The following is Mr Tan Kin Lian’s reply to the letter by Mr Chua Sheng Yang in the Straits Times forum page. Mr Tan has also sent his reply to the Straits Times.
18 November 2008
The Editor
Forum Page
Straits Times
I refer to the letter entitled “Questions on investment products rally” by Chua Sheng Yang (Straits Times, 18 Nov 2008).
I organize the fifth rally on 15 November for the purpose of updating the investors on the status of the three petitions that were sent to the Monetary Authority of Singapore. The text of my speech can be found in my blog, www.tankinlian.blogspot.com .
I did not organize the rally for the purpose of promoting The Online Citizen, as suggested by Mr. Chua.
I do wish to acknowledge the coverage given by The Online Citizen and other online blogs. They help to bring my messages to the investors who were not able to attend the events at Speaker’s Corner.
The first petition, signed by 983 investors and submitted on 9 October 2008, asked the Government to carry out an independent investigation to find out if there were any wrong doings by the financial institutions that created and marketed these credit linked securities and, if there were, to take appropriate action under the law. Specifically, the investigation should look at possible breaches under section 199 of the Securities and Futures Act and section 27 of the Financial Adviser’s Act.
Mr. Chua asked me to state if the people, who are neither elderly nor uneducated, should be entitled to their money back. In my view, all investors who have been misled into these securities through mis-representation and mis-selling (if proven by the findings) should be fairly compensated, regardless of their age and educational level.
I do not expect the Government to reimburse the investors for the financial loss. I only urge the Government to help the investors to get fair compensation for their loss from the financial institutions. I do not expect the compensation to be in full, as the investors have to bear some responsibility.
Several articles, written by journalists and university professors, have been printed in the newspapers explaining the high risk of these securities and how the investors could have been misled. I wonder why people like Mr. Chua choose to ignore them. I can only recall the saying, “None are so blind as those who will not see the truth”.
Mr. Chua made a personal attack on my character in the last three paragraphs of his letter. I am surprised that your newspaper found it fit to print these unsubstantiated remarks, as they are not relevant to the main issue. I shall not respond to them.
Tan Kin Lian
As published on Mr Tan’s blog here.
———-
‘Truth’ is like water. The more you try to conceal it, the worse the spillage…..
Now I understand why people call it the Shitty Times.
Good enough to hold shit but not good enough to hold truth.
Chua Lee Hoong, Chua Mui Hoong, Chua Shen Yang.
The first two are political correspondents at the ST. They were formerly ISD agents.
Not sure if the last Chua is former/current ISD, their brother (the first two Chuas are sisters), a ghost writer (aka gahmen-commissioned under a pseudonym)…
Maybe he is just a concern *offline* citizen, maybe.
Of course, maybe pigs will someday manage to fly. (damn, they already do. AIRPORK! hahahahahah)
46) sarek_home on November 20th, 2008 10.11 am
Thanks. They are back but i think for some part of wednesday, i couldn,t find the articles. Maybe it’s just me… Thanks anyway!
Hmm…it appears that this Mr Chua is a troll or attention seeker…
Back in March this year, he also created a maelstorm with his forum letter (”Demos at Speakers’ Corner? No, they could hurt S’pore”)
Does make one wonder whose payroll is he really on…
54) xtrocious
Anywhere we can have a read on this letter?
xtrocious,
Maybe Mr Chua is from PAP youth wing. Or trying to curry favour to land a gahmen scholarship.
Or maybe he’s really deluded, and sincerely believes what he writes. In any case, the Sh!t times would only be too happy to publish such views.
Even though he has grounds to do so, by not taking defamation action against the Straits Times and Chua Sheng Yang, Tan Kin Lian has shown class and character. It is so refreshing to see someone like this after all the “small minded” antics of the likes of LKY, LHL and their PAP elites.
I applaud you, Mr Tan and dare say that you have earned the respect and admiration of many Singaporeans.
http://www.zaobao.com/yl/yl081122_509.shtml
From above url, I realised that TKL was a PAP member according to ZAO BAO article. Just thought some may like to know. I know, this may not surprise many due to his previously-held position.
#15
As much as I like writing with a lot of imagery, I must say that that was a very vicious attack on The Straits Times. Like they say, victims of vicious attack become vicious themselves. You’ve unfortunately also let out some secrets, through your graphic story, that might elsewhere have been enforceable under a well-known security act. Do not ever point out again the fact that those who write for mainstream media, and those who write outside of it, hear things that they are not supposed to hear. I’m only telling you this for your own good, and mean no offence or harm in any way.
Many forex traders find themselves asking the age old question what’s the best forex strategy? To know the answer to that question, one must look at the history of trading. Not just forex trading, but trading, in general.
The moment that the first bell rang on the stock market floor, traders were coming up with strategies to beat the market. Obviously they didn’t have the technology that most of us have at our disposal. They didn’t have the thousand dollar charting platforms that so many traders are overpaying for, just for the privilege of using them, nowadays. So how do you think the successful traders of the past made their money?
Well, one way was through fundamental analysis. They were able to comprehend a company’s financial statements such as balance sheets, income statements, statement of cash flows, etc…. to know a bargain when they saw one. But these kind of people would be categorized as investors, not traders. Traders generally believed in technical analysis over fundamental analysis.
So how did traders of that generation made their money? Simple. They understood the concept of price action. Plenty of floor traders became rich just by paying attention to how the other floor traders were trading the respective stock.
How come a concept as simple as price action has been pushed back in favor of all the technological bells and whistles that most people use in their day to day trading?
People, today somehow feel that the best forex strategy has to be in these maze of indicators,colors, noises,and whatever else is en vogue nowadays. Its really quite sad that it has gotten to this point.
Traders used to pride themselves on how they were able to truly understand the market, but in the present time we live in, they are more worried about understanding what their indicators are telling them.
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