There will be a meeting of investors of the credit linked notes at Speaker's Corner at 5 p.m. on Sat 29 Nov.
Agenda
1. See your MP
2. Misrepresenation in prospectus
3. Ask for information in writing
4. Experience with FIDREC
5. Mental health concerns
6. Class action
7. Special meeting on Sat 6 Dec
Wednesday, November 26, 2008
Bonus is likely to remain low
I organised a collective protest against the bonus cut made by NTUC Income earlier this year. I reached a settlement as follows:
http://tankinlian.blogspot.com/search?q=collective+protest+settlement
I promised policyholders that I would monitor the situation and give an update.
Recently, I decided to surrender my Living policy, which was affected by the bonus cut. I received a surrender value that included the special bonus to compensate for the bonus cut. In this case, I was slightly better off (with the special bonus included).
During the past six months, there has been turmoil in the financial market resulting in a large markdown of asset prices. I do not know whether the "compensating" special bonus will be withdrawn or reduced in the next few years of the global financial crisis.
Earlier, I wanted to press for the bonus cuts in past years to be restored due to the good financial results up to 2007. With the large drop in asset price in 2008, it will now be difficult to press for this measure. It is also likely that future bonus will remain at a low level, until after the global economy has recovered.
On the bright side, the cash value of a life insurance policy remain largely protection (although the yield is low) during a bad period. It does not suffer the capital loss that comes from shares and other investments.
http://tankinlian.blogspot.com/search?q=collective+protest+settlement
I promised policyholders that I would monitor the situation and give an update.
Recently, I decided to surrender my Living policy, which was affected by the bonus cut. I received a surrender value that included the special bonus to compensate for the bonus cut. In this case, I was slightly better off (with the special bonus included).
During the past six months, there has been turmoil in the financial market resulting in a large markdown of asset prices. I do not know whether the "compensating" special bonus will be withdrawn or reduced in the next few years of the global financial crisis.
Earlier, I wanted to press for the bonus cuts in past years to be restored due to the good financial results up to 2007. With the large drop in asset price in 2008, it will now be difficult to press for this measure. It is also likely that future bonus will remain at a low level, until after the global economy has recovered.
On the bright side, the cash value of a life insurance policy remain largely protection (although the yield is low) during a bad period. It does not suffer the capital loss that comes from shares and other investments.
An apology to Chee Soon Juan and his sister
I refer to this posting:
http://tankinlian.blogspot.com/2008/10/protest-outside-dbs-headquarters.html
The posting in my blog was written by somebody else in CNA forum. I reproduced the mesaage in my blog but overlooked to mention the author. It gave the wrong impression that the message was written by me.
I wish to apologise to Chee Soon Juan and his sister for the damage that is caused to them by the statement, “what many stupid and selfish politicians in Singapore have done and seek self destruction.” This statement came from the original posting (by someone else).
I do not personally share this sentiment and wish to acknowledge their personal sacrifice in fighting for what they believe in.
http://tankinlian.blogspot.com/2008/10/protest-outside-dbs-headquarters.html
The posting in my blog was written by somebody else in CNA forum. I reproduced the mesaage in my blog but overlooked to mention the author. It gave the wrong impression that the message was written by me.
I wish to apologise to Chee Soon Juan and his sister for the damage that is caused to them by the statement, “what many stupid and selfish politicians in Singapore have done and seek self destruction.” This statement came from the original posting (by someone else).
I do not personally share this sentiment and wish to acknowledge their personal sacrifice in fighting for what they believe in.
A sense of responsibility: Obama
http://www.channelnewsasia.com/stories/afp_world/view/392333/1/.html
WASHINGTON: President-elect Barack Obama has chastised US auto executives for being "tone deaf" for flying on corporate jets to Washington to beg for bailout money, and said he believed bank executives should forgo their end-of-year bonuses.
In the advanced excerpt of an interview to be broadcast Wednesday and released by ABC News late Tuesday, the president elect focused on responsibility.
Bank executives forgoing bonuses is "an example of taking responsibility," Obama said.
"If you are already worth tens of millions of dollars, and you are having to lay off workers, the least you can do is say, 'I'm willing to make some sacrifice as well', because I recognize that there are people who are a lot less well off, who are going through some pretty tough times ," Obama told ABC News.
As for the incident in which the heads of Ford, Chrysler and General Motors flew their private jets to Washington last week to ask Congress for bailout money, Obama said: "I thought maybe they're a little tone deaf to what's happening in America right now."
He described it as "a chronic problem, not just for the auto industry ... (but) for the captains of industry generally.
"When people are pulling down hundred million dollar bonuses on Wall Street, and taking enormous risks with other people's money, that indicates a sense that you don't have any perspective on what's happening to ordinary Americans," Obama said.
And when the "auto makers are getting paid far more than their counterparts at Toyota, or at Honda, and yet they're losing money a lot faster than Japanese auto makers are, that tells me that they're not seeing what's going on out there."
Obama said he hoped his presidency will help "usher in ... a return to an ethic of responsibility. That if you're placed in a position of power, then you've got responsibilities to your workers. You've got a responsibility to your community. Your shareholders."
He added: "And that's true ... for members of Congress, that's true for the president, that's true for cabinet members, that's true for parents.
"I want all of us to start thinking a little bit more, not just about what's good for me, but let's start thinking about what's good for our children, what's good for our country. The more we do that, the better off we're going to be," he said.
WASHINGTON: President-elect Barack Obama has chastised US auto executives for being "tone deaf" for flying on corporate jets to Washington to beg for bailout money, and said he believed bank executives should forgo their end-of-year bonuses.
In the advanced excerpt of an interview to be broadcast Wednesday and released by ABC News late Tuesday, the president elect focused on responsibility.
Bank executives forgoing bonuses is "an example of taking responsibility," Obama said.
"If you are already worth tens of millions of dollars, and you are having to lay off workers, the least you can do is say, 'I'm willing to make some sacrifice as well', because I recognize that there are people who are a lot less well off, who are going through some pretty tough times ," Obama told ABC News.
As for the incident in which the heads of Ford, Chrysler and General Motors flew their private jets to Washington last week to ask Congress for bailout money, Obama said: "I thought maybe they're a little tone deaf to what's happening in America right now."
He described it as "a chronic problem, not just for the auto industry ... (but) for the captains of industry generally.
"When people are pulling down hundred million dollar bonuses on Wall Street, and taking enormous risks with other people's money, that indicates a sense that you don't have any perspective on what's happening to ordinary Americans," Obama said.
And when the "auto makers are getting paid far more than their counterparts at Toyota, or at Honda, and yet they're losing money a lot faster than Japanese auto makers are, that tells me that they're not seeing what's going on out there."
Obama said he hoped his presidency will help "usher in ... a return to an ethic of responsibility. That if you're placed in a position of power, then you've got responsibilities to your workers. You've got a responsibility to your community. Your shareholders."
He added: "And that's true ... for members of Congress, that's true for the president, that's true for cabinet members, that's true for parents.
"I want all of us to start thinking a little bit more, not just about what's good for me, but let's start thinking about what's good for our children, what's good for our country. The more we do that, the better off we're going to be," he said.
No reply from financial institution after four weeks
Hi Mr. Tan,
I think you should bring attention to the investers that under Step 3 outlined by MAS, the financial institution is required to give a reply within 4 weeks:
http://www.mas.gov.sg/consumer/structured_products/fidrec_3_step_process.html has
I have not received a reply after 4 weeks. Why doesn't MAS take action against the FI?
REPLY
I suggest that you should lodge a complaint directly with MAS on this matter.
I think you should bring attention to the investers that under Step 3 outlined by MAS, the financial institution is required to give a reply within 4 weeks:
http://www.mas.gov.sg/consumer/structured_products/fidrec_3_step_process.html has
I have not received a reply after 4 weeks. Why doesn't MAS take action against the FI?
REPLY
I suggest that you should lodge a complaint directly with MAS on this matter.
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