It is this financial system of free will and flexibility that PM Lee espouses, instead of a paternalistic one where the government decides for the consumer what’s risky and what’s not, Mr David Gerald of the Securities Investment Association said.
PM Lee has indeed given the financial industry so much free will and flexibility that they have the audacity to package such high risk investment products to be sold to ignorant investors without taking any responsiblity for it when things turn awry.
Ironically, PM Lee has exercised utmost paternalism to control and regulate Singapore’s nascent civil society, if there is any in the first place. Despite his expressed desire for a “more open society,” Lee Hsien Loong has done little to change the authoritarian political climate.
Grassroots and community organizations are tightly controlled and regulated by the People’s Association, which is headed by a PAP MP. Societies are placed under the purview of the Registrars of Societies, a sub-branch of the Ministery of Home Affairs.
Read rest of article here:
http://wayangparty.com/2008/11/10/p...ill-and-flexibility-for-banks-and-businesses/
PM Lee has indeed given the financial industry so much free will and flexibility that they have the audacity to package such high risk investment products to be sold to ignorant investors without taking any responsiblity for it when things turn awry.
Ironically, PM Lee has exercised utmost paternalism to control and regulate Singapore’s nascent civil society, if there is any in the first place. Despite his expressed desire for a “more open society,” Lee Hsien Loong has done little to change the authoritarian political climate.
Grassroots and community organizations are tightly controlled and regulated by the People’s Association, which is headed by a PAP MP. Societies are placed under the purview of the Registrars of Societies, a sub-branch of the Ministery of Home Affairs.
Read rest of article here:
http://wayangparty.com/2008/11/10/p...ill-and-flexibility-for-banks-and-businesses/
