However, despite the pain; I am going to go with the free market logic. Regulation = govt and I don’t believe that presages well for the market in the long term, private enterprise should drive this and never govt.

As for those who got burnt, what can I say. If you tell me 100% of the investors got conned, then I am going to take issue with you.

Fact remains even in the West most investor are high and dry so why should these investors in Singapore be treated differently?

You all think about that, all I can say is you sign off on the dotted line that’s it. The story ends there – the dice rolls and whatever comes will come.

The uncomfortable truth that many may never wish to accept is these investors tanked out very much in the way some investors plonked out on a lemon account, thats the way I see it, why should they be treated differently is really beyond me.

What happened to the whole idea of the free market enterprise, was it just a dream?

SD (Internet liaison officer of the brotherhood)

To those who say these ‘greedy’ investors deserved it.

Well, these ‘investors’ are your ah-kongs and ah-mahs who want to retire more easily in their twilight years where there is no safety net for them at if they are ill.

Is that a crime?

How do you feel if your own parents burden you with financial strains when you hardly have enough for your own family, kids education, mortgage payments, etc.

But I can tell you truthfully – it is a crime to ‘milk’ these elderly monies because they don’t know what they are investing in.

How often have these RMs come to me and have asked me to invest in these products. This is how they usually say (read these words and tell me if you had received the same words), “These minibonds/structured derivatives/investments are similar to fixed deposits. In fact you get higher returns.”

And showing these elderly folks brochures of all these American/European companies, they assured the elderly, “Don’t worry, your capital is safe. Look at these big company names. Do you think they will be bankrupt?”

You tell me how I knew about it?

Because I was present while the RMs were ‘hard-selling’ to 2 elderly persons beside me. I was setting up my fixed deposit account. I rejected the option to go into these investments initially but after consideration, I did put in a very small investment as the economy was doing good.

That was like 5-7 years ago. And I have pulled out even before the maturity as I have no confidence in these RMs. When I call them up, they have absolutely no idea why my investment is losing money.

Are these RM right? Yes – their job is to sell. But if the buyer is not told or made aware of the risks and potential of losing everything, then it is the financial and bank policies that need to be questioned. The consumer protection comes first.

The RM is just a channel to sell these products the bank has put in place. The MAS has the power to approve these products to be released into the public market.

Don’t blame these elderly persons because they don’t have a good life and education like we do. In fact, you should pity them and help them in anyway. One day, it will all come back to you because you will grow old.

Kaffein

Don’t regulate … your pigeon hole will collapse because they employed architects with fake degrees to build your house.

Don’t regulate … you get milk with furniture components in it. Minibombs are just the same.

Regulation is to ensure quality. Not necessarily a bad thing. When regulators absolve their responsibility, all will suffer.