With limited or restricted access to sensitive information,
Singapore investors are handicapped in their ability to make sound
and balanced judgment and decision for their precious and
limited capital.
When Tony Tan made a very public statement back in June 2008 -
warning that the writings are already on the wall that an "economic
tsunami" was soon to break over Singapore - he was contradicted by
more outspoken Singapore Cabinet Ministers who insisted that
Singapore's Economy is still sound.
Even MM LKY put in his weight by blowing his hot
air to reassure Singaporeans that Singapore still has 5 to 10
years of bright outlook - with a whispered proviso that subject
Singapore's future to improvement in external
factors.
It was only until the storm broke out in the USA - with the
collapse of Lehman Brothers and the shake-down at AIG - that
Singaporeans were caught in the world-wide panic to protect their
investments in these US Corporations.
Even before the first quarter of 2008 when Singaporean
Banks began to offer the mini-bonds issued by Lehman Brothers - as
part of a group of 7 International Banks - the news in the USA
was circulating that Lehman Brothers were in dire straits.
Somehow, this piece of information was missed by Singapore Banks
who again did not exercise due diligence prior to offering foreign
packaged financial products to Singaporeans.
Even the sudden withdrawal of GE Cash Loans from the
Singapore Financial Sector has largely gone without any public
comments by the State controlled news medias.
Meanwhile Singaporeans who have taken up loan offers from GE
Cash are now faced with a recall, or subject to new terms and
conditions with local banks agreeing to takeover the portfolios
from GE Cash Loans.
Can we trust this Singapore Government for any kind of
talk about transparency, when it is selectively applied
?
