Message from Jan Chan: Mr. Tan, please help us to pass this message through your blog
We are a group of Lehman Minibonds investors who are organizing a meeting tomorrow to discuss collective action and to sign a petition for submission to the authorities to voice our grievances.
Interested parties are encouraged to join us.
Date/Time : Wed., 24/9/08 at 7pm
Venue : outside Hans Cafe (#01-01) at the Central Public Library, 100 Victoria Street.
Jan Chan
How to get to Central Public Library :
Nearest MRT: Bugis MRT Station or City Hall MRT Station
Bus stop (North Bridge Road ): SBS 145, 197, 32, 51, 63, 7, 80 175 and SMRT 851, 61
Bus stop (Victoria St -Allson Hotel) : SBS 2, 7, 12, 32, 33, 51, 63, 80, 175 and SMRT 61
Bus stop (Victoria St -Bras Basah Complex) : SBS 2, 12, 33, 130, 133, SMRT 960, NR7
Bus stop (Victoria St -St. Joseph's Church): SBS 130, 133, 145, 197, C3, SMRT 851, 960, NR7
Bus stop (Middle Rd - Nam Peng Building) : SBS 56, SMRT 980
This is no use. What you expect the financial institution to do? compensate you for the losses? Investments carries with it risk which by virtue of the fact that the document was signed and payment recieved, the buyer is supposed to have read and understood. If everyone complains to the authorities due to poor investment decisions, all financial institutions can close shop. I bought a share which cost $4.50 each thinking that the company is stable, there is good dividends and share price WILL go up. The company folded down the road...can I claim my investment back? Please!
ReplyDeleteThis is Singapore. We have our own watch-dog Monetary Authority of Singapore to help scrutinise any banks who wants to get a licence to operate in Singapore.
ReplyDeleteSo does it mean that if the unscrupulous bank cannot get a licence, it could still get the 6 joker-banks to help sell it's instruments?
Since MAS granted the licences, it should also be responsible in penalising banks who do not perform to the strict standards of Singapore in executing their sales. How else can Singapore be a first-class financial hub and attract RICH INVESTORS when right now, it is not protecting the interests of its own SMALL-TIME INVESTORS?!
I placed my money with mini-bonds with the impression that they are bonds but mini in nature. I do not expect to be blinded by 6 well-known banks who do not know the stuff that they are promoting. If nobody is claiming responsibility, we are turning all the BIG INVESTORS away because already we are protraying a vote of no confidence in Singapore / MAS!
Hey, shares is different from minibonds.When buying shares, u have potential to earn high dividends unlike minibonds where dividends is fixed.So, how can u compare?
ReplyDeleteWhen you buy a share, you are subjected to market forces of i) investors who gamble, ii) investors who look for high yield dividends iii) investors who research and think that there is potential in this particular counter etc.
ReplyDeleteWhen we put our money in mini-bonds, we have the mentality of a "fixed deposit" that is safe, just like you put money in savings n fixed deposits account.
We do not expect unscrupulous people to "push a carton of carrots to those dumb bankers and instruct them to package it and sell as orange-juices" to the non-financial people who were just looking for safe places to park their hard-earned savings.
There should be a line of integrity in those bankers who are selling these nice-packaged products. They have to claim responsibility, not shrink them!
Look at people who sell slimming pills to others, were they not put to court, even though for them, they claim they do not know the full contents of the products too!
Those pill-sellers are only part-timers, but the bankers we are talking about are PROFESSIONALS! Why do they call themselves bankers for if they cannot differentiate the products that they are marketing? And if they do not know the products that they are marketing, what about non-financial people like all the aunties and old ladies in the streets?
MAS definitely have to punish all these unscrupulous people! Otherwise, how else can Singapore be a FIRST-CLASS FINANCIAL HUB? First-class financial fraud, maybe.
The issue in question is huge, it is not just a dollar or two kind of question.
I would think that this is quite pointless. The underlying derivatives did not fail in this case, but the issuer, a large US bank fail. One year ago, it would have been inconceivable, so now it is bankrupt, who can you blame?
ReplyDeleteI think the biggest culprit are this financial institutions consumers should be more careful & read the fine print & clauses on the brochures for all this structured products because they are not transparent at all. A friend of my who bought Jubilee 3 series 3 LinkEarner Notes called the hotline & the staff at the hotline does not even know if terms & condition of credit event is printed on their brouche & has the cheek to ask my friend to call up distributors to check. What's the point of buying products from this irresponsible financial institutions I think capital market authorities shoul implement highlighted credit event outcomes in big print & ensure the client read & sign on the page before buying else impose fines on this financial institutions who do not do so.
ReplyDelete