Have a listen to this BBC World Service radio documentary:
http://downloads.bbc.co.uk/podcasts/worldservice/docarchive/docarchive_20081024-1000d.mp3
It looks at how banks like Merrill Lynch, Lehman Bros and Barclays set out deliberately to defraud their customers of millions of dollars. The documentary raises the issue of how these banks successfully moved whole chunks of non-performing (or toxic) investments off their portfolios, and repackaged them for sale to unsuspecting customers (thereby avoiding losses in their books, and at the same time, generating profits from the sales).
We ask: DID THIS ALSO HAPPEN IN SINGAPORE?
.
Subscribe to:
Post Comments (Atom)
2 comments:
Maybe MAS should go through all the emails of the banks to check whether any evidence of dishonest and fraudalent selling.
Hi. I'm Lucky Tan.
I run the blog : singaporemind.blogspot.com
It is good you guys get together to solve your problems collectively.
The DBSHN has an "incredible structure". My gut feel is that the product yield far higher margins/returns that what was passed on to investors. Only the internal computation in DBS can tell you how much the bank knew about the risk in this product reflected in the real returns.
That is why my opinion is that it is better for MAS to do direct investigation so that all these facts can come out. What did the bank know about underlying risk when they sold these products?
I believe for the minibond holders at least everything will be thoroughly investigated on the HK side and what ever resolution will filter through.
Post a Comment