A Mis-sold Government!

[jw5]

I have a host of people asking me when is the next GE coming, there seem to be lack of patient on the ground to vote the million dollar men in white out of their sight. I am glad there are unity here.

By the time the next GE comes around, the typical sheepish Sillyporean would have forgotten or would have been enticed or would have been cowered into a foolish vote again.
Just you wait and see.

 

[phouse3]

Is there unity? When the storm is over, come 2013, I am sure PAP will use these people as reasons to lock away our CPF. Do these people agree that CPF, where the money goes in and never come out, is worse than minibonds? Will they be protesting?

Is there unity? If the banks had decided to compensate them, do you think you could still see their shadows at Hong Lim? Just take a look at those who already got their compensation as an indication.

Is there unity? The first generation, including many of these mini-bond holders, have free and unfettered access to their CPF. Do they care about the CPF system. The third generation, including many in this forum, are happy to see their parent's CPF locked and to be bequeathed to them.

 

[Goh Meng Seng]

I disagree strongly.

There are great many areas that show up the incompetence and weaknesses of the PAP. Those areas involve grave matters on national scale and yet people are blind to them. A few examples are foreign talent, withholding of CPF and human rights policies.

The failed structured products are private commercial matters involving a few thousand investors. If there were mis-selling, it involved a few commercial profit-motivated enterprises.

The protestors at Hong Lim are there for a specific personal reason - to try to get back their money from botched investments. Otherwise, you will never find them anywhere near Hong Lim or donating a single cent to the opposition. They are politically apathetic and the least concern about the country or their fellow citizens.

A few opportunistic individuals are "striking while the iron is hot". It is a symbiotic arrangement. That's all.

Dear Phouse,


"A few opportunistic individuals"? Well I say, if opposition did not do anything, you will say they are useless, only come out once every 5 years. But once they are out there (well, maybe Mr. Tan KL will step into the political ring, who knows?), you will say they are "opportunistic"?

The truth is, almost all opposition parties, including SDP and WP, have not been pro-active enough to do something about it. This is basically due to the total lack of understanding of the whole issue, thinking that its merely "private commercial investment matters"! The truth is, politically speaking, MAS HAS FAILED MISERABLY in its role as regulator in allowing such TOXIC and UNFAIR HIGH RISK financial product to be sold in low risk environment like the banks!

This is the crux of the matter, the failure of a supposedly self proclaimed world class government!

I think you better not be a sore sour political activist that would only stand by there and critic other people's hard work as "opportunistic"! Frankly speaking, I have not done much other than being a translator of Mr. Tan KL's speech and help to deliver it. All credits should go to Mr. Tan and his team.

If he and his team so decides to take the movement a step further into the political arena, I would support him in this direction. We need people who really take the initiative to help people instead of going around doing protest just to "SHOW" their "concerns" without any concrete actions.

Goh Meng Seng

 

[Einfield]

The we should ask the Gov to do the right thing, refund every citizen all the ill gotten gains they took from us.

 

[JinGanKor]

The we should ask the Gov to do the right thing, refund every citizen all the ill gotten gains they took from us.

that's impossible, with the amount they have taken from the people, even they die 99 times also not enough to pay us back.

 

[Einfield]

Hahahaha I know, 40 years of unaudited accounts, we will take 80 man years to clean it up.

 

[goldenmonkey]

The moral of the story: don't let the pig pray cos everybody will die

That is some funny shit!

1. Well, we Singaporean have no alternative?? Hmm, should ask.. why's that?
Who made that? Is that right or beneficial for the society? If it is not right, what should be done?

2. The whole minibond saga is so so wrong. Right from the start, selling a "high-risk" thingy as a alternative to Fixed D, MAS compelling to act, allowing "mini" protests.... Ask those who has bought super duper goods from those pyramid companies - are they being mis-sold? over promised?
If yes, what has been done for them?
Is this a moral, commercial or political thing?

3. The only certainty besides death, tax is that this whole thing will be forgotten during the next GE and no one will dare to bring it up. Guranteed plus chopped.

 

[Einfield]

Ya , no one forsee the closure of LEHMAN brothers. No one foresee the housing bubble in US will become a world wide financial crisis !

The writings is all over the wall, just that we refuse to see it and choose instead to participate it the downfall.

Same for SARs, everyone including the useless Hairdo Lim, like to think that it's a China problem.

 

[phouse3]

Dear Phouse,

Haha. Your arguments are as usual irrelevant.

If you think the minibond saga is so encompassing, then the CLOB saga is more relevant. Yet no one has made the claim of a "mis-sold" government.

If you have read prime-time newspapers on Saturday page 2, even our dear Miss Chua recognised the need for a consumer body. I believe that TKL has the intention to fill a role similar to the SIAS President. It is far-fetched to speculate that TKL will join politics or run for Presidency.

Anyway, even as a disinterested party, I appreciate what TKL is doing - within the domain of finance. He showed his superiority on Blogtv compared to the foreign university don.

"Minibond" interest group just like the SIAS is a special interest group. It is opportunistic to politicise it or enlarge the domain to include voters. However, there is an excellent opportunity for you. Surely there will be a vacancy for a deputy chief if the new consumer body is set up. You have something that others don't (not brains though) - high profile, perseverance, strong command of Mandarin and the ability to relate to common folks. Maybe you have the chance to practise what you majored in University, finally.

Please don't bring WP into the picture. It is quite funny because they have given the "mis-sold" government a passing grade.

 

[depeche]

A Fable

A mouse looked through the crack in the wall to see the farmer and his wife open a package. What food might this contain? The mouse wondered - he was devastated to discover it was a mousetrap. Retreating to the farmyard, the mouse proclaimed the warning: There is a mousetrap in the house! There is a mousetrap in the house! The chicken clucked and scratched, raised her head and said, "Mr.Mouse, I can tell this is a grave concern to you, but it is of no consequence to me." " I cannot be bothered by it."

The mouse turned to the pig and told him, "There is a mousetrap in the house! There is a mousetrap in the house!" The pig sympathized, but said, I am so very sorry, Mr. Mouse, but there is nothing I can do about it but pray. "Be assured you are in my prayers." The mouse turned to the cow and said "There is a mousetrap in the house! There is a mousetrap in the house!" The cow said, "Wow, Mr. Mouse. I'm sorry for you, but it's no skin off my nose." So, the mouse returned to the house, head down and dejected, to face the farmer's mousetrap alone. That very night a sound was heard throughout the house -- like the sound of a mousetrap catching its prey.

The farmer's wife rushed to see what was caught. In the darkness, she did not see it was a venomous snake whose tail the trap had caught. The snake bit the farmer's wife. The farmer rushed her to the hospital , and she returned home with a fever. Everyone knows you treat a fever with fresh chicken soup, so the farmer took his hatchet to the farmyard for the soup's main ingredient. But his wife's sickness continued, so friends and neighbors came to sit with her around the clock.

To feed them, the farmer butchered the pig. The farmer's wife did not get well; she died. So many people came for her funeral, the farmer had the cow slaughtered to provide enough meat for all of them. The mouse looked upon it all from his crack in the wall with great sadness. So, the next time you hear someone is facing a problem and think it doesn't concern you, remember -- when one of us is threatened, we are all at risk. We are all involved in this journey called life. We must keep an eye out for one another and make an extra effort to encourage one another.

Not only you're a kopitian money collector but also an excellent story teller...well done!!!

 

[depeche]

By the time the next GE comes around, the typical sheepish Sillyporean would have forgotten or would have been enticed or would have been cowered into a foolish vote again.
Just you wait and see.

I guess there vote % may even improve...

 

[Ah Guan]

1. Well, we Singaporean have no alternative?? Hmm, should ask.. why's that?
Who made that? Is that right or beneficial for the society? If it is not right, what should be done?

Good points Lao Kow.. It is quite obvious to see that the law here favours quick business. Welfare of citizens and consumers are not priority. Basically the law-making process is a mystery to most of us.

2. The whole minibond saga is so so wrong. Right from the start, selling a "high-risk" thingy as a alternative to Fixed D, MAS compelling to act, allowing "mini" protests.... Ask those who has bought super duper goods from those pyramid companies - are they being mis-sold? over promised?
If yes, what has been done for them?
Is this a moral, commercial or political thing?

I've posted in another thread that in almost all cases of corporate failure, no one single party is wholly to blame. In this "minibond" saga, Lehman Bros and DBS are protected by contract.

I predict in the next year or so, a bill will be passed in US, much like the Sarbanes-Oxley in 02, to regulate the finance industry. Good time to be an auditor.

3. The only certainty besides death, tax is that this whole thing will be forgotten during the next GE and no one will dare to bring it up. Guranteed plus chopped.

Alamak... I give up on both sides of them politicians liao. Make money, get experience and fuck off from this fake Alcatraz-Disneyland they call a country.

 

[johnny333]

By the time the next GE comes around, the typical sheepish Sillyporean would have forgotten or would have been enticed or would have been cowered into a foolish vote again.
Just you wait and see.

I have been surprised at the past election results. Spore peasant can be real bodoh. :(

With all the things going wrong, price increases, etc I think the coming years will be the tipping point. A confluence of factors that might bring change; PAP bumbling, peasants fearing for their rice bowl, death(s) in the familee.

 

[moolightaffairs]

hi guys! interesting!!! hope to contribute what i think on this issue. hope there are some MAS dogs reading this. What stable enviroment!!! what good system!!! what world class financial hub!!! If got confident should guarantee 100% on all savings deposits long time ago!!! not copy cat when rich men running away to other countries with all their cash!!!

What HK did are morally and stragically correct.

If i'm a rich man with a lot of cash.

Firstly, i will rather put my cash in banks in HK than in banks in SG. bcos minister refused to guarantee it fully and bragging bout our financial good system. then next day suddenly said will guarantee. WHAT THE FUCK ARE YOU TOKING BOUT GOOD SYSTEM??? PEOPLE NEED ASSURANCE!!! TALK NO ACTION!!! EMPTY TALK!!! TALK IS CHEAP!!! ONLY WAKE UP YOUR FUCKING IDEA WHEN RICH PEOPLE RUNNING AWAY WITH CASH!!!

Secondly, I will not buy any financial products from banks in SG. Look at how MAS handle it and how HK gov handle it. I understand its how our SG authority work. they like to drag and let those investors run out of steam and lan lan swallow the losses. If i'm someone rich and not from SG, after seeing how MAS handle the minibond issue. i will have no faith in SG MAS. So i won't park or buy any financials products in SG now or in the future. Foreigners will see that MAS is a irresponsible central bank for this issue.

I believe now there is a exodus of funds from SG, including from our stocks market. So MAS can forget about making SG into a financial hub, bcos all the A1 and A* holders in MAS got F9 in these 2 issues. By the way who are the chairman and deputies and those sitting on the board??? All fuck up man.

 

[DrPanacea]

Anonymous has put it very well. He has hit the nail on the head.
To those who are still blind I hope they open their eyes and see the truth. Self serving government does not have the morale to run a country. I am prepared, like many of my friends, acquaintences and fellow citizens to vote in a new government and start from square one again. We have done it and we can do it again. Time for a bold change for the better.

 

[DrPanacea]

Hahahaha I know, 40 years of unaudited accounts, we will take 80 man years to clean it up.

So said the Accountant General to President Ong Teng Cheong.
Wondered what he would say to the current one whose favourite song is "Silence is Golden".