This is what he said during an interview with CNA:
“I think we have to look at the circumstances of the people who have lost money with minibonds or High Notes……where there has been mis-selling, it has to be put right; where there has been less than professional behaviour by the relationship managers, or it doesn’t measure up to the standards that MAS expects when you promote the financial product or when you advise somebody what to buy, then the banks have to do what’s the right thing to do.”
“”I think this is a very difficult and not very satisfactory way in the long run. First of all, government should not be making decisions for individuals; individuals should have the right to decide for themselves, their circumstances, their preferences, their needs. And secondly, the government is not in a position to guarantee what is safe and what is not safe because there is nothing which is 100 per cent safe.”
I think and I think in summary, this is what he meant:
1. The government is not responsible for the mis-selling in the first place, the banks have to be responsible.
2. The investors have to sort out their own problems, it is none of the government’s business.
3. Trust the banks and go through proper channels.
Watch the video interview here:
http://wayangparty.com/2008/10/26/pm-lee-spoke-for-the-first-time-on-the-minibond-fiasco/
“I think we have to look at the circumstances of the people who have lost money with minibonds or High Notes……where there has been mis-selling, it has to be put right; where there has been less than professional behaviour by the relationship managers, or it doesn’t measure up to the standards that MAS expects when you promote the financial product or when you advise somebody what to buy, then the banks have to do what’s the right thing to do.”
“”I think this is a very difficult and not very satisfactory way in the long run. First of all, government should not be making decisions for individuals; individuals should have the right to decide for themselves, their circumstances, their preferences, their needs. And secondly, the government is not in a position to guarantee what is safe and what is not safe because there is nothing which is 100 per cent safe.”
I think and I think in summary, this is what he meant:
1. The government is not responsible for the mis-selling in the first place, the banks have to be responsible.
2. The investors have to sort out their own problems, it is none of the government’s business.
3. Trust the banks and go through proper channels.
Watch the video interview here:
http://wayangparty.com/2008/10/26/pm-lee-spoke-for-the-first-time-on-the-minibond-fiasco/
