Best paid Governement and Financial Civil Servants in the world show no initiative, follow HK
Besides following HKMA on guaranteeing Bank Deposits, Spore MAS follow HK on Consumer Rights. In Singapore, its best to gister yourself as a corporation aka Nick Lim (Pte) Ltd have more voice and rights than Nick Lim... think about it...
Diary of A Singaporean Mind
http://singaporemind.blogspot.com/2008/10/minibonds-no-leadership-in-times-of.html
Published : Friday, 17-October-2008
Minibonds : No leadership in times of trouble....!
I tell you why Singapore minibond investors are lucky. They are lucky that the product was also sold in Hong Kong and Taiwan where the people are empowered to seek justice, pressure their leaders to do what is right and demand action from the authorities by protesting. I'm quite sure that the minibond investors there will eventually receive what is rightfully theirs....and the Singapore banks and authorities will be compelled to give investors the same resolution otherwise it will be too embarrassing for Singapore as financial hub to continue its business.
.
"If the regulator finds evidence a bank that sold the Lehman products didn't have procedures in place that could prevent abuses, that could be enough to impose penalties, Mr. Steward said. It wouldn't be necessary, in other words, to process each complaint from potentially thousands of investors individually -- a process that could take years" - Wall Street Journal on the probe by HK authorities.
Hong Kong Chief Executive Donald Tsang demand answers from banks by this week on whether they will buy back the Lehman minibonds : [Link]. His message to the bank is stern - I think he will be twisting their arms for a quick and fair resolution.
Let's recap how the MAS handled the situation. The initial reaction from the MAS was to ask the investors to go back to the banks individually if they had complaints[Link]. This is the sure way to get the worse deal for investors and someone wrote on the one of the forums that the MAS was asking for the investors to "be divided and conquered". MAS then met up with the banks and hammered a deal to have the banks appoint their own independent investigators. All this was done without first meeting investors to discuss how best to help them. It was Tan Kin Lian who saw the importance of getting investors organised - petition, protest at Hong Lim, seeing MPs in groups and preparing affidavits. He said that if one person said that he was mis-sold he may be ignored but if one thousand people swear they were mis-sold these products it is a powerful statement. Among the 1st words from our government on the issue was a remark from SM Goh Chok Tong telling the investors ".... that's life, if you want good rewards, you have to take risks. Otherwise, leave your money with the CPF". Singaporeans are to accept injustice as that is part of life in Singapore?
There are about 10,000 investors who lost money in these structured products. Many lost their entire life savings. Many felt cheated. Many desperate for help. If ever leadership is needed in government this is the moment....a moment of crisis and pain for so many Singaporeans. Anxious Singaporean investors needed to do something for themselves and understand the best way forward. There was clearly a need for collective action and leadership to organise such an action. There was leadership but not from the men and women who are paid millions for their services. It was Tan Kin Lian and the many ordinary Singaporeans who step forward to help. They did it not for money but for justice and their fellow Singaporeans.
By the end of this week or next, the leaders in Hong Kong will wrap up this problem. Our best paid government in the world will have to take direction from Hong Kong.
DBS offer full compensation to mini-bond holders
Report by: Michael Logan
Email to friend | Print a copy
DBS Bank in Hong Kong has said it will offer full compensation to customers who bought mini-bonds issued by Lehman Brothers. Customers only need to prove to DBS that DBS staff misled them during the sales process
Diary of A Singaporean Mind
http://singaporemind.blogspot.com/2008/10/minibonds-no-leadership-in-times-of.html
Published : Friday, 17-October-2008
Minibonds : No leadership in times of trouble....!
I tell you why Singapore minibond investors are lucky. They are lucky that the product was also sold in Hong Kong and Taiwan where the people are empowered to seek justice, pressure their leaders to do what is right and demand action from the authorities by protesting. I'm quite sure that the minibond investors there will eventually receive what is rightfully theirs....and the Singapore banks and authorities will be compelled to give investors the same resolution otherwise it will be too embarrassing for Singapore as financial hub to continue its business.
.
"If the regulator finds evidence a bank that sold the Lehman products didn't have procedures in place that could prevent abuses, that could be enough to impose penalties, Mr. Steward said. It wouldn't be necessary, in other words, to process each complaint from potentially thousands of investors individually -- a process that could take years" - Wall Street Journal on the probe by HK authorities.
Hong Kong Chief Executive Donald Tsang demand answers from banks by this week on whether they will buy back the Lehman minibonds : [Link]. His message to the bank is stern - I think he will be twisting their arms for a quick and fair resolution.
Let's recap how the MAS handled the situation. The initial reaction from the MAS was to ask the investors to go back to the banks individually if they had complaints[Link]. This is the sure way to get the worse deal for investors and someone wrote on the one of the forums that the MAS was asking for the investors to "be divided and conquered". MAS then met up with the banks and hammered a deal to have the banks appoint their own independent investigators. All this was done without first meeting investors to discuss how best to help them. It was Tan Kin Lian who saw the importance of getting investors organised - petition, protest at Hong Lim, seeing MPs in groups and preparing affidavits. He said that if one person said that he was mis-sold he may be ignored but if one thousand people swear they were mis-sold these products it is a powerful statement. Among the 1st words from our government on the issue was a remark from SM Goh Chok Tong telling the investors ".... that's life, if you want good rewards, you have to take risks. Otherwise, leave your money with the CPF". Singaporeans are to accept injustice as that is part of life in Singapore?
There are about 10,000 investors who lost money in these structured products. Many lost their entire life savings. Many felt cheated. Many desperate for help. If ever leadership is needed in government this is the moment....a moment of crisis and pain for so many Singaporeans. Anxious Singaporean investors needed to do something for themselves and understand the best way forward. There was clearly a need for collective action and leadership to organise such an action. There was leadership but not from the men and women who are paid millions for their services. It was Tan Kin Lian and the many ordinary Singaporeans who step forward to help. They did it not for money but for justice and their fellow Singaporeans.
By the end of this week or next, the leaders in Hong Kong will wrap up this problem. Our best paid government in the world will have to take direction from Hong Kong.
DBS offer full compensation to mini-bond holders
Report by: Michael Logan
Email to friend | Print a copy
DBS Bank in Hong Kong has said it will offer full compensation to customers who bought mini-bonds issued by Lehman Brothers. Customers only need to prove to DBS that DBS staff misled them during the sales process