I have registered to speak at Speaker's Corner, Hong Lim Green as follows:
Date: Sat 25 Oct, 5 to 7 pm
Date: Sat 1 Nov, 5 to 7 pm
Date: Sat 8 Nov (cancelled)
Date: Sat 15 Nov 5 to 7 pm
My speech will be short, for about 10 mins.
After hearing my speech, the investors can gather in groups (according to distributor, product or postal district) to exchange views and discuss collective action.
All the best.
Great idea. Will attend your meeting.
ReplyDeleteThanks Mr. Tan.
ReplyDeleteKeep iy up! I fully support it. This is our only one and most effective channel to inform the responsible authority that the 'toxic product problem' is not solved.
The authority has to speed up , as what HKMA did.
烈火莫息 !
Let setup the committee base on products purchased from related FI. Then, work together as team.
ReplyDeleteNeed all to support..
CL
WOW!!!!!! A BIG THANK YOU to Mr Tan.
ReplyDeleteWe will definitely be there. May I make a special request - Can those who are IT savvy bring along your laptop to help collect data, help type letters of appeal etc for those who are not able to do so. Alternatively those who are good in English can help the less capable ones to draft letters etc. Whatever it is lets go prepared with our weapons to help one another. THANKS!!
At Hong Lim, I met a lady who, like me, is not investors of the 4mentioned products. We believed our product is similar, a structured note - 3 to 4 years more to maturity, capital protected. We felt so lost and depressed as we do not know whom to turn to. In the coming gatherings, I think should have a counter for investor like us, neither here nor there.
ReplyDeleteSince ours still not mature yet, do we have a case against the bank that sold to us. We have yet to approach the bank. Most of us are pretty sure that we were not properly advised. We just cannot possible stand and wait till something drastic happens. The longer we delay, the price keeps dropping.
I was there at Hng Lim. Giving you some feedbacks of what I have overheard:-
ReplyDelete1) since there was a stage, why can't you use it.
2) not audible
3) very disorganized
4) can you stand on a chair instead
My suggestion is:-
- appoint marshalls to lead people to sit on the lawn according to the note they purchased.
- with everyone standing, your voice was obscured by their heads. Those standing behind can hardly hear.
- you address 2 groups at a time (those affected investors). When you are addressing, tell other group to wait for their turn instead of crowding round, this is the whole purpose of grouping them
- the last group (investor of other notes - those not yet matured)
- pre-appoint a leader to gether investors's particulars (some don't visit your blogg or oldies who are illiterate)
Just my 2 cents worth
It's time to STAND UP for Singapore!! Let this "small red dot" come United As One, and show the countries which dumped the toxic stuff to this region that we will not be easily Defeated.
ReplyDeleteThere are many restrictions imposed at the Speakers Corner, eg use of handheld speakers.
We can explore other venues, such as CHURCHES, where there are proper facilities to address the large group.
Mr Tan has stood up for us, and many others have contributed their expertise, views through the blogs, behind the scenes etc. It's time for EACH OF US to see what we can do, e.g. talk to the church pastors and explore use of church premise etc.
At tomorrow's Speakers Corner, let EACH OF US look out for those needy, and bring them to the right group (by bank or by product), and make sure they are Registered with at least 1 group.
I wonder government always advise us to be proactive in anything. And yet this time when facing the minibond issue, the authority are so indiferent to our poor serior citizens who are in trouble with their life savings. If not for the Hong Kong govt recent actions, I wonder when the authority will start taking any action.
ReplyDeleteHi Investors,
ReplyDeleteIts SAD that singaporeans only learn to VOICE UP until now. Pathetically SAD situation.
A 65 year old uncle told in an AFP news that this was the 1st time in his life that he did something like that.
Singaporeans, only now you realise the need to have a culture of Voicing up for the weak, disadvantaged, cheated, the poor etc. Really quite pathetic 1st world citizens living in a democracy.
SAD. SAD. SAD. pathetic. pathetic. pathetic.
Dear Mr Tan,
ReplyDeletethank you very much for organizing these forums for us investors who have sunk our hard-earned savings into the beleagured financial products. Your advices, speeches and actions to help us have been a source of great consolation and hope during this difficult time.
GAM
Mr Tan
ReplyDeleteI am the CFA who had commented on your blog a few weeks ago. I am really glad that you are following up the matter on the behalf of the victims. You are doing the right thing.
I have read the newspapers of the responses from MAS and the banks about "case by case" review of mis-selling. I think there is one point being overlooked. But before going into it, I must first state that I had not bought these products.
Any investment professional would know that investment risks commensurate with returns – high risks go with high potential returns. However, for these structured products (Mini Bonds, DBS High Notes, etc), loss could be total but the maximum gain is only a few percentage points above fixed deposits. If there is an investor who had examined and understood the products and yet put money into it, can that investor be really "savvy"? Would not that savvy investor buy a blue chip, such as KepCorp with the possible loss of his entire capital (however unlikely) but also possibly double (however unlikely) his returns instead going after a few percent return? Thus, could we not conclude that no savvy investor would buy such products? As a litmus test, did any of the staff who engineered them put their own money in?
Although many had suffered heavy losses, it is a good thing that such unethical practices of the banks have been limited to only a handful of structured products. Imagine what would have happened to Singapore if the perpetrators managed to infect a much wider segment of our economic activities, like those in the US springing from subprime mortgages.
I sincerely hope that MAS would look at the wider picture of this sorry saga. Singapore got off relatively lightly this time. We might not have a second chance.
Please feel free to forward this comment to MAS or whoever that has our country's future in their hands.
My contact: tenlime@gmail.com (please do not publish this address in your blog) Thank you.
I am totally lost! I only learn the word INVESTOR after all the default happen to my 3 minibond series. I don’t think I am an investor. I am like many Singaporean who thrive to save for my retirement. My saving are parked with banks. I know banks are least trusted organization but there are no alternatives. When my Fixed Deposit are due and if I did to visit them, the interest rate they would ‘roll-over’ is unbelievable lower! I always questioned why such practices were never challenge by MAS. I sympathize my 90 years parent who could hardly get out of their bed… and many more who are abused by the ill banking practices!
ReplyDeleteHaving read all these blogs and news, I am still at lost where I should start. I approached the distribution bank who sold me the product i.e. Maybank, the answer is we cannot tell you how much you will get and you have to wait until the “Trustee” action. (Another new term that I have learnt!).
The letter from the Trustee (HSBC) that I have received is unbelievable! Having read more than 20 times, I am not just been insulted but disappointed on the way they treated me! The legal jargon in that notice obviously did not make any sense to me…
I have not received any letter or meeting request from the issuing bank at all. It is obvious that it is not their best interest to serve the ‘customers’. I realize that my position has now switched as ‘Investor’ to ‘loser’.
I hope some clear and definite direction be given by either the MAS or the distributing bank or the ‘trustee’ to advice us and to protect our investment.
(Following section is optional)
I heart sank when the minister said the priority will be for selected group.
The CASE is silence. I have not heart any supporting voice from our opposition party except yesterday. What’s the problem with our social system? What is happening to our governing systems? Why does it take a private individual to draw the picture and pool for collective actions?
Kathy Poh SK
Hi everyone,
ReplyDeleteSorry, i have just got the information from newspaper regarding MAS intervention with the bond issue.
My parents is one of the victim too, but we are malaysian residing in east malaysia, like all of you, they are simply lost since the tragic bankcruptcy, i am deeply depressed seeing them suffer too.
Unfortunately it is inconvenient for them to attend the speaking at speaker's corner, however they will fly over to singapore from 3rd Oct - 7th Oct, just wondering if there is any event during that time which they can attend and meet some of you guys to share and learn a bit about each other's encounter.
They just wish to meet other investors, in here malaysia they are unable to be informed of the status...
Mr Tan, I applaud you for taking up a stand for Singaporeans who are looking for a forum to seek redress for being mis-sold in this sorry financial saga.
ReplyDeleteI totally agree with the CFA's post earlier.
The suggestion to also set up a committee based on products purchased from related FI is a pro-active step forward. The news in the papers is currently on the Lehman minibonds but I believe there are many investors of other financial structured products which fall into what the CFA mentioned ie, unlimited downside risks for very limited upside gain for investors, who are seeking help.
I was sold UOB One Year Medium Term Note linked to 3 Singapore Shares ie, DBS, Kep Corp and Semb Corp Marine, which in no way matches my risk profile as I trusted the suggestion by my UOB Relationship Manager who thinks it "matches" my risk profile. Since its maturity on 20 Oct 08, my initial investment has fallen to almost 25% of my capital.
This in no way matches my instructions stated to her on "My Wealth Planner" form A ie, to preserve my initial investment but am willing to accept minor negative fluctuations.
That aside, to allow such high risk schemes with a very limited upside is devastating not only to retail investors but to the financial system of a country when wealth are wiped out so easily with crippling consequences, as CFA rightly pointed out. Singapore cannot afford a financial debacle like what the States have.
We will be attending this Saturday to see if there are any other UOB investors out there like us who wants to seek redress.
Mr Tan,
ReplyDeleteCan we invite Mr Glen Knight, Mr Leonard Loo or other lawyer to speak? The case for the remaining 80% who are "non-vurnerable" may have to end up class action.
My appreciation to your excellent work.
Mr Lee
Today's newspaper rekindle some hopes for the holder of Minibond and High Notes. But how about Jubilee Linkearner Notes 3 which till now, no distributor has come out and said they are investigating or will be compensating!!
ReplyDeleteMr Tan, we singapore citizen will stand up for you and go there and support you too.
ReplyDeletecheers!
Dear Mr Tan, thank you so much for all that you have done . May you be blessed with as much energy as you may need to continue the good works you are doing. Distractions will be there but keep up the good works. You have my strongest support.I have never attended your talks but I will certainly be there on 15 Nov.
ReplyDeletekepala Busing said
ReplyDeleteFirstly,Investors lost in whatever investments tied to minibonds and structured deposits!
Now 900 Bank staff will surely be axed as reported over the NEWS!
Had all these not happened, jobs could be spared or is it the Global Financial meltdown have finally arrived at this RED DOT?
It's time to seek help from the lawyer now. Be aware that minibonds is not as same as fix deposit.Thus, if the RM told you that the minibonds are as same as deposit. You can suit DBS.
ReplyDeletePls action by group but not personal.
Do not let "them" divide and conquer you.
ReplyDeleteIt's easy to break a chopstick but harder to break a bunch of chopsticks.
So organise yourselves into several strong bunches of chopsticks (say 4) and hit "them" from 4 fronts.
Money is like magic, once disappeared it is gone for good!
ReplyDeleteyou can cry and cry over spilt milkeven David Copperfield cannot help!