Tuesday, September 23, 2008

In HK, Govt seeks to help Lehman Minibond holders....

"What really frustrates me is the subdued response from MAS. As the financial watchdog, I think it has been extremely reactive and it has so far distanced itself from blame"
-
Mr Peter Lim, a Minibonds investor

"MAS has also asked FIs (Financial Institutions) to keep us informed of customers' queries and complaints they have received and the responses provided " - MAS Lastest statement.

"Why can't MAS receive the complaints directly from customers about the FIs then act on it....just like what the HKMA is doing? Does MAS expect to be fed with accurate information from the banks?!" - Lucky Tan

In Singapore, the MAS has issued a statement asking Singaporeans to go look for help from banks who sold them these products. The HKMA have been in close contact with the representatives of Lehman Brothers, the bond distributors and trustees to find ways to protect HK investors' interest. MAS has issued a statement to Singaporeans to handle this themselves. I guess MAS has better and more important things to do than help Singaporeans who have lost their lifesavings.

The HKMA has also organised a meeting for investors to hear them out. In Singapore, there is really no need for this. Our govt is world class and puts the interest of Singaporeans above everything else. MAS doesn't need to listen to the grievances of ordinary Singaporeans to do its job well. ...and it has done its job well by sending Singaporeans back to banks who sold them the products in the first place and it trust that the banks will handle each case fairly.

The way MAS handles this will say a lot about where the interest of the PAP govt lies. PAP is People's Action Party, they act for the ordinary people of Singapore and for this they are paid millions.
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September 21, 2008
Finance
Gov't seeks to help Lehman minibond investors : {LINK}
The Securities & Futures Commission and the Hong Kong Monetary Authority have been in close contact with the representatives of Lehman Brothers - the Lehman Minibonds' distributors and trustees - to find ways to protect investors' interest.

The two bodies have also met with the minibond holders to understand their concern, and both will act on individual malpractice complaints.

The collateral assets backing the minibonds are now in the custody of the trustees, who are actively exploring options in relation to the assets' treatment.

The trustees also agreed to provide the latest information to investors as soon as possible.

Distributors for the minibonds have been looking at ways to improve the communications channel with investors.

The HKMA has arranged a meeting tomorrow to facilitate communication among investors, representatives of banks that sold Lehman-related products and the trustees who are holding the collateral for the investments.

The authority understands the trustee for several of the affected products will issue a notice tomorrow clarifying its role and the actions it is taking.

Hotlines to be set up
It has also required banks to establish public hotlines to answer questions on Lehman Brothers-related investment products they sold. Details will be announced and updated on the authority's website.

The authority will established a hotline shortly to receive complaints related to the banks' sale of Lehman Brothers' products.

9 comments:

Onlooker said...

Hope the PAPer scholars get the hint like they get the hint to ban China milk products after Hongkong Ban the milk products.

A plus for theory, F9 for practices.

Anonymous said...

Other than being personally responsible for receiving their high salaries, most of these idiots are responsible for nothing else.

No wonder they are so afraid of protestors taking to the streets.

Anonymous said...

MAS is smart. They are supposed to be responsible and perform check and balance now they push it all to the bank.

Our GLC, government companies are the most lucrative in the world because they get all the money without the responsibilites !

AngMoh who lose their financial jobs in USA should come to Singapore ! The best deal of the century !

Anonymous said...

I've read somewhere that Lehman bond holders will get 10 cent to the dollar... A better deal than the shareholders anyway.

So those involved, don't keep your hopes up.

Anonymous said...

don't need postman aka transmitter services ("inform") leh

can read news on internet, foreign newspaper...

can give solutions boh?

Anonymous said...

Just offering pause for thoughts, surely savvy interwebsters can dig up the details :D

But solutions? Are you kidding?! Right now at this very moment, THE solution is facing some serious resistance...

My opinion is, if you don't understand what you're investing...

http://en.wikipedia.org/wiki/Prospect_theory

Anonymous said...

雷曼債 立委要求銀行全額買單 金管會:修法擴大保護

立委蔡正元指出,一家歐系銀行,據了解是「法國東方惠理銀行」,願意承擔投資人雷曼兄弟連動債的所有虧損,理由是,連動債是很成熟的商品,根本不適合台灣這種不成熟的市場。蔡正元要求國內銀行比照辦理,不然就撤銷財管執照,不過,金管會主委陳樹說,只有銀行有疏失的,才要負責;金管會要修法,把銀行和保險投資人,也納入「投資人保護中心」的範圍。(張雅惠報導)
國內有五萬一千多位投資人透過銀行財富管理,合計買了四百億元雷曼兄弟連動債,有些投資人根本搞不清楚什麼是連動債,有些退休族誤以為連動債是「債」,是利息高一點的定存,把退休金全部投入,最壞的情況是,全部變成壁紙。立委蔡正元說,一家歐系外商銀行認為他們有道義責任,願意全數理賠,蔡正元質詢金管會主委陳樹,國內銀行是否能比照辦理。
「他們認為,所謂的疏失不當,在於市場不成熟,他們主動站出來說,很抱歉,台灣市場不成熟,我們把太過成熟的產品推過來,我們有道義責任,百分之百彌補,而不是在爭論舉証責任到底在誰」
蔡正元說,一般投資人根本拿銀行沒皮條,要投資人舉証是銀行當初的不當銷售更是難加難。他說,金管會應該訂出指標,如果銷售很多連動債,但卻態度強硬不願處理申訴案,金管會必須撤銷銀行的財富管理執照。
「你沒有盡到財富管理專業銀行應盡的責任,而且,你沒有能力去處理善後,就撤銷執照、凍結執照,你不處理,那些消費者沒有談判籌碼」
據了解,這家歐系銀行正是法國東方惠理銀行,不過,陳樹說,他沒有相關訊息,目前也無法要求銀行負起全部的責任。陳樹說,要從法制面著手,把投資人保護中心的對象,從証券和期貨投資人,擴大到銀行和保險,另外,也會針對銀行財富管理再設銷售限制和門檻。


http://news.chinatimes.com/2007Cti/2007Cti-News/2007Cti-News-Content/0,4521,130502+132008092400983,00.html

Anonymous said...

出納員是害人精,騙人定期存款去基金
財務顧問害人精,只顧避重就輕講基金
主管股東害人精,不顧屬下亂亂賣基金
當年部長是妖精,銀行開放機構亂賣金

Anonymous said...

Hi,
Yeah..not just singaporean is disappointed, as a foreign investor who always entrusted on the highly rated and efficient governing system including the banks etc, the ignorant attitude of MAS is really disappointing, my parents is one of the victims of the bankcruptcy, although my parents work in malaysia, they always transfer their investment to singapore simply because they trust the the efficient and governing system of Singapore.
Unfortunately, the failure of Lehman makes all their intent really stupid. Now they have lost almost everything and tell you what, Citibank does not really give a shit, they just commented everything is looking fine.
When they tried to sell the bond, they would call you 3 times per day updating on the status, now you have to call them and most of the time they dont bother to entertain you. I don't thing MAS is stupid enough to think that the banks would actually bother to entertain and do whatever they can to help the investors, mostly retired people attracted to the so called captial preservation bond.
Only an independent body such as MAS can help the investor on that.