Speaking about investors who have lost money in structured products, Senior Minister (SM) Goh Chok Tongsays Singaporeans “must see their losses in perspective” and be “realistic in their expectation of recovering their losses.” The SM also said that the financial institutions will investigate “each case thoroughly” and if there was any doubt, they would try and settle it “in favour of the investor”.
At a separate event, Mr Tan Kin Lian spoke to a crowd of about 500 investors at Speakers Corner on Saturday. In his speech, Mr Tan revealed that he was contacted by a bank in Hong Kong which has offered to take over the management of the minibonds from local financial institutions. Mr Tan said that he has put the bank in touch with the MAS. Most of Mr Tan’s speech yesterday, which was also translated into Chinese by Mr Goh Meng Seng, was dedicated to providing advice to investors on what they should do if they were to lodge complaints with the banks and the authorities. Copies of the instructions were quickly snapped up by the investors, some of whom were unsure of what to do in lodging complaints and were thus very appreciative of Mr Tan’s actions.
Below are two videos of the speeches by SM Goh and Mr Tan Kin Lian. For Mr Tan Kin Lian’s full speech at Speakers’ Corner, please visit TOC’s YouTube page.
Report on SM Goh’s speech by local tv channel:
Tan Kin Lian:
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Peanuts?
If Mr Tan Kin Lian, a single lone individual, can marshal the resources to do so much, why do we need to pay so much (equivalent to 4 peanuts) for Goh Chok Tong to talk only? Compare the two and feel free to denounce the latter.
TAN K L,great job, keep up the good works,god is with you so don be afraid.
I would believe that this entire episode has produce at least 10,000 new anti-PAP citizens.
“MAS is a very professional, rational institution. It doesn’t try to put pressure on people, it doesn’t make big speeches to convince people that it is doing many things. Behind the scene, I can tell you, MAS has been quietly working with the banks and financial institutions to find a fair solution for people who have invested in the products.” – SM GOH
http://www.channelnewsasia.com/stories/singaporelocalnews/view/383781/1/.html
Yes. He is absolutely right. In my own context MAS reminds me of how NS men would quietly eat snake while real heros are fighting the battle.
The entire government is sleeping…..good job Mr Tan! What perspective is that block of wood talking about?
You’ll have to ask his wife.
Well, this shows that our million dollar cabinet is not pro-active enough and have the “I do not care” attitude when it comes to protecting their own citizens.
The senior minister said everyone must view the losses in perspective – millions have lost their savings worldwide, so Singaporeans must be realistic in their expectations.
What is this millions have lost their savings worldwide got to do with MAS failed to allow this kind of financial products mis-sold to elderly people. Don’t use others’ failure as the excuse of your failure.
Should we say:
The PAP must view protests in perspective – millions have protested peacefully worldwide, so PAP must be realistic in their policy making.
from all these comments so far, I would assume that those who manage to get back 20% have to consider themselves lucky. It is assume that only those who are uneducated or retirees are given preferance.
Return the People their ‘coffin’ money DBS !
Do you know there are no minibond protestors in MALAYSIA?
Why no stories of old ladies who lost the entire lifesavings in Malaysia?
Want to know why?
Visit my blog : http://singaporemind.blogspot.com
Can I vote today? Why wait till 2011?
Transparency is not measured in ‘partial’ , ‘some’ , ‘a bit’, ‘more transparency’.
Do you know the correct use of this word?
There is no such thing as ‘be more transparent’.
There is either TRANSPARENCY or there is no TRANSPARENCY.
People should wake up before its too late.
Yes, MAS is a very professional, rational institution. It dosesn’t do anything….. it just fold its arms and talk only… just like a man known as Mr Goh. He just doesn’t know when to shut up.
Who at the first place has allowed all these financial products to come in? Where are the checks done to make sure they are not to disadvantage or deceive the citizens?
Who at the first place has allowed them to be aggressively sold to the people at large? Even knowingly or unknowingly to the extent of deceiving their hard-earned savings and betraying their trust.
Our authorities, be it the Singapore Government or MAS and the financial institutions should stand hand-in-hand with these distressed people to get compensation from the SELLERS of all these toxic products that are dumped into our financial hub!
Uncle “SIN” must take Uncle “SAM” at International High Court!!!!!
“See losses in perspective, says SM Goh”
Of course lah. Hundreds of thousands of dollars are PEANUTS to GCT and his wife.
GCT has been sleeping at the controls of MAS. Now, GCT is using Shit Times to salvage his multi-million-dollar job.
GCT, we can be more forgiving if you could muster up the courage to admit your folly. HKMA has been far more productive and effective than MAS, PERIOD.
so who monitors the MAS? Who censures MAS for allowing such products to be sold to retail investors?
Gentlemen and Ladies,
Like to hear your comments :
A INC has received and collected a lot a lot a lot of money over the decades.
But no investor / stakeholders outside the inc knows what happened to the money in a auditable way.
When overseas news agencies tries to report on the financial health of this INC, and interviews the CEO of the INC says he says its all Good News and guarantees with his balls very good health and show some high level graphs and figures which no one can assess and audit on it. But he says no one outside the inc is allowed to know the details for the good of humanity.
So, how do you think the financial health of such an inc should be reported?
I think based on blind faith , trust and impression the stakeholders can sleep in peace and feel good. These stakeholders shall not know forever.
smart investors. dun wait until too late you loose all your hard earned money then you ask for help. you deserve it.
Can we ask the same for the ministers and gahmen that they “must see their salary cut in perspective” and be “realistic in their expectation of recovering their cut.” ?
“Can I vote today? Why wait till 2011?”
What make you think you still can vote in 2011 as before ? Election is one thing and given you a chance to vote is another. It is easy to screw potential voters by consolidating more towns into fewer GRCs with each GRC growing to be 20 contestants, therefore more walkover. Anyway, who to stop them from manipulating the rule prior to election ? Whose know that your area which contest under a GRC previously might be group under another ‘irrelevant’ large GRC to increase the chance of winning. It is not that it never happen before.
Lucky Tan – Thanks for the insight on why the Malaysians being non scholars are smarter than our highly paid so called brightest of the brightest in MAS. Mr Tan K L is doing a great job. Let’s hope his fate will not be like the Chees.
I do not see how MAS could be describesd as ‘rational’.
If there is wrong-doing or mis-representation by the financial institutions, than the solution approach should be direct and the same for all.
Why is there a need to continue to protect these financial institutions by giving them the option to review each case on a ‘case-by-case’ manner? What’s worse is that the government sets out the criteria for these institutions on which cases ought to be ‘reviewed’, naming those investors that are illiterate and over 55.
So, those who are literate and below 55 have lesser chance of recovering at least a portion of their investments. How is it ‘rational’ for MAS to try and ‘help’ the illiterate over 55s while leaving those that do not fall into this category to fight their cases themselves? Fat hope!
The penalty ought to favour the investors not the financial institutions.
This isn’t an issue of who’s more at stake here.
It is an issue of regulation. If the financial institutions fail to provide adequate information to Singaporeans, then it is an issue of mis-presentation.
And regulation accounts to MAS as well.
Mr Tan Kin Lian vs Mr Goh Chok Tong
Mr Tan out to help the thousands who are in despair after realising that they may lose all their live savings. Mr Tan is a retired citizen and approached MAS for help.
Mr Goh tells those in despair not to hope too much. Mr Goh is a former PM and now SM and also Chairman of MAS.
I am quite sick to the bone each time there is a crisis and they govt would call for all singaporeans to stick together. If the event is something like the 2003 sars outbreak, it’s understandable.
Without looking any further than the situation in Singapore, the rest of us who were not tempted by greed (i am assuming that majority of the 10,000 investors were tempted by greed) are now being asked to “stick” together to “pull us through this crisis”. No offence to those who were duped by the banks and FIs.
My immediate response was: “Why should I?”. I have a government to do the job and to protect my interest at that. Sticking together to pull through any national crisis is something that we cannot escape from. What other choice do we have? We do not need for someone who is paid millions to tell us this.
My other question is, if everything was nice and well, would the 10,000 investers have shared their profits and gains with the rest of us?
The call to stick together is a call to bail these investors and the govt out.
With the world in recession, we can expect all kinds of measures that will make life difficult for us. It is THE time for the govt to bail all of us out. I do not think it is too much to dip into the national reserves to do so. The rest of us should not, must not, pay for the wrongdoings of the banks and FIs.
If we do, then the govt would do well to reward the rest of us when the storm clouds disappear . . . just for sticking it out FOR them.
not only the 10000 investers, but plus the Seranggon Residents, total up, Pap this time will lose more seats. Not worth voting for Pap because if got problems, they cant solve, just talk only, blame the world economy, look in perpective, that is life, what to do, it has happened, you ask me I ask who. MAS ( Mana Ada Syetem). I better vote people like Goh Meng Seng, Tan Kin Lian, Leong Sze Hian, Chia Ti Lik, any activists, wearing kangaroo shirts…
Mr Tan KL mentioned that he called Mr GCT personally .
I think they are good friends ?
maybe, maybe not?
26) Tew N S on October 19th, 2008 6.30 pm
————————————————————-
Are you naive or is it just me?
#26) Tew NS
I think you better think carefully of voting for the current batch of opposition.
I would start preparing my immigration and convert my sgd dollars into other currencies once that happens.
I’m sure I’m not alone in saying that. Many businessman will do the same.
Dear gemami,
I concurred with your views albeit it will not go well with those affected investors. There is a Chinese expression:”顺得哥来失嫂意”. There isn’t any best of both world resolution (not in SingLand, neither there is one in US, EU or in Hong Kong or elsewhere). Some people will be affected badly than others. Likewise, the innocents (those that did not, do not or have not) are equally affected (by inflationary pricing, failed businesses “I expect more companies will close down by the end of this year and worse is on its way come next year. Employment is either going to stagnate or take a dive south (this is what I think they are implying). It is going to take quite a while before things returned to its normal sane state (it’s like a 10 year cycle). I bet you will probably hear our government using this to the effect come election time. Nothing’s new anymore (how could there be from these young and unabashed ministers?).
May be they should use part of the reserves (say 50 billion?), payout to those needy (let’s say 2~2.5 million natives) to help them weather through these obscene price hike for the next 2~3years (while rebuilding the Singapore economy). This is not too much to ask of from the “disciplined and hard working people who built all this” as VB regurgitated what he heard from MM. If they deemed this is in principle violated their enshrined doctrine teaching to not allow Singapore to become a welfare state, they can always temporarily lift the ban on withdrawing our CPF money (let’s put a cap of 25,000 in any total withdrawal within a 3 year time frame). No one will be seen to be in favor as we are only making early withdrawals of our very hard earn money to make ends meet and to help spurs economy at the same time. At least this will not deviate from their policy of non-welfare. In adverse time, we need adverse resolution (not just those affected).
So I will make this plea to those ministers. Can do or not?
It is difficult to come across selfless and helpful people like Mr Tan these days.
The least the authorities could do is to offer a sympathetic ear and investigate instead of pushing the blame. MAS might have done a good job more than 90 per cent of the time but when the situation calls for it, be humble and gracious by taking up the responsibilities and challenges. Serve the people.
Oh behalf of one-third of AMK residents, I welcome the Serangoon Garden residents into the fold of AMK GRC in the next election.
The financial institutions including DBS will take the cue from the Govt. The people are really blessed to have TKL.
If he continues to selflessly stand up for citizens, let the people call upon TKL and vote him for future President.
33) Leowbee on October 19th, 2008 9.53 pm
If he continues to selflessly stand up for citizens, let the people call upon TKL and vote him for future President.
Why not? The citizens of singapore need such president whom priority is looking after its citizens well being and not going around every year asking for public donations when our self appointed ministers are drawing $$$millions from taxpayers pocket. Infact, the next presidential election should be done in a 1-man 1-vote system by each and every citizens of singapore where his office is supported by a common house of representatives consisting of various local citizens in their different field of professionalism, and not by the anyone who is already an MP in any party. The country belongs to the people. Everyone agree?
sm Goh spoke about helping Singaporeans overcome temporary economic hardship next year. I wonder what planet he’s living on. Since when was our economic hardship temporary? Since the permanent Gst increase, electricity tariff increase, ERP increase, influx of FTs of all grades, inflation and now erosion of financial confidence worldwide? And how did he perceive that hardship will only happen next year? Does he not come down occassionblly from his ivory tower to see what life’s like on the ground?
Well, maybe somehow I suspect he’s not to blame, and he anything, it is probably our fault and our complacency. Like WKS and Mas Selamat.
“Tthe king [leader] shall consider as good, not what pleases himself but what pleases his subjects [followers]” – Kautilya in Arthashastra
The greatest leader forgets himself and attends to the development of others. – Lao Tzu in The Tao Te Ching,
Great leaders support the bottom ten percent. – Lao Tzu in The Tao Te Ching,
They elders said, “If you will be a servant to this people, be considerate of their needs and respond with compassion, work things out with them, they’ll end up doing anything for you.” 2 Chronicle 10:7
But Jesus called them to [Him] and said to them, You know that those who are recognized as governing and are supposed to rule the nations, lord it over them [ruling with absolute power, holding them in subjection], and their great men exercise authority and dominion over them.
But this is not to be so among you; instead, whoever desires to be great among you must be your servant,
And whoever wishes to be most important and first in rank among you must be slave of all.
For even the Son of Man came not to have service rendered to Him, but to serve, and to give His life as a ransom for many. Mark 10:42-45
Practically all the comments are negative, sarcastic, unhelpful.
If this post and/or blog is meant to encourage Singaporeans to speak up in a meaningful manner, it’s not achieving its aim.
Reading the comments leaves one feeling more depressed than the subject matter of the post.
38) ltm on October 19th, 2008 10.39 pm
This FIASCO is a BLESSING in Disguise.
But its still a Depressing situation. You should not live in Denial young man.
Loosing your hard earned money when you are not rich is a very very Depressing fiasco.
I hope you learn to HANDLE the TRUTH. Can you?
Or you prefer GOOD NEWS only?
Oh, you want people to say, wow, what a wonderful thing that this fiasco happened? That its no big deal? That its all gonna be alright?
Young man, please wake up from your state of denial. Have you been psycho’ed?
So what do you expect? I know, GOOD NEWS only.
sigh….
35) logicalman on October 19th, 2008 10.16 pm
You left out the HIKE of the Main Stream Media Newspaper which COSTS $1 SING DOLLAR now. It was hiked from 80 cents to 90cents and then to $1.
Does the press need this money so badly?
I am asking only. I am clueless, Nice to Meet you!
40) ST newspaper also hiked but does anyone know beforehand? on October 19th, 2008 11.51 pm
Main Stream Media Newspaper which COSTS $1 SING DOLLAR now. It was hiked from 80 cents to 90cents and then to $1.
Does the press need this money so badly?
Maybe the sales dropped as many ppl stop reading them so they have to sell at $1 now to make the difference. Garment linked companies are not allowed to lose any monies, you know.
“Main Stream Media Newspaper which COSTS $1 SING DOLLAR now. It was hiked from 80 cents to 90cents and then to $1.”
If only they accept hade currency, I will buy it.
42) Daniel on October 20th, 2008 12.15 am
If each and evryone of us stop buying the paper then I think maybe it will go up to $1.50 soon and said to say they don’t have enough change to give back if hade currency can be use..lol
GCT said ““must see their losses in perspective” and be “realistic in their expectation of recovering their losses”..
We are not talking about stock market here, Mr. GCT (didn’t your secretary give you all the facts ?). We are talking about mis-selling and mispresentation, this is equivalent to fraud and is against the law and we are asking for justice. And why should victims get back less if the FIs have committed a crime ?? Wouldn’t this enourage more FIs to be reckless ? because if found guilty, they only need return a fraction of what they stole according to you.
So If you have not got your facts straighten out, please don’t make such comments. Instead of appeasing the investors, it has the total opposite effect.
40) ST newspaper also hiked…
Nice to meet you. The reason why I didn’t mention this is because most people here don’t buy that anymore. I personally stopped buying about 4 years ago. Only glean the critical headlines from Today & CNA online. Why? Because it’s seriously biased.
No. 38 ltm talked about the negatives views in the responses to this post. I would say there’s more facts presented here than the MSM which has skilfully packaged all bad news as good news. Ever noticed why respondents and interviewees to some new increases are always saying it’s ok while the strongest objections are often nothing more than a squeal? And why news articles are more homogeneous than articles in a lifestyle magazine? Because they are dressed to thrill. If we are looking for facts, I recommend CNN and other respectable sources. Some of our more important news do make their way there but presented as is.
Dear Itm,
You can read the Straits Times. Not as depressing. Quite uplifting actually. Big probem -> small problem -> no problem. It’s quite transparent.
38) ltm on October 19th, 2008 10.39 pm
not helpful you say?
“to each his own” is my reply to you.
these comments are probably the reasons why TKL is pursuing the course of action he is pursuing at the moment. it gives him the energy to spur him on.
unlike the position that this govt is taking – hear only the good stuff? It’s the reason for the non-action because they still do not comprehend the extent of the impact it has on these poor folks and the downstream impact it is going to have on the innocent bystander citizens.
44) logicalman on October 20th, 2008 7.30 am
I would say there’s more facts presented here than the MSM which has skilfully packaged all bad news as good news.
I fully agree.
let’s take an example every Singaporean knows about. i’m talking about the market ‘confrontation’ between GCT vs CSJ at the last ge.
when CSJ questioned GCT; “where is our money?”, GCT’s immediate reaction was to point to his pocket. did we get to see this? it provoked an overly passionate reaction from CSJ – and because of this passion, he got himself into trouble because the msm painted him they way the pap wanted him to be seen by all.
how one can even see this as positive really beats me.
Remember the Slim 10 fiasco? when hsa said that even though they put their logo on the product, it doesnt mean that it’s safe for consumption?
they’ll probably come up with some chickenbull reason here again. namely, even though it’s their (MAS) job, it’s not their responsibility. sure got another display of taichi and all that. and no mention of complacency no siree none whatsoever.
The crux of the issue lies in the fundamental conflict in interests in the dual roles of “sales executive” and “financial adviser” these relationship managers are expected to perform. MAS is probably well aware of this but for some reason has not seen the need to address this issue for the past many years.
How can we expect the relationship manager, who is probably under tremendous pressure to meet monthly sales targets, to at the same time, perform due diligence as an “adviser”, to genuinely act in the best interest of clients – by highlighting repeatedly and emphatically to customers to flaws and risks of the products? This is an impossible conflict of roles.
There should be a clear separation of roles and “vulnerable” investors should be required to seek mandatory advice from fee-based independant financial consultants (who do not receive commissions from institutions) – meaning that it is high time Singaporeans learn that you have to PAY for advice, like you pay a doctor or a lawyer. Nothing good (other than rubbish) comes for free.