Friday, September 26, 2008

Support for Petition

Hi Mr. Tan,

I am truly heartened to learn that you are championing a petition to ask the government to investigate into the substantial losses that many investors may face arising from their investments in structured notes sold by financial institutions here.

I think the investigation should not limit to those notes mentioned in your blog. I think the investigation should cover a wider scope to include all other series of those notes such as High Notes 2 and others minibonds and jubilee notes and others. This is because we have been warned that more defaults may surface in the course of the next few interest payment dates.

One thing that I do not quite understand is why there seems to be little voice coming from those who have been vocal in parliamentary debates on issues concerning public interest? Is the potential loss of hundreds of millions of dollars in dubious investment instruments by the public not an issue of concern to them?

REPLY
The Petition covers many structured products, including those that are named in it.
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2 comments:

Monsoon said...

Unless I miss something, our consumer watchdog is sleeping? CASE silence is astounding. Are they aware what is happening or not? Its none of their business? Unless kopi O goes up by 5 cents, they make big hoo haa.

As regards insurance, finance, education, tainted milk, those issues raised by Mr Tan, they seem to be ignorant of? perhaps someone should do them a favour by asking them to check your blog everyday?
I have not heard anything from them. Maybe they are waiting for someone to invite them to weigh in on this small matter?

To be sure, I checked their website today and the latest news dated 6th august proudly announce cost saving of $710 for mothers who breastfeed. LOL.

September 26, 2008 2:10 PM
Anonymous said...

Maybe we should examine why such products are allowed by MAS to be sold by banks to ordinary retail folks in the first place? Is MAS not aware that they are not only risky but also unfair (chances of capped small gains but big full losses) to the investor? Ask MAS this question and it will be interesting to see how they reply, if at all.
Or maybe MAS even consider this (including folks' big losses) as normal, as part and parcel of being a modern, dynamic financial system. Just like in a battle, lives may have to be lost and folks have to accept it.

September 26, 2008 8:17 PM

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