Signatures as at 15 August: 734
This is the countdown to the Gathering on 22 August.
I hope that all those who signed the Petition will attend the Gathering, and encourage other people to attend as well.
Date of Gathering: 22 August 2009
Place: Speaker's Corner, Hong Lim Park
Time: 5.00 pm
Activities:
Activities:
1. Recital of National Pledge
2. Speech by Tan Kin Lian
3. Hold placards with messages
4. Sign Petition (for those who did not sign online)
5. Talk to other investors at the Gathering
2. Speech by Tan Kin Lian
3. Hold placards with messages
4. Sign Petition (for those who did not sign online)
5. Talk to other investors at the Gathering
Yes, if all those who have signed attend this gathering, it will be great. I will be there.
ReplyDeleteHi the 734 petitionists,
ReplyDeletei) Don't just sign, take action by attending to show solidarity.
ii) Don't use excuses like new Hong Lim park cameras installation, thus afraid to attend. If we are doing the right thing to show injustics or putting forward a statement, why afraid of the intimidation of camera with no sound recording.
iii) Don't complaint that Hong Kong investors have a good deal. They have suffered and took risk to seek justice. So must we.
We are lucky to have TKL but unlucky to have lame duck opposition unlike Hong Kong. Imagine TKL decided to move on, we are on our own again and most likely nothing else will happen.
Good luck and think hard. All For One and One for All.
Mr Tan should be given the top JUTA award!
ReplyDeleteThank you Mr.Tan for all the effort you have done. I will support.
ReplyDeleteSee you all
Jessie Wong
Yes, my greatest appreciation to Mr Tan Kin Lian. See all at the Hong Lim park
ReplyDeleteWe should also ask those compensated to attend. I know some are. This is not a violation of the non-disclosure agreement but anyway, 10-30% compensation is also much to short about. Do attend for anyone who are reading this blog. Also those who are not investors but just want to support to show injustic.
ReplyDeleteMore good years, but not more salary for ministers.
Only a non-investor speaking?
ReplyDeleteWhat happened to those unhappy investors who post on internet? Or we are told about? Where are they?
How do the petitioners expect public sympathy?
I urge all of u to attend this gathering,not only for JUSTICE but also the future of SINGAPORE ! I will be there to support . Please show UNITY like what the HK people do !
ReplyDeleteMr Tan, good work. And don't be discouraged by the less than 1000 signatures.
ReplyDeleteI will attend even though I am not a structured notes victim. And I will call on my friends to attend too. And to break your previous rally record at Hong Lim Park.
All must show support, victim or not for the Gahmen to wake up and take note of the great anger and disappointment of the people.
Mr Tan, thanks again for leading us on this issue.
Most are tired and kiasi. I have attended almost all past meetings but I am tire now and just want to forget and move on and write off my losses.
ReplyDeleteI will set up a drinks stall to provide free refreshment for all who attend. I suggest someone provide free goodies bag as well.
ReplyDelete""Most are tired and kiasi. I have attended almost all past meetings but I am tire now and just want to forget and move on and write off my losses.""
ReplyDeleteDon't give up.
Don't pass discouraging remarks.
Please stay positive and attend the meeting without fail. You have nothing to lose and much more to gain.
ReplyDeleteDo you know how much efforts made to hold this meeting and how much times and sacrifices TKL and his men made just to help those unfairly treated and under-privileged investors who lost so much money and agony without sleep.
Wake up, will you/ Do not be a wet blanket even if you have your own resolution.
Unity is strength.
Xiao Tee
If you give up now, then MAS and FI's have achieved their aims, ie delaying tactics and divide and rule.
ReplyDeleteAnd you will forever regret.
Showing support and continuously make this issue visible is a good thing. In a long run, it will be good for future investors and the next new generation of investors. Don't just think about yourself, think of how you can help to educate and prevent a next occurance. The Swap trickery has now move into ETF and Morgan Stanley & Goldman Sach are repackaging it the mortage swap. In no time, it will appear in different form. People will get hit again as MAS is adopting a NMP [not my problem] attitude. Maybe this is the reason you are seeing PEANUT reputation savaging articles. What will they think of next?
ReplyDeleteother than help us fight back our money, can mr tan recommend how to help us make money ...can u recommend some stocks or financial products for us
ReplyDeleteMAS is hoping to wear you down and make you give up.
ReplyDeleteWe must continuously highlight this issue, we must continuously voice our unhappiness over the injustice.
ReplyDeleteDo not give up!
"Live Free or Die"
ReplyDeleteFrom Wikipedia, the free encyclopedia
"Live Free or Die" is the official motto of the U.S. state of New Hampshire, adopted by the state in 1945.
The phrase comes from a toast written by General John Stark on July 31, 1809. Poor health forced Stark, New Hampshire's most famous soldier of the American Revolutionary War, to decline an invitation to an anniversary reunion of the Battle of Bennington and to send his toast by letter:
Live free or die: Death is not the worst of evils.
The motto was enacted at the same time as the state emblem, on which it appears.
Thank you, Me Tan, for organising the meeting at Hong Lim Square. My friends and I will be there. To enable us to meet with investors from the same FIs, much appreciate if placards with the names of the various FIs could be placed there for identification purposes.
ReplyDeleteHi Leong,
ReplyDeletePlease make your own placard and bring it to the meeting. All the best.
Hi
ReplyDeleteI have asked my helper to make the placards showing the names of the 10 financial institutions. Can someone help me to identify these 10 names, from the MAS report? Please post here.
(i)
ReplyDeleteABN AMRO Bank N.V. Singapore Branch (ABN)
(ii)
CIMB-GK Securities Pte Ltd (CIMB)
(iii)
DBS Bank Ltd (DBS)
(iv)
DMG and Partners Securities Pte Ltd (DMG)
(v)
Hong Leong Finance Ltd (HLF)
(vi)
Kim Eng Securities Pte Ltd (KESPL)
(vii)
Malayan Banking Berhad Singapore Branch (MBB)
(viii)
OCBC Securities Pte Ltd (OSPL)
(ix)
Phillip Securities Pte Ltd (PSPL)
(x)
UOB Kay Hian Pte Ltd (UOBKH)
For those who are thinking of giving up please consider carefully---- this is your hard earned money, saved over many years either for your retirement or for your children's education. Many of us like you have been misled by institutions and authorities whom we supported and trusted. Is it fair to yourself and your family that you want to walk away and give up ?
ReplyDelete8:44am:
ReplyDeleteI do not want to give up, but really cannot spend more money in class action suit. FIDRec seems another waste of time based on feedback. What else can I do besides supporting Mr Tan's effort?
HI, I have checked with MAS whether our activities are anti-goverment. They replied, we are not saying goverment cheated us, but FI/RM cheated us, that is OK! We are not satisfied by MAS action taken, they will take it as feedback but not slander.
ReplyDeleteSo, don't worry too much! Let us be there!
Can we request CASE, who is more pro-consumers to fight for us, instead of Fidrec ?
ReplyDeleteCan someone verify this:
ReplyDeletei) bank must do customer risk analysis before selling structure notes.
ii) Security houses need not do risk analysis before selling structure notes.
Same product, different regulation. Is this true? Does MAS stand by this?
If it is true, then it also means banks must do customer risk analysis while Security houses can say anything they want, then hid behind the rule of "order-execution only" and whatever my RM says, it does not mean a thing.
CASE = NTUC = MAS = FIDREC = Govt
ReplyDeleteDear Mr Tan
ReplyDeleteBefore you start your speech, you may want to consider leading the entire meeting by saying the Singapore Pledge. This is to remind all Singaporeans that you are standing up for a better Singapore.
All of you are loyal citizens.
And it's amazing how many stupid Singaporeans there are out there who cannot understand that there is nothing disloyal or unpatriotic about protesting about the actions of the Financial Institutions.
Regardless of race, language, religion or political affiliations .... you are all loyal citizens in this fight.
""Same product, different regulation. Is this true? If it is true, then it also means banks must do customer risk analysis while Security houses can say anything they want, then hid behind the rule of "order-execution only" and whatever my RM says, it does not mean a thing.""
ReplyDeleteWhen you buy from a borker.
The agent would not sell you anthing unless you agreed to sign certain form.
But he/she just tell you something else, like.....
So you thought it is no harm signing the form.
Once you sign that form, you are caught.
After that, the agent would say you approach him/her to buy as though you have bought the product online directly from the brokers.
Did you sign smething which you may not even aware of? It is like people offer you a cup of coffe, and you thought coffee is not harmful. But that cup of "coffee" is not coffee but something else.
To person asking TKL to start speech by asking people to recite plaedge.
ReplyDeleteWhy don't you offer to lead the pledge before TKL speaks?
15.08.09 Strait Times forum page MAS replied the FAA applies to all financial institions in Singapore. Does that mean the brokering house in Singapore is also subject to FAA? Why all this time they claim to be order execution only?
ReplyDeleteDoes FAA applies to all financial institutions?
ReplyDeleteI think one way is to call MAS to clearify.
Another way is for some good soul out there to explain to us in layman terms on the above.
This is important as we need to understand MAS position. I was told that MAS make it a must for banks but not for securities houses. That is the reason why OCBC uses it's security arm to sell MB. I was told because they uses a Bank license to apply for MB but uses it's security arm to sell thus creating a problem i.e. no customer risk profiling which ended up with some compensation.
A guy was first rejected by OCBC and couple of weeks before MAS report was release the guy was offered 20% compensation. He was in the midst of applying to FIDREC. This also happens to customer from Phillip Securities i.e. rejected at FI level and while proceeding to FIDREC, Phillip Securities offered compensation. Guy is angry as he believe it is unethical to offer before the release of MAS report which was not favourable to FIs.
PM Lee may not aware that the MAS investigation findings did not address the minibond investors’ main complaints such as:
ReplyDelete(1) minibond products are unsound products
(2) the newspaper advertisements and sales brochures misled investors into believing that they were buying a bond issued by the six leading banks.
Suggest all investors together, workout a list of complaints which did not address by the MAS investigation findings and send it to PM Lee.
P
Talked to MAS. No position or opinion on Minibond risk nor whether banks or securities houses are suppose to do customer risk analysis.
ReplyDeleteI heard Phillip Securites has make the broker to bear for 100% compensation should client win the case. So there is no punishment on them.
ReplyDeleteImagine the scenario: If lose, FA & DCM pay.
ReplyDeleteBasically, there will be 3 persons in a room where 2 trying not to pay while the third [mb investor], trying to prove mis-sold.
DBS definition of "mis-sold": If a product does not match an investor's risk-tolerance or is found to be unsuitable to the customer, based on his profile.
So it is basically "your words against my words"
and how do you think the outcome is going to be?
Not going to be a cordial session.....
""Does FAA applies to all financial institutions?""
ReplyDeleteThe answer is yes!!!
Then why there is diff betw banks & Sec firms.
The answer is also very simple.
If you buy from the sec brokers, you need to sign an extra form (If u read mas report carefully, it did explain it also).
This extra form is in addition to all the forms you hv to sign if u buy from a bank.
It is like someone offer u a toxic food, and ask u to sign a form to idemnify him that you would not hold him resp if u suffer any illness or harms as a result, after u eat it. In real life, u would suspect why u need to sign such a form.
But when you buy from an agent from a broker, u do not know this form is something extra & unnecessary. and he/she may say .......
So the bank customers get compensated while those bought from sec brokers get nothing.
So in this MB saga, 75% bought from banks get compensated while 90% of those bought from sec brokers get 0. If customers of bank & sec brokers sign the same forms, 90% of all of them would get nothing.
So it is not what you buy, but what you sign that matters.
So in future no one would be able to escape & get compensated. (IF they make all to sign to protect them properly).
That is the most scary thing.
If you iniated the purchase from a broker, for eg you have seen the advert and you tell the broker you want to buy product X, the position is that the FI can claim they were merely taking your instructions to put through the order, "execution only" basis. If the trading rep asked you to buy or expresses an opinion on the product, they would have to comply with the the FAA, ie conduct fact find, give basis of recommendation. They must have been properly trained to give such advice and must have taken the relevant modules.
ReplyDeleteIt is very unethical for an sec firm to use IFA to sell the structured products.
ReplyDeleteYou can go to MIAG website for a better explanation.
It is also very unethical for an IFA to act in this manner.
"Introducer" & "Execute-only" are just smoke screen.
But somehwat the sec firms in spore seemed to be able to escape and refuse to compensate the customers.
If HK, it is the sec firms that compensate the most (even 100%).
It is very unfair. But why they can escape ??
What can you do? U are at their mercy.
Latest good news from Hong Kong. They are progressing, while we still suffer here due to MAS's blunders...
ReplyDeleteWe'll take the money, say BOC minibond holders
Katherine Ng
Wednesday, August 19, 2009
The Standard
Bank of China (Hong Kong) (2388) has received a hearty initial response to a proposal to compensate those who lost most of their investments in Lehman Brothers minibonds.
Of about 1,700 investors who responded to the offer, made as part of one agreed to by 16 banks, about 99 percent accepted.
The acceptances came just eight working days since the bank sent out its offer letters, showing that the scheme has been warmly received, sources told The Standard.
"Some of those clients have even come to our branches to show their acceptance," said a source.
As of yesterday, a few hundred clients have even received their money.
The bank is the largest distributor of minibonds in Hong Kong and as such the almost unanimous acceptance of the compensation offer holds a good sign for all the other banks involved in selling the minibonds.
The acceptances are in great contrast to protests a few months ago led by lawmakers and Peter Chan Kwong-yue, chairman of the Allied Victims of Lehman Products.
However, the complaints have died down over the past three weeks.
Bankers say this shows that minibond investors are taking a more rational approach and have realized that the offer is their best bet so far.
BOCHK accounted for about 40 percent of the minibonds sold. In all, about HK$4.2 billion worth of Lehman minibonds were sold through its branches.
Of the 29,000 investors who bought Lehman minibonds in Hong Kong, more than 10,000 made their purchases through BOCHK.
Last month, 16 distributor banks reached an agreement with the Securities and Futures Commission as well as the Hong Kong Monetary Authority over a universal offer for their minibonds investors. Those aged 65 or above as of July 1 will get 70 percent of their principal investments, while the rest get 60 percent.
Investors under 65 can also get another 10 percent if the underlying collateral is recovered by banks.
If recoveries exceed 70 percent, the banks will pay the excess amount to those who have accepted the offer, taking the settlements of some investors up to 100 percent.
Under the deal signed on July 22, banks had to send out offer letters to clients from August 7 to 13.
Investors have 60 days to respond.
Hi,
ReplyDeleteTKL initiated a 50-50 sharing of responsibility at the start of MB saga in Sept 09 due to unfair selling of structure notes. It was not taken up by MAS or FIs. HK investors better it to 60-70 return of principles, thanks to the service oriented SFC and opposition party.
Service to country rules over millionairs paid by tax payers.
TKL, I think you should consider senting out sms to inform the 743 petition people to coming early and start the update at 4:15 or something. Advise them to show peak support between a certain period of time so that the media can take a solid rally picture with the posters you are preparing.
It seems that the petition is the only way to call for fairness and justice.We had lost faith on MAS and the ministers who did not care much of our suffering. Now the FiDREC also plays a protector of the FIs role by imposing ridiculous ruling on the hearing. Just to mention one obvious example,RMs of FIs were being accused of offenders of mis-sell the toxic products, and yet FiDREC let them stand as a "witness" to white wash their crime.How are we going to trust the FiDREC anymore?
ReplyDeleteI strongly urge the following groups come to the gathering on 22.08.09:
1.Those who had acceted compensation.
2.Those who are waiting to be called for hearing in FiDREC.
3.Those who are going for the class action.
4.Those who felt hopeless and has done nothing.
We really want our voice be heard by our world class learders who earn more than any learders of supper powers. We had been swindled 600m by the cheating syndicates. These are our hard earned savings but definiately not peanut as some ministers thought.
Garmen don't give a damn to our sufferings.They are more interested in FI race next month and YOG next year and IR opening. Just remember to exercise your votes wisely when the time comes.
ReplyDeleteSec firms in HK (Under FAA) : compensate 100% (or quite high)
ReplyDeleteBanks in Spore (Under FAA): 75% compensated
Sec firms in spore (Under FAA also): more than 80% (?) not comensated.
Something is wrong somehwere here.
Really confused.
Even the banks in spore are willing to compesnate, why the sec firms are so specially??
It is unethically to use IFAs to sell MiniBomb, etc.
Sec firms in HK feel guilty, so give high compensation.
SEc firms in spore don't feel gulity, but feel very happy bec no compensate. But why???
For those who are literate in Chinese, you can read this week 《亚洲周刊》which has an article on the 精明债券(related CDO product by the Morgan Stanley).May be we will know why the MAS doesn't want to deal with the investmet banks!
ReplyDeleteHow coincidental that pledge was said at 8.22 and TKL's gathering was on 22 Aug! It is a significant moment, it's a sign!
ReplyDeleteTKL can lead the pledge and also remind people that he is a good candidate for Singapore's presidency - this can be a practice platform.
Mr. S R Nathan is 89 years old. He was not actually elected by the people in a vote, but became President by virtue of being the sole candidate deemed qualified by the Presidential Elections Committee. His first term of office was from 18 August 1999 to 31 August 2005. He was re-elected after a walkover on 17 August 2005. His current term of office will expire in 2011.
Go for Presidency 2011, Mr. Tan!
The Emperor has spoken in the form of MAS report i.e. no one solution payout like HK example. Thus given their mentality, it is very difficult for MAS or Govt to change this position.
ReplyDeleteMedia coverage, petition on 22 Aug 09 to keep the issue alive.
What next? Why not print a banner to congratulate Hong Kong SFC & HK investors for their success in a win-win solution.
Regards,
Suggestion:
ReplyDeleteEducate the public.
Officially, MAS report is the only investigated document available. For the sake of Sgp public and next group of investors, I suggest your team to create a area for financial education. You can attached articles written on MAS report e.g. Francis Chan [the straits times] and also your team analysis.
Analysis should be for layman to understand on the executive summary and the problems detected by each banks.
e.g. broker/security houses uses the business model of "order execution only" and without clearly explaining to their customers that anything their RM or fund mgr said, should not be consider as advise to buy Minibond.
"order execution only" also means no customer risk analysis is necessary as the only take order and execute. This is fine if it is online share purchase. But in MAS report, it can be notice that Phillip Securities change the business model to:
MB1/MB2 : FA can advise if qualified.
MB3 onwards: FA can advise only on product features
All includes that clients can talk to their marketing department [DCM] for advisory but DCM advises cannot be use as recommendation or advise for customers to purchase.
And that when customers sign on Phillip Securities documents, customers did it on their own risk.
And that RM are not allow to push or advise on the products but if they do, customers must prove it else Phillip Securities is not responsible.
And that if customer is able to read, Phillip Securites deem customers are able to understand the MB brochure, Pricing Statement and Base Prospectus.
And that customer is at fault for signing the MB application form which states that applicants understand the risk stated in prospectus even though at the point of signing, prospectus and printing documents were not given. So the customer is at fault for signing a document with lots of fine prints.
So, from the above, you will notice from the "order to execution" basic definition of process and execute which fit very well online stock purchase, it has migrated to PSPL is totally not responsible in the event of dispute as customers have signed off this right without even knowing it.
So becareful if you sign documents, even a 33 years old local company can do such thing.
Yes, good idea to start a education site.
ReplyDeleteTKL and team become the moderator.
Information will be contributed by readings while it has to be screen by TKL and team.
If I want to check credibility of a company, this site will be useful. I will not buy blindly and have a deep understanding of "order execution only" It also means better buy from GE or NTUC. Honest and responsible.
Facts:
ReplyDeletei) MB investors are hurting inside.
ii) We know petition has its limit since MAS is not going to change position.
iii) We know we want to help educate investors on "hidden rules" set up FIs to put customers at risk so as to protect themselves.
iv) We also know Singaporean companies are doing it to Singaporean investors.
v) We know we need to keep this issue alive in a legal manner.
vi) We know exposing FIs on their irresponsible way is a Call of Duty.
vii) We know MAS view such action is against FIs but not anti-govt.
Let all the highly educated people who are able to use their educated minds to make this education site a permanent and popular feature so as to ensure the 10 FIs will continue to face the MB3 investors until they settle this issues responsibly.
Since we cannot protest, let's use the TKL Blog as the point of education to Singaporean and a lesson to the 10 FIs that they must uphold the high standard of integrity and not uses all the legal documents that their investors signed and turn against them under the business model of "order execution only"
While TKL lead on petition and HLPark gathering, all MB victims should go FIDREC.
ReplyDeleteEconomically it makes sense. At adjudication, you pay $50, the FI pays $500. If 1000 goes to PSPL, must pay a fee of $500,000.
Not much but if you includes 2-3 PSPL staff salary and time and also a chance for you to have a 3rd party opinion on your case, it is worth it. The Judge may conclude that you were victimized.
I am seeing a lot comments pulling in the government and trying to make this look like a political issue. As a victim, we have already suffered enough, so for those who have ulterior motive, don't make things more complicated for us, we want our voice and sorrow to be heard by the authority that's all. So if you are not one of the victim, pls stay away and don't take this chance to create any political emotion and make things more difficult for the victims.
ReplyDeleteLogically thinking. Why did the HK FI decide to compensate? likely bcos they look at the situation and assessed that they may lose much more if they don't compensate. thru a combination of regulatory fine, customer boycott etc.?
ReplyDeleteWhy S'pore brokerages did not care a damn? bcos we are not united. they did not feel that we are strong enough to affect their earnings. basically they don't feel that they will lose more if they don't compensate.
I think some of us are quite patient till now. going thru the fidrec process in the hope that the system will work. But it has disappointed many, if not all.
we should show our strength by stopping to trade with these brokerages. (Can anyone name which brokerage that is not involved in this fiasco)
To those suggesting that section be set up to educate people
ReplyDelete-- Can you give TKL yr names as this work needs people to help out either in $ or in work.
For all new purchases, please read what you sign. Even the RM will not know that when customer sign those company's documents, the real meaning is to push blame to the RM in times of dispute.......
ReplyDeleteJust image when you tried to ask more questions, the FA may just said to you: "it is very insulting man. If you don't trust me, u shd at least trust me big big company.If u still don't trsu, then forget about it."
ReplyDeleteAnd it is true, no matter where you go, you would be aksed to sign similar forms.
Only thing is that you may not know the brokers will ask u to sign one more form extra.
and if the ask for the attachments to the page that u sign, the attacheent may be 50 - 100 pages long. If you want to read carefully, it may take you one week, and u may still not understand.
So what can you do.
If you sign, u are supposed to read and understood all the 100 pages.
If u sign, u are supposed to go in with yr eye open wide wide.
So what can you do?
U can escape once, u may be caught next time.
If u don't sign, no one will trabnsact with u.
But what can u do? trsut or don't trust? I am confused.
'If you sign, u are supposed to read and understood all the 100 pages.'
ReplyDeleteYes, this is the ridiculous part. Even if the 100 pages is so difficult to understand. to the degree that ppl like Alan Greenspan and others of his level mentions that he don't understand completely, u r expected to understand!
Our auntie uncle along the streets are even better than the experts!
Hi all, S'poreans are the most pathetic, we dont have opposition parties to fight for us and MAS are siding the FI, so there is nothing we can do but to be eaten up by the FI. There is no place for us to voice our grief and unjustice. Pleas gather more people to show our unhappiness.
ReplyDeleteThank you very much Mr Tan
I agree Singaporeans are pathetic. One comment I heard during class action seminar- 'After you win the class action, then I will join'. If everyone behave like him, we deserve to be eaten up by FI's.
ReplyDeleteVery tired. MAS plan has succeeded. Once my case over, I give up. Forget the whole thing and never want to have anything to do with those millionairs. Alot of air-talk and did nothing.
ReplyDeleteSometime is not that Singaporean is like that, it is just that after managed by fear all these years, mak\de us too dependent & trusting of other people like the RM, banks, FIs, Securities houses etc.
"Sometime is not that Singaporean is like that, they make us too dependent & trusting of other people like the RM, banks, FIs, Securities houses etc"
ReplyDeleteDo you have a choice?
If you don't "trust", If you don't sign, no one (No FIs or companies) would ever transact with you. You have to work according to their rules.
Do you think you can survive? Can you afford not to sign anthing? So it will happen. Not bec you forget, but bec you have no choice.
So next time it happens, no one will help you. Not even Mr. TanKL.
You give up after one year now, next time you will give up on the spot, case close.
Petitioners complain that Hongkies treated better by their govmin.
ReplyDeleteThey fought hard and protested regularly. Did you?
Do you know many got their non-investor friends and relations to write to FIs where they also got accounts to say they unhappy with way their investor relations/ freiends treated; threatening to close their accounts if investors not compensated.
Did you ask others to write to FIs?
Now if you all don't turn up and bring at least a non investor each, why shld PM listen to you?
Or why shld TKL continue to help you?
I hope he realises that no point helping people who won't help themselves: You all contributed average of $1 each when he asked for donations to help organise today's gathering.
Life is too short to waste on things like this.
August 20, 2009 11:07 AM said
ReplyDelete"I am seeing a lot comments pulling in the government and trying to make this look like a political issue. As a victim, we have already suffered enough, so for those who have ulterior motive, don't make things more complicated for us, we want our voice and sorrow to be heard by the authority that's all".
I think this whole issue is political whether you like it or not. It involves DBS a govt owned bank, it involves town councils, it involves MAS, it involves the highest politician who said that you went in with your eyes wide opened, meaning it is your own fault.
Why does HK victims get good compensation while we do not? I think it is largely political. HK is a true democracy while we are not.
And by the way, I am a victim myself. Through this episode, I see very clearly how important it is to have democracy and check and balances in the system.
SG govt uses different strstegies to tackle the toxic financial products issue with one basic aim-- to protect the interest of FIs so to protect the high GDP growth.
ReplyDeleteMAS--found non-complience of guidence by many RMs and FIs yet deny that FIs have to be liable for the mis-sell and mis-rep.
FiDREC--allows those RMs who were being accused of mis-sell and mis-rep the products to stand as "witness" so to white wash their crime.
Ministers--claimed that the reputation of FIs being tarnished were far more important than the $600m being swindled by the cheating syndicates.
The sum of $600m to them is just peanut.There is no need for accross the board settlement like HK.
Since FIs have the strong backing force from the SG govt, they are not afraid to brush aside any challenge without feeling of shame and guilt. Don't expect any mercy from them.
PM--can you expect any miricle from him? My guess--the highest is 40%, the lowest is 5%.
Our aim--voice of anger and frustration will be heard nation wide. If we are determine enough, publicize the angry voice world-wide.
Don"t forget the whole world are watching how our govt are dealing with the cheating syndicates--join hands with them or handle them with wise move. The reputation of the SG govt is at stake. Our PM should make a good dicision now.
Are we going to say pledge again?
ReplyDeleteOn Aug 9th, 8;22pm, my whole family of 4 sat infront of the TV set and said out the pledge wholeheartedly. But when it comes to the part, ' base of Justice and Equality', it is really 'holeheartedly'. My heart bleed,as I think of where is justice. FI make a mistake of bringing in the product, investor make a mistake of buying it but investor bear 100% of the whole misfortune. If one person make a mistake totally he bear the whole consequences but if two or three person make the mistake, then each party has to share it responsibly. We really need the person right on "top" to judge.
Our government encourage foreign talent, including foreign students who take up a large percentage of the places in our universities. Question is that will they stay back and serve our nation after finishing their education using our tax payers money. Our sons who are true root of the nation and say the pledge each day in school including on Aug 9th 8:22 pm will be deprived a chance to study locally when their results are not good enough and will have to go overseas. But to many of us where is the money after this. I use to treat this place as our root where our forefather and us build up but now I was just thinking very hard whether should we encourage our sons to come back and serve the nation after he finishes his education overseas.
A True Singaporean
If you think S$30,000, S$ 60,000 or S$ 90,000 is a small amount. Think again.
ReplyDeleteDr Cai, who has a phd from Stamford U, spent one year looking for jobs in spore. And it was during spore's "golden period" when economy was booming (2007-2008). Yet he ended up as a taxi driver after one year's search.
According to him, a taxi driver can make about S$1,500 per month. So if you could save S$500 per month, it would take you 5 years to save S$30,000, 10 years to save S$60,000 or 15 years to save S$90,000.
May be you have a good, well paying jobs now. But who knows what could happen to you in future. Even it could happen to a phd holder from a top u.
I admire & respect Dr Cai. He is like Mr. Tan KL. We can learn a lot from them.
As a signer of the petition, I suggest to TKL that we, victims of Minibond, meet every two months to hear update as well as to have a quiet protest of MAS/Govt doing too little to help us in Hong Lim Park. People can give up, but we must continue to keep this issue visiable.
ReplyDeleteSome conditions to keep this going:
Each contribution: $10 per meeting. [TKL can decide on this figure as he knows the cost.]
Each petitioner commit to continue until election day or MB satisfactory resolve.
This way is to go against the desire of the regulator or the FIs for trying to tired us out and close case. It is also mean to inform the public becareful of the 10 FIs and if possible, bring their future business to someone else e.g. GE.
I am gonna take a risk and attend. If i do not help myself, who am i expecting to help me?
ReplyDeletehey, i live in singapore wor.
The answer : Mr Tan K L will help us.
In the name of righteousness.
200 out of 734 people turned up! What kind of message the petitioners are trying to put across? I was there. We were under the sun and supporting TKL.
ReplyDeleteIs this all because of the camera? Shameful to be Singaporean. I suggest forget the whole thing and kiss your MB money goodbye and stop complaining. If you don't help yourself, no one will..
Garmen people r all highly educated n highly status people who r advised by many grassroots' people. There r many high office bearers in the PM's office such as 1 MM, 2 SMs, 3 Ms, etc. so the PM is fully aware of all the news that are happening in S'pore n around the world as well as feedbacks & advises from grassroots. So the MB, HN5, PN, etc. saga are nothing new to him, even what is happening at HL park.
ReplyDelete