Call to MAS - investigate mass cheating

Comment posted in my blog

Now, our MAS hold a press conference when HKMA has already achieved so much and are closed to a resolution! But our MAS STILL DON"T GET IT! Our MAS still thinks that Minibonds is just mis-sold, mis-represented to the old & un-educated.

Check first before you make this assumption. If only they bothered to even take a cursory look at the Minibond fact sheets they will know that it was designed to deceive & mislead on a mass scale. I don't know if the people & bosses in MAS have even bothered to look at the Minibond fact sheets or are they still at 10,000 feet.

MAS, please ask yourselves a few questions. Why should 1,000 Singaporeans sign a petition to ask you and Commercial Affairs Department to investigate the FIs if it is only the old, uneducated who have been cheated? If we are bluffing about being cheated, why be so silly to petition the Commercial Affairs Dept to investigate? This is mass cheating not isolated cheating. I hope you get it.

Ask yourselves why are so many people in Hong Kong & Singapore protesting not just the old and uneducated? Ask yourselves, why should the banks in Hong Kong agree to buy back ALL their customers' minibonds & not just from the old and uneducated? The banks are not silly or charitable. If it is a few isolated cases, they will only compensate these few cases. Why compensate so much more? Please open your eyes & investigate properly before you say anything.

I fully sympthize with the old & uneducated being taken advantaged of by the banks. It is totally unbecoming of the banks to do such things. But the old & uneducated are not the only ones being cheated. Do not assume that the educated cannot be cheated. MAS, you are already tardy, do not further damage your reputation by jumping to the wrong conclusions so fast without proper fact finding. We have all been taught that ASSUME makes an ASS of U&ME. Please check if what you think/say is an assumption or a fact. Please don't mess up again and cause us further anguish & frustrations.