Tan Kin Lian's Blog: Be empathic to investors who lost their savings

Thursday, October 30, 2008

Be empathic to investors who lost their savings

Dear Mr. Tan,
I am a victim of the structured product. I get the impression that many people who are not directly involved said that "the investor should be blamed for buying the product. They should check carefully before they buy the product.

Even our Prime Minister has the same view. Can you help us to pass the message to the PM about why and how we were deceived?

REPLY
I will be happy to meet with the Prime Minister, if he is free to see me. I have spoken to some of the people who held this view - that the investors should not be compensated for their loss, as they wanted a higher return.

In the conversation, it was clear that they were not aware about the nature and risk of the product, and how the investors were deceived. After I told them about the product, they become sympathetic to the investors.

I like to ask other people who hold an unsympathetic view, to watch this video:

http://www.youtube.com/watch?v=fRFq6mJhOiw

19 comments:

Anonymous said...: Summary

"It cannot be that if I invested and it turned out well, then I am happy, but if I invested and it turned out badly, then I am entitled to compensation."; October 30, 2008 1:31 PM
Anonymous said...: Yes you can if you are deceived!; October 30, 2008 2:16 PM
Anonymous said...: Under the law of contract, if fraud is involved, the contract is void!; October 30, 2008 2:33 PM
Anonymous said...: Reply to 1.31pm.
It is very unlikely that you have not be cheated before, but it is more likely that you are cheated without you ever realising it !!
That for example, a customer bought the toxic china diary product, he will not complain if nothing bad happen to him, but will make a big fuss when bad effect from the product surface. Can then be argued, "no body put the knife on the throat to buy it, you bought it on your free will and so you do not have the case against the manufacturer."
Again, why should be a warning in the cigarette boxes that smoking is not good for health." You should not stop people from smoking, if those boey kiasi people still want to smoke and die, then nobody are to blame.
If the HN5 and minibomb product put out, like in the cigareete boxes, that this is a very high risk product, and you could lose all your investment, then the investors will have no case. But we were told by the RM, the product is diversifiy and thus, if something happened, it will only affect a small portion of the capital.

HS; October 30, 2008 2:38 PM
Anonymous said...: Either 1:31pm is being naive or he has an interest in the FIs.; October 30, 2008 4:12 PM
siewkhim said...: Kin Lian,

The PM has more important thing to do than meeting you.

You are jobless got kick out of NTUC Income by the Board. That is why you have a lot of time to spare.

You also kick out many of your staff who don't tow your line. Now you taste the same medicine.

We are known to be a selfish person who care for yourself and always want to be on the comfort zone.; October 30, 2008 5:15 PM
Anonymous said...: I am a victim of the structured product.

I would like to say that I lost money in stock market and never make any noise because I know what I have put my money into.

But I cannot keep slient when I put my money into "bond" which turn out to be toxic product!!!!!

regards
Roger; October 30, 2008 5:36 PM
Anonymous said...: Siewkhim,
If that is your real name! You must have a personal axe to grind with Mr. Tan. You should identify yourself and be a man or woman or whatever and confront Mr. Tan in broad day light and not hide in the dark shooting arrows behind his back.

You can say whatever nasty thing about Kin Lian but unfortunatly no one will believe you so you are just wasting your time so buzz off!; October 30, 2008 6:28 PM
Anonymous said...: siewkhim,
you really sound like a born loser with only extreme and negative views!
If you have nothing good to say or do not know what to say, just go for a holiday or go kick yourself!! This is a forum for sincere discussion and not for people who need mental care!!! Mr. Tan, we are all behind you!!!!!!!!; October 30, 2008 6:45 PM
Anonymous said...: I think you are sick and you should see a doctor, siew khim.; October 30, 2008 8:04 PM
Anonymous said...: er dont be too quick to judge a character

thats one thing least we could learn from er this character

we havent really know whos the losers and winners in this case

someone might ACTUALLY get sued if the wrong line is crossed.

i think that point had to be taken very seriously. SOMEONE PLS UNDERLINE THAT. PLS

so lets get to the finishing line before any conclusion; October 30, 2008 9:00 PM
Anonymous said...: Siew Khim,
Now everyone who read Mr. Tan's blog know this name though we know this is not your real name.

We also know some of the siily things being posted under annoymous were probably you too trying to give impression that many people are against Mr. Tan.

It does not work. Think before you comment again from your butt.; October 30, 2008 9:10 PM
Anonymous said...: Siewkhim,
Unlike you, I have the highest regard for Mr Tan Kin Lian for the work he is doing.
Instead, I think some of your comments are more applicable to yourself; October 30, 2008 9:31 PM
Anonymous said...: Dear Mr Tan,

I truely believe our top leaders include our PM do not know the obvious oversights by the authority(MAS) cos their officers won't admit it and they do not know the real situation. They kept saying people need to be responsible for their own choice but they do not realise it is just not possible for so many people to have invested big part of the life saving to earn 4, 5% if they would to be told of the exposure - what first to default, the investor is actually the insurance provider, what CDOs ... who will ever risk lossing full sum of money to earn a 4, 5% ??? The only obvious reason is that bank is hiding the risk in order to sell and MAS has misinterpreated the product and approve it as a bond and now clearly keeping silent on their oversight in this products ...

Mr Tan, I think you should have your simple, easy to understand explanation of the logic published in the newspaper to get more general public to understand, not just in this blog.

Not only did we suffer big loss of money here, we are thought by those who do not know the actual situation labelled as greedy lots, as the grambler who lost money and cried foul now ... if we want to take risk investing in stock is definitely a better choice - even if we have a stock slump even if the stock value drop by 60-70%, it will bounce back and get profit. It would not take 5 1/2 years ...it would definitely not.

Bobby; October 30, 2008 11:02 PM
ph he said...: Mr. Tan,
This is a national crisis which certainly warrants meeting the highest level of the nation. I fully agree that you request to meet with either the PM or The chairman of MAS to share with them first hand how many people, especially retirees, have been cheated/mis-sold with all these toxic products. Also, all such products which have not yet matured or collapsed should also be investigated immediately and if found to be toxic, withdraw from the 'shelf' immediately akin to that of baby milk!; October 30, 2008 11:16 PM
Anonymous said...: I wonder why did TKL even approve "Siew Khim"'s comment? lol

use some brains ppl.; October 30, 2008 11:47 PM
Raymond T said...: siewkhim, those comments that you made were really uncalled for. Let's all try to be constructive here. Even if the minibonds issue did not affect you personally, please try to empathise with those affected. After all, it could have just been you or your loved ones. What goes around, comes around.

(note: I did not buy any of these products); October 31, 2008 12:48 AM
Anonymous said...: ever heard from taxi uncles that chee was there to make pap look good? I wonder what is tkl motive for publishing siewkim comments...; October 31, 2008 6:28 PM
Anonymous said...: IF PM or SM care about this and all of you, they would have met Tan KL in Sep or Oct, not wait until Nov and #4 partition, but still very busy, talk about China la, India la, don't know is it really busy or excuse bla bla bla. So move on lah, and don't trust anybody from now on, gahmen included.; November 05, 2008 9:30 PM