Dear Mr Tan
I refer to your requests to the Prime Minister and MAS to meet with yourself and a representative group of investors. The Prime Minister's office has referred the request to MAS.
MAS has responded to your petition on 31 August, where we set out our approach to handling investors' complaints on failed structured notes. This has also been explained to Parliament during its 20 July sitting and detailed in numerous MAS' public statements over the last nine months. We have released our investigation findings for the financial institutions that sold the notes as well as the regulatory actions taken.
MAS has addressed publicly, the issues raised in your petition on a number of occasions. As such, we decline your request for a meeting.
Investors who are not satisfied with the outcome of the financial institutions' resolution of their complaints can approach the Financial Industry Disputes Resolution Centre (FIDReC), or seek legal advice on the recourse that is available to them, based on their own facts and circumstances.
Yours sincerely,
Andrew Khoo
Executive Director, Capital Markets, MAS
Monday, September 7, 2009
A new society (5) - Enjoyment of work
Each person should have the opportunity to enjoy their work. They should choose a job that suits their interest and skills. They should earn a fair wage that can meet their cost of living.
They should work hard because they enjoy their work. They should not work hard just for the sake of accumulating wealth. The greed is not desirable.
The love of doing good to society, and not the accumulation of wealth, should be the key motivator to good work. This motivation can apply to doctors, teachers, religious leaders or any worker who provides service to others.
It is necessary for a person to put in additional work to set aside savings for retirement or to raise a bigger family or to give a better life for their children. But this desire should be pursued up to a reasonable limit.
If more people have the right motivation, the society can provide a happier and better life for the people.
Tan Kin Lian
They should work hard because they enjoy their work. They should not work hard just for the sake of accumulating wealth. The greed is not desirable.
The love of doing good to society, and not the accumulation of wealth, should be the key motivator to good work. This motivation can apply to doctors, teachers, religious leaders or any worker who provides service to others.
It is necessary for a person to put in additional work to set aside savings for retirement or to raise a bigger family or to give a better life for their children. But this desire should be pursued up to a reasonable limit.
If more people have the right motivation, the society can provide a happier and better life for the people.
Tan Kin Lian
Sunday, September 6, 2009
Do you like the concepts?
A few people have passed comments that the suggestions in "A New Society" are too idealistic and impractical. They asked how these ideas can ever be implemented in our current environment.
I wish to advice readers to separate the concepts from the implementation. We need to focus on the concepts and ask, "will this lead to a better world?" It will take time to educate people and to show them that a new society can be build on new principles.
Similarly, the major religions will take a long time to be understood and accepted, before they become part of the mainstream life.
A good compensation for Minibond
Hello Mr Tan
I invested a small sum of Lehman Minibond with a bank. After negotiation with FIDREC, tbe bank offered 50% less 50% of interest paid to me, and I get to keep my shareholding. Please advice if I should just accept since my is a small amount.
REPLY
If the bank is willing to allow you to keep the Minibond and to receive the future proceeds at maturity, it is a good deal for you. You should accept it.
I invested a small sum of Lehman Minibond with a bank. After negotiation with FIDREC, tbe bank offered 50% less 50% of interest paid to me, and I get to keep my shareholding. Please advice if I should just accept since my is a small amount.
REPLY
If the bank is willing to allow you to keep the Minibond and to receive the future proceeds at maturity, it is a good deal for you. You should accept it.
Survey: Land Banking
Dear Mr. Tan,
Appreciate that you can help, this is because land banking involves many people whom I know (more that 10 people invested) and the total amount is huge. We have no avenue to seek help. CASE doesn't take care of Investment link issue. MAS said Land investment is not under them. I believe if this goes to the speaker corner of make public, there will be a lot of investors step forward. Hope that we can meet to discuss the case in more detail. Appreciate you reply.
IF YOU ARE INVOLVED IN LAND BANKING, AND YOU WISH TO MEET OTHER INVESTORS, PLEASE REPLY TO THIS SURVEY.
"Capitalism is evil," says new Michael Moore film
Read this story. I agree with the points stated in this article. The evils of capitalism can be replaced by some of the concepts described in my articles on "A New Society". We can keep some elements of capitalism, but in a modified form.
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