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.
September 21, 2008
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.


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...


Anonymous said...

雷曼債 立委要求銀行全額買單 金管會:修法擴大保護



Anonymous said...


Anonymous said...

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.