600+ Singaporeans stage protest at Speaker's Corner
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Angry Lehman investors hold public meeting in Singapore
Investors at Speakers' Corner (photo by Reuters)
About 600 investors in Lehman-linked derivatives held a public meeting in Singapore on Saturday to protest about the way banks sold them the investment products and to discuss ways to get compensation.
Held at Speakers' Corner, the only outdoor area in the city-state where public meetings can be held without a permit, the crowd included several people who were sold products in July, when there were already concerns about Lehman's health.
"They never told me the issuer was Lehman and I told the manager I was afraid of American banks," said Lin Ling, who bought S$60,000 ($40,900) worth of Lehman-linked "Minibonds" from a Singapore finance firm that had marketed the structured notes as a safe alternative to fixed deposits.
Public protests are rare in Singapore.
Lin said she was persuaded to buy the notes when she went to renew a fixed deposit account. She and other investors showed Reuters brochures printed by the finance company which did not say the products were structured by Lehman.
A few elderly investors broke into tears saying they had lost a large portion of their retirement savings.
"I didn't know it's Lehman. There's no Chinese explanation," said a lady in her 60s who identified herself as Madam Lee. "I don't want interest, I just want my deposit back."
Investors in Hong Kong, Singapore and Indonesia have over the past month complained the bond-like products they purchased from banks were actually complex derivatives and that they stood to lose most or all of what they had invested.
Both Singapore and Hong Kong have rules that say banks must ensure that clients purchase investment products that were consistent with their needs and risk profiles.
The products included Minibonds which were sold in Hong Kong and Singapore and DBS Group's High Notes 5 series, which would lose most of their value should anyone of eight underlying firms, including Lehman, go bankrupt.
These structured notes offered modest returns of between 4 and 6 percent per annum.
The Monetary Authority of Singapore (MAS) said about 9,700 people had bought Lehman-linked structured notes worth over S$500 million. Hong Kong authorities meanwhile said they have received more than 7,000 complaints from investors alleging banks improperly sold them Lehman-related investment products.
MAS has said that while it can impose fines and suspend the licenses of financial institutions found to be in breach of its rules, it does not have the power to order banks to compensate investors.
According to Tan Kin Lian, one of the protest organisers, Saturday's gathering was to allow investors to meet and organise themselves so that they could get take collective action against the sellers or petition their Members of Parliament.http://www.yoursdp.org/index.php/news/singapore/1239-angry-lehman-investors
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If only Opposition could have such rallying power. sigh...
Its strange.
TOC organized events at HLP seems effective (they get ST reporters interview and report on them in MSM, can see ST reporters mingling with TOC people at the RALLY, TOC people invited to appear on CNA BlogTV and PRIMETIME Morning etc....) while last time chee did was just to do a peace march and based on the vid uploaded in youtube, it showed that it was very difficult for Chee to organise anything. Yes, ANYTHING .
WP, what have u been doing?
Cycling also cannot?
So what are you Opposition guys up to?
Wait for christmas and then hope for win in next election?
These are questions. Questions based on extreme disappointment.
Some people able to create competition in private sector like create telcos to compete with each other so that can say there is competition.
I wonder can they also .... ?
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600 only, i thot 1000, so little, got 2000 riot police on standby mode, today mobilise Gukkas, exercise codename, "Old Lehmaner". Once flash on Cinema, tv and all public places, all are to report within 1 hour.
Uncle, Next time, gather more people lah, dun waste the police time and taxpayers money, we still hv to pay the policemen on off day X2 ok
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MAS can fine those financial institutes for breaching the laws, get the money and become more rich, thanks to all the protestors, MAS will fine them heavily.
And for the money fined, govt will open a great Singapore Sale again, this time at Serangoon little India, in co operation with the Singapore Deepavali Celebration
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next time remember hor.. any stock u lose money also must kpkb ok. maybe government will return the money to u...
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who can create competition out of nothing?
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Originally posted by I-like-flings(m):
next time remember hor.. any stock u lose money also must kpkb ok. maybe government will return the money to u...
govt gives money back to you????, u wait with yr neck long long...long long...long long...if u dun believe, you can ask my Uncles, Ah Pak, Andrew Yap, Likedatosocan and many more...they told me govt only take your money. -
Originally posted by I-like-flings(m):
next time remember hor.. any stock u lose money also must kpkb ok. maybe government will return the money to u...
I was convinced singaporeans are extremely APATHETIC of the world record kind.Yesterday, this conviction was shattered!
Singaporeans only react when their pocket is hurt. PERIOD.
The focus is thus extremely clear.
But I expect nothing to happen. As usual.
Who can create competition out of nothing?
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Originally posted by likedatosocan:
I was convinced singaporeans are extremely APATHETIC of the world record kind.Yesterday, this conviction was shattered!
Singaporeans only react when their pocket is hurt. PERIOD.
The focus is thus extremely clear.
But I expect nothing to happen. As usual.
Who can create competition out of nothing?
Yes, listen to my Uncle likedatosocan said ya. Very Unlikely you will go wrong.Just like me, since coming here, i read and listen to their posting, and believe that the govt cannot be trusted, so i never invest in govt bonds, DBS securities and refuse to contribute to CPF.
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no lor.. our government very very good good one.....they wont see so many ppl die one... 600 leh..... sure come in as hero to save them one... then tell them see lah next time put money in cpf hor.. more safe.. next time i wont help u ok...
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I feel really sorry especially for those old uncles and aunties, all their life savings in the drain and I bet most of them from the start did not really know much of what they are investing into, they were just promised huge profits by their brokers and after working all their lives, they just wanted to get good returns and enjoy their retirement.
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600 only, i thot 1000, so little, got 2000 riot police on standby mode, today mobilise Gukkas, exercise codename, "Old Lehmaner". Once flash on Cinema, tv and all public places, all are to report within 1 hour.
that the poorest of the 9700 thought to ave bouyght lehman related investment products. the rest 9100, decided to donate it to Richard Fuld.
Heil hitler!!
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no lor.. our government very very good good one.....they wont see so many ppl die one... 600 leh..... sure come in as hero to save them one... then tell them see lah next time put money in cpf hor.. more safe.. next time i wont help u ok...
if our govt to decide between saving Banks and PPl, do you think it will save who?
The hero is Tan Kim lian. Take off nathan pic. and replace it with him photo
in terms of crisis, i dont know where our president is hiding or again away with one of his many meaningless trips overseas.
heil hitler!!
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Originally posted by reyes:
if our govt to decide between saving Banks and PPl, do you think it will save who?
The hero is Tan Kim lian. Take off nathan pic. and replace it with him photo
in terms of crisis, i dont know where our president is hiding or again away with one of his many meaningless trips overseas.
heil hitler!!
no ar.. he very busy hor.... busy practicing his roti prata stunt for the president charity show hor.. dun pray pray hor... -
Originally posted by I-like-flings(m):
next time remember hor.. any stock u lose money also must kpkb ok. maybe government will return the money to u...
give you one chicken wing take back whole chicken
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Originally posted by likedatosocan:
If only Opposition could have such rallying power. sigh...
Its strange.
TOC organized events at HLP seems effective (they get ST reporters interview and report on them in MSM, can see ST reporters mingling with TOC people at the RALLY, TOC people invited to appear on CNA BlogTV and PRIMETIME Morning etc....) while last time chee did was just to do a peace march and based on the vid uploaded in youtube, it showed that it was very difficult for Chee to organise anything. Yes, ANYTHING .
WP, what have u been doing?
Cycling also cannot?
So what are you Opposition guys up to?
Wait for christmas and then hope for win in next election?
These are questions. Questions based on extreme disappointment.
Some people able to create competition in private sector like create telcos to compete with each other so that can say there is competition.
I wonder can they also .... ?
Haiz, you pointed out a very important thing here. That point is the same point that alot of ppl knows and have always been trying to explain why the opposition's voice have always been muffled. Do you think CSJ would have been able to successful hold a public meeting like that without police intervening? Even holding a dinner at hotels ballroom there would be police all round interfering. Why is it that the opposition never get new converage like this public meeting? I think you will understand........
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Originally posted by likedatosocan:
I was convinced singaporeans are extremely APATHETIC of the world record kind.Yesterday, this conviction was shattered!
Singaporeans only react when their pocket is hurt. PERIOD.
The focus is thus extremely clear.
But I expect nothing to happen. As usual.
Who can create competition out of nothing?
And since when did the opposition really address the issue of what solution should be given to resolve such issue.
Come on, the oppostion should show us what they want to do as the government, not just the people running a consistuency...we want a opp that can lead the whole of singapore.
The only real opposition party that wants to be the government, and actually give us something concrete in their planning is the Worker's party.
There is a reason why ppl vote for other oppositon party as compared to the SDP.
Oh ya, even if CSJ is a US politicans, he is the type that will do what Sarah Palin do...such as labelling Obama as someone who panders around a terrorist, as compared to bringing up solutions and save the economic downturn.
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Why TOC and Tan Kin Lian held the rally without disruption while others got interrupted ?
Why TOC get news coverage and nothing really bad reported about them?
Why TOC members all get TV appearance?
Conclusion : Politics is really just too complicated. More than I originally expected.
Opposition's future is More uncertain than certain now.
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Why TOC members all get TV appearance?
They are not opposition.
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if they compensate those ppl who invested into minibonds for the wrong investment decision.. then they will be using taxpayer $$$ to bailout these ppl...
next we will have anothr grp of ppl goin on demostration for using taxpayer $$$ to bailout other ppl wrong investment decision..
its unfair to say they dun know the risks etc.. back then who will expect big banks like lehman to go under? now things happened then they start to ask for refund... if nothing happened.. r they going to share their profit/interest with everyone???
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Originally posted by likedatosocan:
I was convinced singaporeans are extremely APATHETIC of the world record kind.Yesterday, this conviction was shattered!
Singaporeans only react when their pocket is hurt. PERIOD.
The focus is thus extremely clear.
But I expect nothing to happen. As usual.
Who can create competition out of nothing?
Yeah man! It only goes to show that "Money Talks, Bullshit Walks."
Singaporeans don't feel hurt until it hurts the wallet!
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Originally posted by Poh Ah Pak:
They are not opposition.
Out of curiosity, what is the number of protests opposition members held in speakers corner after the govt loosened the rules ? What were the topics about ?
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WARNING: MINEFIELD AHEAD! THREAD CAREFULLY!
In case you guys haven't follow this news closely, Ah Tan has been issued some kinda "warning letter" from the authorities already.
Expect some broken heads soon.......
Dun say neber warn you ppl to watch wat you say here!
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Originally posted by innosaint:
WARNING: MINEFIELD AHEAD! THREAD CAREFULLY!
In case you guys haven't follow this news closely, Ah Tan has been issued some kinda "warning letter" from the authorities already.
Expect some broken heads soon.......
Dun say neber warn you ppl to watch wat you say here!
Link?
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Originally posted by kramnave:
Out of curiosity, what is the number of protests opposition members held in speakers corner after the govt loosened the rules ? What were the topics about ?
Please go youtude or google to do some searches, it has always been like this. Even now. It has never change. Although sg law states a gathering of 5 is considered illegal gathering, when speeches were done in 4s, they were rounded up saying any gathering that might harm internal security is considered illegal. The magic is not in the number 5.