Dear Mr. Tan.
Thanks once again for helping the us, the victims.
- Can a chartered accountant understand the medical terms used by medical doctor ?
- Can a medical doctor understand the terms used by scientist ?
- Can a management guuru understand terms used by biologist ?
The answer to all these is yes or no - yes, because it is written in ABC (they could even be able to pronounce it), no for the meaning, they just cannot understand the meaning of the terms used.
So the comments "You are educated so you must be able to read the prospectus and understand it" is pure nonsense and cannot be eatablished as the proof of understanding the product because the prospectus is designed to protect the product provider and written in such a way that it is very difficult to understand, full of jargon like CDO, CDS etc. During the sales process, bonds are mentioned, but in the prospectus, the CDO and CDS appears. To lay people, it is assume,thus, that CDO and CDS are just bonds and hence the arguments start after the problem occured. A degree holder in language could be able to write an article in such a way that the articles could be explained in different meanings in different situation!
It is also very difficults when facing the personnel from the financial institution for lodging complain because they are all well prepared to use fine print in the procpectus for arguments.
One officer from a FI even change the wording of the prospectus for the argument. In the prospectus "....the product is designed for defensive investors ......" but in the newspaper the word defensive is taken out and hence declared the product is NOT LOW RISK because High Risk product are not suitable for defensive investors. How can a defensive investor knowingly agrees that the whole capital could be wiped out !!!!!
Just wonder why the authority did not discover this and take serious steps to reprimand the offender.
- ► 2013 (310)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
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
- ▼ 10/19 - 10/26 (71)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)