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

Investor commits suicide

PARIS - A FRENCH investment manager who ploughed 1.5 billion euros (S$3.05 billion) into Bernard Madoff's fraud-hit scheme committed suicide in his New York office on Tuesday, a friend of the victim said.

Thierry de la Villehuchet, 65, was the co-founder of Access International, a company that raised funds on European markets to invest with Madoff, the former pillar of Wall Street now accused of running a multi-billion-dollar Ponzi scheme.

One of his close friends confirmed a newspaper report that Villehuchet committed suicide early on Tuesday, saying he had spoken to an employee at the company's New York office and that police were at the scene.

Villehuchet 'could not cope with the pressure following the outbreak of the scandal', the website of La Tribune daily quoted an associate as saying.

The Frenchman was managing some two billion euros for European clients, of which three quarters had been invested with Madoff when the scandal broke, said the friend, who declined to be identified.

He said Villehuchet was 'devastated' and feared his clients would turn against him in the courts.

'Access was his whole life, and Madoff was a manager in whom he had complete trust. I lunched with him two weeks ago and he said, how lucky it was that Madoff was the only manager still doing well at the moment.'

In New York, the police department confirmed a body was recovered but did not release the man's name.

'A male, white, age 65, is deceased this morning at Access International offices on Madison avenue,' an officer said, adding that a medical examination was underway to determine the cause of death.

Prosecutors allege that Madoff, 70, has confessed to losing upward of $50 billion over years of running a pyramid scheme, where new investors were secretly fleeced to pay returns to earlier investors.

He is currently free on bail of $10 million as police continue a probe.

La Tribune's website said Villehuchet spent the past week trying 'day and night to find a way to recoup his investors' money' and that he had begun legal action in the United States against US authorities.

But 'he could not stand the hunt for culprits launched by the Europeans', his associate was quoted as saying.

'The truth is that everyone wanted to invest with Madoff, considered by everyone to be AAA, i.e. absolute security.' Married without children, Villehuchet was described as a keen sailor.

'I had known him since 1992. He was one of a kind, a very warm, hard-working man,' his friend said, describing him as 'a perfectly honest guy.' -- AFP
 
Why MAS should handle complaints Letter in Straits Times Forum

Wednesday, December 24, 2008
Why MAS should handle complaints
Letter in Straits Times Forum

I REFER to the article last Thursday, 'Lehman-linked investors to get news in Jan', which reported that almost 5,000 formal complaints had been filed and that the Monetary Authority of Singapore (MAS) was satisfied that all 10 institutions involved were reviewing complaints based on principles of fairness.

I appeal to MAS to consider taking over the handling of complaints. There are already a large number of formal complaints as the report stated. Furthermore, the final number may be higher because non-Lehman-linked complaints were not part of the 5,000 stated and many other complaints may be expected. Hence, MAS may want to take a more cautious approach when a large number of ordinary citizens are affected.

Secondly, the complaint handling process should be undertaken not only to determine fairness but also the integrity of the financial institution.

Thirdly, the process should be handled directly by an independent party. Having such a party to oversee the complaint-handling process may not be sufficient.

It should be handled by an independent party from the start. This may involve a significant investment in resources by MAS.

It is also true that MAS is not in a position to guarantee the profitability of financial products.
But, it is MAS which Singaporeans trust most to uphold the integrity of a financial institution.

Leong Kok Ho
Posted by Tan Kin Lian at 3:29 PM
4 comments:

Vincent said...

"It is also true that MAS is not in a position to guarantee the profitability of financial products."

This isn't a question about profitability, it's a question about misrepresentation.
December 24, 2008 3:38 PM
Anonymous said...

Such appeals will not make any difference to how MAS handle it. Basically MAS has not changed in their approach and actions since the problems started with the Lehman collapse. We have suggestions, petitions, appeals etc but has MAS listen?

Maybe MAS has their "own" reasons to do the way they did and maybe also not convenient to tell you why their way and not your way.

So the FIs also has not progress much in resolving with the victims as can be seen a few days ago, one lone cancer striken victim even wore a placard protesting outside DBS HQ!
December 24, 2008 4:29 PM
Anonymous said...

MAS hopes that you guys lose interest and the whole thing dies a natural death.It betting on who will last.It is not interest in regulating.
December 24, 2008 5:10 PM
Anonymous said...

They shd, but do not want to.
What can u do?
December 24, 2008 6:02 PM
 
Strong interest in the Property Indicators (AMP, AQI)

Wednesday, December 24, 2008
Strong interest in the Property Indicators (AMP, AQI)
17 people responded to the survey on the new property portal.

100% said that they are interested in the AMP (adjusted market price) which is calculated based on the latest 10 transactions for the project, adjusted to reflect the the current market price (i.e. taking into account the change in market since the date of transaction). 94% said that this is a useful indication of the market price for the property.

81% are interested in the AQI (amenities quality index) that shows the amenities within 0.5 km (i.e. walking distance) of the property.

100% said that a comparision of the AQI and AMP for similar properties in the same location is useful. 81% said that they are willing to pay $20 for a property report that shows, among others, the details of the recent transactions and the nearby amenities.

I wish to explain that the AMP is an average for the property. It needs to be adjusted to reflect the height, facing and size of a particular property. I hope that buyers and sellers will find this indicator to be useful, with the limitations as disclosed. As this is just an indicator, it should not replace the judgement of a professional valuer in deciding on the value of the property.

http://www.surveymonkey.com/s.aspx?sm=_2blkqCtac6iiy_2bzlKaDEfYw_3d_3d
Posted by Tan Kin Lian at 3:49 PM
 
Results - survey on SMS booking of taxi for $1

Wednesday, December 24, 2008
Results - survey on SMS booking of taxi for $1
31 people responded to the survey. Here are the key findings

1. Are you interested to use this service during the off-peak hours, when taxis are easily available?
Yes - I will pay $1 for the taxi to come to my home or office: 58.1%
No - I prefer to stop a taxi on the road and save $1: 41.9%

2. To use this service, you send a zone code (2 digit) to the server. This is the first 2 digit of the postal code. You can refer to a card that shows the zone code for different areas. Is this convenient?
Yes - it is easy: 67.7%
No - it is complicated: 32.3%

3. This service require the taxi to call you by mobile phone. Is this acceptable to you?
Yes - I prefer to talk directly to the taxi driver: 71.0%
No - I prefer to talk to a call center: 29.0%

4. If a taxi is available, you will be receive a SMS within 1 minute and a call by the taxi within 3 minutes. Is this acceptable?
Yes - this is excellent: 80.0%
No - I do not like to talk to the taxi driver: 20.0%

5. If a taxi is not available, you will be placed on the waiting list for 10 minutes for a taxi to call in. If none, you will be removed from the waiting list. Is this acceptable?
Yes - I am willing to wait: 35.5%
No - I do not like this method: 64.5%

6. If you wish to cancel your request, you can send the code 00 to the server. Otherwise, your request will be automatically removed after 10 minutes. Is this convenient?
Yes - I find it acceptable: 67.7%
No - I do not like this method: 32.3%

7. The chance of getting a taxi depends on supply and demand. You are likely get a call within 3 minutes during off peak periods. During busy periods, you may have to wait to get a call (and your request will be removed after 10 mins). Is this acceptable?
Yes - it is worth a try: 35.5%
No - I wish to have greater certainty in the service: 64.5%

8. Are you wiling to pay a higher fee to be more certain of getting a taxi?
I prefer the fee remain at $1: 75.0%
I am willing to pay $2: 3.6%
I am willing to pay $3: 17.9%

9. What do you think of this service?
I like it: 19.4%
I will give it a try: 64.5%
I do not like it: 16.1%

CONCLUSION
1. There is keen interest in this service.
2. Most people find the system to be easy to use.
3. The main drawback is the unavailability of taxis during the peak hours.

http://www.surveymonkey.com/s.aspx?sm=gW8OroZJ2gTNf_2fpAgkgpNQ_3d_3d
Posted by Tan Kin Lian at 4:00 PM
 
Meeting at Speaker's Corner, Sat 27 Dec, 5 pm

Wednesday, December 24, 2008
Meeting at Speaker's Corner, Sat 27 Dec, 5 pm
A meeting of investors of the credit linked notes will be held as follows:

Date: Saturday 27 December 2008
Time: 5 to 7 pm
Place: Speaker's Corner, Hong Lim Park

Agenda
1. Update of complaints to financial institution, FIDREC
2. Update on collective legal action

This will be the last meeting to be held at Speaker's Corner. Subsequent meetings will be organised by the group leaders for the various notes, and will be held at other venues.

Please turn up for this last meeting.
Posted by Tan Kin Lian at 5:38 AM
 
4 comments:

Anonymous said...

Sorry to post this here, but does anyone know what happened to the onlinecitizen site. Says that account has been suspended. Any updates
December 24, 2008 10:31 AM
Anonymous said...

Ok, mr Tan, shall try to be there to support you.

allow me to digress a bit. sorry, but can i check if TOC url is shutdown now?
try it to see what i mean.

regards
water tan
December 24, 2008 1:10 PM
Albert said...

Merry Christmans Kin lian
December 24, 2008 3:03 PM
Anonymous said...

The onlinecitizen has been disabled by the authority? It will be a sad day for u and me.
December 24, 2008 5:20 PM
 
Re: 4 comments:

Thursday, December 25, 2008
Be careful about free service for a trial period
Some banks offer credit cards to you free of subscription for one or two years. They will impose a hefty annual fee automatically at the end of the free period, without telling you. If you are not aware about it, you have to pay this fee.

Some card holders call the bank and threaten to cancel the card. The bank may waive the fee out of goodwill. They may not.

The same technique is adopted by mobile phone operators and cable television services. They give you a free period of use for some services, and will quietly levy the charge at the end of the period. They hope that the customers will pay for the services out of ignorance.

Here are some tips to avoid paying for these additional charges, if you do not use the services:

1. Decline the service, if you do not need. it. Do not accept it just because it is free.

2. If you want to try the service, put a reminder in your calendar (on the mobilephone or PC). It will remind you to reivew the service at the end of the free period. If you do not need it, you should call and cancel it.

I hope that the Consumer Association (CASE) will make it compulsory for the business to get the customers to agree on paying for the service at the end of the free period. It should not be on an "assumed opt-in" basis. We need to have stronger business ethics.
Posted by Tan Kin Lian at 2:08 AM
 
Online Citizen blog

Thursday, December 25, 2008
Online Citizen blog
The Online Citizen blog went down due to heavy traffic. They are running on a hosted site which sets a limit on the number of traffic. In recent months, the traffic went up five times. Yesterday, on Christmas Eve, the traffic must have been exceptionally heavy.

I spoke to the managing editor of The Online Citizen yesterday, after the site came down. He has contacted his volunteer webmaster, who would try to resolve the problem in the evening, after he had completed his full time work.

Regular visitors to The Online Citizen should know that the work is done by volunteers, who have to spend a lot of their personal time and incur travelling and other out of pocket expenses. The expenses to maintain the website are kept to the minimal, due to lack of funds.
Posted by Tan Kin Lian at 1:54 AM
 
Prudential hit by Giro glitch

HUNDREDS of anxious customers jammed the phone lines of British insurer Prudential Assurance Singapore yesterday, after their premiums were deducted twice this month.

Prudential said a technical glitch had caused the Giro banking error.

By 11am, it had received about 300 calls from worried customers, including Madam Ann Chow - who realised that her bank account was short of $320 when she withdrew cash at an ATM yesterday morning.

'I immediately checked my account's past transactions via Internet banking. The premiums of two policies were deducted twice on Tuesday. I was alarmed and called the hotline,' she said.

Madam Chow pays monthly premiums of $160 for each of her two Prudential policies - an investment-linked and an endowment plan. Instead of the usual monthly premium deduction of $320, $640 was deducted this month.

An officer at the customer hotline assured her that the money will be reinstated.

'I was so glad that it wasn't just me and I will get my money back. I even forgot to ask when it will be reinstated,' she said.

Prudential told The Straits Times: 'We sincerely apologise for the error

and the inconvenience caused to our policyholders. We will reverse the extra deduction and credit their bank accounts by Dec 26.'

One of the top three life insurers here, Prudential has been here for 77 years, and has about 500,000 customers. Besides its 3,400-strong agency force, Prudential has exclusive partnerships with Standard Chartered Bank, Maybank and Singapore Post.

Prudential declined to give further details on the glitch. It is still investigating the source of the error and the number of affected customers.

It is believed that only transactions done on Tuesday were affected by the glitch.

Despite technological advances, glitches do happen.

Last week, computer problems at the Singapore Exchange caused a lag in price updates and order processing, which affected all dealing houses.

The problem started in the late morning and dragged on for most of the trading day.

[email protected]
 
Be careful about free service for a trial period

Thursday, December 25, 2008
Be careful about free service for a trial period
Some banks offer credit cards to you free of subscription for one or two years. They will impose a hefty annual fee automatically at the end of the free period, without telling you. If you are not aware about it, you have to pay this fee.

Some card holders call the bank and threaten to cancel the card. The bank may waive the fee out of goodwill. They may not.

The same technique is adopted by mobile phone operators and cable television services. They give you a free period of use for some services, and will quietly levy the charge at the end of the period. They hope that the customers will pay for the services out of ignorance.

Here are some tips to avoid paying for these additional charges, if you do not use the services:

1. Decline the service, if you do not need. it. Do not accept it just because it is free.

2. If you want to try the service, put a reminder in your calendar (on the mobilephone or PC). It will remind you to reivew the service at the end of the free period. If you do not need it, you should call and cancel it.

I hope that the Consumer Association (CASE) will make it compulsory for the business to get the customers to agree on paying for the service at the end of the free period. It should not be on an "assumed opt-in" basis. We need to have stronger business ethics.
Posted by Tan Kin Lian at 2:08 AM
4 comments:

Anonymous said...

Free gifts to induce purchase of financial products should be banned.
Financial products shouldn't be bought like other consumer products because if bought for the wrong reasons it can have dire consequences, ie financial loss.
It seems MAS allows the FIs to use anythings to sell their products.
Unlike other jurisdictions there are bans on roadshows considered hawking; gifts considered inducement or bribery;restriction on hours and days salesmen are allowed to call or prospect the customers.
In UK commission will be stopped as a form of remuneration to prevent conflict of interest and mis-selling by 2011.
All these measures are in place to prevent abuses, mis-selling and misrepresentation and other malpractices. Even raising the entry requirement is also considered.Local insurance agents are grossly unqualified and incompetent.
Unfortunately our local regulator sees it as investors' business to avoid and fight against the malpractices. It is no surprise the minibond saga got this reaction from the regulator.The FIs and their salesmen have a complete liberty to do whatever they like with consumers with impunity.
More importantly enforcement of the rules is the corner stone of the regulation without which it is as good as no rules.When everybody pays lip service, from regulator to FIs, another minibomb is awaiting to explode.
I believe it will explode in the life insurance sector. With the formation of FISCA the misdeeds, the malpractices and the unethical practices of the insurance agents will be exposed. It will not be a surprise to know that consumers have been taken a ride by their insurance agents all these years without their knowing it.The dirts, the filth uncovered will be so scary that consumers can't believe their so called nice looking, sincere , sweet talking agents have been crooked, dishonest, incompetent and have been squeezing, milking their financial resources for their personal gain.
I hope the defining changing landscape will augur well for the industry and the consumers
December 25, 2008 10:48 AM
Anonymous said...

I agree with you and thanks for the tips you offered. I agree that the manner on how the approach taken by the trade should be checked for the protection of consumers. The "opt out" approach should not be used and consumers must be made known before the next step taken.
December 25, 2008 11:17 AM
Anonymous said...

There is no free lunch. It is a trap to ensnare the greedy consumers who think they are smart.
December 25, 2008 12:24 PM
Anonymous said...

The business world is protected since it learn of this "dirty" tactics from our world class government. Have you all forgotten about the various opt out schemes dreamt out by our talented million dollar ministers? They led the way how our businesses conduct themselves and now have lost the moral authority to say or do anything otherwise.
More Good Years, for businesses!
December 25, 2008 12:41 PM
 
Avoid retrenchment

Thursday, December 25, 2008
Avoid retrenchment
Straits Times did not publish this letter.
22 December 2008

Editor
Forum Page
Straits Times

There are discussions about the best way for companies to cope with decreased demand in a recession. The following options were considered:

> retrench foreign workers
> retrench local workers
> reduce pay across the board, to avoid retrenchments

I prefer the method used by the Governor of California State. He asked the state employees to take 2 days of no-pay leave, to reduce the state budget deficit.

Here is my reason. If there is reduced demand, there is reduced work. The company can ask all employees to take a few days of no-pay leave to reduce the wage cost and avoid retrenchment. In return, the employees extra days of leave (in proportion to the reduction in wages). They can spend the time with their family and friends or attend classes to upgrade their knowledge and skills.

To cope with the reduced wages, the employees can draw down on past savings or cut down on the discretionary expenses. For employee with fixed commitments that cannot be reduced, I suggest that they be provided with a low-interest rate loan for the reduction in their wages. This loan can be provided by the employer or the state at an interest rate of 2.5% p.a. (same as CPF interest rate).

I hope that this suggestion can be considered.

Tan Kin Lian
Posted by Tan Kin Lian at 9:11 AM
3 comments:

Anonymous said...

Looks like you are not in their good books or you have stepped on somebody's tail. Any strings you can pull?

By MX
December 25, 2008 10:45 AM
Anonymous said...

The Straits Times is well known for publishing letters and articles based on its own agendas. This is another example why Singapore falls short of true democracy and a free press.
December 25, 2008 12:38 PM
Everlearning said...

This is the very sustainable way to keep our economy going and keeping our citizens out of jobs.

Your blog is the best place for viable suggestions and your readers will benefit from your edifying postings.


Don't give up sending this letter to ST. Sooner or later they have to respond to it if you persist.
December 25, 2008 12:45 PM
 
Hong Kong Arbitration Body Mediates First Lehman-Linked Dispute

Thursday, December 25, 2008
Hong Kong Arbitration Body Mediates First Lehman-Linked Dispute
December 22, 2008: 04:55 AM ET

HONG KONG -(Dow Jones)- The Hong Kong International Arbitration Centre said Monday it concluded its first mediation of a dispute over the selling of structured products related to Lehman Brothers Holdings Inc.
The independent body said in a statement it mediated a dispute on Dec. 10 in which investors and a bank reached a settlement after five hours of talks. It didn't give details.

The Hong Kong Monetary Authority said in late October it would refer mediation requests to the arbitration center in cases where both sides agreed to it, to try to reach voluntary settlements on the disputes.

The HKMA said earlier the costs of mediation and arbitration would be split, with banks paying half and the HKMA paying the rest on behalf of investors.

Thousands of investors claim they were misled about the risks when they purchased 'mini-bonds' backed by Lehman, only to see the value plunge after the former Wall Street giant declared bankruptcy in September.

The Hong Kong International Arbitration Centre was set up in 1985. It receives funds from the business community and the Hong Kong Government but says it is totally independent of both and financially self-sufficient.

http://money.cnn.com/news/newsfeeds/articles/djf500/200812220455DOWJONESDJONLINE000122_FORTUNE5.htm
Posted by Tan Kin Lian at 9:32 AM
1 comments:

Anonymous said...

Dear FRIENDS

It will be very encouraging if MAS learns from Hong Kong authority -- [a] let an independent to handle the complaint make the FI pays for the costs.

FROM: Cashew Nut
December 25, 2008 10:45 AM
 
Details of 150 CDOs still not available after 3 months

Thursday, December 25, 2008
Details of 150 CDOs still not available after 3 months
Dear Mr. Tan

I don't understand why after more than 3 months of Lehman Brothers bankruptcy, the following basic, but important information are still not available to the minibond holders :

1) the identities of the 150 CDOs
2) how many credit events already happened out of the 150 CDOs ?
3) how many of the 150 CDOs are on the danger list (about to fail) ?
4) an estimate of the current values of the minibond notes.

If a group of financial experts (from HSBC & MAS) cannot provide these basic information after more than 3 months of Lehman Brothers bankruptcy, it is hard to believe that the ordinary investors could have invested with their eyes open.

P

REPLY
I agree with you, but it is better for you to write to the media or to MAS. MAS should be the party that reply to this type of question.
Posted by Tan Kin Lian at 4:10 PM
1 comments:

Wayangnologist said...

QUESTION:

"Details of 150 CDOs still not available after 3 months"



REPLY:

We thank you for your interest.

We are pleased to inform you we are looking into your feedback and would look forward to reply to you soonest we can.

Meantime, please leave down your contact details so we might get in touch with you where necessary.

Thank you.

Customer Service



MESSAGE:

F OFF
December 25, 2008 5:26 PM
 
Attention: Pinnacle Note Investors

Friday, December 26, 2008
Attention: Pinnacle Note Investors

THE PRO TEM COMMITTEE OF THE PINNACLE ACTION GROUP WISH TO MEET ALL PINNACLE NOTES HOLDERS THIS SAT 5PM AT HONG LIM PARK.

WE WISH TO SEEK YOUR SUPPORTS TO EXPLORE ALTERNATIVE WAYS TO SEEK RELIEF FOR LOSES
INCURRED BY THIS FAILED PRODUCT.

THE CO-OPERATION AND UNDERSTANDING OF ALL INVESTORS CONCERNED WOULD BE MOST APPRECIATED.

FOR THOSE WHO ARE UNABLE TO ATTEND, KINDLY EMAIL YOUR PARTICULARS (NAME, NRIC, EMAIL ADDRESS, AND TELEPHONE) TO:-

[email protected]

Chan JC
Posted by Tan Kin Lian at 2:38 AM
 
The fallen giants of finance

Friday, December 26, 2008
The fallen giants of finance
http://www.ft.com/cms/s/0/b2247e62-d02f-11dd-ae00-000077b07658.html?nclick_check=1

By Fang Wang, Steven Bernard, Joanna Chung, Saskia Scholtes, Greg Farrell and Francesco Guerrera
Published: December 22 2008 19:21 | Last updated: December 24 2008 18:10

The search for scapegoats in the worst financial crisis since the Great Depression is under way. As one financial group after another has collapsed, wiping out thousands of billions worth of value for investors, a plethora of investigations by prosecutors and regulators has been launched.

Federal officials have opened investigations into at least 25 large companies, including Lehman Brothers, the collapsed investment bank; Fannie Mae and Freddie Mac, the mortgage financiers taken over by the government; and Washington Mutual, the biggest bank to go under in US history.

Investment banking league table 2008 - Dec-22

Subpoenas have been handed down in some cases, including Lehman and Fannie and Freddie. Prosecutors, along with officials at the Securities and Exchange Commission, are trying to determine whether managers misled the public about the financial condition of their companies. Defence attorneys are likely to argue that companies, as well as their individual directors and executives, cannot be blamed for the unprecedented market turmoil. “One thing we know for certain is that stupid choices were made by hundreds of businessmen but that is not a crime. Some executives may have been overly optimistic but so were a lot of people,” said Daniel Richman, a former federal prosecutor in New York’s southern district and now a Columbia University professor.

The subjects of these profiles, or their spokespeople, were contacted for this article but declined to comment. Compensation includes cashed-in share options.
Posted by Tan Kin Lian at 3:29 AM
 
Re: Helping Singaporeans cope with recession

Friday, December 26, 2008
Thought for the day - the world is a dangerous place
Contributed by Ho Cheow Seng

"The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it." -- Albert Einstein
 
Re: Helping Singaporeans cope with recession

5 Comments

Anonymous Anonymous said...

Hi Mr Tan Kin Lian

May I suggest that you revert your blog to financial and insurance matters as you have very efficiently done so for the past 1 year. All this minibond and lehman issues are grating on the nerves and will receive less and less support as time goes by, as these aggrieved investors leave your company one by one when they realise that the effort is futile. Without even looking for hard statistics, I am quite sure your blog's readership has declined in the past few weeks because of this.

I enjoy reading your blog re the interesting articles and your insights into the financial and investing world. But please, do keep this lehman and dbs issues at a minimum. It is starting to sound like a broken record over and over again :(

Thank You.

December 26, 2008 7:06 AM
Anonymous Anonymous said...

People are becoming more evil, greedy and complicated too.

Jasmin

December 26, 2008 7:19 AM
Anonymous Anonymous said...

example; MAS not taking action against the FIs and the salespeople.
So evil is allowed to romp the market.

December 26, 2008 10:00 AM
Anonymous Anonymous said...

Good article bc short message and maximum impact. I think the world is a dangerous place bc of man's GREED. The snake who wants to swallow an elephant for his lunch.

MX wrote.

December 26, 2008 10:47 AM
Blogger Wayangnologist said...

The world is a dangerous place to live; not because of the people who are evil, not because of the people who don't do anything about it, but because of people who are blatantly ignorant of the fact they assumed.


They assumed the world is safe.

They assumed people are not evil.

Heck they even assumed they COULD do something about it.

December 26, 2008 2:05 PM
 
Results - complaints to financial institutions

Friday, December 26, 2008
Results - complaints to financial institutions
Summary of 16 replies (excluding 1 reply which was lodged 2 weeks ago)

How long did the financial institution take to give you a reply?
The decisions were given after an average of 6 ½ weeks for 10 cases. No decision was given for the remaining 6 cases after 5 to 13 weeks.

What was the decision?
The financial institution rejected 9 cases.
Compensation was offered for 1 case, where the amount invested was $20,000 and the investor was younger than 62 years. (No other details available)

Will you complain to FIDREC?
2 cases have lodged with FIDREC.
Most of the other cases intend to complain to FIDREC.
2 cases will not go to FIDREC, as they are discouraged.
1 case exceed $50,000 and cannot be heard in FIDREC.
There is a high degree of sceptism on the outcome.

Any other comments?
6 cases expressed disapopintment with MAS and the Government on the handling of this matter.

Posted by Tan Kin Lian at 9:08 AM
2 comments:

Lion Investor said...

The case which is more than $50k can still go to Fidrec as this is a special scenario. They will take all amounts.
December 26, 2008 12:15 PM
Parka said...

I've just received the letter back from the FI OCBC Securities.

Result: Rejected.

My invested amount is US15K with the Minibond 2.

I don't think I'll go to FIDREC. I pretty much think that people in the financial sector and the government are just incompetent. Qualified for their job, yes. But don't assume competence comes with qualification.

It's a case of "show me how they are paid and I will show you how they will behave". When in doubt, just keep that in mind and you can predict your opponent's every move. It works all the time.

One of the reasons why I might not go to FIDREC is also because of the contract law. Regardless of misrepresentation claims, the contract law is set up specifically to prevent consumers from suing by saying that they understood what they sign. I say regardless because there might still be a chance of winning, but it's going to be a tough fight.

Because of this outcome, I'll never invest in third party entities again. Third party meaning the middle man, aka banks, who are selling products for other clients, aka Lehman Brothers.

If I were to invest, I would cut out the middle man. The financial entities do provide value in getting all these products in one place. But what is the use if they hold back information just because they can gain (financially) from it? Or worse, because they are incompetent and lead consumers to sign on the contract.

So for all, bare in mind the quote "show me how they are paid and I will show you how they will behave".

It applies to everyone, you and me.
December 26, 2008 12:21 PM
 
Seminar for Minibond Investors

Friday, December 26, 2008
Seminar for Minibond Investors
A seminar, titled " Minibond Victims: The Way Forward In 2009 " will be held soon. The details are:

Date: Tuesday 30th December 2008
Time: 7 to 9 .30 pm (registration starts at 6 pm )
Venue: Singapore Polytechnic Graduates Guild House
1010 Dover Road Singapore 139658
Admission: Free (Register online here)
(Click here for a map to locate the SP Guild House )

The agenda for the evening:

- Welcome
- Introduction (Mr Tan Kin Lian)
- The Way Forward: The Plans For 2009
- The National Minibond Data Collection Exercise
- The Start Of Legal Efforts: Leonard Loo
- Q & A

Don't miss this important seminar as the legal efforts to protect the interests of Minibond customers get into full swing! Mr. Loo has confirmed that he will have a Senior Counsel (SC) on board his legal team so come down and listen to his deliberations.

Register early for the free seminar as there are only 250 seats !(please ensure you have registered with the Minibond Group before you participate in the seminar).

Posted by Tan Kin Lian at 3:13 PM
 
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