If you wish to write to MAS, you can address your letter to:
Chairman
Monetary Authority of SingaporeConsumer
10 Shenton Way
MAS Building
Singapore 079117
You can send your letter by registered mail or by fax to
Fax : (65) 6225-9766.
If you wish to write to the Consumer Issues Department, you can follow this guide:
http://tankinlian.blogspot.com/2008/09/monetary-authority-of-singapore.html
Mr Tan, a long post but this can help ppl understand where their savings have gone too.
ReplyDelete1) CLNs is structured as a security with an embedded credit default swap (CDS) allowing the issuer (ie banks) to transfer a specific credit risk to investors
2) So why a default of the swap counterparty (Leh) will cause investors to be wiped out?
Because the embedden (ie hidden) CDS that investors sold (ie underwritten) is now very valuable in the CDS market and has to be settlement since leh is broke. This is why, the prices of these CLNs keep dropping since the credit crisis started in june 2007 - The CDSs were getting more valuable and thus eating into investors funds.
3) CDS, though very hard to value, are still traded in an unregulated and obscure market..
4) CDS are highly speculative instruments used by smarter hedge-funds and investment banks (eg goldman sach) to make money.. AIG sold speculators a pile of CDS (out of a small london office) and had to borrow money from the FED just to pay Goldman Sach.
for more info :
http://en.wikipedia.org/wiki/Credit_default_swap
http://en.wikipedia.org/wiki/Credit-linked_note
http://www.nytimes.com/2008/02/17/business/17swap.html