Breaking News: Two international financial institutions have submitted proposals to MAS to restructure the Lehman minibond notes to run to maturity. The MAS says the details of the proposals are confidential but will be made known to investors “once the proposals are finalized.” The MAS said an “independent financial adviser will be appointed within the week to assess the merits of the proposal.” (See also Channel NewsAsia’s report.)
Read also: Hong Leong offers to buy back Lehman notes from some investors – Channel NewsAsia.
Below is Channel 5’s news report on the proposal.
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Whose the news reader? She is hot!
This is the beginning of things ultimately put into proper perspective. Through this crisis, all parties must be accountable and be reasonable when compensation is worked out.
Gradually the people at large will trust and have confidence in our financial institutions after this episode. I hope this wil not be repeated again!
By the way, there are more than two FIs right? What about the rest?
Ministers will only act when the people act. I applaud Tan Kin Lian.
TOC, I hope we can pick a day at Hong Lim to request for the electricity tarrifs to be amended, to reflect the cost of natural gas.
EMAS says $1 billion profit for Singapore power is ok. The 84 MPs kept quiet.
Do Singaporeans agree? Let us discuss with our bills in hand.
Glad that banks finally work out something in an effort to restore consumer’s confidence. All credits to Mr Tan KL and his team.
http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_293690.html
ST made an omission in the above news article. ST claims that DBS will compensate S$70-80M to DBS High Notes 5 investors. This is true, but what ST didn´t say that is that this S$70-80M is the expected compensation sum for all DBS High Notes 5 investors in Singapore and Hongkong. DBS High Notes 5 Investors from Singapore and Hongkong has invested a total of S$360M, so the compensation is actually less than 25%.
I guess the banks will not compensate everybody as they have to take care of their profits first, or else won’t be accountable to shareholders.
The consumers are always at the losing end.
At least they take care of the elderly and retired, they are the most vulnerable.
Besides the vurnerable group, there are many that were mis-sold and have lost their life savings. Is there no justice for them? What about the other FI who sold – OCBC Securities, UOB Kay Hian, ABN, etc – what are they keeping quiet?
3) people must act – Hong Lim park. on October 23rd, 2008 9.07 am
I am also hoping that this Saturday the event at HL Park will go on as announced earlier.
Although I am not the investors but will pull anyone i know to attend HL park event because I might be a victim of future financial boo boos and to help us voice up a culture of stepping forward and speaking our minds is fundamentally required.
Donaldson, not all who bought those products are financially illiterate or who went in blindly. Many who are financially savvy are taking this opportunity to buak-bodah. Who in the right mind, two years ago, would think that blue-blooded banks like Lehman, Merril Lynch and UBS can get into such trouble?
If, just IF, a big IF ,
LTK had said the same in HLP before Tan KL,
would LTK be given the same air time?
Lets be honest. most of TOC writers have gone on MSM tv.
Analyze this!