Dear Mr. Tan,
I have found these links in youtube.com : MiniBond saga in Hong Kong
http://www.youtube.com/watch?v=ICtDCRVqPqI&feature=related (part 1)
http://www.youtube.com/watch?v=j9ykXyDj3zY&feature=related (part 2)
They explain in Cantonese on how difficult it is to understand the products. I think these clips will be helpful to explain some facts to the old folks, and those who still don't know what has happened to cause BIG losses to their investments.
Here is an explanation in English:
http://www.youtube.com/watch?v=iV0YiTl6ea0
After spending many days of searching on Google, Yahoo, Youtube and most importantly reading your blog, I still don't understand the operation and structure behind the product that I bought. I strongly believe that most of the RMs don't know that their products are in fact so risky and the reward is not in the fair proportion to the risk.
To be fair and kind (as all Singaporeans are), I think these RMs are also very stressful now to be involved in all this "mess".
My wife told me that in a Taiwanese news that she watched last night, mentioned that angry, distressed and fustrated investors are crowding around a bank to demand for refund. The Structed Deposits saga in just beginning in Taiwan as more and more Taiwanese investors start to realise about the real truth behind the painted truth.
I take this opportunity to thank you for posting my previous email to you in your blog (RE : Mental health concerns during difficult times). My wife and I are so touch that at least there is a place to air our sadness as it is extremely unhealthy to bottle up these negative emotions.
Of course, I agree with the replies/comments to my post that we should do it in a constructive and sensible way. Life still has to go on. And that is the main reason motivating me to write the post on mental health.
Last but not least, I hope that more people as knowledgeable, righteous and selfless like you will stand out to help the distressed ones. Wishing You Great Health, Strength and Happiness.
GOD BLESS ALL !
FO
7 comments:
in this financial fiasco, i felt on the contrary, the ones who gained the most are the Media
they are having what we call a Field Day!
Hi Mr Tan,
I think we should send the below link to MAS.
http://www.youtube.com/watch?v=ICtDCRVqPqI&feature=related (part 1)
http://www.youtube.com/watch?v=j9ykXyDj3zY&feature=related (part 2)
It is obviously a cheat case. The experts already say that it is very high risk and very complicated.
If Singapore government wished Singapore to be the Financial Hub then they should really look into the case seriously. If the financial system is "Not Clean and not transparent" then how can our government boast to the world. It will be very shameful. The world now will see the unsafe side to do investment. So, hope to see MAS tidy up the mis-sold of product by FI at once and take legal action again them. Get them to refund all the deposit to all the victims.
这个雷曼事件让我比较失望的是社会公义的缺席。体现在：
（1）掌权者失去了中立的立场，为了保护银行的利益睁着眼睛说瞎话。
（2）一些公众的幸灾乐祸，觉得这些被误导的人活该，贪婪。
（3）怕事 － 明明感觉银行有错，但因为政府站在银行一边所以连一点立场都不敢表示。
（4）猜忌 － 质疑陈钦亮的目的，觉得陈这么做一定有自己不可告人的目的。
（5）权力的傲慢 － 社理会自己丢了1千6百万，还竟然觉得理所当然。
这个国家和社会是不是还值得留恋，是我要好好考虑的问题了。
I have no doubt that the comments and thoughts of 'Anonymous 3.40PM',
are also in the minds of most affected people (and also those tracking the progress of the whole issue).
这个雷曼事件让我比较失望的是社会公义的缺席...
This is the other loss that out society may have to bear other than the financial loss of the affected ones.
Thanks for posting the youtube link. The visual explanations are very helpful.
The story of the old man and hard working poor who lost everything is absolutely heart breaking.
It's sad when society has become what it is today. Even worse, when individuals can sit back and deny that something went wrong.
Is this the kind of world we want for our children?
CC
People "are lying awake at night wondering if next week's paycheck will cover next month's bills," if their jobs will remain, if their retirement savings will disappear, he added.
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