Dear Mr. Tan,
Please post this story. Thanks.
tkh
DAVID MARSHALL SAID IN 1994
I've got nothing against money. I'd like to have money myself! I'd like to have a house and a garden and dogs and a car and a chauffeur but, look, I've got a flat. I've got a swimming pool attached to the flat. I've not even got a car but I use taxis. I have a dignified way of life without being wealthy.
I don't see the necessity of owning a Mercedes-Benz and a swimming pool and a couple of mistresses. I think we've got our values all wrong.
You know $96,000 a month for a Prime Minister and $60,000 a month for a minister. What the hell do you do with all that money? You can't eat it! What do you do with it? Your children don't need all that money.
My children have had the best of education. In fact, I'm very proud of them. One of them is a senior registrar to two major hospitals in Oxford. Another of them is a consultant in European law to the Securities and Investment Board in the United Kingdom. They've had their education. There are no complaints.
I never earned $60,000 a month or $90,000 a month. When I was Chief Minister, I earned $8,000 a month. Look, what is happening today is we are encouraged to and are becoming worshippers of the Golden Calf.
We have lost sight of the joy and excitement of public service, helping our fellow men. The joy and excitement of seeking and understanding of the joy of the miracle of the living the duty and the grandeur. We have lost taste for heroic action in the service of our people.
We have become good bourgeois seeking comfort, security. It's like seeking a crystal coffin and being fed by intravenous injections through pipes in the crystal coffin; crystal coffins stuck with certificates of your pragmatic abilities.
Monday, December 1, 2008
Suffering from depression and mental illness
Mr. Tan.
First of all, I would like to thank you for helping all the helpless victims to voice up. Till now, no MPs have really initiated to try to help. I believe majority of the MPs also knew that this is a clear cut misled case but dare not bring up in the Parliament because they afraid that their rice bowl may get broken.
“Yes” man is “Safe” man. Do we want to have such leaders? I was at the Speakers corner yesterday. I spoke to some of the victims who had seen their MPs. They told me that they were again lectured by their MPs “you went in with your eyes open”.
My dear MPs and Minister, you are leaders with high profile. Please go through the brochure and prospectus and honestly tell the public whether you understand such complicated product with hidden toxic ingredients for every item. Oh! Sorry, maybe, you don’t have to read it since you are rich enough to get your lawyer to go through for you.
Please also do a survey. Get the graduates who have never invested to look at the brochure and prospectus whether they understand every single item. I suggest that our government should also get the RC members to go through and get them to feedback whether if they understand.
All the while, I have full faith in our Singapore government. Just like the China milk products case where it contains melamine that killed many lives, immediate action was taken. However, for such case, our government may think that immediate action is not required because it will not cause live and death and can take their time to resolve the issue. They have oversight the consequences and seriousness.
Many Singaporeans were already suffering from depression and mental illnesses due to sleepless night as all their life (coffin) saving is already gone. Mind them, waiting to die is worse then immediate death.
Even the financial experts already said the products are too complicated and it should not be sold. The toxins are all hidden in the ingredients. I believe MAS should also agree with it now. To my conclusion, I believe MAS is also under pressure and have not guts to admit their overlooking and allowing of such complicated toxic product to be sold in by the FIs in Singapore.
T
First of all, I would like to thank you for helping all the helpless victims to voice up. Till now, no MPs have really initiated to try to help. I believe majority of the MPs also knew that this is a clear cut misled case but dare not bring up in the Parliament because they afraid that their rice bowl may get broken.
“Yes” man is “Safe” man. Do we want to have such leaders? I was at the Speakers corner yesterday. I spoke to some of the victims who had seen their MPs. They told me that they were again lectured by their MPs “you went in with your eyes open”.
My dear MPs and Minister, you are leaders with high profile. Please go through the brochure and prospectus and honestly tell the public whether you understand such complicated product with hidden toxic ingredients for every item. Oh! Sorry, maybe, you don’t have to read it since you are rich enough to get your lawyer to go through for you.
Please also do a survey. Get the graduates who have never invested to look at the brochure and prospectus whether they understand every single item. I suggest that our government should also get the RC members to go through and get them to feedback whether if they understand.
All the while, I have full faith in our Singapore government. Just like the China milk products case where it contains melamine that killed many lives, immediate action was taken. However, for such case, our government may think that immediate action is not required because it will not cause live and death and can take their time to resolve the issue. They have oversight the consequences and seriousness.
Many Singaporeans were already suffering from depression and mental illnesses due to sleepless night as all their life (coffin) saving is already gone. Mind them, waiting to die is worse then immediate death.
Even the financial experts already said the products are too complicated and it should not be sold. The toxins are all hidden in the ingredients. I believe MAS should also agree with it now. To my conclusion, I believe MAS is also under pressure and have not guts to admit their overlooking and allowing of such complicated toxic product to be sold in by the FIs in Singapore.
T
Investors compensated in Belgium?
Hi Kin Lian,
I'm a former lawyer from Singapore now residing in Brussels. I have closely followed the activities with regards to the Lehman Brothers saga in Singapore. I have attached an article from a news site in Belgium with regards to this matter to demonstrate how this matter is being handled over here. Keep up the good work.
Video link:
http://www.deredactie.be/cm/de.redactie.english/mediatheek_en/1.425647
Sat 29/11/08
Angry clients of Citibank and Deutsche Bank demonstrated in Brussels this afternoon. They first marched to the headquarters of Deutsche Bank in Brussels, and then to Citibank. The demonstrators are demanding compensation for the money they lost due to the bankruptcy of the American Lehman Brothers.
According to the Citibank and Deutsche Bank clients they had not been aware that there was a risk for their money as well when Lehman Brothers went bust. Apparently Citibank and Deutsche bank sold investments to their clients that were managed by Lehman Brothers. The clients say they were not informed of the risk. When the American bank went bankrupt, Belgian clients also lost their money. They want Deutsche Bank and Citibank to reimburse their loss in full. The pressure on Deutsche Bank and Citibank is rising especially because a number of other banks who had sold their clients Lehman Brothers investments such as Fortis, Ethias and Swiss Life have guaranteed the capital of their clients. In the meantime Deutsche Bank has said that there will be compensation for clients whose portfolios were composed largely of investments with Lehman Brothers.
A delegation of the demonstrators was received by Economy Minister Vincent Van Quickenborne. His inspection team also suspects deceit. Minister Van Quixkznborne: "Misleading advertising violates legislation on trade practices. The question is whether the people, when they bought these products, if they were properly informed about the possible risks.
There was talk of capital guarantee- 100% and it then it turned out that
1) it was a product that was not from the same bank they bought it from; and
2) afterwards it also turned out to be a bank that was vulnerable to problems."
Seek help from embassies
Dear Mr. Tan KL,
You have been advising the victims to seek the help of their respective MPs, but this is more suitable for citizens only. I doubt these MPs would bother about PRs/non-citizens when they are so indifferent towards their own citizens. Perhaps the non-citizens could try to seek the help from their respective embassy.
I'm really disappointed with the way X bank is handling the claims, very unfair, indifferent and high handed.
Things would be very different if it happens in M'sia. The press and the MPs, particularly the opposition will be assisting the helpless victims. The Malaysians just like the HK, Thais and Indonesia or even Filipino will fight for their rights and will not allow banks to cheat them of even RM$1 k not to mention S$100k!
Two months have passed and the banks and MAS are still so indifferent and ignore the plight and traumatic experience of the victims who have lost their hard-earned savings. It is sad that there is no compassion shown and instead abuses have been hurled at the helpless victims.
Notwithstanding the indifference shown by the relevant parties concerned and despite criticism and sarcastic remarks, you have out of compassion come out to do the right thing in helping the helpless victims, a true hero indeed.
I notice that some of the victims have lost faith, stamina after the heartless standard rejection letters. Please tell them not to give up and be more resilient and fight for your rights until they do the right thing i.e. compensate the victims their hard-earned savings of which they have been cheated!
tkh
You have been advising the victims to seek the help of their respective MPs, but this is more suitable for citizens only. I doubt these MPs would bother about PRs/non-citizens when they are so indifferent towards their own citizens. Perhaps the non-citizens could try to seek the help from their respective embassy.
I'm really disappointed with the way X bank is handling the claims, very unfair, indifferent and high handed.
Things would be very different if it happens in M'sia. The press and the MPs, particularly the opposition will be assisting the helpless victims. The Malaysians just like the HK, Thais and Indonesia or even Filipino will fight for their rights and will not allow banks to cheat them of even RM$1 k not to mention S$100k!
Two months have passed and the banks and MAS are still so indifferent and ignore the plight and traumatic experience of the victims who have lost their hard-earned savings. It is sad that there is no compassion shown and instead abuses have been hurled at the helpless victims.
Notwithstanding the indifference shown by the relevant parties concerned and despite criticism and sarcastic remarks, you have out of compassion come out to do the right thing in helping the helpless victims, a true hero indeed.
I notice that some of the victims have lost faith, stamina after the heartless standard rejection letters. Please tell them not to give up and be more resilient and fight for your rights until they do the right thing i.e. compensate the victims their hard-earned savings of which they have been cheated!
tkh
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