Challenge to MAS/Ass Loon to Guarantee AIA!

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Sep 28, 2008
YOUR LETTERS
</TR><!-- headline one : start --><TR>Check risk exposure of financial firms
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I refer to last Sunday's report, 'Before you surrender your AIA policy...'.
One cannot blame American International Assurance (AIA) policyholders for wishing to cash out their investment-linked products and other insurance policies which have matured and have positive cash values.
After all, most policyholders buy these products because they want to build up their retirement funds, as well as get the necessary insurance protection.
The Monetary Authority of Singapore (MAS) and AIA Singapore have assured policyholders that AIA has sufficient assets in its insurance funds to meet its liabilities, and urged them not to terminate their policies rashly as they could lose cover and suffer losses.
It would be better if the MAS could assure AIA policyholders that their insurance funds are secure, and not invested in sub-prime- linked investments.
DBS Bank is also facing a challenging time over investment products linked to the now-bankrupt
Lehman Brothers. It is time the bank proved to its customers and investors that it deserves their continued trust.
If it loses the confidence of its customers, it will be difficult to regain it, especially in a time of credit crunch and financial turmoil.
The MAS should regulate all non-capital-protected investments and watch closely the credit/risk exposure of all financial institutions here.
I was very surprised that a bank has sent my teenage son a pre-approved credit card, even though he is still a student.
Last but not least, I hope the MAS could get all local financial institutions to clearly explain to all their customers just how 'insignificant' their sub-prime or investment losses, or exposure to Lehman, are. David Goh

Neh!​

 

[Zombie]

It would be better if the MAS could assure AIA policyholders that their insurance funds are secure, and not invested in sub-prime- linked investments.

It would be even better if MAS could insure against the losses. :p

 

[madmansg]

David Goh want 5 years of NS to get extra protection. what an idiot.

 

[lifeafter41]

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Sep 28, 2008
YOUR LETTERS
</TR><!-- headline one : start --><TR>Check risk exposure of financial firms
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I refer to last Sunday's report, 'Before you surrender your AIA policy...'.
One cannot blame American International Assurance (AIA) policyholders for wishing to cash out their investment-linked products and other insurance policies which have matured and have positive cash values.
After all, most policyholders buy these products because they want to build up their retirement funds, as well as get the necessary insurance protection.
The Monetary Authority of Singapore (MAS) and AIA Singapore have assured policyholders that AIA has sufficient assets in its insurance funds to meet its liabilities, and urged them not to terminate their policies rashly as they could lose cover and suffer losses.
It would be better if the MAS could assure AIA policyholders that their insurance funds are secure, and not invested in sub-prime- linked investments.
DBS Bank is also facing a challenging time over investment products linked to the now-bankrupt
Lehman Brothers. It is time the bank proved to its customers and investors that it deserves their continued trust.
If it loses the confidence of its customers, it will be difficult to regain it, especially in a time of credit crunch and financial turmoil.
The MAS should regulate all non-capital-protected investments and watch closely the credit/risk exposure of all financial institutions here.
I was very surprised that a bank has sent my teenage son a pre-approved credit card, even though he is still a student.
Last but not least, I hope the MAS could get all local financial institutions to clearly explain to all their customers just how 'insignificant' their sub-prime or investment losses, or exposure to Lehman, are. David Goh

Neh!​

Th MAS is just the central bank for Singapore. Of course they have to give the assurance that all is good. However, if really, they (banks, insurance) were to go down. You can kiss your money goodbye.

 

[DIVISION1]

That is not a possible action as we cannot rule out the fact that private entities are less than honest about their disclosures. The government of Singapore can only state what is reasonable, based on best available information

 

[makapaaa]

That is not a possible action as we cannot rule out the fact that private entities are less than honest about their disclosures. The government of Singapore can only state what is reasonable, based on best available information

While being the BEST paid in the world?

 

[Adidas]

i do not think MAS/government will come in and intervence at this point of time.

 

[makapaaa]

http://tankinlian.blogspot.com/

 

[makapaaa]

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Lehman Brothers Updates
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<!--/adcode-->En Times of India
HONG KONG: Hundreds of angry Lehman Brothers investors rallied in Hong Kong on Sunday to demand the government help secure their money after the US investment bank collapsed last week.
The investors, many of them nearing or at retirement age, waved investment papers and chanted slogans outside the territory’s government headquarters as they accused regulators of not doing enough to safeguard their interests.
“This is all my money,” said Peter Wang, 62, a former furniture store owner who said his entire retirement savings, about 2 million Hong Kong dollars (US$256,000), was tied up in Lehman-backed bonds.
Albert Ho, head of Hong Kong’s Democratic Party, which helped organize the rally, criticized the government for not taking more steps to educate investors in Lehman products, including complex bonds tied to the performance of the territory’s equities market.
He and other organizers said about 800 people joined the demonstration; police did not offer an estimate.
Billions of dollars in souring debt forced Lehman Brothers Holdings Inc., once the fourth-largest investment bank in the US, to file for bankruptcy last Monday amid the world’s worst financial crisis in decades.
Responding to growing public ire, Hong Kong regulators contacted Lehman management and met with investors in the bank’s bonds over the weekend, the government said in a statement.
Regulators vowed to investigate complaints that local banks which sold Lehman Brothers investment products failed to properly disclose connections to the US company. But they warned investors might recover “substantially less” than the original amount.
A message left with Lehman Brothers in Hong Kong was not immediately returned.
Brian Fong, 45, who works at a private security firm, said he invested about HK$1.3 million (US$167,000) saved over the last 20 years in a Lehman bond purchased through a local bank.
When news of Lehman’s bankruptcy broke, he frantically called bank officials for answers. But he said the bank still hasn’t said for certain what will become of his investment.
“I feel terrible. I’m afraid I will lose everything,” said Fong, adding his wife will have to go back to work instead of caring for their 10-year-old son if they don’t recoup their money.
“We never expected this,” he said. “I believed it was safe.”
COMENTARIO: Un caso muy similar al de España. La diferencia es… ¿dónde está aquí la oposición?
<!--adcode-->

 

[makapaaa]

http://singaporemind.blogspot.com/2008/09/in-hk-govt-seeks-to-help-lehman.html

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
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.



posted by LuckySingaporean at 11:27 AM

<!-- End .post --><!-- Begin #comments -->

 

[DerekLeung]

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Sep 28, 2008
YOUR LETTERS
</TR><!-- headline one : start --><TR>Check risk exposure of financial firms
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I refer to last Sunday's report, 'Before you surrender your AIA policy...'.
One cannot blame American International Assurance (AIA) policyholders for wishing to cash out their investment-linked products and other insurance policies which have matured and have positive cash values.
After all, most policyholders buy these products because they want to build up their retirement funds, as well as get the necessary insurance protection.
The Monetary Authority of Singapore (MAS) and AIA Singapore have assured policyholders that AIA has sufficient assets in its insurance funds to meet its liabilities, and urged them not to terminate their policies rashly as they could lose cover and suffer losses.
It would be better if the MAS could assure AIA policyholders that their insurance funds are secure, and not invested in sub-prime- linked investments.
DBS Bank is also facing a challenging time over investment products linked to the now-bankrupt
Lehman Brothers. It is time the bank proved to its customers and investors that it deserves their continued trust.
If it loses the confidence of its customers, it will be difficult to regain it, especially in a time of credit crunch and financial turmoil.
The MAS should regulate all non-capital-protected investments and watch closely the credit/risk exposure of all financial institutions here.
I was very surprised that a bank has sent my teenage son a pre-approved credit card, even though he is still a student.
Last but not least, I hope the MAS could get all local financial institutions to clearly explain to all their customers just how 'insignificant' their sub-prime or investment losses, or exposure to Lehman, are. David Goh

Neh!​

MAS should guarantee that they back all clients in Singapore at 100% liquidity all pitfalls that should happen to AIA and AIGs...