It is commendable for Hong Leong Finance to sue Morgan Stanley over the Pinnacle Notes. I understand that Hong Leong Finance had been quite generous in compensating the investors who made losses on the Pinnacle Notes - not fully, but they help to share in the loss. They are now, rightly, recovering the loss from Morgan Stanley.
I commend Hong Leong Finance for taking this approach in looking after the interest of their customers. They set a good example of how a trustworthy institution should behave. I hope that other financial institutions will follow their excellent example.
http://www.todayonline.com/Singapore/EDC120807-0000047/Hong-Leong-sues-Morgan-Stanley-over-Pinnacle-notes
I commend Hong Leong Finance for taking this approach in looking after the interest of their customers. They set a good example of how a trustworthy institution should behave. I hope that other financial institutions will follow their excellent example.
http://www.todayonline.com/Singapore/EDC120807-0000047/Hong-Leong-sues-Morgan-Stanley-over-Pinnacle-notes
13 comments:
Notice that Hong Leong is sueing in America, not in Singapore.
Investors should take note they could obtain Justice only in foreign Courts.
The big red bank still hide behind the caveat emptor
Lehman Brothers and Morgan Stanley did the same thing i.e. train local RM and FM to believe that this product is safe and low risk. RMs and FMs then passed it on to retail clients. After 3.5 years, we have a local financial institution openly speak out what we, the victims of Minibond and Pinnacle Notes has been telling the MAS. Hong Kong Regulator stand up and ensure Hong Kongers are fairly treated. In Sgp, our best paid Ministers and MPs didn't standup but allow victims to go to FiDREC to settle the dispute. A significant group if Pinnacle Notes victims got back nothing from Fidrec. So, being paid best salary in the world does not means they will do a good job.....
Salute to you, Hong Leong. Though I did not buy any Pinnacle Notes, interesting to note Hong Leong is suing in US and not Singapore. Salute also for the earlier class action in US.
So far, with Hong Kong regulator doing what one expect of a Real Regulator, we in Singapore can have to content with "not-too eager" MAS. It does not inspire confidence. Not with me, anyway.
It has to look over its shoulder.
Who was the managing director of MAS at that time? Can he come out to defend why the products were allowed to be sold at that time? Probably, they would have a clue what the product was all about? High pay for knowing nothing!
The ex-MD of MAS was Heng Siew Kiat. He was promoted to Minister of MOE after GE11. First time in politics and stand in Tampines GRC. GRC system also helps to reward "Good" people. See what happen if you listen whole heartedly to the Chairman and Deputy Chairman of MAS [GCT & LHK], never mind whether it is the right thing the to do e.g no need to protect Singaporean victims. I understand that after the 7 July MAS investigation report, many of the Pinnacle Notes Victims got NOTHING from Fidrec. The MAS 7th July report painted a picture that the sgp victims were compensated equivalent to Hong Kong or better but actually, it was not the case. Wonder whether MAS dare to publish a update report on the outcome of Fidrec by end 2011? It will show that we are worst off than the Hong Kong victims eventhough Singaporeans paid above world-class money to the top 2 MAS persons. Makes me recall the song "MONEY FOR NOTHING....." So you can feel how I felt whenever these group of people talk about, taking care low-income people, serving the nation, hard to find talented & honest people, no need opposition as PAP MPs can act as alternative voice etc. Wonder where are these voices when Ministers's salary went up for the last 18 years and finally come crashing down due to GE11. In that 18 years, PM continue to use the previous >60% support as the people support to Ministers' Salary and usual broken-record declaration that PAP Govt always do the right thing even though is may not be popular. Raising PM salary to $3.3 million and President Salary to $4 million in 2010/2011 is not a unpopular-right-thing-to-do but a want-more-money-no-matter-what....
"High pay for knowing nothing".
Like that very much. Could add,
"High pay for knowing next to
nothing about the intricacies of
the financial world, and yet pretend
to know, hiding behind the
ignorance of ah pek and ah um".
"Education Minister Heng Swee Keat is the new chairman of the National Youth Achievement Award (NYAA) Advisory Board".
The ex-MD of MAS whom the PAP Govt believed did a excellent job in Mini-bond/Pinnacle went from a big time money man to a totally no-experience Education Minister and now the above.
Great job allocation. Wonder whether it is job fit talent or job fit loyalty? The loser? The uncles and aunties, victims of Minibond and Pinnacles, were not protected at all by MAS whose investigation report ended up with nothing but a miserable ban in selling structure products for banks and financial institutions from 6 months to 1 year. Great job, MAS....Paid by taxpayers but work for banks....
Well Hong Leong Finance just opened the old wound & reminded all affected S'porean that big brother should have assumed responisbility in going after the crooked investment banks who were out to cheat unsuspecting Asians. Now we see HL Finance telling facts that victims have been trying so hard to get the Authority to believe to no avail. Don't ever think the public can be hoodwinked & forget easily if you try to smoke them with BS!
The Govt rule-of-thumb was simple. Given time, Singaporean will forget. We told them for 18 years that their salary is too high, they woke up after GE11. We told them for 22 years taxi should not be in CAT A COE bidding. They agreed in 2012. We told them banks and financial institution misled, misrep, missold toxic investment product, they told us it was our fault. We told them they are keeping too much of our CPF money after retirement, they are still thinking. We told them increasing retirement age is useless as we lose our jobs at middle age to cheaper foreigners, they ask us to go retraining. Talk, talk and more talk. Bottomline, Govt must tell us what they have achieve after GE11, else how are we going to vote? Telling us national problem is one thing, but unable to solve it deserve to be release from duty....
http://www.asiaone.com/News/Latest%2BNews/Singapore/Story/A1Story20120813-364976.html. The Straits Time "Govt to review procurement procedures"- Mr Tharman also spoke about the new ministerial committee, led by Education Minister Heng Swee Keat, to conduct a broad-based review of government policies.
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The ex-MD of MAS did a great job by protecting Govt, banks and financial institutions while hanging victims of minibond/Pinnacle out to dry. Same goes to DBS HN5 victims who sued Govt Owned DBS in a Govt owned court. I wonder will Heng this time listen to public feedback or Govt feedback? For $800,000 a year Minister/MP Salary, will you bite the hand that feed you? I doubt...
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