Tan Kin Lian's Blog: Gathering at Speaker's Corner, 22 Aug at 5 pm

Wednesday, July 08, 2009

Gathering at Speaker's Corner, 22 Aug at 5 pm

Someone asked me, "What is the purpose of the gathering at Speaker's Corner in August? What is the strategy to get compensation for the investors?"

The purpose is to allow the investors to attend and meet other investors. Many of them have been rejected. They want to express their unhappiness. This is the least that the investors can do, compared to the rallies and demonstrations that have been held in Hong Kong.

Many investors have concluded that they have to take a class action to seek compensation. There are many obstacles to organise this class action. I shall try to explore some avenues.

22 comments:

Anonymous said...: i am very disppointed that less and less people interst on this gathering.

Why Hongkong people can get 60% at least? But Singaporean will accept 10 to 20% compensation and give up the fighting? When they accept the compensation, they showed goverment they are happy. How about remain one without any compensation?; July 08, 2009 11:43 AM
Anonymous said...: Think about it. If HKers stayed at home, no rallies/demos, or just complained on-line, will they get anything back from their banks? Will the HK Govt take any actions?

SGreans need to take the clues from HKers. Do something to show your displeasure publicly and yet within legal limit i.e. Hong Lim Park only.

If small number of people shows up, the Govt and the media will consider the case closed and move on.

IT IS WITHIN YOUR CONSTITUTIONAL RIGHTS TO ATTEND THE EVENT AT HONG LIM. YOU ARE FIGHTING TO GET BACK YOUR HARD-EARNED MONEY THAT WAS CHEATED FROM YOU. ANY REASONABLE MAN WILL EXPECT YOU TO PROTEST & PRESSURISE THE AUTHORITY. WHAT IS IT THERE TO FEAR ABOUT? SHOW UP OR ELSE THE CASE IS CLOSED.; July 08, 2009 12:07 PM
Anonymous said...: Take a look on the statstic data released by MAS. OSPL only compensated 5.3% in total investment amount. 5.3% is just their commission owned. So they loss nothing and we paid 100% of our money for their mistake.; July 08, 2009 12:10 PM
Anonymous said...: Hi 11:43 AM,

This also means, if one day Singapore is in real trouble, most Singaporeans will just dump our homeland and run to other countries.
Sad to say many Singaporeans has no courage to fight for their rights and justice. Most of us are easily give up once under a slight pressure.
Singapore has became a country with many "soft bone" citizens after 44 years of nation building.
Very sad indeed!; July 08, 2009 1:03 PM
Anonymous said...: I would attend to meet with fellow victims catching up but I dont expect anything to happen to get my money back.; July 08, 2009 2:09 PM
Anonymous said...: I will attend the rally too. just to show that we are not going away quietly.; July 08, 2009 3:06 PM
Anonymous said...: We must understand that the mentality of our locals and HKongers are different. They dare to voice out their views, dissatisfication. Look at ourselves. We have been pampered until so much we don't know what to do when a crisis (structured product saga) strikes.; July 08, 2009 3:11 PM
Anonymous said...: If we continue our fighting and make our noise enough, can't we heared by goverment or the whole world. Sad things is, our voice is weaker and weaker.; July 08, 2009 3:26 PM
Tan Kin Lian said...: I am glad that many people are willing to attend the gathering in Hong Lim Park, just to show their unhappiness. Even if they know that their voices will be ignored.

I am not able to deliver the solution, but I can help people to get their voices heard.; July 08, 2009 3:36 PM
Tan Kin Lian said...: One investor has replied that he will speak at the Gathering. Several investors will provide their story (with personal details removed) for other people to speak on their behalf.

Someone suggested that placards and banners be written to express the grievances.

I hope that more ideas can come forward.; July 08, 2009 3:38 PM
Anonymous said...: Mr Tan,
Thanks so much for putting in your precious time and effort in this saga, which does not concern you at all.
In this cold-hearted world, it is rare to find a gem like you, who is willing to help strangers at no cost/benefit.; July 08, 2009 3:39 PM
Solomon said...: From this point onward, either you go to FIDREC or take the FIs to the court. I believe by attending the gathering, more ideas will come out on what to do next.

I am one of the victims who read Mr. Tan's blog last year and later bump into one of the discussion groups and this same group morph into legal group this year.

The reality is not a sinle MP is on victims side (maybe they are but they never show it). MAS is more interested in house cleaning than helping the victims. Without any pressure those FIs can do whatever they want to the helpless investors.; July 08, 2009 4:26 PM
Anonymous said...: Mr.Tan,
I will be there; July 08, 2009 4:37 PM
Anonymous said...: MR TAN. I will be there. CASHEW NUT; July 08, 2009 6:02 PM
Anonymous said...: We have a population of 5M. How many people lost money? 1000, 2000? The % is too small for anyone to give a damn. Too bad for being the minority. Fighting is futile.; July 08, 2009 6:36 PM
Anonymous said...: Those who compensated are hardcore supporter.
Those rejected are those on middle ground.
Don't under-estimate them.; July 08, 2009 7:24 PM
Anonymous said...: I have attended every previous gathering and I will attend the coming one, although I do not believe such gatherings will result in any change in compensation. But it is important that a large group of people attend, it is about the only legal way to show our unhappiness.

July 08, 2009 1:03 PM said "many Singaporeans has no courage to fight for their rights and justice".

I think many singaporeans have been so brainwashed by propaganda that they do not know they can fight for their rights and justice, they do not even believe that they have any rights, so they just leave everything to the authorities to do whatever is "best".

July 08, 2009 11:43 AM asked why HK get 60% compensation but not SG.

The difference is that HK is a real democracy while SG is not.; July 08, 2009 11:10 PM
Anonymous said...: Below is an excerpt from DBS press release in response to the MAS announcement.

http://www.dbs.com.sg/newsroom/2009/Pages/press090708.aspx

".....In addition, since mid-2007, DBS’ staff remuneration model has been based on a balanced scorecard approach. The scorecard covers performance standards for a variety of factors, taking into account the quality of the fact find process, the financial needs analysis, customer-product suitability and customer satisfaction. DBS said that customer feedback on the improved process has been encouraging and it will continue to improve the processes and serve its customers well.

DBS said it has compensated customers in instances where the sale may have been inappropriate and standards were not met. It took the initiative to thoroughly review each and every High Notes 5 (HN5) case. Most DBS HN5 customers do not fall into the ‘vulnerable’ group and are relatively sophisticated as:

Two out of three HN5 customers are DBS Treasures priority banking customers who have a minimum of SGD 200,000 in cash and/or investments
80% of HN5 customers are below age 60
DBS’ compensation levels are commensurate with the findings of the MAS report and indicate that its sales process was largely robust.
Despite the challenging market conditions, DBS’ customers continue to invest with the bank. Many of its customers have immense trust in the bank, and DBS values their support. The bank is determined to uphold the standards expected of a leading financial institution in Singapore. "

What garbage and hyprocrisy! I would like to know if where they got the information to let them believe that people have immense trust and how many of their customers feel this way. Did they conduct a survey?
Let's gather at Hong Lim Park to show them that we won't be marginalized by them! and tell others what hyprocites they are!; July 08, 2009 11:24 PM
Anonymous said...: As I have said many times you can't trust what the FIs say about themselves. Check their customers service lounge you can't miss not seeing posters in frame displaying their charters, mission and vision statement about putting customers first. Where got? They are in business to squeeze as much out of their customers and if possible rob them. Have you heard the devil says he is evil?; July 09, 2009 12:00 AM
Concerned said...: Where is the old Post Office Savings Bank now? the POSB where Goh Kwee Swee strongly promoted. The present POSB operates in the likes of DBS Bank where profit maximazation and senior staff salary and welfare comes first, customers' interest come last.; July 09, 2009 10:03 AM
Anonymous said...: MAS finally reveals its intention in the toxic structured products and protects the FIs' interest by imposing a meaningless ban on sale of the products.
MAS is trying very hard to white wash the FIs for being accused as the culprits of the syndicate cheating and openly say that they are not liable even though they were obviously committed a crime against the FA act.
No wonder MAS and the FIs were being accused as "brother" and corporate with each other.In other words, they are now "官商勾结".
Who else we can turn to now? God knows.; July 09, 2009 10:41 AM
Sanity said...: I will attend. Don't be disheartened. It is very easy to give up but pls dont. This is our hard earned money.

I don't speak for all but I believe a large majority are like me and that is: we trusted the FIs and are conned by their RMs into buying these toxic products. All the assurances by them that these are no /very low risk products and alternative to fixed deposits are bullshit!!

So everyone, let's attend the rally and show that we are not easily bullied.

The banks are supposed to be the experts and if they are not aware of the toxicity (as some claimed), then how do they expect a normal person to know!!

And if they are aware of the high risks involved and choose not to tell, then it is an obvious scam.; July 10, 2009 2:31 PM