Everything has gone online nowadays which you can find over the internet. There is much useless stuff available online that many people find for free to be worthless over the internet. Online insurance quotes are also available for free and many people believe that they are also useless but actually they are the exceptions to rest of the stuff online. There are many reasons that set them apart from much other useless stuff available online.
There are so many insurance companies such as Campbellsolberg, an American insurance company, Lombard insurance company, and prudential insurance company that want you to insure with them. It is very costly for them to get good prospects. So online insurance quotes gives them an easy and convenient way to give quotes to their customers. It is beneficial for both you and the company. Company saves a lot of money and you get the best quotes without much of besets.
Online insurance quotes are also very useful as they allow you to compare different quotes from different companies in just about 2 to 3 minutes and help you choose the best one to make savings. This would have been a lot of time consuming task if done otherwise as you will have to collect quotes from different companies and then compare them manually. Campbellsolberg provides its customers with this facility to make their tasks easier. Not only it provides the online quotes but also offers the best price in the market for any type of insurance that you want to avail.
It’s also very convenient as you can get home insurance quotes online as well as many other insurance quotes such as auto insurance quotes and disability insurance quotes just right from your bedroom.
Don’t just pay more like a fool. Choose the best insurance that suits your pocket. You can get insurance quotes and related information at http://www.campbellsolberg.com/.
Wednesday, October 21, 2009
Minibond suit in Singapore let by Conrad Campos
22 Oct 2009
SINGAPORE — One of the three defendants in the second class action suit related to botched structured notes has filed its defence against allegations of negligent and fraudulent misrepresentation. The structured notes in question are one of the Minibond Series linked to collapsed United States investment bank Lehman Brothers.
Lehman Brothers Singapore, which was named as the arranger of the now-defunct Minibond Series 2 in a suit backed by 165 investors, refuted claims that the investors were misled by the statements in advertisements, base prospectus and pricing sheets of the notes.
The company is represented by Senior Counsel Andre Yeap and Mr Danny Ong from Rajah & Tann.
The other two defendants are Minibond Ltd, the issuer of the investment, and ABN Amro, one of the nine distributors of the product. They are represented by Shook Lin & Bok and Allen & Gledhill, respectively. The latter is expected to file its defence in about two weeks.
One point of contention in this case is the issue of risks faced by the Minibond investors. Earlier, the plaintiffs alleged that the defendants have perpetuated a “false and misleading” impression that the product’s “primary risk” is with the credit standing of seven companies known as the reference entities (REs).
The reference entities included names like DBS Bank, Standard Chartered Bank and SingTel and these companies form the first layer of the credit-default swaps embedded in the product. This means that the occurrence of default or bankruptcy in any of these seven companies could result in a “credit event” which can potentially cause the Minibonds to become worthless.
However, the plaintiffs — represented by their lawyer Conrad Campos and Company — alleged that the seven REs are, in fact, a “ruse” to induce investors to invest in the Minibonds. The true risk of the product lies with the second layer of underlying securities, made up of collateralised debt obligations, of which there was inadequate disclosure, they claimed.
In its 58-page defence filed on Oct 2, Lehman Singapore maintained that the credit risks related to the REs were indeed the “primary risks” borne by the investors.
In fact, Lehman Singapore claimed that the default or bankruptcy risk of the REs is “at all material times” higher than that of the underlying securities.
If there were indeed misleading representations, Lehman Singapore said that there are documents which had been signed by the plaintiffs which stated that investments were made based on their own independent judgment and appraisal of risks.
Lehman Singapore also alleged that the plaintiffs were negligent on their part such that they contributed partly or wholly to any losses incurred. In response, the plaintiffs said in their filed reply last Friday that returns from Minibond Series 2 were derived from the underlying securities. They also added that this substantiates their claims that these securities carry more risks compared to the seven REs.
As for Lehman Singapore’s point on signed warranties, the plaintiffs countered that the prospectus for the underlying securities was created only after the offer period for the sale of Minibond Series 2 had closed.
Hence, the plaintiffs said that it is “devoid of good faith, common sense and commercial reality” to expect Singapore retail investors to conduct their own investigation and analysis of the underlying securities.
SINGAPORE — One of the three defendants in the second class action suit related to botched structured notes has filed its defence against allegations of negligent and fraudulent misrepresentation. The structured notes in question are one of the Minibond Series linked to collapsed United States investment bank Lehman Brothers.
Lehman Brothers Singapore, which was named as the arranger of the now-defunct Minibond Series 2 in a suit backed by 165 investors, refuted claims that the investors were misled by the statements in advertisements, base prospectus and pricing sheets of the notes.
The company is represented by Senior Counsel Andre Yeap and Mr Danny Ong from Rajah & Tann.
The other two defendants are Minibond Ltd, the issuer of the investment, and ABN Amro, one of the nine distributors of the product. They are represented by Shook Lin & Bok and Allen & Gledhill, respectively. The latter is expected to file its defence in about two weeks.
One point of contention in this case is the issue of risks faced by the Minibond investors. Earlier, the plaintiffs alleged that the defendants have perpetuated a “false and misleading” impression that the product’s “primary risk” is with the credit standing of seven companies known as the reference entities (REs).
The reference entities included names like DBS Bank, Standard Chartered Bank and SingTel and these companies form the first layer of the credit-default swaps embedded in the product. This means that the occurrence of default or bankruptcy in any of these seven companies could result in a “credit event” which can potentially cause the Minibonds to become worthless.
However, the plaintiffs — represented by their lawyer Conrad Campos and Company — alleged that the seven REs are, in fact, a “ruse” to induce investors to invest in the Minibonds. The true risk of the product lies with the second layer of underlying securities, made up of collateralised debt obligations, of which there was inadequate disclosure, they claimed.
In its 58-page defence filed on Oct 2, Lehman Singapore maintained that the credit risks related to the REs were indeed the “primary risks” borne by the investors.
In fact, Lehman Singapore claimed that the default or bankruptcy risk of the REs is “at all material times” higher than that of the underlying securities.
If there were indeed misleading representations, Lehman Singapore said that there are documents which had been signed by the plaintiffs which stated that investments were made based on their own independent judgment and appraisal of risks.
Lehman Singapore also alleged that the plaintiffs were negligent on their part such that they contributed partly or wholly to any losses incurred. In response, the plaintiffs said in their filed reply last Friday that returns from Minibond Series 2 were derived from the underlying securities. They also added that this substantiates their claims that these securities carry more risks compared to the seven REs.
As for Lehman Singapore’s point on signed warranties, the plaintiffs countered that the prospectus for the underlying securities was created only after the offer period for the sale of Minibond Series 2 had closed.
Hence, the plaintiffs said that it is “devoid of good faith, common sense and commercial reality” to expect Singapore retail investors to conduct their own investigation and analysis of the underlying securities.
Big swings in currency values
I saw a currency chart of the Euro against the USD. The Euro was at USD1.55 in July 2008. It dropped 20% to USD 1.25 in November (i.e. 4 months). Over the past 11 months, it increased by 20% (on its lower base) to USD 1.50 in October 2009.
Lesson: currency values can swing by 20% within a few months. It is highly volatile and risky.
TKL Financial Planning (draft 5a)
My friend in Jakarta downloaded a copy of my Financial Planning book (draft 5a). He printed it, cut into A5 size and bound the book. It came out quite handy and easy to read. He found it to be useful and practical.
You can download a copy of the book (for free) here. Please give your feedback here. I encourage you to join FISCA as a member and attend their workshops and seminars based on this book.
You can download a copy of the book (for free) here. Please give your feedback here. I encourage you to join FISCA as a member and attend their workshops and seminars based on this book.
Writing a will
Dear Sir
Would you also kindly touch on the issue of writing a will? Is it a must to have a will in a family? Isn't it a norm that if something say happen to me, everything will goes to my spouse and kids?
There's a link provided by one of my friends and I am not sure if it's applicable to most of us here in Singapore - http://www.singaporelawraffles.com/will.htm
Maybe you can provide the general viewers of your blog some insights into writing a will.
REPLY
For a person who dies without a will, the estate will be distributed according to the Intestate Law. If the person has a wife and children, one half will be distributed to the surviving spouse and the other half to the children. However, the actual rules are described in this law.
If a person wants to distribute his (or her) estate in a different manner, he has to write a will. A simple will can be written by any person (without a lawyer) and signed by two witnesses who are not beneficiaries or connected to the will. The will has to be kept in a safe place that can be discovered on death.
A person can write a will and change it at any time. It is a good practice to review the will every few years.
Here is my personal tip. Keep enough money for your own use, such as buying a lifetime annuity, and distribute some of your assets to your children earlier, so that they can make better use of the assets. Do not keep too much to be distributed on death.
Tan Kin Lian
Would you also kindly touch on the issue of writing a will? Is it a must to have a will in a family? Isn't it a norm that if something say happen to me, everything will goes to my spouse and kids?
There's a link provided by one of my friends and I am not sure if it's applicable to most of us here in Singapore - http://www.singaporelawraffles.com/will.htm
Maybe you can provide the general viewers of your blog some insights into writing a will.
REPLY
For a person who dies without a will, the estate will be distributed according to the Intestate Law. If the person has a wife and children, one half will be distributed to the surviving spouse and the other half to the children. However, the actual rules are described in this law.
If a person wants to distribute his (or her) estate in a different manner, he has to write a will. A simple will can be written by any person (without a lawyer) and signed by two witnesses who are not beneficiaries or connected to the will. The will has to be kept in a safe place that can be discovered on death.
A person can write a will and change it at any time. It is a good practice to review the will every few years.
Here is my personal tip. Keep enough money for your own use, such as buying a lifetime annuity, and distribute some of your assets to your children earlier, so that they can make better use of the assets. Do not keep too much to be distributed on death.
Tan Kin Lian
Betting - getting the right payout
Gambling is a game of chance. It is fun. Many people enjoy it. A common type of gambling is a bet.
When you bet on an outcome with a friend, you have the choice of taking either side of the bet. You do not have to incur any expense. What one person gains is the loss of the other person.
When you place a bet with a betting house, you have to incur a spread. For example, you may lose $100 when you win the bet but only win $90 when you lose the bet. The spread in this case is 10%. The betting house needs the spread to cover its expenses and to make a profit.
The betting house is ready to take you bet at any time, but the odds may change according to the time that you placed your bet.
When you place a bet on a sporting game, there is the risk that the party that collects the bets may bribe the player towards an outcome that is profitable to that party. This is called "fixing the game" and is a crime. You have to be careful about betting on a game that can be fixed. In that case, you will get less than your fair payout.
When you bet on certain type of games in a casino, you can calculate the actual odds of winning or losing the bet, based on the physical characteristics. For example, the chance of drawing an ace in a pack of cards is 1 in 13. The chance of getting the right number on the roll of a dice is 1 in 6. The chance of picking the right number in a rouletter is 1 in 38 (i.e. 36 numbers plus 0 and 00).
You can pick on any outcome, but the reward for getting it right will be based on the actual odds, less an expense margin.
For example, in roulette, you will win $35 for each $1 that you have bet although the chance of losing is 1 in 37. If there are equal bets on the 36 numbers, the casino will break even on 36 out of 38 cases and win all the entire bets on 2 out of 38 cases. The spread is nearly 5%. This is used to cover the expenses of running the casino and producing a profit.
Note: you should avoid bets where the payout is not fair to the better, or where the spread is higher than the entertainment value.
Tan Kin Lian
When you bet on an outcome with a friend, you have the choice of taking either side of the bet. You do not have to incur any expense. What one person gains is the loss of the other person.
When you place a bet with a betting house, you have to incur a spread. For example, you may lose $100 when you win the bet but only win $90 when you lose the bet. The spread in this case is 10%. The betting house needs the spread to cover its expenses and to make a profit.
The betting house is ready to take you bet at any time, but the odds may change according to the time that you placed your bet.
When you place a bet on a sporting game, there is the risk that the party that collects the bets may bribe the player towards an outcome that is profitable to that party. This is called "fixing the game" and is a crime. You have to be careful about betting on a game that can be fixed. In that case, you will get less than your fair payout.
When you bet on certain type of games in a casino, you can calculate the actual odds of winning or losing the bet, based on the physical characteristics. For example, the chance of drawing an ace in a pack of cards is 1 in 13. The chance of getting the right number on the roll of a dice is 1 in 6. The chance of picking the right number in a rouletter is 1 in 38 (i.e. 36 numbers plus 0 and 00).
You can pick on any outcome, but the reward for getting it right will be based on the actual odds, less an expense margin.
For example, in roulette, you will win $35 for each $1 that you have bet although the chance of losing is 1 in 37. If there are equal bets on the 36 numbers, the casino will break even on 36 out of 38 cases and win all the entire bets on 2 out of 38 cases. The spread is nearly 5%. This is used to cover the expenses of running the casino and producing a profit.
Note: you should avoid bets where the payout is not fair to the better, or where the spread is higher than the entertainment value.
Tan Kin Lian
Automated gates - a waste of money
Are the automated gates used to check passports a waste of money? Read here.
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