Tell your Member of Parliament

Hi,
Thanks for your initiative. I hope more people will sign up. There was a protest in Hong Kong on the same issue and understandably, CNA reported, the investors are considering suing the Lehman sellers.

My series 3 was sold to me by X based low risk with the possibility of defaulting if any of the 6 banks declare bankrupt. Given the good rating and the international reputation of these banks, I was encourage to take especially when it is also a bond.

When Lehman declared bankrupt, more information was release from internet [Lioninvestor.com] Then I came to know about Swap agreement, arranger and derivative packaging. Till now, I still have no idea what Lehman do with the money since X did not furnish the information. They are more like trying to say follow the contract i.e. Swap arranger defaulted, so wait for HSBC trustees to determine any $ left.

Bad selling, poor understanding of this product and finally sad for Singapore's financial hub if MAS is not going to help as the investments are hard earn money for retirement. I paid $Y and still thinking how to start saving all over again.

REPLY

I suggest that you should lodge a complaint with your Member of Parliament. I hope that your MP can ask for MAS to be more pro-active in looking after the interest of the general publlic.