Dear Mr Tan,
You were always very critical on structure products from Bank.
And you are right!
Thanks for the previous posts on such structure products.
Sep 18, 2008, The Straits Times
DBS High Notes investors at risk
Bank warns they may lose entire stake in Lehman-linked product
By Francis Chan
SOME local investors of a product linked to bankrupt investment giant Lehman Brothers have received late-night phone calls from DBS Bank warning them that their entire stake may be wiped out. The investors have their cash in a product called DBS High Notes 5 that the bank offered wealthier clients last year. It came with a promised annual return of about 5 per cent.
But Lehman's collapse on Monday means the product will be unwound and investors may only get a portion of their investment back - or none at all.
REPLY
Thank you for sending this news article to me. I am now in Jakarta and was not aware about this event. It is so sad that many people have lost their money in this "credit event".
Perhaps the small investors who lost their savings should ask MAS to look into the structure of this product, and why should the "credit event" cause a lose of their entire savings? Where did the money go?
FAQ on Structured Investment Products
http://www.tankinlian.com/faq/sinvest.html
Thursday, September 18, 2008
True cost of life insurance
Does a life insurance policy provide good value for a person to plan for the future?
http://www.tankinlian.com/faq/true.html
http://www.tankinlian.com/faq/true.html
Fake Money
Hi, Mr. Tan,
I have been taking about fake money very often in your blog, but I suspect not many people understand me..
Below is a link to an instructive cartoon about the fractional reserve banking system
> how it creates money out of thin air
> how it skews the wealth distribution, making the bankers richer and richer over time
> why this system is a ponzi scheme and will eventually collapse
http://video.google.com/videoplay?docid=-9050474362583451279
After watching the video, people should realise nearly all money is actually fake, created out of debt.. and we will need more and more fake money to keep the economy going (exactly like a ponzi scheme)..
When the amount of debt gets too big and balks at creating more fake money, the system will collapse and cause a severe recession/depression.
I believe we are really close to this point of collapse now.... and we should welcome the collapse and take the chance to adopt a different banking system, one where is sustainable and money not controlled by bankers/central bankers.. one such system is a free banking system proposed by most Austrian economists.. but which government is willing to give up the power to create money?
ym
I have been taking about fake money very often in your blog, but I suspect not many people understand me..
Below is a link to an instructive cartoon about the fractional reserve banking system
> how it creates money out of thin air
> how it skews the wealth distribution, making the bankers richer and richer over time
> why this system is a ponzi scheme and will eventually collapse
http://video.google.com/videoplay?docid=-9050474362583451279
After watching the video, people should realise nearly all money is actually fake, created out of debt.. and we will need more and more fake money to keep the economy going (exactly like a ponzi scheme)..
When the amount of debt gets too big and balks at creating more fake money, the system will collapse and cause a severe recession/depression.
I believe we are really close to this point of collapse now.... and we should welcome the collapse and take the chance to adopt a different banking system, one where is sustainable and money not controlled by bankers/central bankers.. one such system is a free banking system proposed by most Austrian economists.. but which government is willing to give up the power to create money?
ym
Poor conversion rate for Foreign Currency
Dear Mr.Tan,
I gave instructions that on maturity of my FD to convert GBP to NZ$. I got a poor exchange rate. I checked the conversion on the Internet and, in my opinion, a fair value is 2.3% higher.
I made numerous calls to the bank to ask how their rate was derived. They have not replied to me. As guideline. I understand that direct conversion GBP to NZ$ will give a higher figure than converting GBP to SGD and then changing to NZD.
So I want to get redress from MAS. Who shall I address to?
REPLY
Read these pages:
http://tankinlian.blogspot.com/2008/09/monetary-authority-of-singapore.htmlhttp://www.moneysense.gov.sg/contact_us/Consumer_Portal_Contact_Us.html
You probably have to take the following steps:
1. Write to CEO of the bank
2. File a complaint with FiDREC.
3. At last stage, approach MAS
I gave instructions that on maturity of my FD to convert GBP to NZ$. I got a poor exchange rate. I checked the conversion on the Internet and, in my opinion, a fair value is 2.3% higher.
I made numerous calls to the bank to ask how their rate was derived. They have not replied to me. As guideline. I understand that direct conversion GBP to NZ$ will give a higher figure than converting GBP to SGD and then changing to NZD.
So I want to get redress from MAS. Who shall I address to?
REPLY
Read these pages:
http://tankinlian.blogspot.com/2008/09/monetary-authority-of-singapore.htmlhttp://www.moneysense.gov.sg/contact_us/Consumer_Portal_Contact_Us.html
You probably have to take the following steps:
1. Write to CEO of the bank
2. File a complaint with FiDREC.
3. At last stage, approach MAS
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