I am Mrs Rebecca Lee. I wrote to Straits Time basically saying DBS is omnipotent since DBS defended all their relationship managers and that they have explained all the risks to us "investors". But that's not why I write this. What's important is for all to know:
In Today's news, DBS is saying it will settle case by case. This is obviously a reaction to the gathering that Mr Tan have brought all the victims of DBS HN2, 5 together with others. DBS high note victims have scheduled to go to DBS shenton way 10 am to demand a settlement and bring all documents along. DBS must have gotten wind of this and decided to do a divide and conquer. I just want to make sure that none of us is stupid enough to let this happen and that we will continue to find where the other 1400 investors are, gather friends and family to give us the support and get justice done this Wednesday 10 am as agreed. If not for this gathering, DBS would not have any response. The squeaky door gets the oil. Please get more people to support the DBS HN victims. For some it's their life long savings - for others, it's their children's future that got pawned away.
Look at what the HongKongers do and see what DBS's reaction to them. Don't be a door mat or we will get stepped all over by DBS.
Mrs Rebecca Lee
A DBS press release (13 Oct 2008) claims it would take responsibility if customers are able to give evidence of mis-selling in relation to products affected by the collapse of Lehman Brothers on a CASE-BY-CASE basis.
ReplyDeleteThis means ISOLATING each victim which HAD benefited from participating in collective action so far. If victims loose unity, then all victims will be UNDER THE MERCY of DBS.
Don´t be a fool! Continue collective action and we will win. Success so far has indicated that the people, united, will never be defeated.
There will be a DBS Sit-In starting at 10am on Wednesday (15 Oct 2008). Please turn up to show your support. It is time to stand up for fellow Singaporeans.
For those who aren´t sure where the Shenton Way Office is, I have provided the address below:
DBS Bank Ltd
6 Shenton Way
DBS Building Tower One
Singapore 068809
The police has already warned u guys the investors not to do anything 'stupid' on wed.It's in today straits times.so seems that DBS and police will do something if u guys go ahead.Pls don't compare hk and here.Hk can anytime hold protest.Here more than 5 ppl,condier illegal gathering.i am sure ug uys don't want more trouble with the law with all the troubles u guys having now..just my opinion.In singapore,there is no justice for common people unless ua re willingly to take a private lawsuit and waste more money on lawyers.'Justice' over here is very costly and only for the people in power.
ReplyDeleteIt will be even better for DBS to notify those who bought and did not respond to this call. I am afraid that those old aunties and uncles might be away for holidays or afflicted with sickness who could not respond immediately.
ReplyDeleteWhich ever banks take this initiative to act honourably and promptly would win their customers back to bank with them.
This is the time to prove "We are GENUINE to put your interest first!"
If 5 is the magic number and there happens to be a queue of at least 5 customers to terminate their DBS bank accounts, is it illegal?
ReplyDeleteIt is consumerś right to terminate services with the bank if they are unhappy with the same bank.
It is extremely stupid for one to continue to keep money in the very same bank that had cheated the life savings of his/her friends and family.
dbs bank also a victim too, it should not compensate the investors lost in the minibond.
ReplyDeleteInvestors can not expect other to save them when they make wrong decision.
Dbs share will go down and shareholder like us will suffer lost.
How can DBS compensate case by case? Is there any evidence to prove any investor who was fully aware of the risks but still put the money in? If so, he must be very crazy! If I had known that any FIs using my money to earn high profit, but shed all the risks on me and provided me only a mean return, I would turn back to them. and I think it is a reasonable reaction for any rational person.
ReplyDeleteAs a matter of fact, all investors are misled no matter they are retirees or professionals. As the products are really too complex and the RMs did not offer them time to bring back the pricing statement to digest.
I think it is time MAS fix the regulation to make sure salesmen don't misreperesent.
ReplyDeleteYes, can not let them settle case by case, then it will be more complicated and time-consuming. A few series minibond has received mail from HSBC their note were default. The case is closing, if we can not find a solution before it close, it will be too late to do anything.
ReplyDeleteAll investors are misled as they use the name "minibond" to cheat people they are bonds. In Chinese, they are selling dog meet, but hang up a goat head.
"investors lost in the minibond.
ReplyDeleteInvestors can not expect other to save them when they make wrong decision.
Dbs share will go down and shareholder like us will suffer lost."<----------- I beg to differ..they suffer?their relationship managers got fat fat bonus/commission..they are losing all your money..its like I use your 100,000 to tell you I buy property but in fact I buy TOTO and lost all..I believe that even if you lose, banks do earn..Please take a look at their paychecks. They earn 5 digits monthly for an average financial consultant.They won't advise to invest your money for free..banking people usually buy LV bags, expensive clothes..where did they get their money from? from ignorant investors....
there is no justice in this country any more. justice belongs to the rich and powerful only. agreed with mrs rebecca lee, divide and conquer is their strategy. i was "invited" by another FI to go for an "interview", "in accordance with the requirement and procedure of MAS". the way she put it to me and her tone, i felt like shouting at her. i asked her if MAS does not require that procedure will she still call me? she was dumbfold and talk about something else. i think we should not fall into the trap. i need some advise what to do? should i go and what do i need to prepare?
ReplyDeleteYes, can not be case by case. It is another type trap. How could us as a normal people fight with those big fiancial institues? How to proof? Their RM turn over is very high, many left already and the communication were not recorded. How long it will take. Many minibonds series has declared default and going to be unwind. Once they are unwinded, there is no chance to get back our money at all.
ReplyDeleteWe need to fight together.
NO CASE BY CASE!
Please due with this matter rationally. Illegal gathering and operate a lobby is totally against the Singapore Laws. Worst still, you might get counter-sue by the Bank for damaging its Image and business. NOT WORTH IT. THINK TWICE BEFORE YOU ACT
ReplyDeleteMy personal view on this dispute is the failure to exercise due diligence in meeting client expectations. If DBS Bank is an SME, I would have accepted my luck, but DBS Bank and banks like UOB and OCBC are not small fries but recognized regional players.
ReplyDeleteActually I had predicted this PR nightmare to come to pass, even before the word "credit crunch" started appearing on the newspapers. You could call me a guru in that sense.
Makes me wonder why the CEOs and experts in the banking industry did not see it coming. Or has PURE GREED blinded them all?
By RTA.
Who said the CEOs did not see it coming. DBS CEO Jason Tai announced resignation shortly after High Notes 5 was launched. Collected money and "Zapu" first.
ReplyDeleteInvestors suffer heavy lost. It a costly lesson that many of you going to pay for the greed and ignorant of buying minibonds.
ReplyDeleteMAS can only make more rule for future investment but can't do much to recover the lost for you.
Hi folks,
ReplyDeleteIf you have any insider news to publish, please email us at wayangparty@hotmail.com
We will get it out to the entire blogosphere in less than one hour.
I can fully understand so much grievances, frustration and anger by those affected investors. I have posted many times in this forum about - INVESTORS WHOSE STRUCTURED NOTE NOT-YET-MATURED. How do we handle it. I am sure there are alot of people like me who were not advised properly. The bank did not tell us that the prospectus were not launched with MAS - which means not regulated by MAS. The product they recommend is for high net worth. We are ordinary folks not high net worth. In this instance, what should we do. I don't seem to have come across any advice for us. Do we wait till something happened. By then, it will be too late for us. Can we request MAS to look into the prospectus?
ReplyDeleteHi,
ReplyDeleteSince you're NOT high net worth investors, then as Notes holders, you should also decline to accept their 5~7%p.a. quarterly interest payments, right?
Can I conclude that in good times you happily pocket the quarterly payouts, but when things go wrong you jusz blame everyone except yourself?
If you go back to the first half of 2007 or earlier, the FD bank interest rate then was over 2% p.a. Thus, at 5%p.a. for these Notes, it is certainly not high, relative to the HIGH risk - so it is not greed but tricked by the banks!!!
ReplyDeleteDear 12:28pm,
ReplyDeleteYour reasoning is flawed and irrelevant! 5+% dividend p.a. is peanuts when you weigh against the subtle caveats of astronomical risks. It's not a blame game but an awakening for everyone, especially the regulators of MAS for allowing such sophisticated products to be sold to the general public.
Hi Mr Tan,
ReplyDeleteAs far as I'm concerned, those Structured Notes eg Minibonds, Hi Notes etc, are supposed to be a SAFE product becuase they are credit linked to a group of well-established brand names like Merill lynch, Lehman Bros, CitiBank, Barclays, etc. with at least AA rating. That's why the interest payout is around 6%, and not 10% or 15% p.a.
In 2007 or before, who would in his right mind imagined that the credit crunch and subprime issues have decimated most of these banks??
I have 2 AIA policies bought over a period of 20 yrs. At that time my AIA agent never told me that SHOULD AIG collapse, I would lose all my monies. Should I now blame my agent for negligence??
I urge investors to accept their loss gaciously, and not anyhow blame others. If you can afford to buy 100k woth of Minibonds, I'm sure you are still living quite well now, right?
Dear 12.21pm,
ReplyDeleteI really hope you will live up to your graciousness if AIG were to suffer the same fate of Lehman rather than being recued. No anxiety whatsoever...life goes on?
AIA will be able to pay all its clients..MAS assured!! The point is whether you're in the same shoes as the plight of the people who are pinned under Lehman's majestic fall.