14
Oct
2008
Learn To Protect Your Own Money, Banks Are Not To Be Trusted
I believe most Singaporeans would have read about the Singaporeans who held DBS investment policies in Lehman Brothers will most probably never get their capital back. The irony is, DBS HK had been the first to act and the Hong Kongers are lucky to get their money back, and also, they have responsible people managing their accounts.
Have you ever thought that if DBS’s or any local SG bank’s exposure to those bankrupt financial companies would be? You know, the shares market is bad for banks and alike. Will our banks be in trouble?
To Singaporeans, the thought of a local bank collapsing will be brushed off by many.
“It will never happen, its backed by the Singapore Goverment.” will be the reply.
However a call from my brother over at England, make me think twice. He had tried to reach me several times, I had 4 missed calls…. it was the 5th that I managed to pick up the call.
No matter what, we, as citizens, should also learn how to protect our own assets, whether or not the Government will help to bail out, if anything should happen to any of the local banks.
Over at England, 4 out of 5 local banks are in trouble. My brother also sent me a link subsequently on Mr Wang’s blog, talking on the exact same issue we spoke during the call.
http://mrwangsaysso.blogspot.com/2008/10/how-to-protect-your-money-in-singapore.html
Give it a thought. 
