The BBC news website explains the Obama administration's attempts to reform the American healthcare system
http://news.bbc.co.uk/2/hi/americas/8160058.stm
Wednesday, July 22, 2009
The Petition is NOT a futile effort
Another blog described my effort to help the investors get a fair settlement as "futile". It is a sad state of affairs that we have a government that ignores the plight and appeal of the people. It is equally sad that we have many cynics who stand by and pass discouraging remarks.
Many signatories know that the petition may be ignored, as it has happened in the past. But, they are willing to come forward to have their voices heard. It is important that their signatures be placed on the record.
The situation has now changed, and it may warrant a re-consideration by our government. All investors in Hong Kong are being compensated at a minimum of 60% to 70% of the invested sum. I believe that the investors in Singpore should be treated on a similar basis, as the systemic mis-selling is similar in both territories.
I hope that everyone will take a positive approach and help to pass the message to all investors to sign the petition.
The petition is intended to include all investors, including those who have bought from the security firms. They have also been advised, either directly or indirectly, by the sales representatives who acted for the security firms. I hope that these investors will read the Petition more widely and come forwqrd to sign it.
Tan Kin Lian
Many signatories know that the petition may be ignored, as it has happened in the past. But, they are willing to come forward to have their voices heard. It is important that their signatures be placed on the record.
The situation has now changed, and it may warrant a re-consideration by our government. All investors in Hong Kong are being compensated at a minimum of 60% to 70% of the invested sum. I believe that the investors in Singpore should be treated on a similar basis, as the systemic mis-selling is similar in both territories.
I hope that everyone will take a positive approach and help to pass the message to all investors to sign the petition.
The petition is intended to include all investors, including those who have bought from the security firms. They have also been advised, either directly or indirectly, by the sales representatives who acted for the security firms. I hope that these investors will read the Petition more widely and come forwqrd to sign it.
Tan Kin Lian
Gathering in Hong Lim Park on 22 Aug 09
I confirm that there will be a gathering in Hong Lim Park on 22 Aug 09 from 5 pm to 6.30 pm. We will arrange for the Petition to be signed, for those who have not signed the online Petition. This Petition is addressed to the Prime Minister. We will arrange for a few people to speak on this issue. Please encourage more people to show up for bigger impact.
So far, I am the only speaker. If you are able to speak, please send an email to me at kinlian@gmail.com. I like to ask the coordinators of the class actions to speak and give an update. You may be able to attract more investors to join the class action.
So far, I am the only speaker. If you are able to speak, please send an email to me at kinlian@gmail.com. I like to ask the coordinators of the class actions to speak and give an update. You may be able to attract more investors to join the class action.
355 people have signed the online Petition to the Prime Minister on the credit-linked notes. We are now aiming for 1,000 signatures. Please pass the word around.
Minibond - misconceptions and unfair criticisms
Dear Mr. Tan,
I would like to respond to the following misconceptions and unfair criticisms:
1) The fixed deposit is about 1.5% in 2007 and you get 5% from minibond. You should have known better. So high differential. Still claims risk?
It is not fair to use 12 months fixed deposit rate because minibond is for 5 years. There are many low risk products offer 4% to 6% returns from the market. E.g. DBS6%NCPS, UOB5.05%NCPS, OCBC5.1%NCPS, OCBC4.2%NCPS…. If we compare the minibond with the OCBC 4.2% and 4.5% preference shares available from the stock market, which we can sell the shares anytime if we need cash, the 5% offered by minibond is not attractive because we can’t touch the money for 5 years.
2) High return high risk, since you get 5%, the risk should be high.
Many financial experts agreed that the reasonable return from long term investments (5 to 10 years) should be around 4% to 6%. A 5% return from minibond should not be considered as high as it is a long term (5 years) investment. All high risk investments are on short term basis, who would want to invest into a long term high risk product?
3) Who ask them to invest blindly on a product which they don’t understand?
Misled by the newspaper advertisements and sales brochures, many investors thought they were buying a five-year bond issued by the six leading banks. It turned out that it is a very complex product which even the sales people from the financial institutions are unable to explain clearly.
4) As a responsible investor, you should have read the prospectus before making the investment.
The minibond prospectus summary is as misleading as the sales brochures. The other parts of the prospectus give plenty of information on the credit ratings of the six leading banks which reinforce the believing that it is a bond issued by the banks.
It is also not realistic to expect an ordinary investor to understand fully the entire prospectus before making an investment. For example, of the tens of thousands of OCBC preferences shares investors, how many of them really read and understand fully the entire prospectus of the preference shares before making the investment?
5) Who would expect Lehman brothers to go bankrupt? (i.e. the risk is low at the time of selling) It is unfortunate that Lehman did fail. You have to accept it and move on.
Minibond is not a bond issued by Lehman or by the six banks. It is a high risk long term complex structure product. Who would dare to invest in a high risk product for 5 years?
Pang
I would like to respond to the following misconceptions and unfair criticisms:
1) The fixed deposit is about 1.5% in 2007 and you get 5% from minibond. You should have known better. So high differential. Still claims risk?
It is not fair to use 12 months fixed deposit rate because minibond is for 5 years. There are many low risk products offer 4% to 6% returns from the market. E.g. DBS6%NCPS, UOB5.05%NCPS, OCBC5.1%NCPS, OCBC4.2%NCPS…. If we compare the minibond with the OCBC 4.2% and 4.5% preference shares available from the stock market, which we can sell the shares anytime if we need cash, the 5% offered by minibond is not attractive because we can’t touch the money for 5 years.
2) High return high risk, since you get 5%, the risk should be high.
Many financial experts agreed that the reasonable return from long term investments (5 to 10 years) should be around 4% to 6%. A 5% return from minibond should not be considered as high as it is a long term (5 years) investment. All high risk investments are on short term basis, who would want to invest into a long term high risk product?
3) Who ask them to invest blindly on a product which they don’t understand?
Misled by the newspaper advertisements and sales brochures, many investors thought they were buying a five-year bond issued by the six leading banks. It turned out that it is a very complex product which even the sales people from the financial institutions are unable to explain clearly.
4) As a responsible investor, you should have read the prospectus before making the investment.
The minibond prospectus summary is as misleading as the sales brochures. The other parts of the prospectus give plenty of information on the credit ratings of the six leading banks which reinforce the believing that it is a bond issued by the banks.
It is also not realistic to expect an ordinary investor to understand fully the entire prospectus before making an investment. For example, of the tens of thousands of OCBC preferences shares investors, how many of them really read and understand fully the entire prospectus of the preference shares before making the investment?
5) Who would expect Lehman brothers to go bankrupt? (i.e. the risk is low at the time of selling) It is unfortunate that Lehman did fail. You have to accept it and move on.
Minibond is not a bond issued by Lehman or by the six banks. It is a high risk long term complex structure product. Who would dare to invest in a high risk product for 5 years?
Pang
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