Lukewarm response to Tan Kin Lian’s latest petition
August 4th, 2009 | 
Author: From our Correspondent
The response to Tan Kin Lian’s latest online petition to the Prime Minister to request the financial institutions to make an adequate offer of compensation to the minibond investors has been lukewarm so far.
Started two weeks ago, it has garnered only 674 signatures in stark contrast to earlier petitions last year which drew more than 1,000 signatures within a week.
Mr Tan has constantly called on MAS to intervene on the behalf of the investors to compel the FIs to compensate investors who were misled into buying the “minibonds” which are actually complex credit-linked derivatives.
On 7 July 2009, the Monetary Authority of Singapore released its report on the “Investigation into the Sale and Marketing of Structured Products linked to Lehman Brothers”. MAS investigated 10 financial institutions and 10 licensed financial advisory firms that distributed these products.
The report stated that MAS had identified various forms of non-compliance by the distributors with MAS’ Notices and Guidelines on the marketing and sale of investment products. The nature and extent of the non-compliance and their potential impact on the sales processes and clients differed for each distributor.
MAS decided to impose a ban on the 10 financial institutions from selling credit linked notes for a period of 6 to 24 months, depending on the extent of their non-compliance.
The government’s approach towards handling the minibond fiasco differs greatly from Hong Kong’s, where the government has pressurized the banks to compensate the investors and even set up a legal aid fund to assist them.
The low response rate has led Mr Tan to issue another appeal to the investors to sign the petition.
In his latest blog post, Mr Tan wrote:
“The signing of the online petition has slowed down during the past weeks. An average of 10 people sign each day.
With the recent decision by Great Eastern Life to buy back their structured products, there is some hope of getting the banks and financial institutions to adopt the same settlement given in Hong Kong.
I urge all investors to put in a renewed effort to get more people to sign the petition and reach the target of 1,000 signatures.”
Previous petitions to MAS, its Chairman Goh Chok Tong and the Prime Minister had received no replies. It appears that some investors are sceptical about the usefulness of such petitions.
Mr Tan is scheduled to organize a “gathering” for minibond investors to sign the petition forms on 22 August 2009 at Hong Lim Park. With the newly installed CCTVs by the police at the site, he will probably attract a far lesser crowd than those who signed the petition online.
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38 Responses to “Lukewarm response to Tan Kin Lian’s latest petition”
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there is no opposition to pressure them to compensate. aren’t they all different faces of the same buddha? why are the regulators so reluctant to follow HK? the answers are not difficult to find out. we deserve it.
The number of hurt victims is small. Some of them are probably convinced the legal route is the only viable option. The rest of society is probably indifferent – they are NOT the victim, why get involved and risks being seen as “politically incorrect” rather than civic-mindedness.
The other factor is GE paid its customers, there is some pressure within the banking industry to do the right thing or face the risks of acriminious lawsuit splashed all over MSM or in cyberspace.
On the question of petition, they have to ask “petition to which DIVINE to get an outcome when DIVINE FOR SMALLER ISSUE maybe more compelling post-Olympic anguish HAVE FELL ON DEAF EARS AND BLIND EYES?
These investors are pathetic losers
Petitioner signers and other investors should be asking their friends, relation with accounts in the various FIs to email, write to FIs sying they re disgusted with behaviour of FI in not compensating their friend, relation.
Imagine if an FI gets 10,000 such massives? They will know that 10,000 customers not happy.
At present as far as 10 FIs are concerned there are only abt 3,000 unhappy people. And only 600+ sign a petition. Peanuts.
The sheep in Animal Farm deserved to be bullied. Likewise these investors.
Singaporeans are a passive lot.
I think we should beat them at their game.
Just use the opt-out system and you have it.
Basic Mathematics.
Hi All,
Just want to say that other than being simply bo chap, Singaporeans are utterly lacking in creativity too!
We should be seeing more creative people in society, not counting those serial entrepreneurs and hard-core businessmen. I really want to see interesting acts again, like the white elephants of Buangkok which eventually forced train operations to commence there. Totally non-violent but immensely provocatvie!
Look at what an American has done to make a big organisation like United Airlines respond automatically to his request after the video he produced became a hit on Youtube. If you miss it, see below:
http://www.youtube.com/watch?v=5YGc4zOqozo
Maybe the minibond holders would like to do something similar?
I wonder why Tan Kin Lian would still want to flog a dead horse. The banks are not going to pay back anything more than said earlier. The people are not into this anymore, Tan Kin Lian. Don’t you get it?
Please do something else to get attention.
fish `n’ chips – if only Sporeans are not like rats following the Pied Piper’s tune to their death! The herd mentality can clearly be seen in the property showrooms – once they go in, they are mesmerised by the beautiful showrooms. they forget their sums, and with the crowd feeding on the frenzied euphoria – the property agents egging them on not to miss out in case prices go higher,they hand over blank cheques in a trance – the rats are trapped and when awoken into sobriety – the $5k monthly mortgage should jolt them for the next 30 years. they think cpf can be used forever to pay the monthly loan shark mortgage which will rise once these rats are truly trapped by the banks.
why even bothers about this group of people who lost their money as long as the majority like us is doing fine. Let’s not rock the boat n sail on. Leave the weak behind. There is no rom for them.
@ moneymind on Tue, 4th Aug 2009 10:54 pm…Greeting…Be careful…There is an African wisdom saying….he who laughs at his neighbour’s camel fell into a pit might soon find his son drowned in a deep well.” And needless to say, no one in the village will help him drown his sorrows by burying the corpse of his departed son.
To fairplay,
If Africain has wisdom, they will not be in such a mess today. Forget their kiddy tale. Let me share with you 5000 years of chinese wisdom.
In tough situations, it is ok to Sacrifice a few people for the good of the majority. Just look at China today.
A Flock of Seagulls
He only know petitions. Petitions to PAP and himself.
And wonder if TKL verifying if petitioner signers are investors? So there could be less than 600 unhappy investors.
Yes Mr President to be.
Good $$$$$$$$$$$.
Right?
@ moneymind:
Let me also share with you 5001 years of Chinese wisdom:
In ANY situation, it is perfectly ok, indeed noble, to sacrifice as many people as necessary for the good of the majority – so long as my family and I are not included.
Just look at Singapore today.
TKL has the knowledge and is to be respected for his knowledge. However, i cannot but feel he is a hypocrite. When he had the chance and power to make a difference ( as NTUC CEO ), he did nothing but seek to profit himself then. When he retired, he began to criticize his former colleagues. Akin to Dr M in some ways…
@moneymind
Our poor is still better off then the poor in India, Vietnam, Indonesia, etc. We are not that bad after all. It’s just that it got tougher only recently.
Progress comes with sacrifice, let’s move on. Keep sailing…
Another old saying
“God helps those who help themselves”
Here those 600+ people are relying on the efforts of a non-investor. If he had not started the petition, would anyone of them have started it?
And it will be interesting to see if anyone else speaks on 22 Aug.
If no-one else speks, will he speak? He has said he will not be lone speaker. Will he change his mind?
@ moneymind…Greetings….5000 years of history? You are Singaporean or Mainland Chinese? If you are the latter, perhaps you might have to reflect some who thinks the GREAT WALL OF CHINA is a monumental exhibit of barbaric relic of historic proportion. You might also wonder why so many Chinese PRC exports of working girls all over the world including in parts of Africa and your world famous Geylang district as well.
@ moneymind…Greetings….5000 years of history? You are Singaporean or Mainland Chinese? If you are the latter, perhaps you might have to reflect some who thinks the GREAT WALL OF CHINA is a monumental exhibit of barbaric relic of historic proportion. You might also wonder why so many Chinese PRC exports of working girls all over the world including in parts of Africa and your world famous Geylang district as well.
ilovesingapore
Re yr comments
How true.
And worse, if anyone points this out on TOC, he says these are personal attacks, which they are not. They are facts.
And he gets TOC to close thread. And ToC does.
And by getting people to petition him to stand for some office, isn’t he behaving like he is Deity that needs to be pleaded to?
Glad that less than 1500 signed the petition to him.
Mr Tan’s petition has asked for information such as NRIC, Address and Telephone numbers to be supplied in the petition.
We know this info. are necessary for varification purposes.
A resident in Serangoon North HUDC estate starts a petition to remove the current pro-tem committee on privatisation of the estate due to their inaction.
All he gets was only 3 signatures including his own. The reason for not signing by some residents? Petition was asking for NRIC, Address and Contact number to be provided. The believe was that such info. could compromised their privacy.
Personal detail asked for was eventually reduced to just stating their name. It still did not draw any signatory even though there were 154 residents who voted Yes for privatisation.
The only conclusion I can arrive from both these situations is that, we a bunch of pathetic and apathetic lot. We just sit back and wait for the next person to do all the work and take the risk that may come with the action.
If this is the attitude Singaporean are going to adopt, it is a sign that this nation is going downhill.
Much as I hate to say it, but most of the 10k investors deserve to lose their money as they could be bothered/too selfish/scared/free-loading/spineless to put in the resources and effort to fight for their legal rights.
Rather than ALL of the affected cough up a few hundreds to a low thousand dollars for a CLASS action, most just want others to pay the costs and wait for the outcome, hopefully favourable and they just FREE LOAD on others’ efforts.
Signing petition, IMHO, is a waste of time.
The Hongkies stage protests by the thousands and during one year almost 1/2 million joined pro-democracy march.
@fairplayplease
Where will China be today if there were no Tiananmen incident? Sometimes u need painful sacrifice to move ahead. Losers of all these toxic products just merely paid a heavy school fees. Hey, their lost is another’s gain. At least the majority of the population will think twice now before parting with there. By the way, prostituition happens everywhere n is one of the oldest profession.
I did my NS years back…
Some may feels that signing petition is a waste of time. Tell me, what other alternative avenue do we have? What TKL is doing is to try to keep the momentum going for those who are affected by these structured products debacle and fail so far to get any compensation.
We know that petitions submitted so far to the relevant authorities have not bear any fruit. Do we just give up then? This is precisely what they would like to see happened.
moneymind @ Tue, 4th Aug 2009 10:54 pm
“why even bothers about this group of people who lost their money as long as the majority like us is doing fine.”
I sincerly hope you become the them you are reffering to. You are a selfish lot overcomed by greed. One day it’ll be you turn. Just wait and see.
Born Losers saud: Rather than ALL of the affected cough up a few hundreds to a low thousand dollars for a CLASS action, most just want others to pay the costs and wait for the outcome, hopefully favourable and they just FREE LOAD on others’ efforts.
I cannot but agree with you on the mentality of Sinkaporeans and such mentality does not apply to just this issue alone. Like you said, all are for piggyback and convenience when it comes to action.
Talk cock and sing song they can, but when it comes to real action, all blow hot air only. Reason?
Lazy, Piggyback Mentality and Afraid syms it all up.
But then on a fair note, 1000 signature petition or 10,000 signatures won’t achieve anything in the little red dot. The gahment simply cannot be bothered because its very easy to send 10,000 shitizens to prison and there are ample space.
Think 100,000 or more and then *maybe* the gahment might take things more seriously. Look at the food poisoning issue at Geylang, Temasek, Minister’s pay, I believe more than 1000 have spoken up and against, but then what happen? NOTHING !!!
If Sinkaporeans expect changes, they must initiate it from within the gahment, vote the opposition into parliment and let them speak up for you, thats the ONLY WAY!
2 famiLEE approved Opposition in Parliment now is too little, thiank 10 or maybe 20 if possible and the people of Sinkapore would have been adequately represented.
Although the famiLEE will remain in power, The voices of 10 or 20 Opposition MPs speaking up in parliment can no longer be ignored.
moneymind said: In tough situations, it is ok to Sacrifice a few people for the good of the majority. Just look at China today.
Hey, know what? I agree with you absolutely! Lets start with your parents, wife and kids 1st!
@moneymind on Wed, 5th Aug 2009 1:26 pm…Greetings…If you did your NS years ago…you must by definition a Singaporean, what is 5000 years of PRC’s history relevant to this place? Just 500 years ago, this place might have only naked apes climbing trees which would not know about anything pertaining to money.
In proverbial terms, you are cutting up a PRC’s arse-hole to patch you the uneven pimples on your face. Is this not true of your hippocrisy in fair comment??
@moneymind on Wed, 5th Aug 2009 1:26 pm …Greetings…Most offensive posts here are done by caterpillars or caterpillar-like mentality. YOU DONT FALL INTO THIS DISTINGUISHED CATEGORY.
What is incomprehensible to me is why are you joyous of seeing other fell into misery of financial losses – whatever the cause or causes of that. Now if the same mindset translate to the rest of this community, can you imagine your deja vu sense of celebration when this happens..
You driving your the pan-island express to your sister’s wedding with your wife and kid and what misfortune could be so perfect, you crash your car in a horrific accident in which your wife died and you and all your children, alive but paralyzed. Are we all to stand around, applause and celebrate that the expressway will now be less crowded as Singaporean drivers will have to put up with one less impatient and reckless driver on its road???
Are the farmers in Choa Chu Kang to celebrate and collect the remains of the ashes of your wife because people who met with such horrific accidents usually has different quality of DNA – they made top grade fertilisers if you ask your doctors???
@fairplayplease
Aiyah, why get so personal n start cursing? No where in my mail i did tat leh. In this world, there are sure to be winner n loser. Market today drop, sure got people lose n make money. No such such thing as fairplay lah. The day u crawl out of the black hole, half your destiny has already been determine whether u like it a not.
Lucky field day for me today in the market. What about u?
moneymind on Wed, 5th Aug 2009 4:45 pm…Greeting… I am QUESTIONING YOUR LOGIC (or rather your illogic to me) AND MINDSET if you were the one who got struck down my misfortune. It is NOT getting personal, just EMPATHY of the situation and the humour you might find yourself in if you hold that kind of “uncharitable” values of laughing at the misery of others.
Good to hear you made good money in the market today.
My interest at this moment is elsewhere – an opportunity, to my best of knowledge and belief, is only available in China, Canada and Australia. It has something to do with Barrack OBAMA’s ‘green” energy agenda. I know of one other Singaporean is chasing the same dream.
Fairplayplease
You bought which note?
@Chill out pls on Wed, 5th Aug 2009 5:34 pm …Greetings…I did NOT buy any of those minibond investment.
My current interest, at this juncture, is an opportunity OUTSIDE Singapore, so you can safely assume that I wrote on this thread was in SYMPATHY and EMPATHY of those who has fallen on misfortune in these hard times.
Hope you did NOT get caught and if you do, hope you can find a satisfactory outcome out of this situation.
Regards
Pls don’t get me wrong.
I applaud Tan Kin Lian’s efforts but as he himself has said, MAS no hue & doubtfully, PM would also be bothered because the gahmen knows that those who lost $ on the Lehman linked notes are not people of influence, unlike the influential Christians.
Glad XisD agrees with me…….
At the extent things are going – with the billions of our reserves lost & Singapore losing out on competitiveness – “Sinkaporeans” as used by XisD would probably become Sinkapooreans” LOL
By the way Fairplayplease, I appreciate your usual well informed and argued posts. Regards.
@Born Losers….Greetings…..NO DISRESPECT TO YOU, perhaps you could change your moniker to Born Winners.
Glad to hear you appreciate my posts in this forum. I usually attempt to disagree vigorously and hopefully with compelling evidences where appropriate. I welcome strong compelling argument too but NOT exeptionally GENTLE in dealing with those engaged in name-calling, label attaching, letting a cat among pigeons without a serious argument or plainly abusive just to disrupt a serious debate.
I might also add that I DO ENJOY much the contributions of all other writers here including yours.
Regards
The sad thing is that even if petition gets 1000 signtures, the government can say, “Only 1000 out of 10,000 investors” are unhappy enough to sign petition. Time for them to move on like the 9,000 other investors”.
And worse,if not all the signatories turn out to investors, govmin can say, “Petition is not genuine. Lots of non-investors. Police will investigate.”
Better for the petitioners to ask their friends, relatives and public to write to FI where they got account to say,”I not happy at the way you treat customers who bot XXXXX.
‘If you don’t do anything to remedy situation, I will lose my trust in you and you will suffer the consequences of the loss of my goodwill. If it happened to them, it could happen to me.”
1000 investors generating 100 sympathisers each can generate 100,000 people. 10,000 per FI. This is big number even for DBS and HLF. Humongous number for Stock broker.
But maybe investors behind petition organiser know non-investors will not support them.
What about the other of at least 2 people who have taken the path of legal action? Admin, aren’t you monitoring the situation? As your aim is to report objectively, aren’t you going to provide updates? I haven’t heard about it for a long time.
Thanks to you Mr TKL for being the only voice representing the loyal customer that got cheated by the Banks though misleading selling method. I will never forget Great Eastern for their honest action and will preach to all my grand childrens of one honest Company like GE. We aere small investors that do not bite but if we all pull together to spread the news of many dihonest banks ”D.B.S which is the worse lots..sad that their CEO got to paid with his life as a retribution for their dishonest acts…BEWARE OF THEIR SWEET SELLING METHOD..FIRST THEY LURE YOU INTO THEIR TREASURES PRIORITY DEN AND EAT EAT YOU BITS BY BITS TILL YOUR SAVING ARE GONE.
Very prescient article.
Guess this petition will go the way of his petition to be MP or president.
Visited that petition site few minutes ago — Reads
“As at 15 May 2009, 1,249 people have already signed our petition.
Our target is to get 100,000 signatures.”