Mr Tan
I am the investor of both highnotes and minibonds. I strongly feel that we are the sacrified losers of these unethical financial products which are allowed to be named as "bonds". We are also misled by the rep of the financial institutions that these products were "approved by MAS" and hence they are "safe" and "low risk".
MAS should adopt a more critical view on these "rotten" products and insist on the followings:
1. All the products should label thier risk factors clearly, ie the consequences investors have to face in case there is a financial crisis occurs. In simple language ,investor will stand to loss how much at the end of the redemption.
2. All the products, like other stocks, should give periodical reports and reviews on the linked institutions. They should give proper advise or alarm to the investors so to let them understand the facts and make decision for early redemption or not. Other words, they should not cover up the facts and tell investors that the products are "safe".
3. MAS and the Banks have duties to look after the interest of the investors, not just to achieve the target of selling the products and make
profits out of the selling.
REPLY
I suggest that you write directly to MAS. You can also get a few investors to sign a collective letter.
ok?
i have a rather radical suggestion
ReplyDeleteAND i know whos would be mad seeing this
HAS anyone anyone at all, considering contacting one those international guard dog associations or organizations, something like the GreenPeace group but in finance
Preferrably some party with lots and lots of media connection or connectivity
Get them do a series of interviews, could be something like a four-part mini-series, from history to current, to interviews and to address channels. One suggestion, we could name the mini-series "The October Meltdown"
SURELY someone in THAT organisation would be be really keen to exploit THEIR ORGANISATION's media relations for such hot topics
if nothings gain at the end of the day, this alone would cause a huge historical dent on whichever target institution or targeted group of institutions and a bad bad name for years to come
If FI tell u this product is not approved by MAS and is risky, will u still buy? The answer is No. So MAS was a good brand before this but after this incident it stinks, right? I'm sure the next time FI tell u this product approved by MAS, u probably walk away.
ReplyDeleteIf I'm MAS, I'll just ignore all these letters.
ReplyDeleteWhat can you do then?