Thursday, July 02, 2009

Gathering in Speakers Corner

So far, only 14 people replied to the survey mentioned in this blog. Each person indicated that they will ask a small number of people to attend. None are willing to speak. If you like the gatehring to be organised, please give your reply here.


Anonymous said...

Hi Mr tan,

Let's wait for a while when more victims get dismised by FIDReC. Most victims are adopting wait and see attitude until they have no where to go.


Anonymous said...

Hi Mr. Tan,
1. From MAS's recent data, only a small minority with total exposure of $100M from some 5000+ investors have made formal complaints to the FIs. Excluding the "vulnerables" of about 1200 investors who have been offered 100% settlement, the rest of them were said to have been offered some amounts of settlement but with no details of percentage of settlement or how many have not accepted. Since MAS was silent on these, it is quite logical to expect that the actual facts were nothing to crow about. All said, the media's picture of a good settlement of the debacle is a mirage.

2. There's still a huge number of investors with about $1 Billion or so out there who have not lodged formal complaints, preferring to protest in the press and at rallies. To the media and to MAS, they are considered as persona non-grata, ie., non-complainants who are therefore presumed not to be aggrieved. On this premise, MAS's recent pronouncement reflected a satisfactory resoultion of the debacle.

3. Hence on status quo, more rallies are just blowing hot air and have no benefit other than venting frustrations. Investors must come out of their shell and stand up and be counted. The way to do this is to go to their FIs' offices and lodge a complaint. If we all do this, the full scale of the debalce will be forced into the public eyes and that can only add credence and force to our cause. Also do not under-estimate the value of FIDREC's role for us but FIDREC will only take your case if you have first lodged a complaint to the FI and no settlement come about mutually.
I have done both and am now in the FIDREC stage and it doesn't matter what the outcome will be. I will be heard, and loudly.

4. So if people want to rally, then I urge that the remaining thousands of aggrieved investors rally with a move forward by marshalling as many as possible to lodge in their complaints to their FIs. IN NUMBERS WE HAVE STRENGTH, ALONE WE WIMPER.


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