The well regarded persons appointed to oversee the complaint handling of the financial institutions are:
Gerard Ee – DBS Bank
Law Song Keng – ABN Amro, Hong Leong Finance, Maybank
Hwang Soo Jin – CIMB GK Securities, DMG & Partners Securities, Kim Eng Securities, OCBC Securities, Phillips Securities, UOB Kay Hian, AMEX Bank.
Standard Chartered - try Hwang Soo Jin or write to MAS.
If you wish to contact these three people, you can write to their name, c/o Monetary Authority of Singapore.
10 Shenton Way MAS Building
Singapore 079117
Tel : (65)-6225-5577
Fax : (65)-6229-9229
Website : http://www.mas.gov.sg
Monday, October 27, 2008
Town Council invest in Minibond
Mr Tan,
Even Town Council use the resident sink fund to invest in Minibond , sorry can't tell you the name of the TC.
Invest around 300k, ....... many more MCST too have invest in it, So just simply write off public fund, it is legal?
Hope more people can surface more related info, to add on the pressure.
Eric
Even Town Council use the resident sink fund to invest in Minibond , sorry can't tell you the name of the TC.
Invest around 300k, ....... many more MCST too have invest in it, So just simply write off public fund, it is legal?
Hope more people can surface more related info, to add on the pressure.
Eric
Jump on bandwagon
Someone sent an e-mail to me, arguing that some of the investors are knowledgeable and wanted to jump on the bandwagon to claim for compensation.
I asked him to call me by telephone. He did, and we had a chat. I realise that he was not aware about the details of the structured product. He was arguing from a "thereotical" angle.
I explained that there is no way for any knowledgeable person to invest in the structured product, if he has been properly informed about the risk. The return of 5% is not worth the risk.
He still did not accept my point.
I hope that other people who claimed that the investors were "greedy" should meet and talk to them, before forming this opinion.
I asked him to call me by telephone. He did, and we had a chat. I realise that he was not aware about the details of the structured product. He was arguing from a "thereotical" angle.
I explained that there is no way for any knowledgeable person to invest in the structured product, if he has been properly informed about the risk. The return of 5% is not worth the risk.
He still did not accept my point.
I hope that other people who claimed that the investors were "greedy" should meet and talk to them, before forming this opinion.
Malaysia act against land banking
Hi Tan,
On the subject about land banking, how come the relevant authorities here not taking action whereas our neighbouring country is taking action.
http://www.malaysianbar.org.my/legal/general_news/companies_commission_raids_three_companies_over_illegal_land_investments.html
I believe that Malaysia is not exposed to Lehman Brothers Minibonds but doing something as a watch dog!
JLN
On the subject about land banking, how come the relevant authorities here not taking action whereas our neighbouring country is taking action.
http://www.malaysianbar.org.my/legal/general_news/companies_commission_raids_three_companies_over_illegal_land_investments.html
I believe that Malaysia is not exposed to Lehman Brothers Minibonds but doing something as a watch dog!
JLN
Can investors understand CDO?
Dear Mr. Tan,
Financial Times interviewd Dr. Tony Tan in Feb 2008. Dr. Tan said,
"We believe that one of the reasons why we have, for example, weathered these CDO difficulties well is because we have always put risk management as a very high priority. We studied CDOs on many occasions in the past several years. We could not understand who was bearing the risk there. We looked at this many times and we decided several years ago, as a policy, that we will not invest in CDOs, so we have no direct exposure to CDOs at all. Of course, we also invest in funds and they invest in CDOs, so indirectly we do have some exposure, but as far as direct exposure is concerned I think our risk management framework works quite well."
If GIC admits it does not understand CDO risks, how can MAS MD said, "There will also be a group he described as 'knowledgeable and experienced. This group should have understood the risks of investing in these products and take responsibility for their actions."
Financial Times interviewd Dr. Tony Tan in Feb 2008. Dr. Tan said,
"We believe that one of the reasons why we have, for example, weathered these CDO difficulties well is because we have always put risk management as a very high priority. We studied CDOs on many occasions in the past several years. We could not understand who was bearing the risk there. We looked at this many times and we decided several years ago, as a policy, that we will not invest in CDOs, so we have no direct exposure to CDOs at all. Of course, we also invest in funds and they invest in CDOs, so indirectly we do have some exposure, but as far as direct exposure is concerned I think our risk management framework works quite well."
If GIC admits it does not understand CDO risks, how can MAS MD said, "There will also be a group he described as 'knowledgeable and experienced. This group should have understood the risks of investing in these products and take responsibility for their actions."
Biggest loss in the the structured products
I met a couple at Speakers' Corner on 25 October. They invested a total of $1,775,000 in Jubilee Notes 3, Minibonds 3, Pinnacles 3 and 6. The investments were made in their personal name and in their company's name during February to June 2007.
They asked me to look into their faces. Were they greedy people? Were they people willing to take risk?
I felt so sorry to learn about their devastating loss. I told them that I will try my best ot help them to recover some of their loss.
They asked me to look into their faces. Were they greedy people? Were they people willing to take risk?
I felt so sorry to learn about their devastating loss. I told them that I will try my best ot help them to recover some of their loss.
CLSA Asks 500 Staff to Take Pay Cuts of Up to 25%
Oct. 27 (Bloomberg) -- CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole SA, asked 500 senior bankers and executives to accept pay cuts of as much as 25 percent next year to avoid getting rid of jobs.
The voluntary salary reduction program that was proposed for one-third of the staff last week would reduce basic pay by 15 percent to 25 percent starting in January, according to Chief Executive Officer Jonathan Slone. The participating employees would be paid the salary they forgo and may also receive a bonus payment when profit meets certain targets, he said.
``We think it's the right way to keep our team intact, maintain client service and allow us to expand our offering during a difficult time,'' Slone said in an interview. ``We face challenges like this crisis as a team and when conditions turn, we all share in the benefits as well.''
COMMENT BY TAN KIN LIAN:
This is an excellent way to deal with the recession. It is different from the American approach of retrenching employees.
The voluntary salary reduction program that was proposed for one-third of the staff last week would reduce basic pay by 15 percent to 25 percent starting in January, according to Chief Executive Officer Jonathan Slone. The participating employees would be paid the salary they forgo and may also receive a bonus payment when profit meets certain targets, he said.
``We think it's the right way to keep our team intact, maintain client service and allow us to expand our offering during a difficult time,'' Slone said in an interview. ``We face challenges like this crisis as a team and when conditions turn, we all share in the benefits as well.''
COMMENT BY TAN KIN LIAN:
This is an excellent way to deal with the recession. It is different from the American approach of retrenching employees.
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