I have written a response to Mr. Lim Hng Kiang's statement in Parliament about the failure of the structured products linked to Lehman Brothers.
It is now published in http://www.theonlinecitizen.com/. I want the investors to have a strong heart that there is still a good chance to win this battle.
http://theonlinecitizen.com/2008/10/loss-of-hard-earned-savings/#comments
The Minister seems to encourage the FIs and their representatives to do this and that. He is like telling them "i encourage you to put the client's interest first but if you can't never mind, we understand".
ReplyDeleteor "I encourage you to produce good products but if you can't, it is alright, we understand"
Is this regulating? Can't understand the rationale. No wonder the FIs and the salespeople are taking advantage of this lackadaisical attitude. MAS is a pissed off.
I may be wrong but after reading the MAS response in Parliament, I think the MAS under Lessons Learnt and Areas to Review basically indirectly admit that the present rules need to be improved. Does it mean that under the existing rules, now millions are lost has nothing to do with MAS?
ReplyDeleteDear Mr. Tan,
ReplyDeleteIs it possible for you to invite Glen Knight to the coming Sat meeting to give a talk on class action, the pro and the con and implications?
On issues like sharing of cost, whether class action can be for one FI first, what if the class action failed and its implications etc.
This will help investors plan on the next move.
Will you people wise up. MAS will protect the interest of FIs not the man on the street. They cannot even bear to allow the FIs to be disadvantaged. Remember that Singapore want to be a financial hub? If MAS screw the FIs, who want to come here. Everything is done in consultation with the FIs.
ReplyDeleteMAS cannot force the banks to compensate? BullS**t. MAS can suspend the FI's license, can't they? If they tell the FIs that their license will be revoked or suspended if they do not "voluntarily" compensate, which FI will dare not to compensate?
LOL. The words I hear on this "Fiasco" are as follows:
1) Singaporeans “must see their losses in perspective” and be “realistic in their expectation of recovering their losses.” ( What to do? Lost is lost.)
2) Investors must also play their part and take responsibility for their own investment decisions. ( You make the bed, now lie on it)
3)MAS has set a very clear timeline for the FIs to resolve the complaints. They are expected to devote all resources necessary to deal with the complaints. All the FIs have also set up internal review panels which are chaired by their CEOs. ( No conflict of interest? Impartial? Protect investor?)
LOL. Very nice show. My conclusion - A small number, maybe less than 50 will be compensated up to 80% and the media will interview some of these people, highlighting the success of MAS and the fairness of the FIs. The rest will be left hanging high and dry.
Just a damage limitation exercise.
Hi i raise my hand agreeing with 10.34 AM to invite Glen Knight to give us a talk and we'll be more confident as whats the next step.
ReplyDeleteHi,
ReplyDeleteI spoke to Glenn Knight. He is not able to speak at Speakers Corner.
If there are sufficient investors interested to engage him, he will arrange a briefing at his office.
Will Lehman bankruptcy drop a $400 billion shoe on October 21st?
ReplyDeletehttp://www.bloggingstocks.com/2008/10/15/will-lehman-bankruptcy-drop-400-billion-shoe-on-october-21st/
Think someone trying to avoid this issue. Keep going round the circle without giving a good reason.
ReplyDeleteIf there are nothing in this Lehman related product, why have to use this Taiji Style. Come straight to the point. Many people already cannot wait anymore.
Very Disappointed.
All of us can't wait, cos its our $$$ at stake. The FI has infinite time to "wait" it out.
ReplyDeleteThats the usual approach - "wait it out". Many of us can't even survive waiting, let alone losing those $$$.
In short, there is no incentive to settle this straight & fast. Let the flame burn & put out itself. THat has ALWAYS been the approach to settle issue which is now "of public interest".
Very disappointed with those responsible, and those who push their responsibilities to others.
"Let them flame & burnt out on their own, at their own time"... seem to be the motto i am hearing all day, all week.