The Enquirer is an online publications by NTU students as a reaction to NTU pulling an article related to Dr Chee Soon Juan from being published in their own periodical. One of the recent article talks of Dr Vivian Balakrishnan's forum and this was one of the points raised in the article.
I'm keen to know what was his response to Shan's reply. How could we look at the mini-bond fiasco from the point of view of an ordinary Singaporean. Unfortunately, the writer for The Enquirer felt that this was not an important point to discuss and I will never know what Dr Balakrishan said.When Shan, a second year political science student, asked Dr Balakrishnan about Singaporeans who were affected by the mini-bond fiasco, the minister in turn asked her whether he should approach the problem as an economist or politician.
Her simple reply—to look at the issue from the eyes of an “ordinary Singaporean”—won the applause of the audience.
No doubt many, if not all, of the issues raised during the forum have some impact on the political governance of Singapore, but Shan pointed out the more direct and critical link: the ones affected are ordinary unpoliticised Singaporeans.
Let me suggest how we can look at the mini-bonds issue from the eyes of an ordinary Singaporean.
As the ordinary Singaporean who sold the mini-bonds, especially those who continue to sell these mini-bonds when Lehman Brothers were already facing problems, do they know what they are selling? If they do not know what they are selling, are they irresponsible Singaporeans, if they knew what they were selling, are they immoral Singaporeans? Did they explain to their clients clearly what all those financial terms meant? Did they mis-sell the products as another fixed deposit plan? Is there something wrong with Singaporean values or morals? If they mis-sell the products, is there any reason why they did that?
As the ordinary Singaporean who bought the mini-bonds and lost their much of their savings, do they know what they are buying? Aunties will spend 5-10 minutes to choose the best oranges at 50 cents each in NTUC, why is it that they do not know what they are buying when they spend tens of thousands? Is it because of greed that affected their good judgement? If they do not understand what they are buying, why didn't they try to understand it better? If they do not understand English, why didn't they ask someone else they trust (like their child)? Is the ordinary Singaporean too trusting and naive? If they knew what they were investing in, why did they put all their eggs in one basket?
As an ordinary Singaporean, how should we invest based on our financial capabilities. What should we do to safe-guard ourselves? Rely on the government all the time? Promote dependance and a nanny state? Should we learn how to manage our own finances?
As an ordinary Singaporean, do you want the government to have many rules and regulations to govern how you do things? That you need to keep $20,000 in your bank account that cannot be invested like in CPF? Do you want to sign more forms? Pay more and engage the services of a third party to explain such complex products for you?
As an ordinary Singaporean who is not involved in the mini-bond fiasco, what is it that you can do for those involved? What can you do if you have people around you who sold these mini-bonds irresponsibly or immorally? What can you do if you have people around you who bought these mini-bonds without knowing what it is? Or simply made a really bad investment decision?
As an ordinary Singaporean indirectly involved in the mini-bond, for example as the manager of those who sold the products, did they check that they do so responsibly and morally? ... and the list goes on...
In the perfect world, this would not have happened. The responsible and moral ordinary Singaporean will not sell such products to ordinary Singaporeans. The diligent and well-informed ordinary Singaporean will not buy such risky products. If you approach the mini-bond fiasco as an ordinary Singaporean, you still have to start with yourself. But as a politician, it will be very insensitive to say that, because not many people are willing to point their fingers at themselves.
----------------------------------------------------
To those who mis-sold the products etc
What's the point of earning millions today if you caused others to lose billions?
Heroes are celebrated for their deeds and contributions to mankind, they are never remembered because of their wealth or intelligence.Character is more important in shaping one's life.- Me
0 comments:
Subscribe to:
Post Comments (Atom)
Posts
