Complete news blackout on DBS HK's offer to compensate minibond holders

[Avantas]

If you haven’t noticed, there is a complete news blackout on DBS Hong Kong’s offer to fully compensate minibond holders which was reported by the South China Morning post and China Daily on 10 October 2008 this Friday.

Just to be very sure, we flipped through the Strait Times, Lianhe Zaobao, TODAY and Channel News Asia’s website thrice, watched the World and Asia News of CNA consecutively for two days and there is still no mention of what happened in Hong Kong.

Instead, the mainstream media carries reports from the Asia-Pacific region on:

- North Korea being removed from terror list by U.S: Who cares a damn ?

- Troubled Kashmir gets first train service: Huh ? Does anybody knows where is Kashmir ?

- Hong Kong finds melamine in two cadbury products: Finally Hong Kong is in the news, but this is not what we are interested in !

- Thousands rally in Bali over anti-porn bill: Only of interest to Ah Peks who keep mistresses in Batam. Wait…does the bill apply to Batam too ?

- China scientists break panda’s genetic code: Can you believe it ? An entire minute in the Channel 8 news at 6.30pm was devoted to this !!! Wow, are we being taught how pandas are having sex in order to boost our libido ? Well continue watching the video below if you are really so interested to know why pandas have black eyes…..zzz….zzz….

Read rest of article here:

http://wayangparty.wordpress.com/20...-kind-offer-to-compensate-affected-investors/

 

[DrPanacea]

DBS won't screw around with HongKong as it is part of China. But it will screw Singaporean citizens as it doesn't need to answer to anyone.

Blacking out the news is another ploy to keep all Singaporeans the dark. So much for transparency.

 

[myjohnson]

Singapore get kick everywhere and run back home with tail between the legs. Only at home they can play Top Dog, growl or bite anytime they like. Maybe the blackout is for the better good. Save the peasants from being clubbed by the Gurkhas.

 

[franker]

DBS won't screw around with HongKong as it is part of China. But it will screw Singaporean citizens as it doesn't need to answer to anyone.

Blacking out the news is another ploy to keep all Singaporeans the dark. So much for transparency.

We should go to speaker corner to protest and let all Singaporean know about it.

Bloodly Stupid Idiot PAP'S DOG SPH.

 

[Zombie]

If you haven’t noticed, there is a complete news blackout on DBS Hong Kong’s offer to fully compensate minibond holders which was reported by the South China Morning post and China Daily on 10 October 2008 this Friday.

News aside.

This compensation is a divide and conquer strategy.
1) must prove DBS HK staff misled
2) review done on case-by-case basis
3) no independent party in the process, DBS HK staff review the cases
4) DBS HK has the final say on the review
5) compensation only in full for the proven cases

 

[eRRoRist]

So do you believe that those people who wants to buy "sure win" investments should be compensated when something goes wrong?? Do they donate their earnings to charity when they are making money with those products??

 

[Zombie]

So do you believe that those people who wants to buy "sure win" investments should be compensated when something goes wrong?? Do they donate their earnings to charity when they are making money with those products??

If you are asking me, the answer is definitely no.
Personally I know a friend who bought minibonds, and I know that he sincerely believed he got bonds indirectly from local banks/companies. I still think that he should not blame anyone except himself, for being careless with his money.

 

[R4g3]

If you are asking me, the answer is definitely no.
Personally I know a friend who bought minibonds, and I know that he sincerely believed he got bonds indirectly from local banks/companies. I still think that he should not blame anyone except himself, for being careless with his money.

when comes to who is at fault, i agree that the victim himself is at fault.
But at the same time, bank and MAS cannot escape from responsibilities.

Just like an old lady with someone in the family with cancer and dying. She was approached by conman selling magic stone with accomplice pretend to be ex-buyer claiming how good is the effect.

yes she is wrong for believing, but can the responsibility be push to her alone? if thats the case, then those conman should not be arrested since the old lady is willing to buy it, not that they threaten, steal or rob her.

 

[travelbug]

Where is the article from South China Morning Post? Copy & paste here. Seeing is believing!

 

[Leongsam]

Where is the article from South China Morning Post? Copy & paste here. Seeing is believing!

Click through to the blog. All the links are there.

 

[madmansg]

SPH is headed by tony tan. of couse he censored as he got many local banks shares.

 

[JinGanKor]

when comes to who is at fault, i agree that the victim himself is at fault.
But at the same time, bank and MAS cannot escape from responsibilities.

Just like an old lady with someone in the family with cancer and dying. She was approached by conman selling magic stone with accomplice pretend to be ex-buyer claiming how good is the effect.

yes she is wrong for believing, but can the responsibility be push to her alone? if thats the case, then those conman should not be arrested since the old lady is willing to buy it, not that they threaten, steal or rob her.

well, legal and moral is 2 seperate things nowadays. The idea is how to do immoral things that is legal and brag that there is nothing wrong with it.

The control of such products is not strict enough, which is as good as opening a casino with no control of who is able to go in, selling cigerette without age limitation. who should be responsible?

The FI who is selling the product, where the main concern is the sales and not whether the products are suitable or not, especially when comes to those retiree, never invested in shares with most of their money in fixed deposit.

The RM who are selling it, will they get bashed outside if they say their job is RM selling structured products? Will the family and relative look down on him? Will his friend ask him "hey, so how many old folks did you manage to "persuade" them into "investing" into structured products today?" or "Hey nice Gucci bag you got there, must have come from the blood of some old folks."

I guess the society accept people who are package nice on the appearance but rotten deep inside. As long as you are making money legally even though it is immoral, it is fine.

 

[JinGanKor]

News aside.

This compensation is a divide and conquer strategy.
1) must prove DBS HK staff misled
2) review done on case-by-case basis
3) no independent party in the process, DBS HK staff review the cases
4) DBS HK has the final say on the review
5) compensation only in full for the proven cases

this is just to pacify the authority and the people, which is almost as good as no compensating. Let's see how many % of the people will get back the money.

If they try to wayang and compensate only a small handful of people and expect it to work, i will forsee more protest will continue. That is Hong Kong and not Sinkapore, they will stand up and fight, wayang doesnt work.

Sad thing over here, they dont even need to wayang, until TKL step up and gather all the victims. After the protest, suddenly you see report on Paper and TV and interview of the old lady, the wayang begins.

Whether they are slowed or they are controlled, we know the answer.

 

[twochan]

Isn't this exactly the same as putting melamine in milk? People got no scruples nowadays.

 

[eRRoRist]

Just like an old lady with someone in the family with cancer and dying. She was approached by conman selling magic stone with accomplice pretend to be ex-buyer claiming how good is the effect.

Isn't this exactly the same as putting melamine in milk? People got no scruples nowadays.

I'm sorry but I cannot totally agree with these examples.

Without a doubt everybody has to take a part of the blame. However these people went into such things with 1 thing in mind and that is to make money. Now that something bad has happened, what do they do now?? Blame government?? Blame bank?? Blame everybody except themselves?? What are they protesting for?? Protesting for a change of policy?? Protesting for JUSTICE?? Protesting for a better, safer tomorrow?? I don't think so, they just want their damn money back and then pretend that nothing has happened. IF after they get their money back, do you think they will hit the streets again if the government didn't tighten their control?? Guess we'll just have to wait and see...

We are all adult, we have to take responsibility for our actions. Shit happens...deal with it. Don't go crying to the government and hope that they can hit the magic reset button and everything will go back to what it was like before. They are not our parents who will bail us out whenever we get into trouble when we were young.

 

[jw5]

when comes to who is at fault, i agree that the victim himself is at fault.
But at the same time, bank and MAS cannot escape from responsibilities.

Just like an old lady with someone in the family with cancer and dying. She was approached by conman selling magic stone with accomplice pretend to be ex-buyer claiming how good is the effect.

yes she is wrong for believing, but can the responsibility be push to her alone? if thats the case, then those conman should not be arrested since the old lady is willing to buy it, not that they threaten, steal or rob her.

It is an issue of misrepresentation.
If the seller misrepresented in the course of making the sale, he should be held accountable for the losses, at least part if not all.

 

[jw5]

well, legal and moral is 2 seperate things nowadays. The idea is how to do immoral things that is legal and brag that there is nothing wrong with it.

The control of such products is not strict enough, which is as good as opening a casino with no control of who is able to go in, selling cigerette without age limitation. who should be responsible?

The FI who is selling the product, where the main concern is the sales and not whether the products are suitable or not, especially when comes to those retiree, never invested in shares with most of their money in fixed deposit.

The RM who are selling it, will they get bashed outside if they say their job is RM selling structured products? Will the family and relative look down on him? Will his friend ask him "hey, so how many old folks did you manage to "persuade" them into "investing" into structured products today?" or "Hey nice Gucci bag you got there, must have come from the blood of some old folks."

I guess the society accept people who are package nice on the appearance but rotten deep inside. As long as you are making money legally even though it is immoral, it is fine.

It's not just the difference between legality and morality.
We all know that some people have no morals, but always stay on the right side of the law.
The issue is how we can make such people accountable for their immorality and lack of ethics.

 

[Zombie]

when comes to who is at fault, i agree that the victim himself is at fault.
But at the same time, bank and MAS cannot escape from responsibilities.

What responsibilities?

 

[Zombie]

this is just to pacify the authority and the people, which is almost as good as no compensating. Let's see how many % of the people will get back the money.

If they try to wayang and compensate only a small handful of people and expect it to work, i will forsee more protest will continue. That is Hong Kong and not Sinkapore, they will stand up and fight, wayang doesnt work.

Sad thing over here, they dont even need to wayang, until TKL step up and gather all the victims. After the protest, suddenly you see report on Paper and TV and interview of the old lady, the wayang begins.

Whether they are slowed or they are controlled, we know the answer.

TKL? I rather accept it as false hope. He got no answer except his petition, asking the victims to take oaths ($120?) and forming pressure groups.

 

[troubledtimes]

Where the hell is division 1? I wait for his propaganda....