Tan Kin Lian's Blog: Loss of life savings

Monday, September 29, 2008

Loss of life savings

If you have lost most of your life savings in the credit linked product, please send your story to me at kinlian@gmail.com. Your story should state the following:

1. Your name, contact number and age
2. How much did you invest, name of product, bank and branch
3. Circumstances in which you invested in the product
4. Details of any misleading statements or assurances given to you
5. Was your risk profile given to the seller?
6. Does your investment represent a substantial part of your lifetime savings
7. Will this loss cause great financial hardship to you?
8. Any additional information

I will compile your reports and pass them to Mr. Goh Chok Tong.

10 comments:

Anonymous said...: Mr. Tan,
You are a wise man with a kind heart.
Really appreciate your effort to help the poors and the weaks.; September 29, 2008 11:58 PM
Anonymous said...: Goh Chok Tong? This man just alluded to the fact that investors have themselves to blame, and should have put their money in CPF. What a joke.; September 30, 2008 12:16 AM
ym said...: this is not like stocks or property bust, ppl who invested in stocks, unit trust (from dot-com to cao to 1997 property bust) surely understands the risks of these markets..

aunties, uncles, (non-financial engineers) will never understand the risks of selling/underwriting derivatives.. remember, RMs also dont understand the risks..

it is very important that investors be made whole now becoz we are now facing the risks of a great depression/severe global recession.. retirees will need all their savings to weather this..

lastly, the fractional resevre banking system needs to be abolished with a new sounder/prudent system of austrian banking system..; September 30, 2008 12:54 AM
Anonymous said...: Hi Mr Tan,

When my $50K fixed deposit in MAYBANK matured I went to the bank to renew it. The Relationship Manager proposed that I invest the money into something with better returns, ie the MINIBOND Series 5. She mentioned that it is backed by credit worthy banks and very safe. The prospectus seemed to said that "we invest on the shoulder of giants". I am a homemaker with no financial background. I also make known to the RM that I cannot tolerate risk. I am very very sad over this because its hard earned savings. Its my children's education fund. I put all my fixed deposit of $50K into this Minibond Series 5. Can the bank sell a product that has such high risk without adequately advicing the clients?

Chris; September 30, 2008 9:44 AM
Anonymous said...: Chris,

Looks like there are alot of people with the same situation as you.And came to realise that there are a certain amount of people who are being propose for this structured product are when they renew their fixed deposit,and invest into 'something' as safe as FDs but with higher return.
Is their main target aunties and uncles as they are easier to convince with no investment background and knowledge where the prospectus are almost impossible for them to understand?; September 30, 2008 12:45 PM
Anonymous said...: When you loss a small amount to your friend or relative, you will hatehim for life. You will never forget.
When you loss big amount (may be 100 times more) to a giant, you say it is life, because you can't do anything.; September 30, 2008 2:48 PM
Anonymous said...: Minibond S2: S$100 million sold
Minibond S3: S$ 68 million sold
Minibond S5: S$ 68 million sold
Very big sum. Many must have hurt.
Any one has the statistics / numbers?; October 01, 2008 7:07 AM
Anonymous said...: Mr. Tan,
There was a good article written by a retiree on how he lost his savings in ZaoBao last week.
Could you post his article on your blog?
He may have more stories to tell. Thanks.; October 02, 2008 7:36 AM
Anonymous said...: Mr Tan

1. Is there any cut-off date to
submit our story to you?
2. In our letter of complaint to
the FI, we have cc a copy of
the letter to MAS too. Will
this be a duplicate?

Thank you for helping us.

Bessie; October 04, 2008 10:03 AM
Anonymous said...: Mr.Tan,

When is the deadline for submission of the report?

Thank you.; October 04, 2008 11:41 AM