HK govt give money to investors to sue banks, protest turn violent at DBS

[Avantas]

While Singapore’s government, including an opposition MP has openly discouraged investors from taking up legal action against the banks, Hong Kong Consumer Council are considering providing financial support for the investors to sue the banks !

Even Chief Executive Donald Tsang promised to contribute government funds into the legal aid fund to help the investors.

Contrast this to what our Prime Minister said: “It cannot be that if I invested and it turned out well, then I am happy, but if I invested and it turned out badly, then I am entitled to compensation”

And what is CASE, who held a wayang protest in March this year against junk food doing ???


Read LATEST SCMP report here:

http://wayangparty.com/2008/10/31/consumer-council-may-sue-banks-over-lehmans-minibonds/

Excerpts:

“We now have US$16 million in our legal action fund. But the government has promised that it will give us unlimited financial support once we have identified cases with good grounds,” she said.

Meanwhile, about 100 investors protested outside the Hong Kong Monetary Authority, the city’s de facto central bank, on Friday morning.

The number of protesters later grew to more than 400 as they marched to individual banks in Central to demand full refunds of their investments.

Scuffles broke out at some of the banks as investors tried to break through security barricades. One protester fainted during the march, local media reported.

 

[Bigfuck]

Mortal Kombat has begun!

 

[TeeKee]

Mortal Kombat has begun!

 

[po2wq]

... “It cannot be that if I invested and it turned out well, then I am happy, but if I invested and it turned out badly, then I am entitled to compensation” ...

ofcors la ...

if me invested n it turned out well, me happy ... but if me invested n it turned out badly, den me ... raise gst, increase tariff, erect more erp gantries ...

 

[Bigfuck]

Zeng hu wu lui ah!

 

[lepkwl00]

In a letter dated 31 March 2008 sent by DBS regarding DBS High Notes, it was stated “.... it would take several underlying reference entities in the collateral to suffer Credit Events before investors suffer a loss to their principal amount."

In actual fact, it only requires one underlying reference entity to suffer a credit event to wipe out the whole principal amount, not several underlying reference entities. This is the case in the bankruptcy of Lehman Brothers which is a credit event to only one single reference entity.

Saying that it requires several reference entities to suffer credit events before any losses will be incurred gives investors the wrong impression that there is some kind of buffer and may have delayed them from selling the product and cutting their losses earlier.

Furthermore, since an official letter from DBS can get it so wrong with regards to the workings of the product, then it is reasonable to conclude that the Relationship Managers selling the product is no better at explaining the exact workings and risks of the product to customers when making the sales.

Thus, I do believe that all the investors of DBS High note series have a strong case against DBS if they wish to recoup all their money. I wish to stress that base my above analysis, every investors have a strong case regardless of your investment risk profile/appetite. The best course of action is for all the investors to negotiate with DBS or take other necessary actions collectively. I urge all investors to seek legal redress if DBS is not willing to accept full responsibility as I believe DBS is standing on shaky grounds as a result of the release of the said letter to the investors.

I wish to give DBS the benefit of the doubt and believe that this is only proof that DBS as an institution is clueless about how the product actually works and that it is not out to defraud the customers with wilful misrepresentation.

 

[Tiu-leh-see-fart]

In singapore, we are one people, one nation.

MAS and banks are also one people, one nation.

How can same people fight among themselves.

Do you fight among your family members when all of you are filthy rich and own big houses?

Singapore is unique, do you think our courts will side the investors ????

Singapore is not HK and Taiwan, learn the truth of how North-koreans live.

 

[rodent2005]

ofcors la ...

if me invested n it turned out well, me happy ... but if me invested n it turned out badly, den me ... raise gst, increase tariff, erect more erp gantries ...

When economy did well, it's my credit, when economy did badly, it was external factors which I had no control over.