Hi Mr Tan,
Morgan Stanley has just informed investors that another two of Pinnacle Notes, Series 6 & 7 have failed due to mandatory redemption (see attached).
For those who still hold hope they can hang on till maturity dates and they may still get back their principle if nothing else fails, this is a wake-up call and they should just join the legal action organized by the US lawyer. Please help to post this in you Blog.
The Town Council who invested in this “created-to-fail” product is also looking at $3 million dollar loss as reported in this 2008 News report. Who is accountable?
http://www.channelnewsasia.com/stories/singaporelocalnews/view/390407/1/.html
Benedict
My comment
Investors who wish to join the legal action to be held in US courts by a reputable US legal firm working on a contigency fee basis can send an e-mail to tkla.km@gmail.com. The lawyer will take the fee and expenses only on successful outcome. If the lawyer is unsuccessful, they will bear the expenses and the investors will not need to pay any fee or expenses.
Investors in these products should take the initiative to take legal actions in Singapore or join the existing group. MAS or The Authority will not do anything for the affected investors. They classified you as smart investors walking into the "scam" with eyes wide open.
ReplyDeleteIt puzzles me why MAS or The Authority did not do anything with SEC intitiate investigations and criminal proceedings against Goldman Sachs, Morgan Stanley and the likes.
There goes my 200,000 of hard earned money!This is worst then minibond as you get back only 0.01% I think!
ReplyDeleteHi Anonymous 9:34 did you really invest 200K. Did you invest in the stock markets last year to recoup your losses.
ReplyDeleteWho was the MAS Chairman during those period when structure notes were sold ? Probably this will explain what MAS can or cannot do.
ReplyDelete(i) Minibond has $540 millions at stake.
ReplyDeleteTown Council has $16-$18 million.
MAS did nothing. We approach MPs and MPs direct us to MAS. MAS direct us to FI then if not happy continue with Fidrec. In the end, Banks are not at fault. [understandable as DBS is a bank owned by govt]
Fault than lies in LFI if investors can prove it.
In the end, nothing again except collect residue value.
(2) Pinnacle has $120 millions at stake in KM lawyers presentation.
Town Council has $3 millions.
Do you think MAS will do differently?
High Salary does not means High Performance.....
Is Straits Times going to report this? I hope they show an objective reporting as this is tax-payers money and not PAP money.
ReplyDeleteDo you think The Straits Times dare to publish anything that make MAS or Govt looks bad?
ReplyDeleteMPs, ST Jornalists have only one interest and that is self-interest. As long as they do nothing to upset the 3 Ms, their golden rice bowl is safe.
How would you like a part-time with a allowance of $12,500 telling a jobless man to be flexible, go for skill upgrade, not to be choosy. But the problem is no jobs for middle age people regardless of qualification.
Worst is Minister drawing at least $1.5 million telling workers to be cheaper, faster and better.
Read too much ST then you will probably think that we have life-long employment until you hit 40s ie. retrench....
I too think that the mass media will not raise the issue of the town councils who invested millions in this product.With election coming around the corner they will hide this under the carpet
ReplyDelete