But that was why some Singaporeans lost their life savings. They did NOT understand toxic financial instruments that they were buying.
But they still went ahead to buy them. Because got Face, mah - boast to everyone you are "investing" in an era when it was all the rage.
For that matter, the bank staff/ finance companies staff, who were persuading aunties and ordinary joes to buy the toxic financial instruments also did NOT understand what they were selling.
And it never occurred to MAS to STOP this nonsense. Until too late.
Taro Ase was giving a lame reason just to brush off reporters.
It may be that the Japanese leadership were tipped off that the financial products were toxic.
The US bankers who created and developed these financial products were knowledgeable and experienced. They knew what the toxic products would do to consumers who bought them.
The accumulated billions (or trillions) that Asian consumers lost did not just disappear. The dollar notes were not burnt in a pile.
The money WAS TRANSFERRED from A to B. It is residing in some US financial institutions' accounts now.