MAS is in the news again
Not the escapee from prison
Shouldn't it be keeping our savings selamat?*
People who lost money are understandably mad
Some investors bought "minibond"
Now their money could be all gone
Its complexity's beyond the layman
Many didn't know it was linked to Lehman
The product with a fanciful name
But minibonds and bonds are not the same
Who would think a 5% dividend is reasonable
When you could lose all of your principal?
For some it was their entire life savings
Yet the distributors said it had good ratings
"Your risk is very small"
Spinning a tale that's very tall
Is it the buyers' carelessness?
Or rather the sellers' callousness?
Were the buyers simply greedy?
Or were the sellers obviously shifty?
Many elderly people were targeted
The products were indiscreetly marketed
Some were not educated highly
A prospectus they'll not understand easily
Many of them were retirees
Who have collected CPF monies
The banks knew they were cash-laden
So what if there's no diversification?
Some had only wanted fixed deposits renewed
But instead had their investment strategies reviewed
The banks not caring all this while
If the products fit the customers' risk profile
Some VIP even said something like this
If you're unwilling to take any risk
Leave your money with the CPF for 4% return
A very good rate with no risk taken
* - "Selamat" is Malay for "safe". It is also part of the name of the escaped terrorist.
Below are some funny cartoons published in last Sunday's New Paper: