Tan Kin Lian's Blog: New "petition" to collect particulars of investors

Wednesday, October 15, 2008

New "petition" to collect particulars of investors

I have created a new "petition" to collect updated particulars of investors of the credit-linked securities.

I wish to invite investors who signed the Petition previously and new investors who missed the earlier Petition, to provide your particulars again. I am using this platform to collect particulars. I am NOT organising a new petition.

Click here:
http://www.petitiononline.com/PICLS4

58 comments:

Anonymous said...: Is the following true? Don't see it on your blog though.

From: makapa 3:19 pm
To: ALL (1 of 2)

8368.1

http://tankinlian.blogspot.com/2008/10/climate-of-fear-and-intimidation.html

Climate of fear and intimidation
Someone sent a warning to me that I may be a risk of being sued for defamation - because I organise a petition to ask the Government, especially the Commercial Affairs Department, to conduct an investigation into the credit linked securities.

He reasoned that this petition implies that there were wrong doing by the parties involved in the credit linked securities, and they may consider that I have defamed them.

I rejected this reasoning. But a few other people seem to think that this is a possibility and advised me to "be careful".

This reflects a very sad state of affairs in Singapore. There is a climate of fear, even of speaking out against injustice and wrong doing. It is so easy for big business and powerful people to intimidate the weak with the threat of lawsuit.; October 12, 2008 9:15 AM
Tan Kin Lian said...: You can search the word "fear" and retrieve the posting in my blog.; October 12, 2008 10:17 AM
Anonymous said...: It shows that FIs who pushed these toxic products are very worried now. I bet those FIs are doing house cleaning to cover theie tracks.

Appeal to those RMs who have consscience to stand forward to help the affected. I believe the reason you said the products were conservative and safe is because you were told so.

I believe nobody knew until now that the invested money was used to insure Lehman Brother's investments elsewhere.; October 12, 2008 10:18 AM
Anonymous said...: Dear RMs,

You do not have to show yourselves now. You could stay anonymous and tell us (investors, MAS, investigators) how those FIs operate in pushing those products. This will provide leads for The Authority to investigate.; October 12, 2008 10:34 AM
Anonymous said...: Mr. Tan, what you are doing is selfless and should be encouraged. Perhaps you should consider running for President. Singapore needs a leader like you.; October 12, 2008 10:40 AM
Anonymous said...: Dear Mr.Tan,
I was at the speaker's corner last nite. Thanks for organising the event.
I have put my $$ in both Lehman Minibonds & Pinnacles .
Need to seek ur advice on my case: I bought my notes from OCBC Securities (could not managed to find others around the Minibond corner that bought from the same institution as mine last nite).
I read the brochures of the those products i bought and thought they were of low risk as the reference entities are all well known financial institutions . Little did I know about the high risks involved . Little did i know that by earning around 4-5% interest p.a. could possibly wipe out my entire investment!! I personally called my broker to send me the application forms & then handed him the cheque. As usual i was required to put my signature on some documents . Well no advice on the risk involved on those notes were mentioned when i signed those forms.
So in this case , no one persuaded me to buy into these notes but I was definitely misleaded by thinking that the products are all of low risks !!! So should i still sign ur new petition??

Do u also have a breakdown of those who bought from OCBC Securities that i can contact ??
I need to hear their views TOO...

Lastly a very sincere thanks to you for what u have done so far .

Xie Xie Lah......; October 12, 2008 1:20 PM
Anonymous said...: Dear Mr. Tan,

We really appreciate your efforts, time and experience in advising us.

The gathering and your talks yesterday were useful to us.

Many thanks; October 12, 2008 2:38 PM
Anonymous said...: Can someone tell me where to obtain a copy of the DBS High Notes 5 prospectus and the original Lehman Minibond prospectus and supplements?; October 12, 2008 3:00 PM
Anonymous said...: Thank you Mr.Tan,you are doing the affected investors a big servce. We need more people like you to come forward.; October 12, 2008 4:05 PM
Anonymous said...: Dear Mr Tan,

With reference to the affidavit, after i read through, i am not sure if my case is weak because several of the items don't apply to me.
I bought the 3 products through a broking house which i had been investing as a retail investor for many years. The brochures and application forms were mailed to me with my monthly account statement and i returned the form with a cheque attached. No one ever explained to me on the risks, hence it can also be argued by the FI that no one had mislead me. I bought them based on my trust with the broking house and the impression that the money pooled was used ot buy those corporate bonds. I did not really read the details, and i did not have the time to go down to the FI's office to seek clarification. I thought they were safe investments because of those reference entities. Plse advise me if there is a case for me, and whether it is a weak one as i deemed it to be. Thank you for your kind advise.; October 12, 2008 4:42 PM
Tan Kin Lian said...: Hi 4:42 PM

It seems that you have a weak case. You should have studied carefully before you make the investment.; October 12, 2008 4:53 PM
Tan Kin Lian said...: Hi 1:20 PM

You can give your particulars in my new Petition. I will organise a new list of investors who bought from the same financial institution.; October 12, 2008 4:54 PM
Anonymous said...: Dear Mr Tan Kin Lian,
I attended your gathering yesterday. Thank you very much for helping us. I have bought High Notes 9 and 10 from DBS, Jubilee 8 from ABN-AMRO (now bought over by Royal Bank of Scotland RBS), and Pinnacle 15 fro StanChart. AS these Structured Deposits (SD) are not linked to Lehman Brothers (LB), so far i have not suffered any real monetary loss, although i have found out from my Relationship Managers (RM) that the sell-back prices of these SDs have fallen to about 70% of cost price. As such i do not have a strong case to lodge a complaint, becasue the SDs are meant to be held to maturity. But i believe i have been mis-sold by the FIs (banks) because when the RMs do my personal profile form, i always marked myself as Conservative and Risk-adverse. Yet the RMs have no qualms in selling me these High Risk products. Should i also join in the new petition list of names ?
from..Chan Sig Yam, mobile..98198667. Thank you very much.; October 12, 2008 5:22 PM
Anonymous said...: Dear Mr Tan,

Firstly, thank you so much for providing us this channel to discuss and offering your helps.

We bought Minibond Series 3, and when we called up the FI to inquire, we were told by the FI that we should just wait till further notice. Would like to seek your advice on what should we do now. Thanks.; October 12, 2008 5:35 PM
Anonymous said...: I notice the inconsistency in the reporting of the protest at Hong Lim.
The figure varies between the Newspapers. The Sunday Times played down the figure although given the front page. I don't understand the rationale.
One missing peice of very important news is Section 27 of the FAA which was broached very frequently during the interviews. I am puzzled too that the reporters didn't think it was news worthy or important to the whole saga.Maybe, they don't want to be the 'bad people" highlighting and betraying the RMs and the financial consultants.And also maybe they don't want to embarrass MAS for lapses in the application of this regulation.In fact this is the section that would win the case for the investors. If the investors can prove that they were misled, mis-sold and misrepresented they should be entitled to the full compensation.
All the evidences can be found in the KYC forms which should be given to the investors a copy according to one of the MAS Notices.
As someone said about reporters. They report to somebody. They are no journalist let alone an investigative journalist.

Justice must be seen to be done.; October 12, 2008 7:00 PM
Anonymous said...: Dear Mr Tan,

Thank you. I'm not sure whether Trust can be a basis of my case? Again, i subscribed based on the 6 bonds listed in the brochure and did not read the details.
Plse also advise me what is the price for Pinnacle 5? Is it still intact since it is not related to Lehman?; October 12, 2008 8:22 PM
Anonymous said...: Dear Mr Tan, anonymous 4:42pm,

I don't think 4:42pm has a weak case. The product brochure are very misleading. The product name minibond itself is misleading. These led him to believe he is buying a basket of bonds, as many did.

Also, can 4:42pm's broker use such a simple process where there is no explanation of the product or it's risk at all to sell these complex products to him? I appreciate if Mr Tan can comment. Thanks; October 12, 2008 9:03 PM
Anonymous said...: When we buy these CLS, we have to sign many documents to protect the FIs.
Wonder if we have the case of "Undue influence", beside "misrep."? We bought the product based on our udnerstanding. We have no choice but to sign the documents when we buy. It is like opening a new ac, we have no choice but to sign the documents to open one.
The contract /docs signed under such circumstances will not be strong.
Any view? Thanks.; October 12, 2008 10:40 PM
Anonymous said...: Mr Tan,

I don know where to direct my letter. You see, I bought it from a financial planner (Finexis) but this seem like independent FI. Do I just direct my letter to this independent FI or elsewhere? I don't see Finexis in your list of FI that I could direct my letter complain. Appreciate your advice. Thk u !; October 12, 2008 10:41 PM
Anonymous said...: Finexis must have a tie up with some security firm.
You may go after both. Any views please?; October 12, 2008 11:26 PM
Anonymous said...: 10.40PM,
Section 27 of the FAA is your weapon.
Have you been provided with a copy of the fact finding you signed? Get a copy. If the bank refuses to give lodge a complaint with MAS. All investors must be given a copy of the fact finding form aka KYC.; October 12, 2008 11:39 PM
Anonymous said...: 10.41,
lodge it with the distributing bank.
Finexis is the sub distributor.; October 12, 2008 11:40 PM
Anonymous said...: Dear Mr Tan,

I missed the gathering at Hong Lim on this Minibond issue.

I bought Minibond series 3 and was told that this has NOT defaulted yet as we (the bank) would only knew of the situation in December (when it is time to pay up the bonus).

The reply from the bank (ABN that I bought from) confused me as Lehman has already filed for bankcruptcy and why would they still warrant the payment since they have alreday defaulted payment for the other series. When I checked with HSBC (the trustee, according to the FAQ published). It said that it is now depending on a unknown company called Beryl (which apparently have a different set of Underlying entities NOT mentioned at all in the MiniBond factsheet nor the sales seminar the bank conducted to launch the sale of this product).

I feel very confused and very cheated. I wanted to invest in low risk product though it is with low return. But both the fact sheet and the presentation given by ABN kept talking about how solid this bond was as it was linked to those big financial institution but the fact is, this is NOT the case at all. They have some strange mechanism to tie it to a set of holding totally different from what they indicated on the fact sheet.

I would like to find out, as the bond, as the bank said, has not defaulted yet, can I filed for the petition now ? (I am still waiting for the bank to revert on the relationship of those entities mentioned on their fact sheet and those published by HSBC)

Yours sincerely.
P.S. when I checked back in mid of July with the RM why the bond value has dropped so much (one third value gone), she still insist (in her incomplete reply) in her SMS THAT THE COMPANIES ARE AA rated. Todate NOT affected).; October 13, 2008 1:24 AM
Ms Chua said...: Dear Mr Tan,

I missed the gathering at Hong Lim on this Minibond issue.

I bought minibond series 3 and was told that this has not yet defaulted. The bank said they would only knew of the situation in December that was when the bonus payment is due.
The reply from the bank confused me as if they said that Lehman has already gone bankrupt why would Lehman still honour to pay the bonus if it has already defaulted on the bonus payment for the other series. I tried to get more information from HSBC and was told that now we are basically depending on the response from a unknown financial company called Beryl.

I still don't understand the relationship between Beryl and Lehman (and am still waiting for the bank to revert on their reply). The fact is when we bought the 'bond', it was touted as a very solid bond as it is tied to these AA level institutions. However, now the company, Beryl in sthis case, and their Underlying entities just don't match with any of the so called AA rated institutions as mentioned in both the Factsheet nor the seminar the bank conducted during the product launch.

I felt terribly cheated by the bank. However as the 'bond' has not yet defaulted as the bank said, can I filed for the petition now ?

Yours sincerely,
Ms Chua
P.S. I bought the bond (not shares) as I wanted low risk product. but this Minibond is NOT even low risk with low return, it is actually a front (with a low risk ) that actually sell high risk product. This is worst than buying into Hedge fund as at least I am told upfront that it is high risk and not available to retail investor like us.

I remembered enquiring with my RM why the bond value has dropped so much in July. She still replied in the SMS insisting that 'the companies are AA rated. Todate not affected' Not sure whether she herself is fooled by the bank or that she is helping the bank to cover the truth !; October 13, 2008 1:50 AM
Anonymous said...: I have invested in Pinnacle Note 7 and it is not related to Lehman Brothers at all. But the value is now less than 10% of the cost. How is it possible?; October 13, 2008 1:57 AM
Anonymous said...: DBS said it will redeem 70 investors’ Lehman Brothers-related products sold by the bank, making it the first financial institution in Hong Kong to compensate investors in response to the government’s pledge to help the bond holders recover some losses quickly.

The difference between Singapore MAS & Hong Kong HKMAS

http://www.mini-bonds.com/; October 13, 2008 8:41 AM
Anonymous said...: you could have the prospectues/brochures of the high notes from your RM/FI; October 13, 2008 10:08 AM
Anonymous said...: Does anybody know about DBS High Note 10? which reference entity is Capital Land? My RM told me 'you can't expect CL to bankrupt'. CL is a Singapore Property Developer owning many shopping centre and land. It is also partly DBS Bank- link company. She assured me to wait and enjoy the interest. When I asked her about why she didn't inform me about risk involve or that I may lose my whole capital? She knows that money is my children's Education Savings. I also informed her, I am very conservative and am looking something Capital Guaranteed products. My Financial analysis also said the same thing. Now I feel cheated and considering to withdraw my investment with lose of 10% before I lose any more. Can anybody suggest me on what shall I do?; October 13, 2008 12:37 PM
Anonymous said...: Hi 12:37,
I invested in High Notes 10 too. This product is much more simpler than other series as it involved only CL and DBS as the issuer. As far as CL is concerned, it is your view as how safe is this company, just as if you buy the share of this company. HN10 is for about 3 years. The property outlook certainly is not so good but property market has been up and down over the past. So the question is whether CL being one of the largest property companies in this region with strong shareholders and good management will go bust in the next 3 years? I am prepared to bet that the company will survive.; October 13, 2008 2:02 PM
Anonymous said...: When we went to DBS (Hong Kong), we wanted a fixed term deposit for our retirement money. The RM recommended Constellation Structured Retail Notes. Even though the brochure said the notes were not principal protected, she reassured us that the principal was protected if we kept it to maturity. She said the money would be invested in 8 companies all with A rating, all very famous and well-established. The chance of any of the companies would default interest payment was minimal. She said this was even better the fixed deposit because there was no penalty for withdrawal before maturity. That was how we trusted the RM with our retirement money and now lost the bulk of our retirement money!; October 13, 2008 2:11 PM
Anonymous said...: Hi 4:42 pm,
I think it is important that you study the pricing statement very carefully now and see whether there is any misrepresentation, misleading statement or non-disclosure of information that may lead to your misunderstanding of the risk of the product.
Take for example, the High Notes 2 is described as a product designed for "defensive" investors. So this implies that this is safe and suitable for risk-adverse investors. But on 02.10.08, a VP from the bank wrote to ST to say that HN2 is not a low-risk product. So obviously the description in the pricing statement is misleading. There must be other example. Don't give up yet. Look for evidence to prove their wrong doings.; October 13, 2008 2:11 PM
Anonymous said...: Hey I am so proud of you for organising such a rally.Mr tan kin lian and investors, continue the protests. However,i'm worried for you. you know banks are scary institutions and they will plot their revenge against you..but i believe as we investors stay together and boycott bank products, at least we protect alot of people who will be appreciative of us..Most of the time, day in and day out, the financial advisors in the bank badmouth normal insurance agents saying that wat if you need help,the agents are super unhappy to service u..banks r worse bec it is a one-time commission and if u don't believe,go buy from the bank and try.for normal insurance agents,at least its a recurring commission and agent are more likely NOT to mis-led you like how banks do..Somemore,banks cost structure are VERy Very high.Do they CARE about old and uneducated people.Sadly No.If you sign on dotted lines,but don't know anything about the plans,u complain to MAS. Wad happen?You sure lose la..how to fight against banks?haha..so my golden advice is: DONT buy and ask yr frds/relatives NOT to buy bank products. Those advisors only want to suck your one time commission..; October 13, 2008 3:30 PM
Anonymous said...: The more they say, they more they contradict themselves.
Even they are confused about their own product.
Everywhere else, all the lawmakers are helping the investors to ask banks to compensate.

So what is MAS waiting for?

What will it take before MAS decided to act against the banks for flouting the Financial Act?

How will they punish the banks and compensate us for these illegal sales?; October 13, 2008 4:29 PM
Anonymous said...: Dear 3.30pm,

Are you sure you are one of the investors and not an insurance agent trying to bad mouth the banks so that in the future, 'normal' insurance agents(like yourself) will get bulk of the business when our friends and relatives need/decide to purchase investment products?? Your posting seem to suggest you are one. Please try promoting you business elsewhere!; October 13, 2008 4:37 PM
WY said...: Hi, (for people who try to find prospectus and pricing statement)

prospectus/pricing statement of structured product can be found from Monetary of Singapore (MAS)’s Opera under “debentures”.
http://masnet.mas.gov.sg/opera/sdrprosp.nsf/LeftFrame?OpenFrameset&LayerVal=D&Frame=RightPane&SRC=/opera/sdrprosp.nsf/vewPublicLatestDebuntures?OpenView; October 13, 2008 5:15 PM
Anonymous said...: Amazing!!!
These banks broke the act and still dare to threaten to sue us.; October 13, 2008 5:29 PM
ym said...: i read some comments saying CapLand wont collapse becoz its the biggest property dev in singapore, owns many property etc.. but they fail to see that bear-stearns, aig, lehman were once huge companies as well...

also, a big global recession is lurking down the road,.. i dont think anybody can really say for sure that capland wont die.. when you look at capland balancesheet and p&l, how much DONT you know abt the company?..

but it is certainly not good for retail investors to be insurers.. as simple as that..; October 13, 2008 5:36 PM
Anonymous said...: Just log into the MAS website and read through the Minibond pricing statement! I was given the sales brochures and the prospectus but not the pricing statement. If I have read the pricing statement, on how the credit event calculation work, I will never invest. I did not know such document existed till one person posted the link in Mr. Tan blog. Anyway, too late now.; October 13, 2008 9:36 PM
Anonymous said...: Dear Mr.Tan,
Do you think capturing Risk Profile rating done during the purchase be useful?

As one of comments above, some of us might hv been rated moderate aggresive risk profile. Does that make a difference in the case?

thanks for ur intiative!; October 13, 2008 10:51 PM
Anonymous said...: 13 Oct news reported that DBS will look into the Lehman-related investments with the investors on a case-by-case basis. Isn't a collective action stronger than an individual confront with the financial institution(FI)? Will the FI try to mislead investors again to accept their methods of compensation?; October 14, 2008 12:48 AM
Anonymous said...: haha i WISH i'm insurance agents la..wahaha..at least i do sell with ethics(because the commission will be recurring)..PLS la..i'm a victim too..i swear bank staff always condemn insurance agents..haha bec..i used to be from the bank..; October 14, 2008 2:16 AM
Anonymous said...: More than a decade ago, when the Clob shares collapsed due to Malaysia's unilateral decision, Singapore governent tried to extend its help but was 'helpless' resulting in losses of billions of dollars by our countrymen.

I sincerely hope that this time around, our government must fully extend its help to the investors, especially retirees, since it is definitely within its jurisdiction.; October 14, 2008 2:45 AM
Anonymous said...: Yes, the MAS website does contain the prospectus and pricing supplements, but these are for subsequent series, not the ones for High Notes 5, or the original mini bonds. If someone can post their copies on a website, I would be able to let you know what to look out for.; October 14, 2008 5:14 AM
WY said...: I have posted the MAS website which contains some prospectus and pricing statements some time back on Mr. Tan's blog (comment on one of the posts).

Have just looked at it again.. Ya. I think it is not all inclusive.
Wonder how to get pricing statements of all available similar products.

I guess someone who has the prospectus/pricing statement can post it online or investor can request from his RM (documented the date to show you only request/get it now, not before).

Beware too on other similar products that have been bought.
Pay particular attention to: counterparty, reference entity/reference obligation, event, risk factor , issuer, guarantor, scenario etc.
(can use “search” function on the pdf files of prospectus/pricing statements).

Beware too on types of reference obligation: for e.g senior, subordinated

Maybe any expert who is familiar on what to look out for can use a sample pricing statement and elaborate..; October 14, 2008 9:42 AM
F. Chandran said...: Hi is there anybody able to confirm with me that there r some hope for the Lehman Brothers MINI Bond cos at least two FI is interested in taking up the role of swap couterparty, and how long does it take to finalise.
I m having a mild stroke now. Thanks everybody.; October 14, 2008 12:18 PM
Anonymous said...: MAS just don't care about us..They will investigate til the cows come home and then we'll all forget about the whole thing..they are only there to support banks.. why we so stupid sign on dotted lines..!!!; October 14, 2008 12:32 PM
Anonymous said...: I am trying to find out whether Malaysia’s investors are affected in this Lehman related Notes. No news of investors affected is heard yet. Wonder why.

Found this guidelines on the offering of structured product from Malaysia’s Security Commission.
http://www.sc.com.my/ENG/HTML/resources/guidelines/bondmkt/SP%20GLs_Revised_270407.pdf
The guidelines are applicable to Notes (appendix 1).

Lucky for Malaysian investors and maybe that’s why Malaysia is not a “financial hub” yet.
(Excerpt)
8.0 SUITABILITY AND FAIR DEALING REQUIREMENTS
8.01 A primary seller shall adopt fair dealing best practices when dealing, marketing and selling structured products to investors. In particular, the different standards of fair dealing in relation to institutional investors and investor individuals should be noted and addressed. This includes giving an investor individual who invests in structured products during an offer period, the option to obtain a full refund of his principal investment sum within three working days of such investment or the remaining offer period, whichever is earlier.
8.02 A primary seller should endeavour to make an investor understand the risks in relation to investing in structured products before marketing and selling structured products to that investor. The following are minimum key measures that a primary seller is expected to observe to ensure adequate investor protection with regard to any issue, offer, invitation for, or the making available of structured products:
(a) KNOW YOUR CLIENT: To determine whether structured products are suitable for the targeted client, a primary seller should take all reasonable steps beforehand to assess the client’s financial position, investment experience and investment objectives.
(b) DUTY OF CARE: A primary seller should ensure that the financial risks and potential losses that may arise from investing in structured products are fully explained to clients before the client makes his investment decision. Projections of returns on investment are to be based on historical performance, if available, and reasonable expectations of future performance.
(c) SALES PERSONNEL : A primary seller should ensure that actual and potential clients are only attended to by specifically identified personnel who have a financial background and possess adequate knowledge and understanding of structured products, particularly when dealing with investor individuals.
(d) PROVIDE RISK DISCLOSURE STATEMENT: A primary seller should provide clients with pertinent information regarding the risks in investing in structured products. In this regard, the risk disclosure statement is to be provided separately from the application form or other document constituting a contract between an Eligible Issuer and the investor, and is to be furnished to the potential investor together with other promotional and sales documents, before any binding contract is entered into by the investor.
(e) CONFIRMATION OF DISCLOSURE BY CLIENT: A primary seller should invite the client to read the risk disclosure statement, ask questions and take independent advice if the client so wishes. Thereafter, the client should be requested to sign a confirmation that the relevant disclosure has been made by the primary seller.
(f) INVESTOR INDIVIDUALS: A primary seller should ensure that a higher standard of diligence is exercised when dealing with investor individuals. Among other things, investor individuals should be provided with the contact information of the relevant person(s) (and not merely an automated answering service) who may be contacted for queries, requests and complaints.; October 14, 2008 2:20 PM
Anonymous said...: guidelines on the offering of structured product from Malaysia’s Security Commission.
http://www.sc.com.my/ENG/HTML/resources/guidelines/bondmkt/SP%20GLs_Revised_270407.pdf
Please also read on section 7 requirement for disclosure from pdf file above.

I wonder whether Sg MAS regulation has similar clauses for offering structured products.; October 14, 2008 3:37 PM
Anonymous said...: Looks like Malaysia is ahead of Singapore when it comes to protecting the interest of the consumers.
Singapore consumers are being abandoned to the sharks (the FIs, financial consultants).
Malaysia is not interested to be a financial hub if is at the expense of the consumers.; October 14, 2008 7:17 PM
Anonymous said...: Dear Mr Tan,

I sm asked to go for an interview.

With all the negative feedback for those who went for the interview, is it advisable to go for the interview or just ask them to reply the letter.

Thanks; October 14, 2008 7:20 PM
Anonymous said...: I think we should bank run. transfer all money into banks like maybank. they offer 0.5% interest higher. avoid local banks. they're crooks.; October 14, 2008 7:47 PM
Anonymous said...: Dear Mr Tan,

I admire your courage to speak up for the helpless people who lost money in their investments.

I hope that you are doing this sincerely because you want to help people and not because of the anger that your wife is also implicated by this.

Do also try to think from the regulator's standpoint. If they approve your petition to compensate the people, it will mark a historical mark in corporate law and open the doors for possible future litigation cases

Face it, we all have been cheated by financial advisers before. I say, "Bite the pain and move on with life. This is a lesson learnt"; October 14, 2008 9:47 PM
Anonymous said...: Mr Tan, ignore people(the post above) who want to discourage you. Know why?Who knows if they are from the banks and want to continue having fat pay check without a guilty conscience..=) You're our heroes..despite your age, you still use your precious time to stand for investors' right when you could be retiring happily..So ignore those nasty comments..we must let people know about the ugly bankers! =) jiayou mr tan..kudos to you!!!!; October 14, 2008 10:14 PM
Anonymous said...: I don't think we should let go and allow the financial consultants to continue to cheat people. MAS must send a strong message that crime does not pay.
The regulator has not made its stand despite there exist laws that govern the behaviour of consultants. It is a big let down by MAS.
It is not one adviser or one consultant that committed this wrong doing but thousands of them from bank consultants, RMs to insurance agents and FAs. The problem must be nipped in the bud in the interest of consumers especially the man in the street, the Ah Peks and the old aunties.
These investors have a right to compensation .They should be compensated fully because of miss-selling and misrepresentation by consultants. Not only that there was also willful concealment of material information and conflict of interest. The law , section 27 of the FAA was blatantly challenged
and flouted by these consultants.
If section 27 is not enforced and have the errant consultants punished it will be a travesty of justice. Surely, Singapore well known for its judiciary independence and justice cannot allow these law breakers to go scotch free and taint the good reputation. Consumer confidence must be restored.

law and order; October 14, 2008 10:21 PM
Anonymous said...: SADLY,how can MAS investigate?When the bankers from DBS,POSB,UOB,OCBC etc sells..do you use a tape recorder to document the whole conversation? They can feign ignorance and innocence right..hai we are at losing end..just learn lesson la..in singapore, we have 1000000 to the power of negative 100000 which is 0 rights la..later kana sue by them die already..juz warn yr granddaughter grandchild grandma grandpa not to be so gullible in future..

sigh..=( in spore is lidat..BUt it's safe..and people are taken care of..is the banks la..make use of government to back their backsides when they do something wrong..(so they won't be caned); October 14, 2008 10:46 PM
symmetrix said...: F Chandran,

There is hope to salvage Lehman Minibond if we act fast. Which are the 2 FIs that are interested to take over as swap counterparty? Pls ask them to contact HSBC Trustee and/or Mr Tan Kin Lian immediately.

And take care of your health pls.; October 14, 2008 11:52 PM
Anonymous said...: Dear all ,

Please read this article ( published in BT dated 15 Oct )titled 'Times to make sellers beware, not just buyers'. I quote the followings : " ...Here we have essentially an insurance policy taken out by Lehman Brothers via its own special-purpose vehicle named Minibond to protect its exposure to six prominent banks known as 'reference entities' or REs. The money invested by the Singapore and Hong Kong public formed the insurance payout should any of the six have failed over the period in question, and in return for use of the public's money, Lehman paid the public an attractive annual coupon of 5 per cent which was, in effect, an insurance premium.
It was brilliant in its conception, simplicity and execution: Lehman transferred its risk of loss from any RE failure to the public but structured the deal and its sale documents to give the impression this was a desirable arrangement.
If caveat emptor is to be reasonably used as a defence (or a criticism of the retail investing public for not reading or understanding the offer documents), then the cover of the prospectus should have had a description of the exact nature of the product as an insurance policy, the fact that Minibond was Lehman, the financial standing of Lehman, Lehman's reasons for needing the insurance and that the risk of loss was not limited to one of six banks failing but, in fact, seven.
Since this was not the case, there must surely be grounds for claims that disclosure was poor, possibly even misleading and that a defence of caveat emptor is not good enough. If buyers were to beware, then there should have been full and proper disclosure of all essential elements in the proper fashion....."; October 15, 2008 5:25 AM
Anonymous said...: MAS will act only when threatened.
It has come out to say that it will guarantee all deposits until 2010 to prevent out flow of funds to the other countries where deposits are guaranteed 100%.
So should we use similar method? How?

Disgusted; October 15, 2008 10:39 AM

Wednesday, October 15, 2008

New "petition" to collect particulars of investors

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