10/10/2008

Demanding justice and fair play

Tan Kin Lian has started the first movement to lead the normally obedient sheeples to fight for justice. His petition, signed by more than 1000 Singaporeans who lost money from minibonds and notes, is asking MAS to commence investigation into the way the products were sold and whether the sellers have done their due diligence. This stamp from the American financial crisis where the culprits are still enjoying their good life from the loot they have taken from the market. We need to bring those who have done scrappy works that led to people losing their savings to tasks. These should include agencies that were supposed to do the auditing and financial reports of products or companies. The latter refers to companies/agencies that were involved in bringing doubtful companies for listing in the stock exchange. They cannot just be let off simply. They are expected to do the ground work to ensure that the companies they have researched on and auditted are sound. The interest of the masses, the sheeples, must be protected.

4 comments:

Anonymous said...

Well, the last time he led a 'revolt' against changes to the NTUC bonus structure, it ended with a whimper after a few words from the NTUC top dogs. What an anti-climax for NTUC policyholders!

This time it is against investment products sold by banks, and DBS happens to be one of the main culprit among others. I hope he does not accidentally meet with any DBS top dogs just before he presents his petition to the MAS.

Anonymous said...

If you want to play the market you cannot cry when you lose. When you win you laugh to the bank and everything is good and all smile. Now when you lose you cannot call foul and want someone to blame.

If you want to blame on anythng, you can blame it on your own greed.

Matilah_Singapura said...

I wish him all the best, although I doubt petitioning the govt will be any good.

The govt needs to be challenged to their face "Dare you tell us the whole truth?"

To do that, you need more than one guy. I hope people are scared (about losing money) and angry enough (with transparency issues) to make a BIG NOISE the govt can't ignore.

Link to blog

redbean said...

yes, yes, yes, support the petition. according to the ST report today, a total of 10,000 locals invested $501m in Lehman products.

the actual amount in all the questionable products is confusing. $501m in Lehman, $23m in Merill Lynch Jubilee Series, $508m in Minibonds, so how much in total?

10,000 in lehman, 1,400 retail investors in DBS High Notes, 8,000 retail investors in Minibonds, so how many investors affected?