Well, if there's anyone to blame for being incompetent and in complacency, it's they themselves. They had from August 2007, or even from the beginning of 2007, to issue safeguards by means of government policies and laws, and yet they didn't.
They pretended for one year, hoping that it wouldn't hit Singapore, and in the end, the joke was on the PAP, and we are the ones carrying the BS and the blame. LKY should take a good look at himself in the mirror, and ask himself whether is it right or not to blame other people for your own faults.