Media bias

I’ve been following the mini-bond issue for quite some time now. In a nutshell, these products have been rendered nearly valueless with the collapse of Lehman, and people started complaining that the products had been marketed to them as low-risk (or even risk-free). Apparently banks in Hong Kong are now offering to buy back the mini-bonds, whereas Singapore has just announced that it won’t do the same thing – it will instead adopt a system where the individual investors are left to shoulder the burden of proof in order to be compensated.

I’m not going to comment on the issue though – there’s probably enough being said about it right now. What I found quite interesting was the above picture (and caption) that was proudly emblazoned across the page in ST‘s print edition together with this article. I may be reading too much into it, but it seems like the press was attempting to show how disruptive the situation in Hong Kong is, which is why we shouldn’t “follow HK”.

Another interpretation I arrived at, however, was this – if the people do not fight for their rights, they will not reap the benefits. Is it possible instead that our (recently-relaxed) passive demonstrations are simply ineffective? I’m pretty sure that wasn’t the intended message, though, which is perhaps why they decided to use Heng Swee Keat’s profile for the online version instead.

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Posted on October 18, 2008, in Uncategorized. Bookmark the permalink. 2 Comments.

  1. when i saw that photo in the papers, i thought we should have such demonstrations here in sg, and the banks should also buy back the bonds. the banks really need to do much more to get back the confidence of the customers.
    i suppose MAS is trying to stay as far away from the matter, not give any false hopes and not say any wrong things. they probably cannot outright fault the banks, nor legally force the banks to compensate the investors until detailed investigations are done.
    i find it really sad that these poor folks got dragged into this mess. i think those greedy bankers should pay for all this. let the banking system collapse and something better rise in its place.

  2. No the bankers are still enjoy themselves. Pub and restaurants were full of them happily dining when I passed canary wharf yesterday evening.I think my comment is not related to this post, lol. How come I don’t see any demonstration here in the city that is worst affected?

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