Meeting at Speaker's Corner 18 Oct, 6-7 pm

[Ah Hai]

4 Comments

Anonymous Anonymous said...

You are truly brave , LW.

Would you like to be call to the witness stand?

WTF

3:13 PM
Anonymous Anonymous said...

These kind of stuffs are practice even in insurance companies. Basically the same.

3:43 PM
Blogger Concerned said...

Hope there will be more honest, brave and clear conscience Relationship Managers who will come out and tell their side of the story. All these while, the banks have been milking their customers and with MAS support.

3:46 PM
Blogger G C said...

The writer has confirm my suspicious that RM was rewarded with sales commission on the sale of structured products. The FIs should also correspondingly rewarded by the main distributors of the products, as common sense will tell you, other wise how the FIs going to absorbed all the overhead costs. This will lead to uncheck promotions and the professional ethic will be comprised along the way to push sales.

This was how whenever a bank customers who go to renew or just want to do FD placement was recommended with this so call better and superior products.

Now please be fair to the investors. If so one approach you and that some one is the RM who represent the FIs, you will put your trust on them just like any other day. Now you was told into believing that you are offer an investment opportunity that is better in turn of return to FDs. One will easily believe in what the RM will have to say with out looking into more detail.

I always believe that the sale of financial products that need one to understand what was written PROPESTUS are not suitable to be market over the counter to the masses.

I always believe that FINANCIAL PROSPECTUS are meant for financial analyst to understand and not for individual regardless they are educated or other wise.

Please remember that PROPESTUS contain lot of financial data even not easy to be understood by an accountant who is not trained in the FINANIAL ANAYSIS, not to mentioned those common investors who, with due, respect, FD is the only investments mode.

How on earth then RMs approach those wish to place FD was introduced with such an alternative? TIME to think and investigate.

The argument that FREE market is the best. Minimum regulation will not work. The common investors have to be protected.

G C THam
3:53 PM

 

[Ah Hai]

Risky products: Fund managers must be accountable to investors

YOU bet a few dollars and pray hard to strike a million, that's a gamble, pure and simple. Put thousands into something you know very little about to gain a promised 'better than a pittance' and you're playing with fire.

As it turned out, not only the average 'mom and pop' investors got burnt but worldly-wise managers of town councils and statutory boards also got their hands sorely singed.

Less knowledgeable small investors may have been convincingly led astray. But surely professional managers of public funds would be more aware and circumspect about putting public money at considerable risk. If $16 million went up in smoke, it's a whopping $16 million less for our housing estates. And semantically speaking, while an undisclosed sum by the statutory boards - only a fraction of public money - is now a cliffhanger, it's still millions of dollars of hard-earned public money at stake.

At ground level, the immediate questions are: How will the shortfall in public funds be reinstated? Will the various town councils be pressed to return the funds? If funds are written off, will there be hikes in town council charges, more fines and penalties to recoup losses?

This calls to mind the question of accountability.

In selling investment products, all banks in the marketing chain must shoulder some responsibility. Seasoned risk takers know the ins and outs of investment but not the average 'mom and pop' investors. When they leave money with the banks as savings or investment, they look up to big banks to offer 'a safe haven' for their hard-earned money. When big banks lend their names to risky products, they have fiduciary duty of care to ensure customers are not unduly harmed by the products they represent.

If world-class makers of cars, electronics and food items can 'police' themselves by recalling products that have minor production flaws - always a profit-bleeding but courageous marketing-responsible action - must reputable money institutions be the exception?

As purveyors of risky products, banks employ other people's money to grow their bottom line and should properly be viewed as equal partners with vested interests. They should similarly be held accountable for bad investments and not continue to legally contract and use borrowed money with impunity.

Public institutions too must not be exonerated for throwing good public money after bad, even though the town councils for example are limited to use 35 per cent for investments. Sure, higher yields can offset inflation and keep council charges and service fees low, but it must be noted that 100 per cent protection of revenue-generating sources should remain the pinnacle of all considerations.

In the light of the untold miseries caused, the authorities should review urgently how risky money products are marketed.

May I suggest that risky money products be designed with an 'escape' feature which freezes the employed capital and returns the remaining funds to investors when a credit event takes place?

A simple cosharing method should be in place so all players in the marketing chain bear risks. I propose a formula of R+40, whereby investors who knowingly go for higher returns understand they could lose the promised rate of return (say 8 per cent) plus 40 per cent of their money - that is, 48 per cent, more if the promised return is higher. As responsible fund managers and distributors, each should be liable for 20 per cent to ensure they have 'ownership' of the investment, and do not merely act as conduits.

David Lam

http://www.straitstimes.com/ST+Forum/Online+Story/STIStory_304706.html

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Your experience with credit linked notes
Please share your experience on investing in the credit linked notes, i.e. minibond, pinnacle notes, high notes, jubilee notes. Send your article to [email protected].

http://tankinlian.blogspot.com/2008/11/publish-book-on-credit-linked-notes.html
Posted by Tan Kin Lian at 6:43 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Writing to your Member of Parliament
You can find the name and contact of your Member of Parliament from this website:
http://www.parliament.gov.sg/

You can meet your MP at the weekly meet-the-people session.

Your MP came forward to be elected to work for the people, and has the duty to represent the people. If you have any problem, you can see your MP. You should expect your MP to carry out his duty in looking after your interest (provided that your interest is legitimate).

If several of your neighbours share a common problem, you should see your MP together.
Posted by Tan Kin Lian at 7:11 AM
2 comments:

Anonymous said...

"Meet the MP" is just another compulsory routine work process of the MPs. Being so, this can become another "go through the motions" exercise of case by case and may even be seen as a "chore" for them. Remember some even publicly stated that they were "reluctant" MPs. Unlike Mr Tan's rallies where he do so out of his own free will.

In the absence of an overall comprehensive framework to help the needy and distressed, the success of the above may just be a PR exercise. Just like "a few" Minibond and what not victims were compensated. And folks may even feel disillusioned about the whole thing after a few rounds.
7:49 AM
Anonymous said...

"In the absence of an overall comprehensive framework to help the needy and distressed...[everything] may just be a PR exercise."

Head of the Nail
10:05 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Writing to a Government official
If you wish to write to a Government official, including a Minister, you can get the e-mail or telephone number from this website:

http://www.sgdi.gov.sg

For example, if you type Goh Chok Tong, you will get the following:
GOH CHOK TONG SENIOR MINISTER
DID : 62358577
Email: [email protected]
Posted by Tan Kin Lian at 7:13 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Damage to integrity and character
Hi KL Tan,
I felt sorry for u on the outrageous remarks posted in ST by Mr Chua SY. I strongly suggest that you should sue both ST and the latter for the damage to your integrity and character as a result. Otherwise, the general public may really lead to conclude that you have other agendas in mind as what Mr Chua had written. At the very least, a public apology must be sought from them in order to put this matter to a close.

What are your thoughts ?

NSK

REPLY
Thank you. I do not wish to engage in the "suing" activity.
Posted by Tan Kin Lian at 8:42 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Complaints in Hong Kong and Taiwan

Dear Mr. Tan,

I have found these links in youtube.com : MiniBond saga in Hong Kong

http://www.youtube.com/watch?v=ICtDCRVqPqI&feature=related (part 1)
http://www.youtube.com/watch?v=j9ykXyDj3zY&feature=related (part 2)

They explain in Cantonese on how difficult it is to understand the products. I think these clips will be helpful to explain some facts to the old folks, and those who still don't know what has happened to cause BIG losses to their investments.

Here is an explanation in English:

http://www.youtube.com/watch?v=iV0YiTl6ea0

After spending many days of searching on Google, Yahoo, Youtube and most importantly reading your blog, I still don't understand the operation and structure behind the product that I bought. I strongly believe that most of the RMs don't know that their products are in fact so risky and the reward is not in the fair proportion to the risk.

To be fair and kind (as all Singaporeans are), I think these RMs are also very stressful now to be involved in all this "mess".

My wife told me that in a Taiwanese news that she watched last night, mentioned that angry, distressed and fustrated investors are crowding around a bank to demand for refund. The Structed Deposits saga in just beginning in Taiwan as more and more Taiwanese investors start to realise about the real truth behind the painted truth.

I take this opportunity to thank you for posting my previous email to you in your blog (RE : Mental health concerns during difficult times). My wife and I are so touch that at least there is a place to air our sadness as it is extremely unhealthy to bottle up these negative emotions.

Of course, I agree with the replies/comments to my post that we should do it in a constructive and sensible way. Life still has to go on. And that is the main reason motivating me to write the post on mental health.

Last but not least, I hope that more people as knowledgeable, righteous and selfless like you will stand out to help the distressed ones. Wishing You Great Health, Strength and Happiness.

GOD BLESS ALL !

Francis Ong

Posted by Tan Kin Lian at 9:13 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Misrepresentation about the risk of CDOs
Dear Mr. Tan

After reading the explanations from many financial experts, I realize that the real risk for the minibond is the 150 securities CDO.

Out of the 150 securities, if 11 or more credits events then the investor will loose some of their principal. If 13 or more credit events then investors will lose all of their principal.

The risk for this condition is extremely high because this is equivalent to any 2 credit events out of 23 securities (or any 1 out of 11.5).

Since bank should be much safer than others, it is not unreasonable to assume that on average, the risk of one security is 2 times the risk of one bank Then the risk of 13 or more credit events will be about 23 times (2 x 150/13 = 23.1) the risk of credit event for one bank

Moreover, the pricing statement did not disclose the identities of the 150 securities referenced by the synthetic CDO. This makes it difficult for us to assess the risk. The sales brochures and newspaper advertisements did not even mention the 150 securities CDO.

Can we sue the Financial Institutions for the omitting of these important information in the pricing statement/sales brochures/newspaper advertisements ?

Pang

REPLY
In my view, this omission is material. The investors can sue the financial institution.

It is better for the government to act and take action to enforce the law (i.e. Securities and Futures Act) which requires the seller of securities to provide relevant, reliable and complete information about the securities being sold to the public.
Posted by Tan Kin Lian at 10:02 AM 3 comments

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Anonymous said...

I like to offer my views, however contrary they may seems and at the risk they may be censored for the plain contradictory but brutal reality they may present


1. Risk is subjective. It is not objective. Putting a sum in one bank is NOT the same as putting that sume in another, even at the same period of time. So the excuse for any risk to be 'appraised' as extremely high or low is not immediately valid, though its possible it could be taken in as reference.


2. Though I feel its more of the possibility of 'creative copywriting', the 150 securities CDO, if they are missing, they do so for a reason. Financial prints are always vetted by legal consultants or officers. So if they are not there, they must be confident they are not putting them there. Institutions, however big and powerful, are still not that stupid or brave enough to run contravene to established laws. Its the Grey areas they love to tip toe around. Congratulation Investors, you hit upon one.


3. All said and done, Investors have to answer the one tricky question. Why did you sign and pay if you are not sure. And if you are sure, then why are you complaining now. Enough said, sandstorms WILL blow.


4. Let say you are insistent you are absolutely without, or with the minimal of faults, you have to bring it up to legal action. No, Class Actions has not room here. Its YOU versus Bank. For such cases, i think some already mentioned, its going to cost easily in excess of 20,000 for starters, then nearing to around perhaps 50,000-100,000. And at the end of the day, there may be no or, worst, delayed outcome.


Appetite for More Risk anyone?

11:02 AM
Anonymous Anonymous said...

Dear Mr Tan and fellow investors, anyone of you know what are the actual CDO backing the different series of Lehman Minibond?

Thanks

12:04 PM
Anonymous Anonymous said...

For Pinnacle Notes, the title of the prospectus has described the investment as "First-to-Default". I think this is the "first loss piece" commonly referred to by Wall Street.

That is, in tranching the cash flows for the same debt (for credit enhancing purpose), Pinnacle Notes holders are the first to lose their investments whenever the debtors fail to service the debt (partially or fully). In other words, any repayments received first go to senior debtors; any balance then go to Pinnacle Notes holders.

Wall Street gets double digit returns for such a high risk investment. Yet, Singapore investors are paid only 5% plus.

If you go read the cover page of the brochure for Pinnacle Notes, you will notice that none of those words in big fonts mention "First-to-Default". Why is this so when the prospectus has described, in its title, the investment as "First-to-Default"?

God bless Singapore!

1:14 PM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Risk analysis form
Ask for your risk analysis form from the financial institution that you bought the credit linked notes. You may need it to file your complaint:

http://tankinlian.blogspot.com/2008/11/ask-for-your-risk-analysis-form.html
Posted by Tan Kin Lian at 2:43 PM
2 comments:

Chan J C said...

Dear Mr Tan

Thank you once again for your advice.

If in the first place there wasn't any such profiling being done during the sales process, does it we can't file the complaint and it is our fault for not asking a risk profiling to be done?

Thank you very much sir.

Regards
JC
3:35 PM
Anonymous said...

Hi Mr Tan,

I was asked to sign the form without remarks filled in by the RM as he said that he would like to have it properly typed written and he didn't want to hold me back as it took time. He said the additional remarks were required by the bank and something common. After that, he would post it to me. I did receive it typed written when I received it by post later.
4:22 PM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Assessment of liability
Dear Mr. Tan

My car lately got involved in an accident (side collision) at no fault of mine. The driver cut into my lane, done damage to my car and twisted the whole story to say it was my fault.

I had no evidences against him(no pics, no eye witness), hence, the verdict of the liability status given by INCOME was, I am to be responsible for 50% of this accident's fault.

But I am the victim of the accident. Yet I am to be responsible for the other party's irresponsible driving.

I disputed against this 50% liability status with INCOME. But their assessment still stands. But deriving at the liability status basing merely on statement provided, has done unjustice to my case. INCOME did not carried out any professional inspection
on my car, to at least gathered some 'collision evidence', like the angle and dent on my car, how can it be possibly me swerving into the other party's lane.

I wish to know who i can turn to dispute against this unfair assessment?

Mdm Ong

REPLY
Income has to make the assessment based on the available evidence. Under this type of situation, an assessemnt of 50% liability seems to be reasonable - especially as you are not able to produce evidence that the other party swerve to hit your car.

It is possible that the other party could have made a statement that you swerve your car to hit his car. It is one person's word against another.

If you still feel aggrieved about the decision, you can lodge a complaint with FIDREC (www.fidrec.com.sg).

Dear Mr Tan

Thank you for taking your precious time to answer my question. Indeed, the other party has made the statement to say that my car swerve into his lane, which is an falseful allegation.

I had told INCOME I will raise my dispute to FiDREC and INCOME has actually asked me to go ahead with it for any mediation.

I guess for this case, I will have to let it rest and just blame it on my bad luck. I think FiDREC can't do much about it since I do not have any evidence against the other party.

Mdm Ong

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Saturday, November 22, 2008
Measures to stimulate the economy
Most countries adopt the following measures to stimulate a slowing economy:
> capital spending, e.g. build infrastructure, roads, bridges, etc
> reduce tax, i.e. consumption, income or profit tax
> give cash cheques to consumers to spend

Which method is better? I believe that a combination of measures are necessary. A lower rate of consumption tax (e.g. GST) will encourage people to spend and will stimulate the economy. Cash cheques for consumers may results in some of the money being saved, and not used for spending. But it can help the cash flow of the lower income people.

So far, no country has adopted the following measure (which is my preference):
> give a credit line to consumers at a low rate of interest - subject to a cap.

This credit line, which is given to someone who has lost a job, can help to pay the mortgages and meet the monthly expenses. It reduces borrowing on credit cards or other sources that can add to the interest burden. This credit line will encourage the people with jobs to continue their normal spending (as they do not need to increase their savings in case of retrenchment).

More details are shown here:
http://tankinlian.blogspot.com/2008/11/relief-loans-to-replace-loss-of.html

In many countries, there is no need for this relief loan as the retrenched workers can get unemployment benefit. This scheme is important for many Asian countries that do not have unemployment insurance.
Posted by Tan Kin Lian at 8:04

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Sunday, November 23, 2008
Speak up for our rights
Dear Mr. Tan

It is very courageous of you to give a voice and help those Lehman and Pinnacle investors. I hope you do not get into trouble with the authority or banks.

You know I feel our senior X has tamed us Singaporean over the course of 20-30 years to just obey the authority. Whatever is implemented by the government, to just accept it!!!

We Singaporean do not dare to stand up for our rights and do not have a voice of our own unlike Hong Kongers, Thailand, Koreans who dare to street protest. But I do not think that street protest is not good for the economy.

If not for you, I do not think the Lehman/Pinnacle investors would dare to go to speakers corner or question the banks/ stock brokerage.

Mrs Y

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Sunday, November 23, 2008
CPF Medishield
Someone, who was likely to lose his job, asked for my advice about medical insurance. I receommend CPF Medishield. The views of various people are shown here:
http://tankinlian.blogspot.com/2008/11/cpf-medishield.html

A few people (likely to be insurance agents) have highlighted the following drawbacks of CPF Medishield:
> covers up to $50,000 only in a year
> has to pay the deductible
> covers B2 and C only
> means testing may be introduced soon
> covers up to age 80 or 85 only

Here are my responses to these perceived weaknesses.
> $50,000 is more than adequate to cover the cost in B2 ward (which is subject to caps)
> private Shield plans have higher deductible
> quality of care in B2 is satisfactory for most people
> means testing applies only to C wards
> when you reach age 80, it is likely that Medishield cover will be extended

Private shields are very expensive. The cost of insuring the deductible is high. It is better to pay a small premium for Meidshield and keep your savings in Medisave to earn 4% + 1%.

For people who are able to afford to pay the higher premium for B1 or A class or private hospital, you can buy the private Shield. However, you should remember that the cost will increase sharply when you pass age 65. Can you really afford it?

The insurance agents earn a commission of up to 15% for sell a private Shield plan to you. The commission is payable for renewals as well (but maybe at a lower rate). They will find reasons to get you to move to a private Shield plan.
Posted by Tan Kin Lian at 9:20 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Sunday, November 23, 2008
Investors to see your Member of Parliament
I have sent the following message to the investors to meet their Member of Parliament in a group.

Some investors said that they have met their MP earlier, and their MP have not acted. You should see the MP again, and again.

It is the duty of the MP to look after your interest. As many people are affected, you should continue to see your MP - until the MP has taken the appropriate action.

All the best!

Dear Friends,
I suggest that you should contact the other investors in your constituency and arrange to see your Member of Parliament at the Meet-the-People session. Tell your MP about how you were misled into investing in the credit linked notes. Let the MP know about this matter for the victims directly. Ask your MP to take up the matter in Parliament or with MAS.

You can get information about your MP from this website:http://www.parliament.gov.sg/

The investors in your postal sector are shown in the attached Excel spreadsheet. I hope that a few of you can take the lead to contact the other investors and organise the visit to see your MP.
Posted by Tan Kin Lian at 10:29 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Sunday, November 23, 2008
Tan Kin Lian eyes elected presidency
This is the headline of an article in the Sunday Times.

The front page has the following message: "Im game to be elected president or member of parliament if people wants me" Tan Kin Lian now opens up on his political ambition.

My "political ambition" has been summarised in this posting in my blog on 2 November 2008:
http://tankinlian.blogspot.com/2008/11/political-ambitions.html

It is also reflected in the article written by Nur Dianah Suhaimi. It reflects my views quite fairly. The headline is an exaggeration and gives a distorted angle.

My friend said that the article may backfire on me. My supporters may not be able to get 100,000 signatures. Why not ask for 50,000?

I told my friend, "It is not my interest or ambition to stand for election. If I do not get 100,000 signatures, I have the excuse to opt out - that this is a bad idea." I am willing to leave this to the voice of the people.
Posted by Tan Kin Lian at 11:55 PM
39 Comments:

Anonymous said...

I support your political ambition.
9:03 AM
Victor Foo said...

Kin Lian. You have mine and many other peoples' support.
9:31 AM
Anonymous said...

Mr. Tan,

If there is such a petition, I will support you. But in my opinion, it is not a good idea to be involved in politics. What's more, the election of president is beyond the votes of common people.

XH
9:49 AM
Anonymous said...

Mr Tan,

No problem with me. You will get my vote if you stand for any public office.

If not, I may have to choose some scholars or high flyers who I do not know much or has no profile to public causes and issues and may even be reluctant ones.
9:51 AM
Anonymous said...

Mr Tan,

For the sake of our nation and our next generations, you should stand for next presidential election.

Chen Rui
10:09 AM
Monsoon said...

Singaporean are very rarely offered a viable alternative to our current regime, the road ahead is long but there is some hope for changes. If we do not seize the opportunity now to support Mr Tan now, we can only blame ourselve and accept what the regime will continue to dish out to us, for better or for worst.

The current regime is not all bad, there are many positive things they have done for the country but we want those obviously wrong and negative aspect of the regime to be corrected which cannot be corrected unless there is a strong opposition or alternative parties.

What prevent us from taking a decision to support changes? For too long, we are too afraid, too submissive, too fatalistic. Our current regime knows we will continue to be like this.

Changes is unlikely unless we have a sufficient number of people wanting to change. 100,000 is a good indication. Count me in among your first, so you have another 99,999 to go.
10:25 AM
Jackeline said...

Yes, I believe you will make a good President. The current President is too docile and not like our feisty Mr.Ong Teng Cheong, a responsible man who dare to raise sensitive question. He lives in our heart.
10:35 AM
Loh Hon Chun said...

The main problem with the Singapore government is they are becoming more and more not for-people.

Since you lived in YCK, why not go for Ang Mo Kio YCK?

hongjun
10:47 AM
Anonymous said...

Mr Tan, go for it. You have my vote and many other pple. Why not start collecting the signature immediately.

Let me know where is the web address to sign!

Cheers
10:56 AM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Anonymous said...

Dear Mr Tan,
I am very glad that the media gave publicity to your intention to hold public office even if it is an exaggeration or a distortion by the media. This will jolt those high in the pedestal who have been taking the electorate for granted that the ground is not sweet. You have proven yourself to stand up for the people in time of need where they need strong representation to fight against establishments that have misled them to loose their life saving.Definitely I will not vote again for those who have no backbone or moral courage to even address the issue in parliament for those they are suppose to represent. I am sure you will have many supporters including non-misled investor on the fringe who have seen what you have done. You definitely have my vote. My eyes and that of many others are "wide open" now.

11:11 AM
Anonymous Anonymous said...

Hi Mr. Tan,

I support you. You will get my vote if you stand for any public office.

11:11 AM
Anonymous Anonymous said...

Mr Tan,

Wisdom and gut of justic should be the essential factors for a man to be elected as a leader. I am glad to hear that you are ready to stand up to be the voice of the public in the parliament, though it would be a very-very tough task, but if it success, I believe those in wish for a simple and peaceful life citizens will sure get the benefits and be well protected from any 'commercial fraud'. This land has been too 'commercial' which full of 'traps'. Can we still lead a carefree simple life here?

11:14 AM
Anonymous Anonymous said...

Mr. Tan,

I am sure that I will support you!

W

11:15 AM
Anonymous Anonymous said...

Yup i support you all the way!

why not get a web petition easier to collect more votes!

11:16 AM
Blogger ys-lai said...

Dear Mr Tan,

You have my support.

We need a creditable president candidate dare to raise his disagreement with present government. You will be an ideal replacement for our beloved Mr. Ong Teng chong that we missed.

Pls let us known if you need any help for signature campaign; you can count me in.

11:21 AM
Blogger Jon said...

It's a gambit.

The emphasis on elected office has been on Qualifications. What has been glaringly missing are Values. In such an environment, people focus on what they can do, not what they should do. This is one of the lynch points that led to the present day crisis in establishments like AIG, Citi, Lehman Bros.

My belief is that any country need people with brains and heart. This is the best way to bring about a Renaissance in Singapore that will propel it into the 21st century and beyond.

Let the games begin.

11:32 AM
Anonymous Anonymous said...

Our current President looks so tire, let him have time to rest. Let's have a new refreshed President. Mr. Tan, u have my support.

11:40 AM
Anonymous YPT said...

Dear Mr. Tan

I agree with you on PAP losing touch with the ground. Ruling a country with statistical figures, charts make these people cold and insensitive to both domestic and business community.

In times of national crisis like M Selamat's escape, collapse of high risk investments, recession, unemployment, mismanagement of town council funds etc, the PAP again resort to pulling out their usual statistics and 'I-have-nothing-to do-with-it' style of silly justifications.

They are always so defensive when they are put into scrutiny.

To have concentrated power on one system that keep thinking itself as the center of the universe is a high risk investment.

No amount of change with the same system can ever change the spots on the leopard skin. It's still ultimately wear the same old untainted white shirts and white pants.

You therefore have the support from me as the next Singapore ELECTED President

11:44 AM
Anonymous Anonymous said...

When you are president, many things you cannot as Head of State.

1. You cannot offence USA- The original of L.Bros Toxic CDOs Factory.
2. You are not allowed to have public blog, cannot talk too much.
3. ....aiyoo another 100 things you cannot do.

WTF

11:46 AM
Blogger Epilogos said...

As an MP, you can speak more freely. There may be too many protocols surrounding a President that it will stifle you.

Go for MP'ship. You have my support.

11:56 AM
Blogger siewkhim said...

Kin Lian,

ELECTED PRESIDENT:

Let us be realistic. The elected Presidency is meant to be an election of a powerful few who want that president. Before the election these powerful few have an idea who in a list of 2-3 nominees should be president. Somehow in the process people like you and me will never get elected unless you are the selected nominees.

MEMBER OF PARLAIMENT:

To be nominated MP, the powerful few must nominate you. Otherwise forget it if you are not.
To be an opposition could be dangerous because if you present yourself as a potential formidable foe, you will be nip in the bud. History has shown this.

So I think what has appeared in the newspaper today is going to backfire on you.

I would suggest you do it quietly and take your enemy by surprise and not announced your intention.

Who know by now they would be planning to find ways and means to embarass you, destroy your credibility and maybe sue you for defamation or find some skeleton while you were in Income and charge you some criminal activities.Proven or not is unimportant but the idea is to send you a message - don't try to mess up with me.

Kin Lian you are man with a good heart. I suggest you keep cool and focus on the job on helping the victims of the FIs' toxic products.

11:57 AM
Anonymous Anonymous said...

Do go for the EP,and my friends and I will vote for U.

12:03 PM
Anonymous Anonymous said...

Hurray! We have not had any chance of truly electing our president.
start collecting the signatures now.

12:04 PM
Anonymous SRS said...

1. as a non-car owner,why are taxis being charged ERPs when the objective is for users to switch from cars to Public transport
2. why do we have to pay for calling a cab? we are actually giving them business by calling them. Also, they will not need to drive around, waste diesel and pollute the environment. do the europe way.
3. why are we still paying radio/tv license in the 21st century?

if you will voice/champion these issues, i'll support you for President!

good luck!

12:09 PM
Anonymous Anonymous said...

The following is a url to an old disucssion in YPAP.

http://www.youngpap.org.sg/phpbb/viewtopic.php?p=87630&highlight=#87630

It describes how they destroyed an unsanctioned presidential canidate. His name was Andrew Kuan and he was formerly CFO of JTC.

Bascially they got all his ex-colleagues to make statements to the press of how he was incompetent, underperformed etc.

He was subsequently disqualified from running.

12:11 PM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Anonymous said...

Dear Mr Tan,

In the role of an alternative party, you'll have more potential to effect change directly from the parliamentary level.

I have full faith that once you announce your goal to run for political office, other righteous, talented and patriotic Singaporeans will join or support you.

If you become an Elected President, your voice might be severely curtailed.

An Elected President is encumbered by his clearly defined advisory duties and ceremonial responsibilities.

Our society will then stand to lose a champion who will/can speak out for the rights of the common man.

I sincerely hope that you would consider running as a MP rather than an elected President.

Thank you.

12:20 PM
Anonymous Anonymous said...

Mr.Tan,

We need a man like you to be our Mr or President of Singapore.
Perhaps you can be the MP of Bt Batok first.Later you can via for President of Singapore,wish you good luck,Mr.Tan.

A Hawker in Bt Batok Central

12:38 PM
Anonymous Anonymous said...

Why not go a step further - set up a political party? I am sure you have what it takes to attract and lead good people (read NOT equivalent to scholars). One of the standard excuses that Singaporeans gave for not voting opposition is that the candidates are crappy and PAP ones are the lesser evil. Hope you can change the ballgame. Actually it will take more than just you. It is time to take your stand fellow Singaporeans. Life Upgrading, Main Upgrading, Interim-Upgrading, GST rebates etc should take a backseat if you want changes. Changes do not have legs, we will need to shoulder and carry it!

12:54 PM
Anonymous Anonymous said...

Go for it Mr Tan !
Obama will support you !

12:59 PM
Anonymous Anonymous said...

When & where to sign?

1:00 PM
Anonymous Anonymous said...

I will start the ball rolling.
Signature #1 and counting...

1:06 PM
Anonymous Anonymous said...

Dear Mr.Tan,

My family members and I certainly would like to be part of the 100,000 to support your "political ambition". Is there a petition going on to gather these signatures and how do I get on to it?

1:07 PM
Anonymous Ghim Moh Resident said...

You have my support.

Actually I was more interested in reading what Nur Dianah Suhaimi had wrote rather than the headlines. I feel its a brave and good article by her. Keep it up Nur Dianah Suhaimi. If you look at the picture, she is actually standing right in front of Tan Kin Lian with her notes.

Ministers pay caught my attention because of what happen to the big banks in USA which gave huge pay to their top management.

1:07 PM
Anonymous Anonymous said...

I support you 100% but
I can't find the petition!

Please put the link to the petition on the header of your blog, in bold, so that everyone can find it.

Go go go!

1:13 PM
Anonymous Anonymous said...

I will send this link

https://www.blogger.com/comment.g?blogID=11702093&postID=4056907143768790222

to family, relatives, friends, acquaintances, enemies, hot babes I met in MRT/SBS, strangers that bumped into me for their virtual signatures

1:17 PM
Anonymous Anonymous said...

I support you going into local politics specifically going into opposition politics to have check and balance which is so much lacking in the current system.

I am not so sure about presidency though, my view is president doesnt do much, it may be a waste of your talent.

It is a good move also that you will wait to see support of 100K people before you embark on it.

So far, you have done all the right things. Keep it up!

1:19 PM
Anonymous Anonymous said...

Hi Mr Tan,

I always remember that many years ago, when you were still the CEO of NTUC, you have extended a helping hand to me and assisted me to resolve a particular difficult situation that I had with my brother’s insurance policy.

My brother is deaf and mute and I have purchased a life policy for him hoping that it would serve as some form of life long protection for him. On the contrary, he had disregarded my concern and good intention, and chose to take up loans on the policy repeatedly without my knowledge.

After several attempts to NTUC for their assistance, my pleas for help was either ignored or lost in the chains of bureaucracy. When I finally get a hold on my then insurance agent to assist me on the recourse, I was told that nothing can be done as the insurance policy was under my brother’s name, even though I was the one who has been paying for it. Unless I chose to terminate the policy which would basically stop him from taking any more loans, but that only mean I would loose all the money I have already invested in the policy, in addition to an end of protection for my brother.

Desperate, I wrote an email to you and was extremely elated and surprised when I received a response from you almost immediately. It never dawned on me that you would actually take the time to respond to my email, since I am basically a nonentity, and as the CEO of such as huge organization, I wouldn’t think that you would take the time and effort to help me out. Boy I was so very wrong!

Immediately, the legal department from NTUC contacted me to resolve the situation and my brother was prevented for taking up any further loans without my approval. This puts my months of agony to a stop and even till today, my brother’s policy is still in force and I am able to make the payment on his policy without any more hassle.

This episode left an indelible impression in my mind and when I saw on the news that you have stepped forward to advocate for the rights of the investors caught in the collapse of the Lehman Brothers-linked financial products, I feel greatly consoled knowing that they are definitely in good hands, but more importantly, I know this is just you, always doing the best you can to help other people, with no hidden agenda whatsoever.

I was truly saddened and infuriate, and felt a strong need to speak out against those who have questioned your motive. From this experience, I can personally vouch that you have touched my life in a big way, and have brought renewed hope in me towards mankind. Why must one be questioned and ridiculed for helping others? Why must one have a hidden agenda for helping other people? I can never comprehend that.

Singaporean definitely needs leaders who not only possess integrity and good character, but most importantly, are in tune to the ground – to the needs of the people and serve as a voice of the people and represents peoples’ aspiration and needs.

There is no better person I know who does a better job than you Mr Tan and would definitely be the first person to support you in the petition!

Thank you for touching my life in a big way and for everything you have done for us Singaporean. Keep up the good work and never give up! 

Regards,
IvyG

1:19 PM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Anonymous said...

Hi Mr Tan...i'm ready for change.

1:28 PM
Anonymous Anonymous said...

I am not clear of what the role of the president? Am I right to say that you will not be appointed by PAP to elect for this post?

I believe many people will support you if there is nothing concern about PAP. This is because people want to here the freely voices from Tan Kin Lian.

Yes, I visit this bolg because of Tan Kin Lian who is not connect with PAP.

1:35 PM
Anonymous L F Poh said...

Mr Tan KL, Sir,

You definitely have my family's support.

Go for it and do it right.

1:37 PM
Anonymous Anonymous said...

If you think you are eligible to stand for Elected President, the rules of Elgibility may change before the Election. The certificate for elgibility to stand for Elected President can easily be changed by the 2/3 majority in the Constitution.

1:45 PM
Blogger Choholan said...

Dear Mr Tan

Today’s Sunday Times reported about your intention to run for the next Presidential Election. You said and I quote “I don’t need to be president”. I have enough money and lead a simple life” and yet you are asking for 100,000 signatories to support you.

As you may know, there have been talks that you are actually using those victimized investors as a front to promote your political ambition but you deny it. Even your blog raises many political issues. So do you really have such ambition or you don’t? This is important for your supporters to know who you really are: an ordinary citizen who just want to help the common folks or a man with high ambition to be the next President of Singapore?

Honestly, there is nothing wrong to be ambitious but it’s a different thing to say one thing but do another. A President needs to have integrity and good character and we can’t support you unless we know whether you fit the bill. Many who write in may not agree with me but I have my own independent view. You do give a list of virtues that define your character but until we know who you really are, we cannot risk our future with blinded eyes.

Thank you.

Concerned citizen

1:48 PM
Anonymous Anonymous said...

Dear Mr. Tan,

Go for the EP, I will vote for you.

HS

1:59 PM
Anonymous Anonymous said...

It is high time to come clean with ALL your dirty secrets before PAP's propaganda machine spring to action. Better early then sorry.

2:00 PM
Anonymous Anonymous said...

>>Our current President looks so tire, let him have time to rest.

Agreed with a particular MP who wrote in his Chinese newspaper column...he "pity" our Prez shaking hands with 400+ people...we need CHANGE

2:01 PM
Anonymous Anonymous said...

I have been visiting your blog for the past few days. I don't know you but you seemed like a good man. I am willing to take a chance with you and I believe many others will too.

The voices that are suppose to represent us, I don't understand them anymore. You speak simply and from your heart. I feel that we are truely missing a Role Model here in sg. You can be our Obama.

2:04 PM
Anonymous Anonymous said...

So I am the only one with (virtual) balls. Sad ;(

Anonymous Anonymous said...

When & where to sign?

1:00 PM
Anonymous Anonymous said...

I will start the ball rolling.
Signature #1 and counting...

1:06 PM

2:04 PM
Anonymous Anonymous said...

Dear Concerned citizen,

I am just curious do you know whoever the PAP candidate really are?! Maybe you are part of them Vote for PAP - at least we know what they tricks they have inside their bags. I better don't take my chance with TKL. hahahha

2:10 PM
Blogger Ian&Tim said...

Hi Mr Tan,

Go for the Presidential seat! I will definitely support you with my vote. I believe you are qualified and represents the voice of common Singaporeans.

Ian

2:15 PM
Anonymous Anonymous said...

Can someone just teach Mr Tan how to set up a virtual poll station in his blog? This is probably too high-tech to him...

2:16 PM
Anonymous Anonymous said...

Where to sign?

2:20 PM
Anonymous Anonymous said...

Sir,

I support you. Unfortunately, the climate of fear is still very real in Singapore. We are just too frightened to put our name, IC and phone number on the paper not knowing whether we will be "fixed" because of it.

Put up an anoymous petition and allow us to use a free email account, rest assure that you will have enough votes. You can make sure that the email accounts used are unique.

Many of us are ready for change. We are ready to be led by a true leader who really cares for the people.

Please sir, you have already taken the first step. Please follow through and give Singaporeans a fighting chance. Singapore needs to belong to Singaporeans again.

2:59 PM
Anonymous Anonymous said...

http://www.petitiononline.com/TKL/petition.html

3:02 PM
Anonymous Anonymous said...

http://www.petitiononline.com/TKL/petition.html

3:05 PM
Anonymous Anonymous said...

Hi all,

I suggest all those who suuport Mr Tkl to print out www.tankinlian.com/forms/epsingapore1.pdf, attach with a copy of today's ST article about Tkl, and start distributing througout singapore island.

3:24 PM
Anonymous Anonymous said...

Go for it, you will be surprised in the support that you will get, even finacially

3:36 PM
Blogger Wealth Journey said...

I support your presidency as well.

Though to quell all doubts that you are in it for the money and to show you are really serious in reforming, may I asked that you made a commitment to review the compensation package.

A good way would be to made an announcement that you will peg your pay to the avg. pay of the G8 presidents and donate the rest to charity.

This definitely will garner more votes than imaginable.

3:50 PM

 

[Ah Hai]

Re: Risky products: Fund managers must be accountable to investors

Anonymous said...

Theonlinecitizen.com has set up a poll. I just voted Yes.

We need more of likes of Mr Tan Kin Lian, Mr Philip Yeo, Mr Tan Cheng Bock, Mr Ngiam Tong Dow etc who have the ability, credibility and courage to step forward. Only difference is that Mr Tan has clearly expressed his intention. Unfortunately many of the older generation leaders are getting on with age. I have no issue with our leaders being well paid. But as one academic had previously said, there is a tipping point. Now I see a few as being over paid. My tipping point was reached when I see leaders loosing touch with the ground, lack of accountability vis a vis what they are being paid, close rank merely for the sake of party unity. The ruling elite have succeeded in promoting a culture of serving for money. And I wonder how many people who truely want to serve they have managed to attract. With very high premium placed on pay (money), once they get into their position, they become less likely to challenge in order to avoid losing a substantial source of income. Its human nature. I agree with our MM who had previously said that you can only find one Mother Teresa ie implying that it is difficult to find many people with altrustic motive who want to serve. But the risk of fat salaries have made the bulk the establishment sluggish, contented and loosing touch with the ground.

3:54 PM
Anonymous Anonymous said...

i 100% support you to stand for the next president of Singapore/ MP.

4:00 PM
Blogger Choholan said...

To: Anonymous 2.10pm

Frankly, I make no bones about my concern for the country in this present crisis and I am neither pro nor anti-government. For all their imperfection, this government has somehow given many of us a better life than citizens of many other countries despite their long history. Saying that doesn’t mean that I side with them. In all honesty (this is one of Mr Tan’s virtue) and fairness, one has to be circumspect and not fail to see the big picture.

Yes, many affected investors think that the government is too slow in taking action and Mr Tan himself thinks likewise but one must not forget that this is a very tricky issue and they have to thread carefully without being seen to take side.

Mr Tan may be considering running for President which is very honourable but he must not be seen to be using this platform to further his political ambition as that would have proven his critics right.

As I have said before, majority of the citizens are now more worried of losing their job and ministers are hard working to find ways to mitigate impending job losses. Mr Tan, with his vast experience with labour could channel his energy towards helping these worried workers now that he has done what he could to help affected investors with petitions, rallies, etc.

While I do sympathize with these affected investors, my heart goes out to those who have or may soon lose their job.

I hope you are sensible enough to think through all these.

Concerned citizen.

4:10 PM
Anonymous Anonymous said...

1.48pm took so many words to say what the headline of the article said in one word - "game". I am disgusted with the cunning innuedo employed by the sub-editor ( or editor himself? ). But then this is to be expected from the States Times whose mission as their ex Chairman golden mountain used to boast is to report and inform to we all know whose benefit...

4:21 PM
Comment deleted

This post has been removed by a blog administrator.

4:22 PM
Anonymous J q said...

Dear Mr Tan
I have high respect for your work and would be happy to sign a petition, please do start up a petition quickly so that you can ride on the recent publicity.

Also, I would highly recommend contesting to be an MP rather than the President as our President has a role of a figurehead.

4:27 PM
Anonymous Anonymous said...

The way you conduct your 'politics' will be detrimental to the greater Singapore society. We do not need populist politicians. Rather admire what you stand for. But before you seriously consider taking up political positions, please reconsider the way you are conducting your 'politics'.

I will very much wish to see you compete in the correct political manner.

4:33 PM
Anonymous Tan Peng Boon said...

I hope that Mr Tan will become our Elected President or a Member of Parliament because I know that Mr Tan is a man with great sense of fair play. Although I do not know Mr Tan personally but during my many years as customer of NTUC INCOME I had e-mailed Mr Tan my feedbacks on a few occasions. I was pleasantly surprised that not only Mr answered every one of my e-mail but Mr Tan also gave me very fair responses to the issues I had highlighted.

I am sure that many investors of the bad financial products are grateful that Mr Tan willingly gave time and effort to help them press for answers and hopefully recover some of their money. Although I am not an investor of the bad financial products reported in the newspapers, I know for a fact that as an individual, it was impossible to get a fair response from the financial institution which sold the financial product. In my case the sales brochure was misleading, hence although I had read the sales brochure carefully and asked relevant questions, the financial product turned out to be different, consequently my wife and I lost some money. I gave evidence to FIDReC about (a) the misleading sales brochure and (b) that the fund had charged higher fees than that stated in the sales brochure. However FIDReC dismissed both of my complaints.

4:33 PM
Anonymous 183 said...

I dont think EP, or MP of a single ward (independant candidate) or even a GRC can make things change especially on National Issue unless you can find enough strong candidates to form an opposition party to replace PAP. Although Nominated MP has no voting right, but they have sufficient air time in the paliment. I suggest Mr. Tan to get yourself nominated as NMP next year first. When you speak in the paliament and ask questions, the minister has to answer, rather than keep sending petition, but they dont care about you.

4:50 PM
Anonymous Anonymous said...

Dear IvyG,

That was a very touching testimony on how a CEO personally took the time and trouble help resolve your problem with your brother's policy.

It is rare in this day and age to find a CEO with a big heart like Mr Tan in any big corporations.

It would be good if you can write to ST forum and Today's paper to silent Mr Tan's critics and the likes of Mr Chua SY.

4:55 PM
Anonymous Anonymous said...

I for one will go out and get as much signatures for you as I can.

Your effort to get those signatures may not be as hard as it seems.

Afterall, you can already count on 33% of the population plus and part of those that voted for the PAP.

5:06 PM