15 Dec '11, 12am

In Singapore, as long as the government makes money, it is you die your business

"As the housing market began its collapse, Wall Street firms and sophisticated investors searched for ways to profit. Some of them found an easy method: Stuff a portfolio with risky mortgage-related investments, sell it to unsuspecting customers and bet against it." - Article Below. I brought up this case because what Citibank was accused of doing is very similar to what was done when the Pinnacle Notes and Lehman Minibonds were sold to Singaporeans. The products developed by American investment banks were linked to the US mortgage markets become worthless during the financial crisis. While the investment banks covered themselves legally in contracts pertaining to the sale of these products, the SEC went after them for fraud - if they knew these products will blow up and sold them anyway, no contract or legal document is going to stop the SEC from investigating potential f...

Full article: http://singaporemind.blogspot.com/2011/10/citigroup-to-pa...

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Long live the Queen of Shops | David Boyle

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of foreign

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