DBS is guilty of mis-selling structured products in HongKong
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u r talking to a kid who sees the world thru a pinpoint...
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"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?"
Well said. Does it means DBS did no wrong to Sgrean but did wrong to HKger? -
Originally posted by 4sg:
"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?"
Well said. Does it means DBS did no wrong to Sgrean but did wrong to HKger?
Why would Singapore banking practice actually differ from Hong Kong? -
Originally posted by geodome:
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.
If people are comfortable with how things are, why should they be inclined to not vote for PAP?
At the end of the day, you have to hold your representative responsible for not representing your views, if you so choose to. So, let your fingers do the talking and vote for someone else.
IMO, we should have elections once every two years so that people won't forget how under-represented they have been.
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The masses have spoken today when over 1000 people have turned up at Hong Lim Park to protest against MAS inaction. Further inaction from MAS warrants action from you. Close down your DBS/POSB accounts and move your money to another local bank. If MAS does not want to conduct an independent inquiry, it is only fair to protect your assets from very same bank that you felt that had cheated you.
The people, united, will never be defeated!Does DBS value Singaporeans less than Hongkongers?
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DBS gives hope to Hong Kong Investors, not Singaporeans
Alfred Liu
Friday, October 10, 2008The distributor of the troubled structured products said the issuer, Constellation Investment, will redeem the notes early.Investors in Lehman Brothers-backed investment products and who bought them from DBS Bank (Hong Kong) are likely to be given refunds.
"DBS Bank has voluntarily appointed an independent institution ... to ensure a fair and transparent valuation process of the credit event redemption amounts," the bank said.
Calculation of the credit event redemption amount is expected to be completed on or about October 24.
Managing director Linda Wong said the bank will not buy back the structured retail notes, which have the failed US investment bank among their reference entities, as what DBS distributed were not minibonds.
She said the bank has arranged for more than 100 staff to handle complaints and it will offer a full refund to investors if it is found that they were misled into buying the products.
http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=72716&sid=20940306&con_type=1&d_str=20081010&sear_year=2008
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Originally posted by 4sg:
"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?"
Well said. Does it means DBS did no wrong to Sgrean but did wrong to HKger?Hongkong got the China AK47 monetary authority waiting to shoot DBS down,
Here in Singapore, Singaporeans only got mee goreng and MAS to help them, and MAS in Malay stand for Mana Ader System, which means no system. As long as you voted PAP 66.6%, u keep quiet
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angel7030:
Your 66.6% includes GRC walkovers whereby no voting actually takes place. Stop planting this kind of false information.
HKMA shoots down DBS in Hong Kong because DBS is at fault. In fact, we already have bankers who blew whistle against their own employer for pressuring them to sell risky investment products to retail investors who don´t understand the nature of these products.
If MAS doesn´t act, then it is only fair for Singaporeans to move their money out of DBS to another local bank. Why still keep money at the same bank that cheated you or your associates in the first place?
The People, United, will never be defeated!
The People, United, will never be defeated!
The People, United, will never be defeated!
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Originally posted by geodome:
The masses have spoken today when over 1000 people have turned up at Hong Lim Park to protest against MAS inaction. Further inaction from MAS warrants action from you. Close down your DBS/POSB accounts and move your money to another local bank. If MAS does not want to conduct an independent inquiry, it is only fair to protect your assets from very same bank that you felt that had cheated you.
No problem, most of these 1000 ppls are retirees and old bags, we dun mind tracking them down. ALL police forces including anti vice, CID, riot dept, snipers, civil defence, gas bombers, firing squad, SWAT and body collectors, black vans, funneral parlours are on standby.We shall declare state of emergency if needed, ALL SAF boys and Uncles are put on standby.
The govt dun mind getting rid of some old bags, it helps to solve the greying population problem. Go on and protest. HongKong is under China, Singapore is different.
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I never advocate people to protest. I only advocate people to transfer their money away from the bank that they acknowledged to have cheated them or their associates. It is only a phone call or mouse-click away. Internet banking and telephone banking makes this kind of monetary transfer happen instantaneously.
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Originally posted by geodome:
angel7030:
Your 66.6% includes GRC walkovers whereby no voting actually takes place. Stop planting this kind of false information.
HKMA shoots down DBS in Hong Kong because DBS is at fault. In fact, we already have bankers who blew whistle against their own employer for pressuring them to sell investment products. If MAS doesn´t act, then it is only fair for Singaporeans to move their money out of DBS to another local bank. Why still keep money at the same bank that cheated you or your associates in the first place?
Protestor Geodome,Now you understand why DBS take POSB, on the other hand, HK can do it doesn't mean we can do it here. There is nothing to loose for the HK peoples and their govt, so their govt supported them to their advantage, that is getting more popular, if DBS dun refund, it will make the matter worse in term of our relationship with China. But in here, SG, DBS is part of MAS, and MAS is part of PAP, and you as a citizen who buy investment with open eyes hoping for a gain but turn out to be a lost, what do you complain for, cos in the first place, nobody put a damn Gun on your head and force you to buy, it is because of your own greedyness to take the risk for high return, so isn't it fair.
If you look at the terms and conditons of both HK and SG investment products sold under DBS, it is totally different.
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Originally posted by geodome:
angel7030:
The People, United, will never be defeated!
The People, United, will never be defeated!
The People, United, will never be defeated!
Oh my gosh, People United???? Only got party and free dinner, people here will get united, but when there is problem, each take care of themselves, United??? u must be joking, if people are united here, long long PAP gone liao. Individuality is key success of PAP strategy in controlling SG, I really admired them that they really split each one of us into kiasee, kiasee and care for oneself mentality, that make them easier to control and implement unpopular policy like the electrical increases -
Originally posted by angel7030:
Protestor Geodome,I am not a protestor. I am only reminding public that each of us still hold the power to demand accountability and change from the PAP. PAP does not own the monies we have in our own bank accounts.
Originally posted by angel7030:There is nothing to loose for the HK peoples and their govt, so their govt supported them to their advantage, that is getting more popular, if DBS dun refund, it will make the matter worse in term of our relationship with China. But in here, SG, DBS is part of MAS, and MAS is part of PAP, and you as a citizen who buy investment with open eyes hoping for a gain but ....
angel7030: I understand very well what you are talking about. That´s why I advocate Singaporeans to transfer their funds out from DBS and/or close their DBS bank accounts. I also know very well what the effects of mass withdrawal of funds can do to a bank. I don´t need you to tell me the obvious. Ultimately, Singaporeans still hold the mandate to this country.
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Originally posted by geodome:
I am not a protestor. I am only reminding public that each of us still hold the power to demand accountability and change from the PAP. PAP does not own the monies we have in our own bank accounts.
angel7030: I understand very well what you are talking about. That´s why I advocate Singaporeans to transfer their funds out from DBS and/or close their DBS bank accounts. I also know very well what the effects of mass withdrawal of funds can do to a bank. I don´t need you to tell me the obvious. Ultimately, Singaporeans still hold the mandate to this country.
I know, we both aren't protestor, protestor will not post here, they will rally with banner in head and shouting somewhere fighting for their rites..those posting here calling themselves protestor and rally for support are mostly chicken heads that can cockerel coooocckkk here only.
I have already said, you cannot get all singaporeans to withdraw from DBS, cos we are individualistic, professional people who work on our own, you can call that selfish, but that is how it works, and further more we are loyal and listen to the govt, look at recent AIA problem, of the millions of policies, only 1200 withdrew at A LOST. Because why?? because the govt (MAS) said dun worry, so the people never worry.
If DBS who is under MAS said dun worry, do you think the people are going to worry. LKY once said, One nation, One singapore. IF the nation goes down, we go togther, BUT believe me, I build this nation, and even at my deathbed, i will rise to keep us together, One nation, One Singapore.
Please note, he did mention ONE SINGPOREANS, just singapore
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I deduce that Singaporeans are not APATHETIC when their pocket is shattered. PERIOD.
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Originally posted by geodome:
I never advocate people to protest. I only advocate people to transfer their money away from the bank that they acknowledged to have cheated them or their associates. It is only a phone call or mouse-click away. Internet banking and telephone banking makes this kind of monetary transfer happen instantaneously.
Hi geodome,I have PM you.
What should I do after I transfer my money from the bank? I have invested a lot in thier financial structured products. The agent whom I spoke to cannot assist me much.
Many thanks you can spend some time to read my email.
Katharine
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Hi Katherine,
would it be unfair to say that Majority Singaporeans do not Voice Up? And do not usually Voice Up for the those facing hardship like hikes?
If not unfair to say that, then do these investors now complaining deserve someone to Voice Up for them?
I like the whole country to think about Community Spirit and not just only for yourself like when you lose your money then only you voice up. We need a national level education to wake up all singaporeans to teach them that there should be a Mature Culture of Speaking Up on ALL Social issues affecting not just one person but ALL the middleclass and lower class singaporeans.
When they need someone to Voice Up for them, were they not grateful that Mr Tan was there FREE of Charge for them?
Singaporeans, Please wake up for your own salvation.
Regards,
Kanga grass boot lee der
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Well, you are right but I think it is the environment that is import too. People here are being threatened with imprisonment if they dare to gather outside without a permit.
In most foreign counties, they do not require a permit.
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Till today, i got no answer from geodome...is the gathering at DBS still carry on...
I have learnt that police here has issue a warnning...
Police urge public to air grievances in lawful manner
By Margaret Perry, Channel NewsAsia | Posted: 14 October 2008 0118 hrs
Photos 1 of 1 
Some 100 people turn up at the Speakers' Corner to hear a debate on the public transport systemSINGAPORE: Singapore police have advised the public to air their grievances in a lawful manner such as at Speakers' Corner or to apply for an assembly permit if they want to use an indoor venue.
In a statement, police reminded the public that a demonstration in a public place without prior approval from the authorities may be deemed to be an illegal assembly.
The police advisory was in response to media queries following a DBS statement on Monday about its High Notes 5 and Constellation Series restructured products.
Over the weekend, hundreds turned up at the Speakers' Corner at Hong Lim Park to voice their concerns over the current financial turmoil. - CNA/de -
I thought one guys said 'liberalise'?
Chi's story again made headlines.
Such a story can tell the people to be reminded to not speak like Chi.
What a timing. pure coincidence. i must say.
chi's stories are incredibly real.
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Originally posted by be_my_lady:
Till today, i got no answer from geodome...is the gathering at DBS still carry on...
I have learnt that police here has issue a warnning...
Er, Madame, geodome under interview by ISD. -
Hi. For some reason, I was unable to login to my account and I somehow managed to re-activate it. Be_my_lady, check your inbox!
For me,it is extremely stupid to continue to keep your money in the very same bank that you had perceived to cheat you, your friends and/or your family.
Withdrawing your funds from DBS/POSB may even get you a better deal elsewhere in Singapore. For example, Maybank charges 0.5% interest higher for their current accounts.
So why not turn go to DBS Shenton Way tomorrow 10am to withdraw your money and close down your DBS/POSB bank account?
Because your relationship with the bank is creditor-debtor, it is not illegal at all to withdraw your money. We don´t have to protest against DBS and MAS in the form of sit-in.We can protest in spirit by taking back our monies which have not been lost!
Withdrawing your money and closing down your DBS bank account is not illegal. Yet at the same time, this act can exert as much as pressure (if not more) on DBS than the Sit-In. Conversely, a Sit-In is illegal. So have any of you made up your mind what the smartest thing to do is?