Tan Kin Lian's Blog: Investors should see their Member of Parliament

Tuesday, November 25, 2008

Investors should see their Member of Parliament

I sent another e-mail to the investors to see their Member of Parliament in groups. I know that some investors had already seen their MP and the MP asked them to see the MAS or the financial institution or argued that they should have "their eyes open".

You can see the MP again. This time, ask the MP to do the "right thing" as the leader that represents you: The MP should:

1. Ask MAS what is the outcome of petition #1, asking MAS to investigate if there were any wrong doings by the financial institutions that created and marketed these credit linked notes? did these financial institutions breach the Securities and Futures Act and the Financial Advisers Act? What is the outcome of the investigation?

2. Ask how many investors had their cases resolved at the first leve, i.e. the financial institutions? How many cases were rejected by the financial instituions or made offers that were not accepted by investors? How many cases are still "waiting for decision"? How long does it take for the financial institutions to make their decision?

3. Ask MAS how many complaints have been lodged with FIDREC. How many cases have been decided by FIDREC? How many are still pending? How long does it take for FIDREC to handle these complaints?

It is the duty of your MP to ask these questions, on your behalf, to MAS or to ask them in Parliament.

16 comments:

Singapore Kopitiam - Voices of Singaporeans said...: Dear Mr. Tan:

The MPs appear to be slow to act.

May I suggest that investors should also follow up the meeting with their MPs using email. The more people approach their MPs, the better chance that they will be pushed to act!

Regards,
Victor Sun
Singapore Kopitiam - Voices of Singaporeans
http://forums.delphiforums.com/sunkopitiam; November 25, 2008 7:29 AM
Anonymous said...: My MP, HPK, just ignored me. I will not vote for him ever again.; November 25, 2008 12:23 PM
Anonymous said...: "...appear to be slow to act.."

We have a good candidate for the Understatement of the Year!!!

Heck, the Decade; November 25, 2008 1:37 PM
Anonymous said...: anyway is it true that if dun vote for spore govt, next time when i wan buy HDB flat,they'll blacklist me and dun put me in priority list?

heard from frenz..really wan to know..i dunno y the minister of finance can get away with some things scotfree like the evil bankers..everytime i hear of such news,i am very disappointed and angry.i used to respect them...

pissed ah!!!!; November 25, 2008 3:12 PM
Anonymous said...: Don't know how come the MP earning at least 20k a month accuse you all of not opening your eyes. I myself was an EX-banker..and I quit bec of disgust that my managers pressured us to sell those high risk products, no matter what.My ex-colleagues do anything to get the sales.I know about the insider financial process very well.=) got ways to fake a "financial needs analysis" I despise them for saying such a thing,but they themselves use our tax-payers money and lose money in lehman brothers.Its our money right,so they arent worried.By the way.we are FEEDING the Mps.just go ahead,listen to this kind soul,mr tan kin lian,and see the Mps.face to face is better.They cant get paid 20000/mth just for nothing right?; November 25, 2008 3:24 PM
Anonymous said...: "They cant get paid 20000/mth just for nothing right?"

Please dont say that.

Its not fair to all.

Some are getting more you know.; November 25, 2008 4:54 PM
Anonymous said...: lol...! what you mean?; November 25, 2008 5:01 PM
Anonymous said...: Then they said the pay must commensurate with market rate blah blah...and taxpayers slog hard. Now, taxpayers' hard earned $ kenna conned by FIs but they not helping. Think writing an open letter to respective MPs will help?; November 25, 2008 5:57 PM
Anonymous said...: Whether they help or not, about half of them will still win because of walkovers. Last election, 50% of the seats are walkovers. Which other democratic country in the world has this record? Tell me, why should the next election be any different? The opposition is still as weak and disorganised as before with not the slightest improvement of strength. Even Tan Kin Lian was not moved to stand to fight an election despite this pressing need to have credible alternative.

PAP is very fortunate to rule over Singaporeans, the most easily ruled people in the world even with elections.; November 25, 2008 7:33 PM
Anonymous said...: I wonder whether there are any aggrieved investors here living in Ang Mo Kio GRC, or better still, Teck Ghee Division. As a resident, he/she can see PM Lee Hsien Loong at his Meet-the-People Session. If possible, Mr Tan Kin Lian can tag along to discuss with PM about the status of the petitions. This will make MAS stop ignoring the petitions.; November 25, 2008 11:55 PM
Anonymous said...: This is what Mr Obama said of unscrupulous bank executives:

"Bank executives forgoing bonuses is 'an example of taking responsibility,' Mr Obama said.

'If you are already worth tens of millions of dollars, and you are having to lay off workers, the least you can do is say, 'I'm willing to make some sacrifice as well,' because I recognize that there are people who are a lot less well off, who are going through some pretty tough times,' Mr Obama told ABC News."

What do our MPs say? But then perhaps that is the difference between a first world country and....; November 26, 2008 2:36 PM
Anonymous said...: What another country President says is quite frankly IRRELEVANT

What ours says is a different story altogether.

Despite that he havent really spoken..; November 26, 2008 4:31 PM
Anonymous said...: 11.55pm,

PM Lee is avoiding AMK GRC investors involved in this saga. You can try to see him during meet the people session and see what happen to you.; November 26, 2008 8:46 PM
Anonymous said...: For indivdual, it is not easy for earn 5% return, but for org, it is very easy to make 7-9%. We are reasonable people, we want the big org to make money as long as we are treated fairly. By puting in some effort, earning 2-3% is easy & good money. So we thot it is a win-win situation.
But see what happened. They misuse our trust & tried to do very risky things to earn more returns. So their margin may be very high, while we are in the dark.
When something goes wrong, we are accused of greedy, deserve it bec we want higher return, but who is actually greddy?
That is why a lot of reasonable,trusting, careful & risk adverse people fall into the trap. Very sad.....; November 27, 2008 6:59 AM
Anonymous said...: I wish that an Opposition MP or even better an PAP MP will autoimatically raise the issues you mentioned in Parliament! This is the feeling on the ground & please do not pretend that you "see nothing, hear nothiing, know nothing" if you truly say that you represent your constituents!!; November 28, 2008 6:10 PM
Anonymous said...: In my opinion, no use going to PAP MPs. Maybe they've been told or brief not to get involved in this financial issues. I tried sending email to my MP but never got a reply.; December 06, 2008 9:59 PM