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Saturday, March 5, 2011
Greed and dishonesty
In the past, banks built their reputation by winning the trust of their customers. In recent years, the banks were willing to betray the trust in their pursuit of greed and profit. Singapore should follow the example of America and Hong Kong in holding the banks to be accountable for their greed and dishonesty.
Read TKL Website - Latest or click here.
Read TKL Website - Latest or click here.
Opera Mini Browser
I had trouble with the default browser that came with my Android mobile phone. It could not download the large images and PDF documents.
I installed the Opera Mini browser to replace the default browser. The Opera Mini worked well. It could download the images and PDFs. It had many other useful functions as well. For those with Android mobile phones, I recommend that you try the Opera Mini browser. You will find the browsing experience to be good.
Tan Kin Lian
I installed the Opera Mini browser to replace the default browser. The Opera Mini worked well. It could download the images and PDFs. It had many other useful functions as well. For those with Android mobile phones, I recommend that you try the Opera Mini browser. You will find the browsing experience to be good.
Tan Kin Lian
Maintenance Orders In Family Law in Ireland | BusinessAndLegal.ie
But regardless of the formalities of divorce or judicial separation each spouse can enter into an agreement to provide for each other and dependent children. It is important to note though that even if parties do come to an agreement themselves neither party is prevented from going back to Court to seek an order for maintenance as there is no “clean break” recognized in Irish family law.
If the party who is obliged to pay maintenance refuses to do so there are various mechanisms which are intended to remedy this problem such as attachment of earnings orders and the Enforcement of Court Orders Act, 1940 or ordinary debt collection proceedings as the Enforcement of Court orders Act, 1940 only allows you to claim 6 months arrears maximum.
This is part of the family law in Ireland series of articles on Terry Gorry & Co. Solicitors.
Lehman Brothers Equity-linked Notes
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) announced today that an agreement has been reached with Standard Chartered Bank (Hong Kong) Limited (Standard Chartered) in relation to the bank’s distribution of equity linked structured notes issued and guaranteed by Lehman Brothers (LB ELNs) (Notes 1&2).
Without admitting liability, Standard Chartered has agreed to make a repurchase offer to eligible customers (Note 3) holding an outstanding LB ELN distributed by Standard Chartered. The total value of the repurchase offer is estimated to be approximately HK$1.48 billion and will cover over 95% of the outstanding transactions in LB ELNs by Standard Chartered customers.
Read
http://www.sfc.hk/
My comments
I hope that the regulators in Singapore will follow the example of Hong Kong and take similar action against banks that distribute products that are unsuitable for consumers.
Without admitting liability, Standard Chartered has agreed to make a repurchase offer to eligible customers (Note 3) holding an outstanding LB ELN distributed by Standard Chartered. The total value of the repurchase offer is estimated to be approximately HK$1.48 billion and will cover over 95% of the outstanding transactions in LB ELNs by Standard Chartered customers.
Read
http://www.sfc.hk/
My comments
I hope that the regulators in Singapore will follow the example of Hong Kong and take similar action against banks that distribute products that are unsuitable for consumers.
Real estate funds lost value
A Chinese educated investor met me today. She was led to invest in two financial products by a bank relationship manager on the promise that it was capital guaranteed and had the potential of a good return. After three years, she lost 40% on the investment and found that it was not capital guaranteed. The investor said that she was not aware about the product, as it was in English.
I found out that she had invested in two real estate unit trusts. I was surprised that these two investments lost 40% of the value during the past three years, when the global real estate and stock markets had recovered from the downturn.
I suspect that the investment banks that created the two real estate funds could have put in bad assets at inflated values - which accounted for the large loss. This is an example of the risks of investing in funds that could be created by dishonorable financial institutions who wanted to get rid of their bad assets to unwary investors.
The bank who mis-sold these financial products offered to cover half of the loss "out of goodwill". The investor asked for my views on whether she should accept this offer. I advised her to accept the offer as the decision from FIDREC is likely to be less favorable. She does not have any evidence of the misrepresentation of the product.
Lesson: it is best to avoid funds where the creators of the funds may have some bad assets to offload to investors. These institutions are quite willing to act dishonorably.
I found out that she had invested in two real estate unit trusts. I was surprised that these two investments lost 40% of the value during the past three years, when the global real estate and stock markets had recovered from the downturn.
I suspect that the investment banks that created the two real estate funds could have put in bad assets at inflated values - which accounted for the large loss. This is an example of the risks of investing in funds that could be created by dishonorable financial institutions who wanted to get rid of their bad assets to unwary investors.
The bank who mis-sold these financial products offered to cover half of the loss "out of goodwill". The investor asked for my views on whether she should accept this offer. I advised her to accept the offer as the decision from FIDREC is likely to be less favorable. She does not have any evidence of the misrepresentation of the product.
Lesson: it is best to avoid funds where the creators of the funds may have some bad assets to offload to investors. These institutions are quite willing to act dishonorably.
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