Toxic notes
Simmering bitterness
Uncovered by the press, an anquished letter over the poor government help (unlike Hong Kong) for Singapore victims of risky financial products - and reactions.
July 29, 2009
The following is a letter published in the Tan Kin Lian blog on July, 25 under the headline, 'Cheated in a good reputation country.'
Dear MAS officer,
I would like to share a story with your MAS (Monetary Authority of Singapore) people.
Twenty years ago, my father finished his army service and got a big sum money for his army service in China. The amount is equal to 5 years salary.
He bought 10 years China government bond with that money from a national bank. He thought China government bond was very safe and he only want to use it for his children's education need in the future. He locked those coupon with much care.
Ten years later, when the bond matured, he brought the coupon to bank to cash out, the teller told him the coupon were faked. He can not get anything. What a big shock for him and his family. The teller from national bank sold him the faked coupon.
The bank told him they could not find the teller any more. He was not the only unlucky person. Actually there are quite a lot of people faced the same. They together tried to ask help from bank, government, press, and law firm.
Finally, a lawyer want to take their case. However, somebody threaten the lawyer and the press. The press stopped reporting their story and lawyer didn't dare to take their case.
His daughter thought this was a place without justice. She studied very hard to got in a good university and later left the place for what she thought was a better country.
However, what happened to her? She fell into the same trap. She didn't suspect that the famous Singapore financial institution would cheat people's money also.
She clearly told the FI officer she needed government bond only as she was very conservative and she needed the money for her father's medical need. Her father is paralyzed now. However, The RM sold her toxic complicated product with a faked name "Bond".
She was worse hurt. Her father had to accept the unfair things that happened in a developing country. For her, she didn't prepared for such unfair things in this good reputation country.
If you, MAS people, the best educated and smartest people in Singapore, allowed such unfair things to continue, I won't cry for my money, but cry for your future. If the best educated, smartest people are not looking for justice, what is the future for this country?
Best Regard!
Signed GD
the moral of the story is never trust sg govt.
lookslikegod
buy govt bond also can be cheated?
Are they fucking retarded?
Past experiences don't teach that family ANYTHING?