MAS SAYS NO TO INVESTIGATING BANKS

Excerpts from Mr Tan’s speech:

“Some people say, if they find a new swap counter party, hold for five years and get the money back. Now, I don’t know if you can get your money back, but I can tell you the Pinnacle Notes are gone, Morgan Stanley is still around.”

“I want to update you the three petitions I sent to MAS. The first petition was sent on 9 October, so today one month has passed. The petition is signed by 983 people to ask MAS to carry out independent investigations, whether the financial institutions which sell the product had breach the Securities and Futures Act.”

“I also send a letter, many pages, many pages in my letter, here are the areas in my opinion the law is broken, but this is Tan Kin Lian’s opinion, and Tan Kin Lian does not have the power of the government, and I only make some guess…..If the financial institutions have broken the law, the government can bring them to court, but one month has gone, I don’t know if the government has conducted any investigation. I write to MAS requesting for a meeting, they say ‘No’. I told them I have 983 people in my petition, they say ‘No’, so I don’t know if they will investigate any wrongdoing, so far no news.”

“I write and ask them ‘Can I meet with you ?’, They say….(crowd): ‘NO !!!”, Is that fair ?….(crowd): ‘NO !!!”, ‘Is that FAIR ???….(crowd louder): ‘NO !!!’ They can’t hear you, they are all in Shenton Way. Is that FAIR ??….(crowd even louder): “NO !!!”

“Somebody say, no help. If we don’t write petition, what else can we do ? Do we give up ? (crowd): ‘NO !!!’. Do we give up ? (crowd louder): ‘NO !!!” So I shall be here every 2 Saturdays (crowd clap). Actually I want to come every Saturday, but I am afraid you may be too tired. Please get more people to come, so that we can show that this problem cannot just die away, until the problem is solved.”