Tuesday, October 14, 2008

Minibonds : Same problem, different response.

Do you know the name of the top person in MAS or govt handling the structured products issue? I don't and I believe many Singaporeans don't. 10,000 Singaporeans had their savings wiped out and where is the leadership?....Where are the leaders? The most prominent thing that was said to these aggrieved investors was "That's Life".
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In Hong Kong, HKMA head Joseph Yam has taken it upon himself to be responsible for finding a resolution. He initiated 71 direct investigations and pledged to resolved the 1st one by the end of the week. In Singapore, MAS hammered a deal with banks to have them appoint their own investigators.


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http://online.wsj.com/article/SB122391506490828947.html?mod=googlenews_wsj
HONG KONG -- Hong Kong lawmakers accused banks and regulators Monday of mistreating investors who lost millions of dollars buying risky structured products backed by Lehman Brothers Holdings Inc.
Hong Kong Monetary Authority Chief Executive Joseph Yam said 71 separate investigations were under way, involving customers who purchased the Lehman-backed products from nine banks, and he pledged to resolve the first one by this week.
Three banks said they would compensate any customers who can prove they were misled into believing their money was safe.
During an emergency hearing into the scandal rooted in the global credit crisis, the HKMA

7 comments:

Anonymous said...

"Three banks said they would compensate any customers who can prove they were misled into believing their money was safe."

How to prove ? Words and contracts are two different things. The bank will surely says that it is all written down in the contract, and the agent if they able to find them at all can just blatantly explain that they just recite whatever in the contract word by word. Lies will be told to protect backside especially contract that honour only by words !

Anonymous said...

This is why leadership from the regulator is required as exemplifed by the HK government.

Singapore leh? MAS first in line to cover backside!! DBS cannot be smeared or challenged!!
It's all the investors' faults and they are to settle with the banks themselves through *independent* parties appointed by BANKS!!!!!!

Anonymous said...

I have far more respect for HK politicians than I have for our local leaders.

Our local leaders claim that they are highly talented and well-deserving of their million-dollar salaries.

But when a real crisis arise, they all keep quiet, act blur and tell us to go fend for themselves. This minibond fiasco is a classic example.

I have no more respect for them.

Anonymous said...

Let us keep on asking important questions, if MAS refuses to act.
I see a small chink now that DBS Spore has said the same thing as DBS HK - that they may compensate if there is proof of miselling.

Let us continue to ask - why are electricity prices charged at oil tariffs instead of gas prices - is it the cost paid to Indonesia gas producers, or is it to enrich Singapore powers.

Let us hope EMAS change the pricing structure of our electricity tariffs, before citizens find a need to convene at Hong Lim again, if TOC members wish to arrange this again.

I will go!

Daniel Tan said...

It is extremely stupid to continue to keep your money in the very same bank that you had perceived to cheat you, your friends and/or your family. Withdrawing your funds from DBS/POSB may even get you a better deal elsewhere in Singapore. For example, Maybank charges 0.5% interest higher for their current accounts.

So why not turn go to DBS Shenton Way tomorrow 10am to withdraw your money and close down your DBS/POSB bank account? Because your relationship with the bank is creditor-debtor, it is not illegal at all to withdraw your money. We don´t have to protest against DBS and MAS in the form of sit-in. We can protest in spirit by taking back our monies which have not been lost! Unlike the sit-in, this is not illegal.

Anonymous said...

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Anonymous said...

“it will take responsibility if the customer is able to give evidence of mis-representation.”

Old lady to Judge : Your honour, they tell me that the product is like fix deposit, only better.

Judge to Old Lady : Do you have that in writing?

Old Lady to Judge : No. (sob)

Judge to Old Lady : I see that you had signed the $&P agreement that indemnify DBS blah blah blah…. blah blah blah…. and you have no other evidence… blah blah blah…. and therefore, it is hereby ruled that you were no mis-represented. Next.”