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

[Ah Hai]

Re: Blog will hit 1 million visitors by 23 Feb 2009

Sunday, January 18, 2009
Survey: Looking for a job in 2009?

Are you likely to look for a job in 2009? In view of the recession, are you prepared to consider non-standard job options? Do you need help?

Take part in this survey.

Here are the results based on 27 replies.
Posted by Tan Kin Lian at 11:00 AM
2 comments:

debt relief said...

Certainly there are lots of people today who are forced to find different work. It's a bit scary out there.
January 10, 2009 12:08 PM
Anonymous said...

Actually the best job is to be an MP. You are assured of a 200K pa job for at least 4 to 5 years, never mind your performance.

Why?

Because no matter what, the gahmen does not want to have by-elections. They cannot sack MPs based on poor performance, only when they are convicted of a crime.

Don't you think so?
January 10, 2009 9:25 PM

 

[Ah Hai]

Re: Blog will hit 1 million visitors by 23 Feb 2009

Sunday, January 18, 2009
My view: decision on 5,000 complaints

Here are my views about the decisions made by the banks on the complaints of mis-selling of the credit linked notes.

1. About 1,280 (25%) noteholders will receive full compensation. This is good news and is higher than I had expected. I like to know the amount of compensation to see if the full compensation is given mainly to the small investors or is well distributed among the small and large investors.

2. About 1,670 noteholders (33%) will be offered partial compensation. To help them decide on whether to accept the compensation, they should be informed the current value of their notes, so that they can make an informed decision.

3. Another 6,000 noteholders have not lodged their complaints yet. They should step forward to lodge their complaint now, if they have been mis-sold.


Posted by Tan Kin Lian at 10:00 PM
6 comments:

Anonymous said...

These figures are bullsh1t.
Defintely not true for DBS
January 17, 2009 5:50 PM
Anonymous said...

How about those structured products, like HN2, that are at the edge of being terminated but are still held by investors ? Given the bleak outlook of the world economy, it is a matter of time that such products also lose all their value like HN5 and some series of the minibonds. So far I have not heard of any FIs offering any compensation to holders of these products although these products are also mis-sold to the public. Maybe the HNGroup can tell us whether any HN2 holders have been compensated or refunded.
January 17, 2009 9:57 PM
Anonymous said...

According to newsreports, most complainants that do not get compensation for their investment in High Notes 2 are those "Treasure" accounts holders with the who have at least $200k with the bank. So it appears that if you have some money, you must be smart enough not to be conned by sellers of the notes. Is this logical? What's the point of maintaining the "Treasure" status when the bank treats you like goondu? I understand that if your balance falls below $200k with the bank, "Treasure" account holders will be charged a monthly fee of $50 just to keep the status, which means a lofty $600 for a year!! Goondu....
January 17, 2009 10:35 PM
Anonymous said...

That is why I decided to be "struck off" the "Treasure status". I see not much value to it on top of paying a fee (if investment balance fall short of the required $200K). Yeah, you have the privilege of a shorter queue while banking at the counter but I usually e-transact. The RM usually have their own agenda and is not really of much of a help.
I remember once there was a fixed deposit promotion going on (3% pa, I think). The RM does not bother even to inform me and left me to leave my savings of several hundreds of thousand dollars idling in their dismal savings account of 0.25%. I eventually found this out while scanning their website.
January 17, 2009 11:08 PM
Anonymous said...

MR TAN
Good summary. I am particular enlightened by point [3] of your comment that there are at least another 6,000 investors who have not lodged complaint. I guess there could be still people who have NO CLUE that they were mis-rep or mis-sold.

The classic maxim is that "you cannot know what you do not know", when you are in complete darkness. Especially, those who have no access to internet. Let us pray for those who are still in the dark, hopefully, they are not old folks.

From CASHEW NUT
January 17, 2009 11:25 PM
Anonymous said...

In this case, we should look the gift horse in the mouth. Indeed, look very carefully.

MAS appears to have drawn the line at mis-selling (if there's such a word). That is, some FIs had messed up, they sold some products to some target customers they should not have. Hence, the compensation. But the products are not toxic.

What about the misrepresentation and fraud? MAS must be taken to task for not properly regulating the FIs in the first place and whitewashing the subsequent investigation.
January 18, 2009 9:37 AM

 

[Ah Hai]

Re: Blog will hit 1 million visitors by 23 Feb 2009

Sunday, January 18, 2009
Survey: Compensation for Credit Linked Notes
This survey is for you to share some information about the compensation offer given to you on the credit linked notes. As you are under a "no disclosure agreement", you do not have to provide your particulars. You can avoid giving personal details that can identify your case specifically.

Please give general information that can be helpful to other customers who were misled into buying these notes.
http://www.surveymonkey.com/s.aspx?sm=maxJ5w55nQ4QvAzQzEEVIw_3d_3d

Here are the survey results based on 26 replies:
Survey results

Posted by Tan Kin Lian at 10:00 PM

 

[Ah Hai]

Monday, January 19, 2009
Tips - what to avoid

1. Never invest with borrowed money
2. Never invest from a marketing company (e.g. time share, land banking, etc)
3. Never invest to get a free gift (it comes from your own money)

Read this article about Storm Financial.
Posted by Tan Kin Lian at 7:28 AM 0 comments Links to this post
Democracy
Contributed by Ho Cheow Seng

Article

Participate in this survey.
Posted by Tan Kin Lian at 6:58 AM 0 comments Links to this post
Sunday, January 18, 2009
Survey: Active Citizenship

Are you willing to be an active citizen and express your views on issues affecting society?
Survey

 

[Ah Hai]

Google documents

Monday, January 19, 2009
Google documents
I am now using Google documents to publish my survey findings. I wish to thank the reader that give me this wonderful tip.
Posted by Tan Kin Lian at 8:30 AM

 

[Ah Hai]

Sue the relationship manager

Monday, January 19, 2009
Sue the relationship manager
A noteholder wanted to sue the relationship manager for giving bad advice. Other people said that there is no point to sue the relationship manager, as he will not be able to compensate the noteholder for the financial loss.

Someone told me that this is a good strategy. The relationship manager is likely to confess and tell the truth. In that case, the wrong-doings of the financial institutin will be brought to light. They might be more willing to give a fair settlement.



Posted by Tan Kin Lian at 8:35 AM
5 comments:

Anonymous said...

you only get truth from the horse's mouth.
What is being done, the compensation on piecemeal basis, is pulling the wool over the consumers' eyes. You can say, it is wayang, to appear 'doing the right thing'. Are they doing the right thing? Don't be fooled. With all the praises heaped on the 3 so called indepedent people to oversee the mediation process, my question is "were they biased" pro FIs?
There are still many many disgruntled investors who are victims of their own background which has absolutely nothing to do with this debacle.To say that being educated or being young you had the capacity to understand those products you bought and to make informed decision is unfair and echoing the MAS mentality.
I think it is futile to argue on this basis. The best strategy is to get evidence of mis-selling from the the very people you bought the product, sue the RMs.Once the beans are spilled go for the kill, go for the FIs.The truth will prevail.
Lies and falsehood cannot withstand examination and cross examination.
January 19, 2009 9:40 AM
Anonymous said...

MR TAN
Is it possible to carry out a SURVEY in your BLOG of those "RM's names" and "number of occurrence" and the type of "Produts", which complaints was lodged. This would help us to see which RM has the HIGHER OCCURRENCE. If a pattern is clear, we may be able to go after the particular RM as a mini-class action against "the specific RM" of whatever FI.

Part of the process will definitely requires the RM to present his/her case and knowledge of the products. I think this s a fair process, bec current the interview is the FI asking questions on the investors; while the investor is only waiting for the sky to drop gold or dust?

The SURVEY can be in the following format: [a] RM name Product name [c] Amount [d] Month purchased [e] FI name [f] Nickname of participant of the survey.
January 19, 2009 10:26 AM
Anonymous said...

Dear friends,
The BIG THIEF is sometimes caught when committing SMALL THEFT. This is because the police is very good in linking isolated cases together. Seems to me that this skill should be put to use by the independent persons entrusted in ensuring the complaint handling is fair.

Yours truly, Humble Thot
January 19, 2009 10:57 AM
Anonymous said...

I agree the propose from 10:26am
January 19, 2009 11:04 AM
Anonymous said...

Is anyone really going to start a court proceeding if banks are proceeding to compensate investors?
January 19, 2009 11:06 AM

 

[Ah Hai]

Role of private capital

Monday, January 19, 2009
Role of private capital
Private capital thrives well in a booming economy. They make easy money. They even contribute towards creating bubbles in asset prices. As the prices keep going up, they make more money.
When the bubble burst, private capital is unwilling to take risk. This caused the collapse of the credit market.
Read this article.
The Governments have to step in to provide funds to re-capitalise the banks, to guarantee bank deposits, to guarantee the credits of borrowers (i.e. homeowners, small businesses). In this case, what is the purpose of private capital?
This has happened in USA, UK, Singapore and many other countries.
What is the solution in the future? I believe that the capital has to be provided by the state (it is already happened) or by state-sponsored mutual funds. Ir should not be provided by private capital that are driven by short term gains.
Posted by Tan Kin Lian at 8:39 AM

 

[Ah Hai]

Happy noteholders who received 100% compensation

Monday, January 19, 2009
Happy noteholders who received 100% compensation
I wish to pass this message to the 1,200 happy noteholders who received 100% compensation.
You have spent a few months of agony and worry. You were uncertain about whether your money would be gone forever.
You were deilighted to receive the recent letter or telephone call that you would be getting 100% compensation. Some of you wrote an e-mail to thank me for helping to achieve this happy outcome.
I wish to ask you to consider this possible situation. Suppose you had received a offer of partial compensation (which you consider to be insufficient) or a rejection. How would you have felt? There are 10,000 noteholders who are in this unhappy situation.
What can you do to help the other noteholders? I ask you to consider to express your support and solidarity for them.
Perhaps, if you are generous, you can consider donating 5% of the amount that you received towards a fund to help them to get legal opinion and assistance? This is just a thought. If there are sufficient people interested to make this donation, I will get someone to organise it.
Posted by Tan Kin Lian at 9:49 AM
5 comments:

Anonymous said...

I agree that those who recieved 100% compensation should help the rest to defray the legal fees when they sue the FIs and the RMs.
5% as suggested may not be enough but it is demonstration of empathy and solidarity.
January 19, 2009 10:11 AM
Anonymous said...

MR TAN
If I were to get any compensation for any amount, I would be gratefully contributing 5% to this fund to help those who are still in the process. I know the pain involved as I am journeying with my wife's battle, who was lied, mis-rep and mis-led into buying and now spending time researching instead of time with family. We are still awaits the outcome of our battle . . . . Please advise the BANK ACCT details.
January 19, 2009 10:12 AM
Anonymous said...

I have yet to receive any news or update for this minibond saga.

Jsmin
January 19, 2009 10:47 AM
Chan J C said...

Thank you Mr. Tan for the innovative iddea to get help from those who receive 100% compensation.

I would like to appeal to those who receive 100% compensation to show your compassion with some % of contribution to Mr. Tan so that he can help the rest of the victims.

Regards
January 19, 2009 10:48 AM
ym said...

Mr Tan, i am really interested in the average amount of compensation (% wise and absolute amount)...

In actuarial speak, we have seen the average frequency (number of compensation), but MAS has not been so transparent with the average severity...

i think this is more indicative of fairness in the compensation package..
January 19, 2009 10:55 AM

 

[Ah Hai]

Survey: Life in Singapore

Monday, January 19, 2009
Survey: Life in Singapore
How do Singaporeans feel about life in Singapore?
Survey
Here are the survey results.
Posted by Tan Kin Lian at 10:35 AM

 

[Ah Hai]

Complaining to sellers of credit linked notes

Tuesday, January 20, 2009
Complaining to sellers of credit linked notes
Message from Adrian Tan

Mr Tan Kin Lian has urged that the many people who have yet to lodge a complaint to do so.
If you are one of them, you should because the results of the MAS/FIs Complaints Resolution process are more favourable than many have expected. Read this.

In particular, minibond investors who have not complained, should do so because "For the Lehman Minibond Programme Notes which were sold by banks and one finance company, 34% will receive offers of full settlement and 41% will receive offers of partial settlement; for those sold by stockbroking firms, 1% will receive offers of full settlement and 12% % will receive offers of partial settlement."
The following form, was drafted for the use of the layperson complainant. It is self-explanatory. Many investors have used the format.
(Note to users -- You can just type the questions down in an email message, and answer them according. You need not, print out a hard copy and answer on it. Just use the format in an email message.) After completion, you can send the form here.
As said earlier, the form is self-explanatory, and anyone who has a secondary school education in English should have no problem filling it in for himself, a relative or friend. But for anyone who doesn't want to fill it in person, and is willing to pay me S$120, I will prepare a draft based on the information provided. I can be contacted at [email protected].
No point asking me to do it for free. If you can send me an email in English, you can fill it in yourself at no monetary cost to yourself or to complainant.
A Tan

Posted by Tan Kin Lian at 2:31 PM
1 comments:

vertigoer said...

Just point for thought.
Have any 4D or Toto punters ever complained about loosing 100% of their investment?

If investors know that they can lose 100% of their investment, no one will complain.

Another example is people buying stocks, if the company when bankrupt and stock drop to ZERO. No one will complain, as they know they can loose 100% of their money in stock trading.

If so many people complain about a investment product, surely, there is some problem with the seller.

Hong Kong government agency did the investigation and found problems in FI.

MAS stop handling as complain, period. Do your job.
January 20, 2009 3:23 PM

 

[Ah Hai]

Great value in voluntary help

Tuesday, January 20, 2009
Great value in voluntary help
I was shocked to learn that a senior lawyer charges $2,000 an hour to look into the credit linked notes.
Adrian Tan, who help me in the credit linked notes, must have spent 100 or 200 hours in helping many noteholders. He earns nothing. Adrian was a lawyer and also a financial expert. The value of his advice and help must be worth more than the senior lawyer.
Adrian was able to spend so much time, as he is not working at this time. He spends his time managing his investments. But, if given the opportunity, he would be happy to be earn an income.
I hope that the noteholders who managed to receive 100% compensation should reflect on what Adrian Tan, and other volunteers, have done for them. I am not suggesting that they should pay the volunteers, but I want the noteholders to know that if they have used a lawyer for the same help, they would have to fork out $10,000 or more, just to get the same result.

Posted by Tan Kin Lian at 7:35 PM
6 comments:

Anonymous said...

Now we know why ministers need to be paid millions a year.

One lawyer even said he took a pay cut when he became a minister. So did a surgeon who even publicly remarked at a forum that you folks got a bargain when such people like him became ministers.
January 20, 2009 8:02 PM
Anonymous said...

If a senior lawyer is worth $2000 an hour what do you think an experienced and qualified financial planner is worth?
Are you aware that a senior counsel of good standing charges $8000 per appearance in court and it may be just for half an hour or for the full day?
I remember reading postings that many questioned $100-$150 an hour on financial planning. Have you any idea what financial planners do to charge $150 an hour or what does financial planning entail?
Is $10,000 expensive for just a retirement plan?
You want free 'advice' the insurance agents can give freely.
January 20, 2009 9:58 PM
Anonymous said...

Mr Tan,
I think Adrian Tan deserves a great applause. It will do right if you highlight a photo of him in a post, and we can send our thank through comment. At least a way to show our appreciation.
January 21, 2009 12:17 AM
N said...

Thanks for the help, Mr. Tan and Mr Adrian Tan.

Regards
January 21, 2009 1:19 AM
Anonymous said...

I would like to thank Mr Adrian Tan for helping and giving me some tips in the minibond saga.
In this time where "work starts only when $$ comes in", his selfless attitude is certainly touching.

Jasmin
January 21, 2009 7:17 AM
Adrian tan said...

Thanks Mr Tan.

Made my day.

And Anon 3, having my photo up would upset me. Thanks for tot though.
January 21, 2009 7:21 AM

 

[Ah Hai]

Make a donation, if you have received adequate compensation

Wednesday, January 21, 2009
Make a donation, if you have received adequate compensation
In America, some lawyers are willing to take a case on a contingency fee. If they win the case, they receive 10% to 30% of the amount recovered. If they lose the case, the client only pay the expenses.

Some noteholders are interested to engage lawyers on a contingency fee to recover their money. But contingency fee is not allowed in Singapore.
Think again. We have people like Adrian Tan and other volunteers who spent several hundred hours of time and their expertise to help the noteholders to recover their money, without any promise of payment. As a result of their work, 1,280 of the noteholders will be getting back 100% compensation.
I like to ask these noteholders to consider giving a donation. If you have directly benefit from the work of any specific volunteer - be generous and give them a donation. It is for them to decide if they wish to accept it. Some of the volunteers are able to spend the time because they are not working. They do need an income.
If you wish to make a donation for my effort, I will put the money in the legal fund to engage a senior counsel or queens counsel to give a legal opinion to help the other noteholders. If there is any balance in the legal fund, I will contribute it to the financial services consumer association (FISCA) that will be establised to provide financial education to the public.
If you wish to make a contribution to the legal fund or any volunteer, you can contact me at [email protected]. I will appoint someone to manage the accounts. Be generous. Remember - you could be one of the noteholders who has been rejected or have been offered inadequate compensation.

Posted by Tan Kin Lian at 9:05 AM

 

[Ah Hai]

Re: Make a donation, if you have received adequate compensation

7comments:

Tan Kin Lian said...

There is one troublesome person (probably acting for a financial institution) who posted a negative remark. In deleting his comment, I also deleted two other comments by mistake. Please repost your comments.
January 21, 2009 10:35 AM

Anonymous said...

That's very gracious of you. Thanks for your service. :-)

January 21, 2009 10:37 AM
Blogger N said...

This posting is out of kindness and helping act. I don't see why these people should give any negative remark unless they have guilty conscious of what they had done.

Let them be, Mr. Tan. They will be haunted by their guilty conscious forever.

January 21, 2009 10:44 AM
Blogger Concerned said...

Very good idea. Those who have received compensation should reciprocate and help their less fortunate fellow investors. By such action, FIs and their RMs will open their eyes and not dare to lie and mislead investors again and no more unjust products will be thrown out by the FIs. In the past FIs only think of bigger profits and bigger and bigger and bigger bonus for themselves disregarding the interest of their customers and keep on recruiting more RMs every year.

January 21, 2009 11:29 AM
Anonymous Yap said...

Yes, i will do it.
Still waiting for reply from the bank.

January 21, 2009 1:32 PM
Anonymous Sanity said...

I am still waiting for reply from the bank. Will be happy to donate when I receive my compensation from them. Mine is Pinnacle Notes.

January 21, 2009 8:56 PM
Blogger Goh Meng Seng said...

Dear Kin Lian,

At one of the Minibond gathering at Hong Lim Park, one victim actually approach me. He could only speak Mandarin but he told me, he doesn't mind to donate all his Minibond Money to fight any lawsuit because these money are given to him by his belated father.

I asked him why? He said, it is afterally, not his money in the first place!

I was pretty touched back then because there is such a person that is not greedy and public spirited.

Singapore will have hope as a caring nation if we could have more of such persons.

Goh Meng Seng

January 21, 2009 10:38 PM

 

[Ah Hai]

SCMP:Watchdog to select minibonds case soon

Wednesday, January 21, 2009
SCMP:Watchdog to select minibonds case soon
Article

21 Jan 2009
Joyce Man

The Consumer Council will soon choose a representative complainant to support in legal action over banks’ sale of financial derivatives issued or guaranteed by Lehman Brothers.

The products lost much or all of their value with the US bank’s collapse in September.

Democratic Party legislator Kam Nai-wai held talks with council chief executive Connie Lau Yin-hing yesterday on when the watchdog would select a case, and its progress on dealing with the 7,000 complaints the party had referred to it about the sale of Lehman Brothers derivatives.

Some 43,700 Hong Kong investors bought Lehman Brothers derivatives, mostly minibonds, worth HK$15.7 billion. Despite their name, minibonds are not corporate bonds but complex, credit-linked derivatives.

Investors claim the products were mis-sold as low-risk.

The council has been sorting through complaints to single out cases suitable for help from its legal action fund, and has identified 45.

Mr Kam urged the council to consider not only cases that involved elderly or novice investors, but also less winnable cases. Banks were more willing to settle out of court with elderly and less experienced complainants, who had a higher chance of winning in court, he said. The council should choose some younger and well-educated complainants to send to court.

The Democratic Party said Ms Lau told it that taking a representative case to court would not have any impact on a class-action lawsuit investors may bring in a US court.
Posted by Tan Kin Lian at 8:26 PM

 

[Ah Hai]

Focus on the complaint case

Wednesday, January 21, 2009
Focus on the complaint case
Dear Mr. Tan,

There is something that disturbs me tremendously. I read your blog post that talked about some of the factors that affect the final decision of the FIs on the investors complaints. I empathize with many of the investors whom I believe have been most sadly given inadequate and inaccurate information and advice by the relevant FIs and their staff, which led to them buying the structured products, in particular Minibond and Pinnacle Notes and suffering loss and distress in the process.

I have received news that there are endless delays and repeated changes in the timeline given to clients who have lodged complaints with the FIs. All too often, investors have received a letter in the mail, hoping that it communicates the FIs compensation decision, only to be notified that the FI is still reviewing their case and will reply soon. 'Soon' can mean a couple of months.
In the questionnaires that the FIs are asking investors during the complaint interview, many investors have been quizzed on their education level, past investment experience, source of funds and the amount of savings they have. Many of such questions have no actual connection to their complaint on mis-selling and make no sense at all.

I have also heard news that some FIs are investigating into the wealth and property held by the investors, which once again is totally senseless and only serves to terribly delay the reviewing process.

I hope that the FIs can focus on the facts of the investors' complaint case and offer a swift and fair reply to investors, cutting short their torment over their failed investment products, rather than dig into the investors private information on their finances and assets.

Anonymous

Posted by Tan Kin Lian at 9:27 PM
3 comments:

Ed said...

7 weeks later, after the interview, we're still waiting for Hong Leong Finance to make a decision for our complaint for Pinnacle Notes .....

*sigh*

*shake head*

MAS!

Do something about it !!!

*Fuming MAD*
January 21, 2009 11:21 PM
Sanity said...

The truth is that the depositors/ investors are misled into buying the toxic products. By obtaining their financial status, the FIs may just be trying to find excuses not to compensate them. I hope I am wrong in that especially as I trusted that FI alot.

Hopefully, they are not doing what one bank did to their "valued" Priority customers.

I agreed with the writer totally. The investigation should be based on the complaint case itself. It has nothing to do with his financial status.

I am still waiting for reply .. and it is almost 8 weeks now.
January 22, 2009 2:22 AM
Anonymous said...

Dear blog contributor
I agree. My wife was also asked how much money she has during the interview, which took place more than 1.5 months after lodging complaints. I was disgusted.
Do you mean there is a difference between you lie to a rich guy or a poor guy? How rich is rich OR how poor is poor?

From Fellow Victim
January 22, 2009 6:13 AM

 

[Ah Hai]

A bank sue for being misled

Wednesday, January 21, 2009
A bank sue for being misled
After Sure-Bet Investment Fails, a Bank Contends It Was Duped
Article
Posted by Tan Kin Lian at 9:33 PM

 

[Ah Hai]

Survey: Active Citizenship

Wednesday, January 21, 2009
Survey: Active Citizenship
What are your views on these issues affecting our society?
Survey
Here are the
Survey results
Posted by Tan Kin Lian at 11:00 PM
2 comments:

Anonymous said...

Dr. Lee Wei Ling says to right a wrong comes from the heart. Do you have a heart that is courageous to to right a wrong? If you know that something is wrong but do not have a heart that is courageous enough to right it you are committing an omission of guilt and there are many of it today. Right in your midst these wrongs are committed and glossed over daily. Insurance agents msi-sell and misrepresent the superior glossed over the senior management glossed over , the ceo glossed over. and MAS glossed over. What kind of world is this?
January 19, 2009 12:42 AM
Anonymous said...

what if i get slapped on the wrist like what happened to Catherine Lim?
January 19, 2009 1:20 AM

 

[Ah Hai]

Obama: the price and promise of citizenship

Thursday, January 22, 2009
Obama: the price and promise of citizenship
For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter's courage to storm a stairway filled with smoke, but also a parent's willingness to nurture a child, that finally decides our fate.

Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends - hard work and honesty, courage and fair play, tolerance and curiosity, loyalty and patriotism - these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded then is a return to these truths. What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task.

This is the price and the promise of citizenship.

President Obama's Inaugural address:
Posted by Tan Kin Lian at 4:29 AM
1 comments:

G C said...

It can't be more true on Obama's Inaugural address. The true cure to today world ill, morally and financially can be found in the teaching of the Confucian more than three thousand ago. The Chinese has also forgotten about it. Honesty, responsibility all these and other values that are most lacking now can be found in our forefather teachings and it is time we go back to the roots.

G C Tham

 

[Ah Hai]

Honesty and fair play

Thursday, January 22, 2009
Honesty and fair play
My friend told me this story. A businessmen and a Government official were very happy. They have found a way to make a few million dollars for the businessman to import of rice into the country through a licence given by the official and to share the illegal profit in an overseas bank account.

My friend said that the illegal profit will have to be borne by the poor people who have to pay a higher price for the rice. He is sad that people can be so happy to make profit from the suffering of the poor people.
Posted by Tan Kin Lian at 8:13 AM

 

[Ah Hai]

Re: Honesty and fair play

2 Comments

Anonymous Anonymous said...

There is never a better time to overhaul the financial structure especailly those that regulate the the FIs , the products and the salespeople.
A new and stringent oversight regime to ensure the FIs and insurance companies don't cheat and compromise those guidelines, the internal controls and governance.
To enforce all the existing laws more seriously the ways the salespeople conduct their business and to make the advisory process compulsory.Any deviation from this process should be dealt with punishment.
Products information should be fully disclosed like what is required of medicine and drugs.
It is also time to get rid of unethical and incompetent insurance agents and RMs and salespeople.
Consumers should be wary of these salespeople. They should consult and seek advice from FISCA before buying and after buying. They should seek review of their existing policies for mis-selling and misrepresentation and unethical practices.
The time for all these is NOW. The impact will be lessened.

January 22, 2009 12:51 PM
Anonymous Anonymous said...

MAS should follow CHina in dealing with wicked and dishonest salespeople selling insurance and investemnt products like in the melamine milk case.Take swift action and tighten regulation to send a strong signal to other salespeople like insurance agents, FAs and RMs. Although nobody died of the toxic minibomb their suffering is worse than that. It is agonising.

January 22, 2009 7:24 PM