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?