Dear Mr. Tan Kin Lian
I would have never drive in a F1 vehicle unless I make sure that I am thoroughly trained in the mechanics and the operation of the specialized automobile.
I wouldn't dare to tread into a dense forestry unless I am well equipped with navigational tools and go though training in advanced topographical skills.
I wouldn't also dare to swim in the deep sea, choppy waters unless I am well sheltered within a shark cage.
Why would any one in the first place, invest in a financial instrument when they have no idea of the underlying principles and functionality of the product?
I can probably think of one word, however harsh it may be - greed. The greed of potential high returns, and indeed this greed has returned to haunt those who have no idea what they were buying in the first place.
Never mind what the bankers says, never mind if there were any misrepresentations, I wouldn't even place a cent of my hard earned money (and I shudder to think of those retirees who placed in their entire life savings) into something that I do not understand.
Please do not get me wrong. My eyes wept for those whom I read in the newspapers who have lost a huge chunk of their life savings into the Minibonds, DBS high notes series etc. They have worked hard to save their money and its almost gone following the collapse of financial institutions in the United States. Some of them, though hard they may slog for the rest of their lives, will not see this kind of money, again.
While I feel nothing but pity for these poor souls, is it fair to ask the rest of us who did not invest, to support this petition and ask DBS, whom all Singaporeans have a stake in, to compensate the investors? I ask in reverse that if the US financial institutions did not fail, the sun shining brightly as ever - when these minibonds investors collect their quarterly payouts and high returns, how will it benefit the rest of us?
While our views may differ, I applaud your efforts in raising the awareness of mis-selling that are so rampantly found in our banks, and providing a voice for Singaporeans when it matters.
My views as a man on the street
Dear Simon Chan
I suggest that you read the views of the investors expressecd in:
I also suggest that you attend my meetings in Speakers' Corner, Hong Lim Green, on Saturdays 5 to 7 pm.
Can you tell me your age? and occupation?
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10/19 - 10/26
- HK Monetary Authority refers 40 more 'mini-bonds' ...
- Speech at Speaker’s Corner – 25 Oct 2008
- SCMP: Angry investors protest
- Speaker's Corner - 25 October 2008
- A serious recession in the months ahead
- Call for Public Inquiry - some views
- No compensation from ABN AMRO
- Just One Year
- Investors want open forum with DBS
- Hong Kong: Legco raps shortcomings in minibonds mo...
- Global financial crisis is getting out of control
- Treat all investors fairly
- Response to: DBS begins process to compensate cust...
- Reputation as financial services hub
- High risk, absymal return
- Impact of Lehman Brothers on different types of se...
- Demand for Compensation
- A fair compensation
- Distributor should be responsible
- Hong Kong: Minibond investors demand full refund
- New swap counterparty
- Avoid land banking
- Requests for media interviews
- Draft: Letter to request for Open Forum
- Inteview with journalist (4)
- DBS Bank, Hong Leong Finance and Maybank to give c...
- Marketed to Asians
- A good settlement?
- Did the financial institution carry out any risk a...
- Understanding the technical terms
- Collective letter to distributor
- Collective legal action - request for proposals
- MAS push responsibility to Financial Institution
- Where does the BUCK STOP?
- Lawyer: No obligation, no fee consultation
- SCMP: Investors hit by Lehman collapse get papers ...
- Volunteers to write statements of complaints
- Post in my blog without Google account
- Block comments
- Response to Mr. Lim Hng Kiang and MAS
- Independent financial advisers are not able to com...
- Investors should not be compensated
- Do you hear the people sing
- Exploitation of the consumer
- Views from an ex-private banker
- MAS reply to Parliamentary Questions on Credit Lin...
- Interview at Bloomberg TV
- Continue your good work for ordinary citizens
- HKMA refers Lehman-Brothers-related cases to the S...
- Positive or negative?
- Petition #3 (To Mrs Lim Hwee Hua)
- Fraudalent misrepresentation and clear mis-selling...
- Be careful of your relationship manager
- Tips from an ex-financial adviser
- Be truthful, not fearful
- Petition #3 - Fair and equal compensation to all b...
- Onus of proof
- Volunteers to write statement of claim
- Jubilee Notes
- Speaker's Corner - Credit linked securities
- Suing for defamatory remarks
- Call to MAS - investigate mass cheating
- New list of investors sorted by distributor
- Conscience, integrity and trust - a leader's hallm...
- General advice to investors of structured products...
- Interview with Sunday Times
- Ask for a full refund now
- Do not succumb to greed
- Ask MAS for advice to sort out this type of proble...
- Not an isolated case
- Lehman Structured notes on Wheat and Milk
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