http://news.theage.com.au/world/hks-govt-meets-banks-accused-of-misselling-lehman-bonds-20081002-4smm.html
HK's govt meets banks accused of mis-selling Lehman bonds (2 October 2008)
AFP - Hong Kong's financial services chief on Thursday weighed in on
the dispute over the possible mis-selling of investment products backed
by failed US bank Lehman Brothers.
Chan Ka-cheung, secretary for financial services, met representatives
of 21 banks, who are accused by disgruntled investors of mis-selling
"mini-bonds" that could now be worthless.
"I hope the banks can be more pro-active in getting in touch with their
clients so that they can provide them with relevant information," he
told broadcaster Cable News after the meeting.
"The banks must ensure that their clients know the method they are using to deal with the mini-bonds."
Chan added that the Hong Kong Monetary Authority (HKMA) and the
Securities and Futures Commission had also agreed to increase manpower
to look into complaints filed by individual investors.
Until Thursday noon, the HKMA said they had received more than 3,500 complaints on Lehman bonds.
Some of the banks, including DBS and DahSing, had agreed to settle
through mediation and have been negotiating with individual investors
on compensation deals, according to a report in the Apple Daily.
The move has put pressure on other banks to find a solution, prompting Chan to hold the meeting, the report said.
The investors, who bought 12.7 billion Hong Kong US dollars (1.63
billion US) of the complex financial products, had earlier threatened
to sue the banks for not explaining the risks involved before selling
them the bonds.
Many of the investors are retired and had put all their savings into the investment because they trusted their banks.
The Securities and Futures Commission said previously it has launched
an investigation into some of the institutions on alleged mis-selling.
Lehman Brothers, one of Wall Street's most established banks, collapsed
last month, sparking turmoil on financial markets across the world.
© 2008 AFP
ChannelnewsAsia already planning to feature a program about "mini-bonds" - and have been promoting this up-coming program in their publicity, by using some local Singaporeans fretting about their surprise with "mini-bonds"
"I would think that mini-bonds are no different from bonds, if these are no longer as safe as other investments, what else can be safer" lamented a Singaporean lady in the advertisement.
so far only hong kong and singapore are doing something. U.S. should do something about their bankers. they should take to task those who brought about this financial meltdown.
MAS is choosing to do anything. To paraphrase MAS' statements on the mini-bonds issue, MAS said they will only investigate if there is evidence. I thought it ought to be MAS should be pressing charges if there is evidence. Is MAS taking Singaporeans for granted?
http://www.todayonline.com/articles/279135.asp
http://www.straitstimes.com/ST%2BForum/Online%2BStory/STIStory_284367.html
MAS is just delaying time and choosing inaction in view of waiting for the incident to blow over.
Caveat Emptor
Pressure MAS for action. Join the facebook group DBS High Notes 5.
Evil prevails when good men do nothing.
UOB also
Why have this post?
You think singaporeans will be unhappy with anything?
you are not talking about any other nationalities. You are talking about singaporeans.
Merely advocating that Singaporeans should pressure MAS through collective action. I am here to publicise DBS' guilt. Collective actions can effect change, even pressuring the MAS to take unprecedented action to safeguard your investments. Close down your DBS/POSB bank account.
Join the facebook group "DBS High Notes 5"
http://www.facebook.com/group.php?gid=29342693574&ref=ts
Evil prevails when good men do nothing.
PS: It doesn't have to be your current account or savings account. Withdraw all your fixed deposit from DBS would have sufficient effect.
Originally posted by geodome:Merely advocating that Singaporeans should pressure MAS through collective action. I am here to publicise DBS' guilt. Collective actions can effect change, even pressuring the MAS to take unprecedented action to safeguard your investments. Close down your DBS/POSB bank account.
Join the facebook group "DBS High Notes 5"
http://www.facebook.com/group.php?gid=29342693574&ref=ts
Evil prevails when good men do nothing.
Cannot, since baby, i already joined POSB on their baby bonus piggy bank scheme, today got about 100k inside, i hv a close link with POSB, i love it since young.
Did DBS provided all the required info to its investors ?
Are some investors losing a lot of money?
Who is accountable?
Maybe again no one at all ? may be lah.
Originally posted by angel7030:
Cannot, since baby, i already joined POSB on their baby bonus piggy bank scheme, today got about 100k inside, i hv a close link with POSB, i love it since young.
It doesn't have to be your current account or savings account. Withdraw all your fixed deposit from DBS would have sufficient effect.
Originally posted by geodome:Merely advocating that Singaporeans should pressure MAS through collective action. I am here to publicise DBS' guilt. Collective actions can effect change, even pressuring the MAS to take unprecedented action to safeguard your investments. Close down your DBS/POSB bank account.
Join the facebook group "DBS High Notes 5"
http://www.facebook.com/group.php?gid=29342693574&ref=ts
Evil prevails when good men do nothing.
PS: It doesn't have to be your current account or savings account. Withdraw all your fixed deposit from DBS would have sufficient effect.
Your answer may lie in the level of accountability and transparency of this tiny little dot. to be on the safe side , i must say the dot is super duper accountable based on solid evidence.
As I ever said, the most extremely pragmatic people on earth will ultimately accept all hikes, imho, and they will wake up when their pocket is hurt.
selamat pagi!
regards
Wong the accountantable.
Originally posted by geodome:It doesn't have to be your current account or savings account. Withdraw all your fixed deposit from DBS would have sufficient effect.
like this also can, i think if everyone go and withdraw, the bank sure go bankrupt one lah, no need the meltdown or $$ crisis
Originally posted by angel7030:
like this also can, i think if everyone go and withdraw, the bank sure go bankrupt one lah, no need the meltdown or $$ crisis
That's the whole point of withdrawing money. The fact that mass withdrawal can destroy a bank makes it a strong threat and a protest MAS would find it impossible to ignore.
Originally posted by geodome:
That's the whole point of withdrawing money. The fact that mass withdrawal can destroy a bank makes it a strong threat and a protest MAS would find it impossible to ignore.
Aren't we creating a chao out of nothing, our local banks are still doing well with strong backing, the ironic of it is that someone will take such downturn opportunity for himself to create a scene out of nothing, that is uncall for as it hit both the govt and the citizens, it is not a win win situation but a lose lose one.
The world and local economy is cooling down, but it take time, what is happening now is that there are desperado investors pulling out of the slight speculation that turn to a big one, so it takes a longer time to picture and figure our way out of the heated economy, just like u keep boiling the kettle here and there, how are you going to expect it to cool down.
I suggest we remain cool and calm, we will ride this out as champion because of our conservative approach. And as usual, we alway stay at the forefront in any economy downturn, cos we believe we hv the framework that is rigid enough to surivive it. Tho some may get hurt on losses, but let look at the nos of gain years we enjoyed.
Angel
Upcoming MP for Joo Chiat
Young Pee A PEE
Originally posted by angel7030:Aren't we creating a chao out of nothing, our local banks are still doing well with strong backing, the ironic of it is that someone will take such downturn opportunity for himself to create a scene out of nothing, that is uncall for as it hit both the govt and the citizens, it is not a win win situation but a lose lose one.
The world and local economy is cooling down, but it take time, what is happening now is that there are desperado investors pulling out of the slight speculation that turn to a big one, so it takes a longer time to picture and figure our way out of the heated economy, just like u keep boiling the kettle here and there, how are you going to expect it to cool down.
I suggest we remain cool and calm, we will ride this out as champion because of our conservative approach. And as usual, we alway stay at the forefront in any economy downturn, cos we believe we hv the framework that is rigid enough to surivive it. Tho some may get hurt on losses, but let look at the nos of gain years we enjoyed.
Angel
Upcoming MP for Joo Chiat
Young Pee A PEE
You said like so confident hor. they doing so well.
Based on what concrete evidence you say?
Can you say the info you have is 100% transparent?
You know that USA financial ministerially kind of guy who before the meltdown attest in public that their system is sound and strong.
Look at what he is saying now and what is going on.
No one really knows. those who say they know are making intelligent guesses at best.
Why no one really knows? You believe in transparency? Look at lay-yo-mama- brudder.
The world never learns time and time again. Its all rotten to the core.
Originally posted by likedatosocan:You said like so confident hor. they doing so well.
Based on what concrete evidence you say?
Can you say the info you have is 100% transparent?
You know that USA financial ministerially kind of guy who before the meltdown attest in public that their system is sound and strong.
Look at what he is saying now and what is going on.
No one really knows. those who say they know are making intelligent guesses at best.
Why no one really knows? You believe in transparency? Look at lay-yo-mama- brudder.
The world never learns time and time again. Its all rotten to the core.
US of A is USA, our local banks do get affected, but we are Singapore, in fact all banks and businesses around world are affected, but the extensiveness is of different aspect. Our aspect is that some of the subsidary of the banks are involved in investment in USA financial institutes, gloomy as it can be, but so far we our years of saving, reserve and trust locally, there should be not much of a problem. Certainly we dun like see unnecessary speculation that our banks are in trouble, but one man cannot control another mouth, who may like to speculate on the downside of all things. That will lead to worry and uncertainties feeling unncessary.
There is no such thing as 100% transparency in anything in this world, not even your spouse or love ones. And personally speaking, no one can guarantee your money is safe in the bank, nor do i guarantee that your money will be safe in your biscuit tin or piggy bank.
Angel
Upcoming MP for Joo Chiat
Young Pee A PEE
If HK DBS is compensating to the investor, which means they are in the wrong. Then why SG DBS is not compensating? They are not in the wrong when in SG?
HKMA is giving them pressure so they have to compensate, yet MAS here is not doing much when compared to HKMA.
When they allow the marketing of structured products, there are already alot of complains. Nothing much was done and these structured products continue to find more victims. Very often when i was inside the bank, i was approached by the managers who try to persuade me to buy their products, and i am not the only one being preyed.
The relationship managers only want to sell these products to earn the commissions, just like a salesman keep telling you to buy a TV set yet he cant tell you the different between a $4000 TV and a $2000 TV other then the size.
Most victims never understand what they were buying except believing the words of the managers, escpecially they are from Big Banks and linked with the "top". Technical terms like protected funds will give the impression to most people that it is safe, yet now they said protected is not guaranteed, which there is still risk. Did they even explain these?
The authority should be monitoring and controlling all these, yet nothing much was done despite alot of complains during 2006-2007 when alot of people realise the return of these products are not really what they claim when sold by the managers.
It is obvious who are the ones should bear the responsibilties, but most of the time i guess in this land, the ones that suffer will always be the people.
<<<There is no such thing as 100% transparency in anything in this world, not even your spouse or love ones.>>>
Of course there is no 100% transparency when comes to spouse or love ones, the little % which is not transparent is call privacy.
Running a country is different from managing a family or marriage, you have to be accountable to the PEOPLE.
and no 100% transparency is not the excuse to give 0% transparency.
When late President Ong T.C wanted to make a check, what was the reply?
Before any bad side is expose, it always looks good.
Before Mas Selamat escape, do you believe things like this will happen in this country which is claim to be 1st world country that run by a group of talents that deserve 8x more salary then any other leaders in the world, including big countries like USA, UK?
To avoid any mishap or "accident", transpancy and consistence checking is a must.
When someone keeps telling you "dont worry, everything is fine, trust me.", then it is the time you should start to worry.
<<<And personally speaking, no one can guarantee your money is safe in the bank, nor do i guarantee that your money will be safe in your biscuit tin or piggy bank.>>>
This is a different case, the victims are persuaded to buy a product without telling the risk factor and giving the impression that it is 100% safe.
They should release all those jailed for fraud if DBS does not have to pay because their clients did not check... after all, the fraud victims should have checked before trusting the fraudsters...
agree with andrew, i dont see much different between them except where the money goes to.
Originally posted by angel7030:
US of A is USA, our local banks do get affected, but we are Singapore, in fact all banks and businesses around world are affected, but the extensiveness is of different aspect. Our aspect is that some of the subsidary of the banks are involved in investment in USA financial institutes, gloomy as it can be, but so far we our years of saving, reserve and trust locally, there should be not much of a problem. Certainly we dun like see unnecessary speculation that our banks are in trouble, but one man cannot control another mouth, who may like to speculate on the downside of all things. That will lead to worry and uncertainties feeling unncessary.
There is no such thing as 100% transparency in anything in this world, not even your spouse or love ones. And personally speaking, no one can guarantee your money is safe in the bank, nor do i guarantee that your money will be safe in your biscuit tin or piggy bank.
Angel
Upcoming MP for Joo Chiat
Young Pee A PEE
1. Transparency means 100% truely Transparent. anything less is NOT, I say NOT real Transparency. Another term should be used to describe this. The word is used loosely for convenience and as means to an end.
2. You can believe but let me advise you that believing is form of assumption. You assume your understanding is true or correct. that is unwise and uneducated thinking. Not good for you.
No one is saying money in bank is safe or not. It is the fact that the existing systems have LOOPHoles for talents to explore. Even a non-accountant knows this. No accountant can deny this.
Originally posted by angel7030:Aren't we creating a chao out of nothing, our local banks are still doing well with strong backing, the ironic of it is that someone will take such downturn opportunity for himself to create a scene out of nothing, that is uncall for as it hit both the govt and the citizens, it is not a win win situation but a lose lose one.
Your kind of pragmatism is exactly the cause for any inaction in Singapore. Does government listen when citizens complain about price hike for public transport, electricity and health services? The ruling party does not have to act on our pleas because there is an obvious Opposition vaccum in Singapore. PAP is re-elected as government every GE because very few people run for political office under the Opposition flag and the Opposition is forever squabbling among themselves.
Given PAP's complacency in securing parliamentary majority, we need a substantially strong voice to keep the ruling party in check. I am only advocating for social justice for all Singaporeans. To leave the government no choice but to intervene favourably for Singaporeans, I advocate strong action to remind the ruling party that Singaporeans matter. We can't vote PAP out because of walkover, but we have the power to move our own money individually. Collective action must reaffirm accountability to the people. I urge the public to come together to pressure PAP to undergo reform and re-establish their socialist roots. PAP in 1969 and PAP in 2008 no longer carry the same set of principles and priorities. Socialist values preached by PAP in the 60s and 70s have been replaced with authoratorian Asian values today.
Many financial regulators all over the world realised how banks and hedge funds have been acting unethically. The Singapore banking sector is not much different. Short-selling has been banned worldwide, except Singapore.ST Forum and Today Online recently published a letter by a personal banker that blew whistle on her employer for unethical marketing practices, which tie the sale of risky investment products to retail investors (aka your ah-gong and ah-ma) to their salary. These salesman are under the jurisidiction of the Financial Advisor Act, of which Section 27 states clearly these salesman are liable for their recommendation. I am not advocating chaos. I am advocating the government and MAS to uphold the very same law they create. Nobody is above the law, including the PAP.
Many people complain of unjust laws and policies made by the PAP, but almost nobody wants to take their case straight to PAP. It is never too late to start. Better late than never.