Slur on our reputation

Singapore is getting a bad reputation at international circles.

I watch a CNBC program where a financial expert was being interviewed on the new financial regulation measures that are being introduced in the US Congress. He has a vested interested to continue the old practice as it allows his firm to get more business and make more money. He reply was that, if the new bill is passed, the US banks will move their operations overseas, for example, "Singapore". He mentioned only Singapore and did not mention Hong Kong or other financial centers.

This gives the impression that Singapore is ready to attract the international banks to continue their risky and shady business, that has caused the collapse of the global financial system.

The financial business that is being attracted to Singapore may create jobs for the bank employees and wealth managers. But it came at a heavy price for the local people. With the liberal environment, the banks have been selling risky structured products to many consumers, who have lost large sums of money.

I wish to ask our leaders. Is it worthwhile to develop the financial center in this way, i.e. the slur on our reputation and the loss suffered by ordinary folks?

Tan Kin Lian