structured whatnots

Just read a CNA online report on 983 S'poreans petition for MAS to probe sale of credit-linked securities. Actually I'm subscribed to the RSS feed of TKL's blog. In any case, I hope that the govt really looks into this....

I've always been moving money around in fixed deposits based on interest rate (well, my father makes me), so... starting from last year, whenever I deposit to/withdraw from the FD, the counter staff would always ask me whether I'm interested in a higher interest rate yadda yadda... Had it not been for the fact that this is actually not "really" my money (i.e. it is not my salary), and that my father really doesn't approve of "this kind of thing", I might really have deposited this money into this kinda product... thinking that it would be safe. Gosh. From the fallout, it seems like these things are very far in terms of risk from fixed deposits, so why in the world are they like recommending it to pple who are opening FD accounts... duh...

Not to mention, I keep getting flyers advertising these structured whatnots along with my statements.

Anyways, learning from the mistakes of others, I guess one really must be aware that the bank's primary purpose is profit-making. The goodwill from giving good advice is apparently simply not worth the peanuts obtained from recommending such stuff to pple.

And of course I hope MAS will look into this, even though the statements made so far seem to me (a lay person) that it just doesn't want to get its hands dirty with this. If nothing is done should I conclude that the govt is more interested in maintaining a business-friendly environment over here? In that case, perhaps staying around in SGP isn't such a good idea after all; I will someday grow old and senile and trusting of banks too...