in a few months. Call me a quitter , but then I have seen Reality in the face. And have concluded.
we can give up the present opposition MP in the next election for sure. concentrate effort in electing for GOH MENG SENG and TAN KIN LIAN if he wants to stand up.
God bless Singapore to have a helping hand from some REAL oppositionists in our history!
@ 25) minibombed,
my post is not directly referring to you even though it is sequenced after yours.
it goes to show you are daft and quick to jump into conclusion.
you said it all when you said you supported the PAP without thinking.
read all the contents in my post again and perhaps this time you can understand my intention. essentially our political leaders and PAP MPs
have let the people down by not speaking up for them.
those who suck on PAP bananas are not being helpful to the affected.
60) give up the present opposition MP
Very good suggestion indeed and I would add that we hope to see more independent candidates at the next GE. I feel that independents stand a better chance of getting voted into parliament than any of the existing alternatives.
Gemami:
I don’t think LSL encouraged independent candidates but there is no harm trying. The issues affecting our country just get darker each day as though a dark cloud is descending on us. What will we see the sun?
He has always advocated candidates to stand behind a registered party more for accountability and also discourage those fly-by-night politicians.
Hernendas:
I am also abroad but that does not mean I am idle and doing nothing to help my country. By all means, migrate but let your heart be close to Singapore and don’t let your heart goes cold. You can also do something for our country when working or studying abroad.
In fact, when you are abroad, you have a foretaste of how bad our country is run and that make you want to do something for SIngapore.
Hi Gilbert,
I made the suggestion of standing as independents because the general mood I am getting is that the Opposition has lost their focus and the reasons for their existence, very much like the PAP.
I was hoping that credible groups of independents come together to stand in GRCs. Who knows, it might just work if these independents can convince the electorate that they are worth a try.
The best part of it all is that they need not have to toe their feets to any party lines, which might be a good thing after all. They can take up any issues as long as they believe in them and this might just benefit the citizens more than any political party can.
As for PM’s call for would-be politicians to join a party, well, it might be good to go against what the PAP tells us. We must test their fears.
I believe it is good that the cureent opposition is keeping quiet.
PAP is screwing up big time and it is there for all citizens to see.
Oppostion should continue their hardwork, keep quiet and not distract from the suicide PAP is committing.
Why make noise and allow PAP the right to scold them, and distract from their errors at hand. PAP is doing a good job demolising itself.
Tharmans statement in parliament was plain confusing. He is in politics but does not feel appropriate to do the political right thing.
He is beholden to the employers and FIs.
MAS – who is to check that they are truly independant? God? CPIB ?
haha !
sooner or later it will happen.
ST forum pages – the editors have allowed the demonising of Tan Kin Lian. A matter of time :)
Mr Tan, if your heart is in the right place, God will protect you.
is anyone writing in to ST to counter what that Chua guy said?
I think Gilbert mentioned he did.
Calling all MPs who were not voted in by the people. but instead co-opted in by the government. Its time for you to have a conscience and step down and get in by election and not by the back door.
How can you accept all the pay you are getting. The people did not vote you in. You did not stand for election. Dont be so thick skin. Have some morals in your life for a change. I get sick to my stomach when i see all these so call ministers trying to cash in on thier freebies taking part in events. It sthe only time we see them.
Step down or stand for legal election. Let the people vote.
#61 isd
It does not matter whether you are refering to me directly or indirectly ; I maintained that the way you wrote on #21 was inappropriate.
Supporters or ex-supporters of whatever parties are still felow citizens
If there is any issue, highlight all the facts. No need to throw insults at each other.
@ 70) minibombed
you are truly daft, i am not even referring to you indirectly.
PAP leaders are not even fit to give me advice , so you
can keep your comments and re examine your own statements
before trying to tell me mine is inappropriate. LOL
i have no time for smallminds and just remember to each his own.
only those who truly suck on PAP bananas will be offended.
trust me i am holding back and they deserve worse.
@isd
truly, what are you proposing here? that the world should be divided into those who eat bananas and those who don’t?
Honestly, the recent global financial crisis started in US and the extent of the damage is now difficult to fix; hence the leaders and central banks trying all forms of measures to fix them. With liberalisation of banking sector, it is inevitable that we import all sorts of products sold to unsophisticated retail investors. And the results are the man in the street losing their hard-earned savings, and the many bank staff losing their jobs. Let us hope that goodies handed out by govt will go to the citizens and businesses who need them most.
laserpointer,
he/she is talking about PAP bananas. what a laugh.
you don’t get the implication. never mind.
i agree with to each his/her own.
the real concern is the PAP members who are suppose to represent the
people have not spoken up. Why only Tan K L is doing so ?
Absolutely dissapointing. Not much of a future if the country is run by
the present lot.
They forget to send invitations to the MPs.
also, need to group into different grcs first so the MPs can find their own people and “assist”. all in 1 bundle, how to help. haha…