Tan Kin Lian's Blog: Seek help from embassies

Monday, December 01, 2008

Seek help from embassies

Dear Mr. Tan KL,

You have been advising the victims to seek the help of their respective MPs, but this is more suitable for citizens only. I doubt these MPs would bother about PRs/non-citizens when they are so indifferent towards their own citizens. Perhaps the non-citizens could try to seek the help from their respective embassy.

I'm really disappointed with the way X bank is handling the claims, very unfair, indifferent and high handed.

Things would be very different if it happens in M'sia. The press and the MPs, particularly the opposition will be assisting the helpless victims. The Malaysians just like the HK, Thais and Indonesia or even Filipino will fight for their rights and will not allow banks to cheat them of even RM$1 k not to mention S$100k!

Two months have passed and the banks and MAS are still so indifferent and ignore the plight and traumatic experience of the victims who have lost their hard-earned savings. It is sad that there is no compassion shown and instead abuses have been hurled at the helpless victims.

Notwithstanding the indifference shown by the relevant parties concerned and despite criticism and sarcastic remarks, you have out of compassion come out to do the right thing in helping the helpless victims, a true hero indeed.

I notice that some of the victims have lost faith, stamina after the heartless standard rejection letters. Please tell them not to give up and be more resilient and fight for your rights until they do the right thing i.e. compensate the victims their hard-earned savings of which they have been cheated!

tkh

33 comments:

Unknown said...: First i said this before, say this again, dont turn this into a political debacle, thats very thin ice no matter which direction headed

Second, Country X is Country X, Country Y is Country Y. Dont mix sentiments of one basin with another.
I am sure the other basin have their sobs.

Thirdly, be prepared for the Worst. I dont have to go into that.; December 01, 2008 5:25 PM
Anonymous said...: 5:25pm
It has never been the intention to turn this into a plitical debacle. At least for the citizens they may turn to their MPs although indifferent, for help but what about the non-citizens/PRs. If you are a victim and been cheated your hard earned savings and all relevant parties are indifferent, what would you do? Out of desperation the victims will have no choice to seek help from whatever available source, embassies etc. Pls try to understand it is their hard earned savings!; December 01, 2008 5:37 PM
Anonymous said...: I agree with tkh. We should not give up. Through this fiasco, sporean have finally seen how authorities will "help" them. HK and rest will lead and finally their action will shame the Sg authorities for the work they had not done to help it's people.

This one party rule has generated government that has no heart fo its people. I am convinced that this cannot continue, else one day in future my children will get even more badly treated.; December 01, 2008 5:57 PM
Anonymous said...: tkh said it well. We have a government that just do not care for her people. Banks nd their $$$ are more important, sadly; December 01, 2008 5:58 PM
Anonymous said...: Seeing your MP asking him to raise your question to MAS on your behalf is useless when they choose to act innocent.

"Can a Gov. just left the issue of toxic milk-powder to the producer/importer/salesman for their own investigation and to decide by their own on what they should do?

The Gov. has a bright idea: Each and every one have legal avenue to sought things out" "but refuse to investigate into the content of milk-powder: what and amount of the toxic substance in it. " --so that they can stay clear of the responsibility.; December 01, 2008 7:06 PM
Anonymous said...: This shows how people in other places like ML & HK look at us.
It is like a "mirror".
We are not complaining or making any judgement.; December 01, 2008 7:46 PM
Anonymous said...: Yes! Do not give up. Since you feel that you were cheated by the bank, then go by legal action to fight with them. It's now seem like only legal action will help you.This is because the bank will not scare you if you just sit there and keep quiet and do not do anything.
So, all of you pls wake up together to fight.

cheers

LPC; December 01, 2008 7:55 PM
Anonymous said...: MAS has lost the respect and trust from Singaporeans. Now I don't respect the MAS especially that SM Goh.; December 01, 2008 8:09 PM
Unknown said...: anyone can rebuke all they like, at the end of the day, looking at HK case, Investors should prepare for the worst whether they like it or not.

Attaching emotions to it is beside the point, though it does seem it is precisely the point - to the Investors that is.; December 01, 2008 8:29 PM
Anonymous said...: boy cott US products.
Run on the blacklisted bank.

Move your money. FD< saving, whatever account to other banks...

afterall less ATMs to draw out money better in this coming recession.

CUT off the credit cards from blacklisted banks and keep only ONE CARD.

Every1 united and show the stubborn cheat banks some colour.
WTF; December 01, 2008 8:34 PM
Anonymous said...: Wayangnologist obviously do not have any investment at stake and can talk loftily about other's misery. Your day will come though. what goes round, comes round.

Bless you.; December 01, 2008 9:20 PM
Unknown said...: Anonymous 9:20 PM

upset as you are, why do you stay anonymous; December 01, 2008 9:38 PM
Anonymous said...: Wayangnologist, don't talk rot! You think you are being transparent by your wayang nick? The issue here is not about being anonymous. You are also being anonymous by such a wayangnick.
This issue is political! Period. The reason why there is no progress in Singapore while in other countries it is forging ahead is precisely that we do not have enough representation in opposition so the incumbent can adopt a take it or leave it attitude. It is simply a matter of Singaporeans reaping what they have sown by voting in a one-party dominant system. It does not take a rocket scientist to see that we will have a different attitude from the government if we have enought opposition members in the parliament to pressure the cabinet ministers and PM to take a tough stand against the banks.
The pertinent question to ask is why does our "caring" govt let in foreign rogues who corrupt our system and now seem so helpless against them? Isn't this the same govt who can crack the whip and achieve so many first? Why is it that they are so helpless against these foreign rogues? Why the wayang? No logic?; December 01, 2008 11:15 PM
Chan J C said...: To: Wayangnologist said... 8:29 PM

Regardless of whether people stay anaymous or not, they have the passion to fight what is right and what it not.

At least there is one respectable voice of Mr. Tan that stand out on behalf of victims regardless of the outcome of this saga.

Emotion is Passion in disguise. Various people may appear emotional when they share their view. BUT this is the passion to fight what is right!; December 01, 2008 11:27 PM
Unknown said...: Anonymous 11.15 PM

The issue is NOT political.

Years down the road, whatever the outcome today, this episode will be referred to the one where some Investors signed away something they are not absolutely clear of and they didnt check thoroughly BEFORE and AFTER they signed. and that mistake finally came back to haunt them and of all the times, exactly at the time right where markets crashed. yes there could have been some oversights along the way but no, we dont know for certain and honestly and practically speaking, no one in their right mind would wish to dig up pandora boxes just about then, as the various economies are so screwed up, every major institution out there are devoted to firefighting.

all in all, its poor wisdom coupled with poor markets at poor timings. "Sway" as some might like to put it.

Conversely, if say the markets are at a bullish uproar right now, the Investors might have even made a ton DESPITE that past mistake, a mistake they might never discover the truth of. but that was not to be.; December 02, 2008 1:13 AM
Anonymous said...: The crux of the matter is that if these customers Not investors were told that the risk is in a credit event they will lose all their money, these customers will never put their hard earned savings in such high risk products. Even if the carrot is 50% not just a mere 5% for 5.5yr, these customers will never part their savings if the truth was revealed to them. Put yourself in their shoes, after saving for 30 to 40 yrs for retirement or for their children's education suddenly someone cheated and robbed you of all your savings and nobody bothers to help you, what would you do? In desperation I wouldn't be surprised you may even resort to violence just to recover what was rightfully yours and also for your survival. We always believe there are laws to protect us but the truth now is these innocent victims are cheated and blamed for being greedy. What and where is justice and compassion????; December 02, 2008 9:06 AM
Anonymous said...: I fully agreed with WTF
:'Every1 united and show the stubborn cheat banks some colour.'

LPC; December 02, 2008 11:06 AM
Anonymous said...: The issue here is people in Singapore have too much trust.

We TRUST our bankers in selling us SAFE products

We TRUST our insurance agents to fill up our forms for us and do the necessary

We TRUST our housing agents to handle our transactions for us

We TRUST our used car salesman to process the paperwork on our behalf..

What happens when things don't go wrong..?

Becomes our problem.

In future, don't trust anyone, don't sign anything without understanding and don't be lazy.
This is a lesson for all.; December 02, 2008 12:25 PM
Anonymous said...: tkh, well said. Kudos to you.

To Wayangnologist: you simply do not understand the meaning of misrepresentation, or mis-selling, do you?

Why do you think some govt officials and some distributors think that it is right to compensate the so-called "vulnerable" investors? Ask yourself: Did these vulnerable investors invest with their eyes closed, without a care of the risks involved, or were they mis-sold, through misleading talk or misrepresentation of risks? If they had invested with their eyes closed, then who should be blamed for their loss? If they had invested with their eyes open, like the others, then why only they, and not the others, received compensation? Because they had been misled, or their eyes had been dilated, by the RM who talked to them? If so, then what the others?

Think more deeply, Wayangnologist.

RW; December 02, 2008 12:43 PM
Anonymous said...: To: Wayangnologist

The investors do understand that they are "suay" and also to be a very much extent responsible for this structured notes saga, as everyone is expected to be "the last line of defence" for its own money and assest as no one will do it for you. They have already got their punishment. However, i believe u also agree that everyone including you and I should have the right to know how this whole thing came about. It is reported that the US banks transferred their toxic assest away from their balance sheet and cut them into tranches, package them into CDOs and then mix them up with few other CDOs, misrepresent them as high grade investments with good ratings n transfer their "posion" to the retail investors. This is unethical and unscrupulous on their part. I have read all your post and u r right that the investors have step into a trap on the very 1st day and u might also said this is might not be true until the court say it is. The investors understand this and they dun need u to tell them repeatedly.Hence, I urge you to give constructive views if you wish to post in this blog, if not you are wasting the energy of the owner of the blog. The US govt, US banks, MAS, local FIs and the investors are all to be blamed in this issue but why is it that the others are let scott free while the vulnerable investors will have to take all the pain. This is the reason Mr Tan is standing up for us and this is also why we are fighting. The money might be gone but those responsible are still there and they should be dealt with severly.; December 02, 2008 1:45 PM
Anonymous said...: Thank you Ryan for making it clear that this Wayangnologist is wasting blog space and everyone's time here.

Just ignore him when he continues to indulge himself here feeding his own ego, feeling self righteous. It doesn't matter even if he writes well, he could just be a loner seeking attention. Just leave him alone to entertain himself.; December 02, 2008 2:47 PM
Unknown said...: I am glad some u agreed with and accepted perhaps not all, but some of my points, of course there are also some who indignantly refuse to accept, to see anything. They carry their bravado like a shield welded to their arms.

From what i know and heard of as at current, there would be no compensation. Even those promised compensation are NOT compensated. So far.

As the saying goes, no point swinging axes and hammers at each other, we shall find out at the Final Judgement.; December 02, 2008 4:37 PM
Anonymous said...: Hi Way Ang,
To correct your misinfo, there are people compensated already by DBS. Among those, one hawker who does not speak English was compensated 100% after an MP took his case up.
The Bank had to do that to prepare for public pressure soon asking for the numbers compensated. Need some numbers for year-end window dressing but not too many to burnt a hole.

Bapa Way Ang; December 02, 2008 8:29 PM
Anonymous said...: We should give kudos to the MP mentioned.
I think to be fair, we should also give him/her the necessary media coverage. Or blog coverage.

Hope anyone who have more of the story can share it here too.; December 02, 2008 8:53 PM
Unknown said...: "Anonymous Anonymous said...

Hi Way Ang,
To correct your misinfo, there are people compensated already by DBS. Among those, one hawker who does not speak English was compensated 100% after an MP took his case up.
The Bank had to do that to prepare for public pressure soon asking for the numbers compensated. Need some numbers for year-end window dressing but not too many to burnt a hole.

Bapa Way Ang

8:29 PM"

Is there a story behind this, any details

Do you have them, are these published anywhere or have we missed them; December 02, 2008 10:36 PM
Unknown said...: "Anonymous Anonymous said...

Hi Way Ang,
To correct your misinfo, there are people compensated already by DBS. Among those, one hawker who does not speak English was compensated 100% after an MP took his case up.
The Bank had to do that to prepare for public pressure soon asking for the numbers compensated. Need some numbers for year-end window dressing but not too many to burnt a hole.

Bapa Way Ang

8:29 PM"

Oh i forgot to mention, if in case your info are confidential, least provided some headway to the Blog Owner here before his impending meetings with both the lawyers AND THEN the public, both coming next up pretty soon

Everyone wants to hear good news finally!

That said, FIRMED good news; December 02, 2008 10:40 PM
Anonymous said...: Wayang said,
Conversely, if say the markets are at a bullish uproar right now, the Investors might have even made a ton DESPITE that past mistake, a mistake they might never discover the truth of. but that was not to be.

1:13 AM

If the markets are bullish and you make 5% p.a. and get locked up for 5.5 years, you call that making a ton? These investors could have put their money in the share market and make a ton but they chose to put their money in a 'safe' (thats what they were assured by the banks) product and it was during the market boom of 2006 & 2007!
By the way mr Wayang, do you read through every line of the agreement before you sign up for:
1. your mobile line?
2. your flat
3. your bank loan
Do you think you can read and understand the product documents within 1 hour, 2 hours, ..., 10 hours, 10 days? How much time does an investor spend with their RM's before they sign up?
Be honest and think about it before you write.
Assume (as you probably do) that every investor check all the relevant documents before they sign up. How many deals can a RM sew up a day? Will the business be worth it for the bank?; December 03, 2008 1:15 PM
Anonymous said...: To Bapa Way Ang,

Do share the story of the hawker who got the 100% compensation !

I have been to the late November gathering at Hong Lim Park and I found some non-English speaking old folks (vulnerable group) still not compensated.

Your story will definitely be a good news to them !

Agree with Wayangnologist ; pass the info to Mr. Tan Kin Lian.
I believe he will give great following up on the matter.

God Bless All !; December 03, 2008 2:16 PM
Anonymous said...: Malaysia will help their citizens, that's a good one...
boy, i am a Malaysia, right now I am not sure of that itself, as the Government loves to call me a 'pendatang' which means foreigner.
You may be pissed with Singapore g, but to say that they would do something better here in the country i am living in is a joke.
Ex-Malaysia, Now 'Pendatang'; December 03, 2008 4:30 PM
Unknown said...: "Blogger bui said...

Wayang said,
Conversely, if say the markets are at a bullish uproar right now, the Investors might have even made a ton DESPITE that past mistake, a mistake they might never discover the truth of. but that was not to be.

1:13 AM

If the markets are bullish and you make 5% p.a. and get locked up for 5.5 years, you call that making a ton? These investors could have put their money in the share market and make a ton but they chose to put their money in a 'safe' (thats what they were assured by the banks) product and it was during the market boom of 2006 & 2007!
By the way mr Wayang, do you read through every line of the agreement before you sign up for:
1. your mobile line?
2. your flat
3. your bank loan
Do you think you can read and understand the product documents within 1 hour, 2 hours, ..., 10 hours, 10 days? How much time does an investor spend with their RM's before they sign up?
Be honest and think about it before you write.
Assume (as you probably do) that every investor check all the relevant documents before they sign up. How many deals can a RM sew up a day? Will the business be worth it for the bank?

1:15 PM"

I was acutely aware of what kind of false attention that sort of figure of speech might literally provoke right after i clicked send, however unfortunately.

OF COURSE any sane person dont mean making a tonne with 5%. I am just implying in general Investors might have been better off (in whatever manner and margins) despite not knowing the gravity what they had gotten into, had the markets been going in the opposite directions from now.

i apologise if it had upset anyone.
If i had wanted to do that intentionally, i would have tried MUCH harder.

Btw, yes I am the sort customer salesmen love to hate, because they have long since suspected I actually ENJOY picking on them. What they cant confirm is that I REALLY do!; December 03, 2008 8:09 PM
Anonymous said...: Anonymous 4:30 PM

I know what you're saying but given the desperate situation one is in, helpless and no one to turn to when your hard-earned savings after slogging for 30 over yrs are gone suddenly because you trusted the bank, what would you do???; December 03, 2008 8:20 PM
Anonymous said...: Wayang 8.09
Now that you have clarified, it is clear. But there are many ignorant people in the various forums who say getting 5% trade off for locking up their money for 5 to 6 years during the market boom time is GREEDY when our CPF special account also give 5%. Don't you think these people ought to have their heads examined?; December 04, 2008 12:10 AM
Unknown said...: "Blogger bui said...

Wayang 8.09
Now that you have clarified, it is clear. But there are many ignorant people in the various forums who say getting 5% trade off for locking up their money for 5 to 6 years during the market boom time is GREEDY when our CPF special account also give 5%. Don't you think these people ought to have their heads examined?

12:10 AM"

By god you are absolutely right!!

How can people accuse others of being Greedy for just 5%!? Thats too much!

they should agreed with you exactly what your statement implies, Being Greedy starts only from a totally ridiculous 5.01%!; December 04, 2008 1:30 PM

Monday, December 01, 2008

Seek help from embassies

33 comments:

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