26 October, 2008
I refer to your article entitled “Finally, a Change on Friday” (Today, 25 October 2008).
I thank your editorial director P N Balji for an excellent article in tracing the developments in Singapore on the structured products affected by the collapse of Lehman Brothers.
I also welcome the decision by the Monetary Authority of Singapore to help resolve the complaints of the investors in these structured products. Like the saying goes, “better late than never”.
The MAS has asked the financial institutions to give priority to the “vulnerable” investors, who are defined to be elderly and lowly educated. Many investors who fall outside of this category are worried that their claims may be ignored. MAS has since clarified that their complaints will also be attended to.
You made the following statement which I need to correct, “… they should not have maintained silence …. thus creating a vacuum which people like Mr.Tan filled happily”. I wish to say that it was not a happy time for me.
For the past one over year, I have advised visitors to my blog www.tankinlian.blogspot.com to avoid these structured products. I was horrified to learn, following the collapse of Lehman Brothers, about the extent of the losses incurred by the investors and how they were misled into investing in the structured products.
I decided to organise a Petition to ask the Government to investigate if there were breaches of the law and if so, could the relevant authority take relevant action to help the investors to seek fair compensation. I decided to hold a meeting at Speaker’s Corner to give an update of the Petition.
The past three weeks have been very stressful for me. I have to deal with more than 50 e-mails and postings to my blog each day. Many of the investors were lost and needed guidance. I am grateful for the large number of volunteers who came forward to help, but the main burden fell on my shoulders.
I wished that there was no vacuum that needed to be filled. In an earlier statement to the media, I express the wish that MAS could provide the appropriate assistance to the investors so that I do not have to “work so hard”. I hope that it is possible for me to step back soon to attend to my normal routine.
Tan Kin Lian
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10/26 - 11/02
- Compare toxic financial product with melamine
- Why are banks allowed to sell structured products ...
- Trace the IP address of SiewKhim
- Scuffle in HK Protest Over Lehman-Linked Products
- Speaker's Corner - 1 Nov 2008 5 to 7 pm
- Speaker’s Corner 1 November 2008 - Speech
- Use your real name
- Educate the public about the structured products
- Invest in transparent and fair products
- Petition #4 - Review Complaint Handling Process
- High Notes Investor Group - Press release 30 Oct 0...
- Buy Government Bonds through ATM
- Undergraduate reply to Prof Lan
- News about Jubilee Notes arranger
- Conflict of interest between bank and customer
- Old news that may be useful
- NTUC Bonus Cut was a bad idea
- Financial Services Authority fines Lloyds Bank in ...
- Reply to Today Paper - "Structured Products ....."...
- Be empathic to investors who lost their savings
- LET'S NOT FORGET ABOUT PERSONAL RESPONSIBILITY'
- Misleading Prospectus
- Thomas Jefferson's views on the banking system
- Talking point - minibonds and structured products
- Videos about speeches in Speaker's Corner
- US Attorney General recovers for investors in auct...
- High risk from inception
- Do you hear the people sing - version #4
- Mini-bond investor gives his view
- Savings of retired workers
- Collective legal action (1)
- Buying Government Securities
- Regulator should disallow the sale of bad products...
- Singapore Kopitiam Forum
- Nature and risk of the structured product
- Make Government Bonds easily available
- Not a happy time for me
- Misleading advertisements
- Why does the stock market fall?
- Unconditional help from volunteers
- NUS dean also exposed to loss
- Enforce the law
- Well regarded persons oversee the financial instit...
- Town Council invest in Minibond
- Jump on bandwagon
- Malaysia act against land banking
- Can investors understand CDO?
- Biggest loss in the the structured products
- CLSA Asks 500 Staff to Take Pay Cuts of Up to 25%
- Collapse of the global financial system
- Lehman Brother bond
- A fair compensation
- Prospectus needed
- A fair rate of return
- Electricity prices: 82% higher her than in Hong Ko...
- Profit margin in creating the structured product
- BBC radio documentary on structured products
- Call to MAS - pass general guideline for compensti...
- Husband's objection
- Blog for High Note investors
- Complaint Form
- It will be handled 'fairly'
- Interviews with Financial Institutions
- Unhappy with the interview
- Deposit Guarantee scheme in New Zealand
- Singapore Government guarantees bank deposits
- Leveraged Dual Currency Investments
- Pinnacle Notes - lodge a complaint now
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