tag:blogger.com,1999:blog-11702093.post4710805819745670813..comments2024-03-28T17:36:33.351+08:00Comments on Tan Kin Lian's Blog: TODAY:We should follow HK's example ; Protect individuals, not just the banksTan Kin Lianhttp://www.blogger.com/profile/00617069056914635271noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-11702093.post-86878272712110848542009-07-28T22:17:34.420+08:002009-07-28T22:17:34.420+08:00In the investigation conducted by MAS, it was foun...In the investigation conducted by MAS, it was found that in the sale of these credit linked notes there were failings at these 10 financial institutions, including the misrepresentation of product risk in the prospectus and pricing statement, and inaccurate and incomplete information given by sales staff to investors.<br /><br />The result was that investors were missold these notes whose risks were misrepresented to them and in the process suffered huge financial losses.<br /><br />So why shouldn't the FIs be made to compensate for the losses suffered by their customers that they misled and buy back the notes at par? Not to mention 70%, whereby the current market value of the minibonds is estimated at 60%<br /><br />btw the estimated current market value of 60% applies to Lehman minibonds only..<br />DBS claims the current value of its High Notes 5 is 0%... and these were sold to the mass customers!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-42101307588948434602009-07-28T10:33:33.225+08:002009-07-28T10:33:33.225+08:00Who is this reporter trying to bluff when he said ...Who is this reporter trying to bluff when he said many bought it out of greed. He is ignorant not to know good quality bonds around the world have coupons >5%. The true coupon for Minibond is closer to 20% but the issuer disguised the product and did not disclose the true risk. Therein lies the crux of the fraud.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-41955273410080068622009-07-28T06:57:17.437+08:002009-07-28T06:57:17.437+08:00"THE senior House Democrat in charge of overh..."THE senior House Democrat in charge of overhauling US banking regulations warned on Monday that foreign banks would be denied access to the US system if they become an 'escape hatch' for risky investments."<br /><br />Risky products must be banned totally and forever.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-44695729563616822052009-07-27T21:57:47.345+08:002009-07-27T21:57:47.345+08:00The moral of the story is the HK regulators and le...The moral of the story is the HK regulators and legco have better morals. Over here perhaps we have fatter pay.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-18738297044440605492009-07-27T20:51:43.972+08:002009-07-27T20:51:43.972+08:00Li AO of Taiwan once said s'porean are stupid....Li AO of Taiwan once said s'porean are stupid.<br />It seemed that there is some truth in it.<br />Even if they are not stupid, they must be too trusting.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-9328171505099171972009-07-27T20:50:54.684+08:002009-07-27T20:50:54.684+08:00It is cristally clear that SG govt is strongly
bac...It is cristally clear that SG govt is strongly<br />backing the FIs in the structured products scandal. From SM,Minister and CEO of MAS, all have the same mindset and thinking, totally forget that their high pay come from SG <br />citizen. They were not really blind and cannot <br />see that 600m dollars of hardearn savings were <br />swindled by the cheating syndicates. Why they so <br />concern about their reputation being tarnished?<br />The answer is simple: <br />1.Their interest with the FIs are interlinked. <br />2.They have to admit their own faults if they<br /> point the finger on FIs.<br />We lack a powerful opp.party and MPs to query<br />the integrity of govt in handling the scandal.<br />We also lack media critic's views to pressurize<br />the relevant authorities. The outcome of investigation by MAS is actually preditable.<br />HK govt and retail investors earn praise and respect worldwide. In contrast, our SG top man always self-conceited and think they are smarter,perform poorer than many of our neighbours. At least they banned the toxic products to be sold to the public.<br />I suggest Mr Tan to advertise the petition letter in all the press. Fees can be collected<br />from all the petitioners. The moral and financial effect of the open letter may be greater than we expected.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-22790621075764342152009-07-27T19:02:16.285+08:002009-07-27T19:02:16.285+08:00Quote: Why didn't the opposition party bang th...Quote: Why didn't the opposition party bang the table in Parlaiment immediately? <br /><br />How do you know they didn't?<br />Even if they did, would it ever be reported or highlighted in the news or Parliamentary snippets?<br /><br />Just electing oppostions would not do you good IF you cannot/do NOT/not allowed keep track of their performance.<br />What good is THREE opposition in the Parliament? This is the same as sending three people to a gangster infested slum and try to outshout the hoodlums...will it work?<br /><br />You are not a bright thinker, apparently...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-42122446111383505942009-07-27T18:49:08.438+08:002009-07-27T18:49:08.438+08:00Finally our mainstream news is publishing such a s...Finally our mainstream news is publishing such a story.<br /> - A SingaporeanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-31403646007086920302009-07-27T18:05:17.426+08:002009-07-27T18:05:17.426+08:00hmm.. why do we keep expecting the opposition to s...hmm.. why do we keep expecting the opposition to say things that we ourselves really want to say? I guess it's easier to "bang table" when we are anonymous...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-79023259032098679212009-07-27T14:06:22.141+08:002009-07-27T14:06:22.141+08:00Why didn't the opposition party bang the table...Why didn't the opposition party bang the table in Parlaiment immediately? I don't understand it. MAS cannot behave like ISO9000 garbage in garbage out Quality Control system just checking documentation and processes. MAS must be responsbile to scrutinise products to some detail. The Malaysian regulator is much smarter, they must have read the details and found it too difficult and banned it. That was very smart, our regulator made mistake and refuse to admit it, that is sin upon sin.<br /><br />OF what use is the oppostion party ? I'm not gonna vote for them either. Hopeless!!! Waste your time to vote for the opposition!!!!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-10380545663961336872009-07-27T13:22:39.394+08:002009-07-27T13:22:39.394+08:00Singapore by Pro FI may attarct many more FIs to o...Singapore by Pro FI may attarct many more FIs to operate here. But if you are the wealthy customers or investors, would you want your money to be managed in Singapore or Hong Kong? We may have more FIs but less customers and eventually the FIs would move to Hong Kong too.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11702093.post-3591951853479977842009-07-27T12:37:04.063+08:002009-07-27T12:37:04.063+08:00The deputy chairmei of MAS recently said in parlia...The deputy chairmei of MAS recently said in parliament that they do not question the merits of the products.What he meant is "this is not our business". We let FIs do anything with their products so long they make the money.Anonymousnoreply@blogger.com