Sg's Engrish Educated REBELS Due to Minibombs!

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Investors flock to 3rd rally
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gracia Chiang
</TD></TR><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->Well-educated, English-speaking investors flocked to Speakers' Corner yesterday to make their frustrations heard.
For the third week in a row, about 500 investors gathered in Hong Lim Park eager to find out how they can seek redress for Lehman-linked financial products they claim were mis-sold to them.
Organised by former chief executive officer of insurer NTUC Income Tan Kin Lian, the rally was intended for those who had sunk their money into such products to band together and exchange suggestions.
The previous two Saturday rallies had seen mostly Mandarin-speaking and older investors. But many who showed up yesterday evening were those who did not fall into the 'vulnerable' group which financial institutions have said they would focus on when compensating investors.
Following calls from the Monetary Authority of Singapore (MAS) for priority to be given to 'highly vulnerable' investors - including the elderly, retired and less educated - DBS Bank, Maybank and Hong Leong Finance said last week that they would be fast-tracking such cases.
Those who do not fall into this group are now complaining of being sidelined.
'I feel left out. There should be a blanket ruling to decide how much investors should get,' said Mr Keith Wong, 48, who is self-employed.
Said IT professional Michael Chin, 51: 'We are literate people but we don't understand the technical terms. I am not retired and I don't fall under the vulnerable category, but I didn't know it was high- risk.'
At the rally yesterday, Mr Tan and 30 other volunteers handed out 1,000 forms for investors to fill in. They are asked to fill in information like whether they were led to believe there was a guarantee on their investment.
He said the forms would make it easier for them to lodge formal claims with their financial institution.
He is also starting a fourth petition, this time urging MAS to find a collective solution if mis-selling is found, instead of having financial institutions compensate investors on a case-by-case basis.
'It's taking so long and there are so many people who are distrustful of the process. They say, 'If I say the wrong thing, I'll get less',' said Mr Tan, referring to institutions holding individual evaluations with clients. He also encouraged investors to band together and request an open forum with the institution that sold them the product.

 

[phouse3]

These people are acting innocent.

They may not have understood the prospectus or read the fine print but surely they must have read the BIG print on the brochures. The brochures promised around 25% for 5 years and not 5% as claimed by TKL on blogtv.

Surely they know what is involved.

 

[myfoot123]

It is one country two sytems at the LEEgime disposal.

 

[Conan the Barbarian]

I still remember some people who insist they can get 6% yield or more, and advocate taking housing loans and car loans despite having cash. They claimed that they can generate better returns with their money in hand thru stocks and investment vehicles.

Now how? Stock markets down and money lost. And have a bigger loan to pay. If these are successful in getting back their money, it wouldn't be fair to the folks that were more prudent, and would encourage such behaviour in future.

 

[ahbengsong]

The english speaking and educated are the cowards... after the non-educated ah peks and ah bengs show up and things are getting along... these cowards intellects show up wanting to have a piece of the cake...

I have seen many of them... and this case just prove my observations...

 

[GoldenPeriod]

Just another Honest mistake...let's move on

 

[The_Latest_H]

Never really care for these investments really. Didn't think its worth investing in these sort of stuff locally; didn't trust these banks is probably my main reason.

The problem is that with banks and investment firms being able to avoid accountability, the more we have to do our homework. But its easier said than done as long as the majority of us don't read the fine print. But its better to bring back the main documents home to read it over a week, than to sign it straight away.

 

[newcat]

I do not pity those english educated. My mum could not read english and when she went to dbs to renew her F.D, the teller also recommend her to put into those structure deposit with high interest return. She shown me the brochures and I told her not to put the money into structure deposit because though interest is high. It is not as safe as F.D. Those english educated are blind by the high interest return and deserve to paid for their greed.

 

[sage]

Fortunately my structured deposits 3 years ago with 5% pa interest x 5 yr is safe - that was what I told the staff that I wanted 100% gauranteed because those monies are for children tertiary education. The staff did not play me out and the bank confirmed with me last week my capital is 100% safe and no credit event applicable, didn't know what this meant at that time anyway.
Soon those who lost money in unit trusts with higher risk investment will also raise claims that they were in disadvantaged position when convinced by staff to buy. Just thinking about my poor performing funds.

 

[Zombie]

Fortunately my structured deposits 3 years ago with 5% pa interest x 5 yr is safe - that was what I told the staff that I wanted 100% gauranteed because those monies are for children tertiary education. The staff did not play me out and the bank confirmed with me last week my capital is 100% safe and no credit event applicable, didn't know what this meant at that time anyway.

What is the name of the deposit? Which bank? Thank you.

 

[jw5]

Never really care for these investments really. Didn't think its worth investing in these sort of stuff locally; didn't trust these banks is probably my main reason.

The problem is that with banks and investment firms being able to avoid accountability, the more we have to do our homework. But its easier said than done as long as the majority of us don't read the fine print. But its better to bring back the main documents home to read it over a week, than to sign it straight away.

Don't forget the unethical salespeople who are more keen to earn their commission than to give proper investment advice.

 

[sage]

What is the name of the deposit? Which bank? Thank you.

Best Choice/OCBC - China+HK exchange, US$ (fund should have betted Euro!!) & fixed dep. Must clarify that didnt get int after initial good period but glad that capital intact at least.

 

[Zombie]

Best Choice/OCBC - China+HK exchange, US$ (fund should have betted Euro!!) & fixed dep. Must clarify that didnt get int after initial good period but glad that capital intact at least.

There is no >5% pa fixed interest and 100% principal guaranteed at the same time. And in your case, I think you are also absorbing fx risk.

 

[theblackhole]

gamblers they made they happy. gamblers they lost they want to be compensated.cheating lah.mis selling lah.made profits keep quiet.lose money kpkb. be a man lah! lose like a man lah. stop acting innocent and stop acting pure lah.greed is the root cause of all these. greed and more greed. serve you all right. greed kills.

 

[helicopview]

Yes. They are super cowards. Make use of the old pp to liaise with the banks etc and hope to enjoy the equal outcome.i.e. get back their $. Now realise cannot jalan, then come out and make noise. Educated? Perhaps in knowledge..definitely not on morals