Thursday, February 4, 2010

Palindrome - the Lost Generation

A palindrome reads the same backwards as forward. This video reads the exact opposite backwards as forward. Not only does it read the opposite, the meaning is the exact opposite. This is only a 1 minute, 44 second video and it is brilliant. Make sure you read as well as listen forward and backward.

This is a video that was submitted in a contest by a 20-year old. The contest was titled "u @ 50" by AARP. This video won second place. When they showed it, everyone in the room was awe-struck and broke into spontaneous applause.

So simple and yet so brilliant. Take a minute and watch it.
http://www.youtube.com/watch?v=42E2fAWM6rA

Medan is a nice city with nice people

Hi Mr. Tan,
I'm your blog reader. Sorry to hear about the experience you had in Medan, my home town. This practice could exist in many entry ports in Indonesia.

If I may suggest, exchanging the currency in Changi Airport is better compared to the money changer outlets in Indonesia airports knowing you're foreigner/tourists. We just might bump into business that is trying to survive for the day, hence the cheating come in place.



REPLY
I have a good impression of Medan. It is a nice city with nice people. The bad experience with the money changer does not reflect badly on the people. I also change money in Jakarta many times, and I have no problem with them. They offer good service and a fair rate.

I did not want to change money at Changi Airport as they will change my US dollar to Singapore dollar and then change it to Rupiah, so I have to pay the spread two times. They are also not fair to customers.

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Seminar on class action

More than 90 people have indicated interest to attend the seminar in March that is being organised by the US lawyer on class action in America. If you wish to attend, please give your particulars here.

I am still waiting for details from the lawyer on the date, time and venue. I will give the details when they are finalized. The seminar is free. The proposed class action is on a "success fee" basis, i.e. the investor will share a part of the proceeds with the lawyer for their work. Typically, the share will not exceed 35% of the amount recovered, but could be less, depending on the work that has to be done. However, the lawyer will bear the cost (i.e. expense and time)  if there is no recovery.

However, the American lawyer will only take up the case if the chance of success is fair (and not weak), and there is sufficient amount to be recovered and the culpable party is still solvent. There is no certainty that all these conditions can be met. But it is worthwhile to attend the seminar and hear the lawyer.

I did not organize this seminar. The US lawyer approached me for assistance through their Singapore representative. I am willing to help, as it may be useful to the Singapore investors, especially the holders of the Pinnacle and Jubilee Notes, who wish to seek compensation from the issuers of these notes.

Tan Kin Lian

Immoral profit

Some financial institutions offered partial compensation to the investors and took over the Minibonds. These notes now have a recovery value that is higher than the compensation given. The financial institution had made a profit.

Take this hypothetical example. The financial institution offered 50% compensation on a $50,000 bond and took over the bonds. The bonds now have a recovery value of 70%. The financial institution made a profit of 20% or $10,000, while the investor lost 50% or $25,000. It would be immoral for the financial institution to keep this profit. I hope that they will be honorable and refund the profit to the investor.

Tan Kin Lian

A positive approach towards taxation

Read my views here. Give your views by email to kinlian@gmail.com or in the comment here.

GST is a costly exercise

I attended a 3 hour briefing on GST. My worse fears were confirmed. GST is complicated and costly. For every transaction, the GST taxpayer has to go through a complicated table of rules to decide on the classification, timing, and many other issues. It is so easy to make a mistake and be subject to an offence with penalty.

I hope that GST be scrapped soon. We should go back to higher income tax to collect the revenue needed to run the country (and avoid two layers of taxation, with the complicated rules and compliance cost). In fact, GST is more complicated than income tax.

A businessman should focus his attention on running the business, rather than on collecting GST for the government. He should not be required to spend money to recruit accountants, who are costly, to keep the records to comply with GST.

The accountants love GST as it means work, business and profit for them. The civil servants love GST as it means more job and opportunities. But these means additional cost and hassle to businesses and consumers. What a waste, to spend so much resources on unproductive activities.


Tan Kin Lian

Need for a minimum wage policy


MY HUSBAND is 50 this year. We had a comfortable life until he was retrenched a few years ago. He has been trying to get a job as a driver for the past two years, but lacks the experience.

We have two teenage children and my husband's current job in the security sector does not pay enough.
My husband is willing to learn and similarly, employers must be willing to offer opportunities and reasonable salaries. My husband may be 50, but he still has a lot of good years left in him and is able to contribute to society.
 

Mary Wee (Mrs)
Reply With Quote

High Notes 5

Dear Kin Lian
Like Minibond payouts can DBS HN5 investors also expect similar payouts.  DBS has been silent and also the case of 200+ invetors who are suing DBS has not come for hearing at the Courts. Any idea when the case is expected to be heard?

REPLY
You have to check with the lawyer or the members of the class action on HN5. The underlying assets in High Notes 5 is nil, as the money has been used to pay the credit default swap (of which Lehman Brothers was a reference entity that was insured under the swap). Do not expect any settlement like Minibonds.