Thursday, December 4, 2008

A question for all the MPs in the Singapore Parliament

While reading Mr. Tan Kin Lian’s blog (http://www.tankinlian.blogspot.com) yesterday, I came across an article that state that the Lehman Brothers minibonds saga is more widespread than anyone in Singapore originally expected.

A former lawyer from Singapore now residing in Brussels says that the Lehman Brothers saga has even affected parts of Europe. Angry clients of Citibank and Deutsche Bank held demonstrations in Brussels by marching to the HQ of Deutsche Bank, and then to Citibank.

The demonstrators say they were sold investments to their clients that were managed by Lehman Brothers, but were not informed that they will lose the money if Lehman Brothers went bust. Now they are demanding compensation for the money they lost and want Deutsche Bank and Citibank to reimburse their loss in full.

Nothing special there; it’s almost a carbon copy of what is happening in Singapore as well. Two things stand out however; one is that a number of other banks such as Fortis and Swiss Life who had also sold Lehman Brothers investments have guaranteed the capital of their clients. Another is that the demonstrators were received by Economy Minister Vincent Van Quickenborne.

Demonstrators that were received by a Minister of the Cabinet, not just a member of parliament but a Minister of the Cabinet! Compare that to the no sound response of our MPs, it’s night and day.

Like I’ve said in an earlier post, I feel that our MPs need to let Singaporeans know their position on this Lehman Brothers fiasco. If you agree with the protestors that are gathered every week at Hong Lim Park, say so. If you don’t believe the protestors has a case, say so. Singaporeans like me want to know your views! It’s been almost 2 months since this problem started, surely all of you have reviewed the problem already. Add to the fact that the Lehman Brothers minibond holders are now told that they will not be getting a swift resolution for their investments, maybe for years, what their views on this latest development as well?

So a question for all the MPs in the Singapore Parliament; what is your position on the situation?

7 comments:

Kaffein said...

"Er, what to do? It has happened. Let's move on."

"Let's not politicise the issue."

That is their stand. Need me to quote more?

Kaffein

Anonymous said...

Aiyah, few hundred thousands each investor lost is only peanuts, so why make such a fuss?

Some of us also bought Lehman mini bonds but we keep quiet instead of kpkb. In a couple of months our salaries will earn back what we lost, so no big deal lah.

Anonymous said...

Anon 5 Dec 7:44 PM:

Are you an MP?

cockapoo said...

pm DON'T CARE,
sm ALSO DON'T CARE;
mm WORST STILL, SAID OLD FOLKS ALSO GONE IN WITH EYES OPEN.

so what can the puppetry mps say? what stand you expect them to take?

"my cock can't stand!"?

Anonymous said...

PAP MPs don't have an opinion on anything unless it's a new government policy for which they are famous for long winded speeches praising it to high heaven.

That's all they're good for.

Ghost said...

At least then we know PAP MPs can actually talk. They are mute on the Lehman saga so far, and the 2 opposition MPs are not much better

aiyoyo said...

aiyoyo

those PEOPLE so smart, elite leh,

still got so many questions from the ground,

I dont see any logic leh..

aiyoyo