Thursday, September 3, 2009
Quote: The worst is not behind us
Quote: Thanks to the radical actions of the G-7 and others, the risk of a total systemic financial meltdown has been reduced. But unfortunately, the worst is not behind us. This will be a painful year. Only very aggressive, coordinated, and effective action by policymakers will ensure that 2010 will not be even worse than 2009 is likely to be.
Nouriel Roubini is professor of economics at New York University’s Stern School of Business.
Nouriel Roubini is professor of economics at New York University’s Stern School of Business.
MAS defends the interest of financial institutions
COMMENT POSTED IN MY BLOG
Now every body understand how bold our MAS in defending the interest of the FIs under the instruction of our top learders.They openly said the HK accross the board method is not acceptable. You think HK people are all stupid and we are smarter? The whole world thinks otherwise.
MAS said FIs are not using legalistic approach. I wonder what approach they are using? MAS is blind or twists the fact that FIs are forcing investors to take action becuse investors have no alterlative. How dirty was these tactics adopted by MAS.
Do you think you will have a fair hearing in FiDREC? Every FI can send 2 legally trained officers as defenders, and the RM, who mis-sell and mis-rpresent the products to us, will stand as witness. You are alone to fight against them.
Do you find the arrangement by FiDREC is rediculous?
The fight is over. The winner--FIs. Score--100 to 0.
Now every body understand how bold our MAS in defending the interest of the FIs under the instruction of our top learders.They openly said the HK accross the board method is not acceptable. You think HK people are all stupid and we are smarter? The whole world thinks otherwise.
MAS said FIs are not using legalistic approach. I wonder what approach they are using? MAS is blind or twists the fact that FIs are forcing investors to take action becuse investors have no alterlative. How dirty was these tactics adopted by MAS.
Do you think you will have a fair hearing in FiDREC? Every FI can send 2 legally trained officers as defenders, and the RM, who mis-sell and mis-rpresent the products to us, will stand as witness. You are alone to fight against them.
Do you find the arrangement by FiDREC is rediculous?
The fight is over. The winner--FIs. Score--100 to 0.
Petition to Prime Minister - Reply by MAS
The Petition, signed by 777 people was sent to the Prime Minister on 26 August. The Prime Minister's office forwarded it to the Monetary Authority of Singapore. Here is the reply (31 August 2009) from Andrew Khoo, Director, Capital Markets of MAS.
The reply is disappointing, as expected. I have asked Andrew Khoo for a meeting for me and a few representatives of the signatories to meet with him. I have also asked the Prime Minister's Office for a similar meeting. I have not received a reply from both parties.
The reply is disappointing, as expected. I have asked Andrew Khoo for a meeting for me and a few representatives of the signatories to meet with him. I have also asked the Prime Minister's Office for a similar meeting. I have not received a reply from both parties.
Tan Kin Lian
Investors of Pinnacle Notes can get news from Lion Investors
Hi Mr Tan
Sometimes, investors just do not know which direction to head, hence i would like to share what i discover after joining FISCA.
FISCA has lead me to articles in www.lioninvestor.com. Under "Pinnacle", there was a "Pinnacle Notes Default". The discussions there is active. Pinnacle Action Group entry on 11 jun 2009 mention a class action.
I do not know if it will be helpful to others who visit your Blog but i was very happy to know i can get some info there.
Sometimes, investors just do not know which direction to head, hence i would like to share what i discover after joining FISCA.
FISCA has lead me to articles in www.lioninvestor.com. Under "Pinnacle", there was a "Pinnacle Notes Default". The discussions there is active. Pinnacle Action Group entry on 11 jun 2009 mention a class action.
I do not know if it will be helpful to others who visit your Blog but i was very happy to know i can get some info there.
Survey: Lehman bonds
Dear Mr Tan
I have been following your commendable efforts to help those stuck with Lehman's Mini bonds et al.
Do you know of people stuck with Lehman Brothers Holdings' bonds and who now have to file proofs of claim?
In early 2008, I bought $250,000 of Lehman Brothers Holdings Inc. 4.20% 5-year Fixed Rate Notes Due 2013 from OCBC who is the Joint Lead Manager and Bookrunners (together with Lehman Bros S'pore Pte Ltd) .
I need help to file the claim by Sept 22 2009 and have contacted OCBC but they apparently are not very sure themselves what is happening.
Do you know of anybody else in the same predicament? Perhaps you could circulate this note to help find out how many others are similarly stuck and how we could get together to organise something for mutual help.
Thank you for your time and assistance.
FOR THOSE WHO ARE STUCK WITH LEHMAN BONDS, PLEASE GIVE YOUR PARTICULARS IN THIS SURVEY.
I have been following your commendable efforts to help those stuck with Lehman's Mini bonds et al.
Do you know of people stuck with Lehman Brothers Holdings' bonds and who now have to file proofs of claim?
In early 2008, I bought $250,000 of Lehman Brothers Holdings Inc. 4.20% 5-year Fixed Rate Notes Due 2013 from OCBC who is the Joint Lead Manager and Bookrunners (together with Lehman Bros S'pore Pte Ltd) .
I need help to file the claim by Sept 22 2009 and have contacted OCBC but they apparently are not very sure themselves what is happening.
Do you know of anybody else in the same predicament? Perhaps you could circulate this note to help find out how many others are similarly stuck and how we could get together to organise something for mutual help.
Thank you for your time and assistance.
FOR THOSE WHO ARE STUCK WITH LEHMAN BONDS, PLEASE GIVE YOUR PARTICULARS IN THIS SURVEY.
Wednesday, September 2, 2009
A new society (1) - Right to a job on fair terms
I make a rough guess that 50% of the working population will be sufficient to produce the goods to meet the basic needs of the population for food, shelter, clothing, health and education, including the manufacturing industries that are needed to support the basic industries.
If the work is shared fairly among the working population, it is possible (based on my guess) for each person to work 4 hours a day to contribute their share of the work and to receive an income that is sufficient for a decent standard of life.
In this environment, there is no need for a person to worry about inability to find a job. There is no need for them to work more than is needed, and in the process deprive another person of their right to a job.
It is possible for people to work longer than the minimum hours, so that they can accumulate savings for the future, or additional income to raise a family or to engage in leisure, social or religious activities. These are optional activities that come after the person has the security of a job.
It is possible for society to mandate a wider scope of the basic needs, to include raising a family or involved in culture or religion. The cost of these activities can be borne by society collectively, and expand the pool of work that needs to be done.
My ideas are influenced by the need for social justice and the need for society to set the norms for its future (instead of the "me first" attitude of individualism). However, my concept still relies on the mechanics of the market to ensure that the people can choose the suitable work based on their interest and skill and that the remuneration can be based on supply and demand, but determined holistically.
Tan Kin Lian
If the work is shared fairly among the working population, it is possible (based on my guess) for each person to work 4 hours a day to contribute their share of the work and to receive an income that is sufficient for a decent standard of life.
In this environment, there is no need for a person to worry about inability to find a job. There is no need for them to work more than is needed, and in the process deprive another person of their right to a job.
It is possible for people to work longer than the minimum hours, so that they can accumulate savings for the future, or additional income to raise a family or to engage in leisure, social or religious activities. These are optional activities that come after the person has the security of a job.
It is possible for society to mandate a wider scope of the basic needs, to include raising a family or involved in culture or religion. The cost of these activities can be borne by society collectively, and expand the pool of work that needs to be done.
My ideas are influenced by the need for social justice and the need for society to set the norms for its future (instead of the "me first" attitude of individualism). However, my concept still relies on the mechanics of the market to ensure that the people can choose the suitable work based on their interest and skill and that the remuneration can be based on supply and demand, but determined holistically.
Tan Kin Lian
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