MM Lee to investors: you walk in with your eyes OPEN

[shelltox]

are you referring to the wall street banks that are falling like dominoes

 

[Kid278]

the point is some of these people dont even know that they are gambling.

True and concurred. Risking 100% for a 5% annual gain, even casinos dont have such advantages. It's not any better than legalised fraud.:p

 

[theblackhole]

abc with eyes wide open still fall...hahhaaa..our abc is really terok one!

 

[Zombie]

Risking 100% for a 5% annual gain, even casinos dont have such advantages.

Minibond
Gain 5% (1x)
Lose 100% (20x)
Gain/Lose = 1/20

Casino Roulette pays 35 to 1 for any number
Gain $35 (35x)
Lose $1 (1x)
Gain/Lose = 35/1

I also don't understand why they buy minibond.
They should go to casino and will surely win $35 for every $1 they buy a number on roulette.

 

[johnny333]

The Singapore govt has too many hands in businesses aka GLC's. This leads to many conflicts of interest. An example is the NTUC, which is supposed to be a union for workers, are themselves actually sitting on the opposite side of the workers because NTUC, headed by a PAP minister, is also an employer.

This system has kept the Lees in power & wealthy. This global crisis is going to create alot of changes, maybe even the end of the Lee dynasty?

 

[theblackhole]

a change? what change? even obama promised change...now look carefully, what has changed? iran had already condemned obama as the same old hat!!!

 

[2lanu]

It's never their fault but the people. When Mas Selamat escape, it was surprise that he blamed the people for complacency. Why din he blame his PM son for complacency on losing so many % votes in AMK GRC then?

 

[Zombie]

Join the class action with Leonard Loo. Sounds like bao chiak one.



http://lehmanlawyer.blogspot.com/2008/10/class-action-legal-strategy-as-per-my.html

Friday, October 31, 2008
CLASS ACTION LEGAL STRATEGY as per my email to Mr Tan Kin Lian

Hi Kin Lian,

Thanks for your query on the collection legal action or class action. You may post in in your blog and I thank you in advance.

Update of class action

At the onset, I have met some 200 investors at my law firm for the legal briefings for the Lehman fiasco. I am heartened to report that they are all keen to join the class action.

A class action occurs when all the plaintiffs suffered a common greviance and sues together. They will share legal fees collectively to fund the class action and likewise if they lose, they share the legal fees.

I prefer not to discuss the exact legal strategy of the class action in the open. This is to counter the possibiliity that the potential Defendants may counter this and we may lose the element of surprise. There will be a special briefing in a closed door auditorium for the class investors later,

I am in favour of the class action as this pressurises the potential Defendants to defend a collective claim that there is a common pattern of misrepresentation and mis-selling. The class action lends weight to the claims of the investors. They also share evidence.

This is likely to be a multi-million law suit filed in the High Court.

Legal grounds

Briefly, misrepresentation occurs when the financial institutions or its officers made misleading statements, which they know to be false, in order to induce the investors to buy the investment product. One example, the use of the term “Mini-bond”, it is actually not a bond but a complex investment product.

Mis-selling happens when the financial institutions did not do a proper risk profile analysis of its investors before selling the investment product. The investor may be a conservative investor who wants capital protection and yet was sold this complex investment product.

The other general claim is for negligent professional advice. This happens when the financial institution advises the purchase of the investment product wrongly.

There is no possible counterclaim by the potential Defendants in the class action.

Class action mechanics

As a start, the investors share legal costs of an initial deposit of $1,000. I anticipate the legal costs to be in the low few thousand for each investor in the class actions. For example, 200 investors in the class would have raised $200,000 to fund the class action.

We have collected the cheques from them in preparation for the class action but the cheques were not banked in yet. Once their efforts to resolve with the financial institutions fails, we will proceed to file the class action.

Past class action background

As a matter of background, I represented a successful class action in the Wen Long Money changer remittance scam whereby 900 over Chinese nationals sued Mr Lum Chen Fong, who siphoned off almost $4.75 million. The Chinese Nationals wanted the moneychanger to remit their money to China but he failed to do so. We were successful in the recovery.

I will be glad to work together with you in the class action. There is only strength in unity of the investors. My Lehman hotline is 9845 6225. My Lehman e-mail is [email protected]

 

[kakowi]

Why is that lawyer using a gmail account?

My Lehman e-mail is [email protected]
​

 

[Bigfuck]

Dont worry. My blame is consistent for all problems of Singapore - LKY. He can never have my vote.

 

[Faidenk]

Why is that lawyer using a gmail account?

My Lehman e-mail is [email protected]
​

Maybe harder to hack into. Just a guess.

 

[snrcitizen]

.....maybe even the end of the Lee dynasty?

I hope for the sake of Singapore's future that this comes true. But as with any dynasty to fall, it needs someone stronger to bring its downfall and take over.

 

[The_Latest_H]

a change? what change? even obama promised change...now look carefully, what has changed? iran had already condemned obama as the same old hat!!!

They still prefer to talk to Obama though, in the end. Because their economy is in trouble, and if they just act stubborn, Obama would just continue his program to lean off America from their oil addiction; that has adverse economical consequences for Iran.

Iran needs high oil prices in order to pay for its expensive social programs and the recent drop in prices hasn't help one bit.