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LOWLY-EDUCATED retiree investors who put their savings in structured products linked to the collapsed Lehman Brothers have been singled out by the Government for special attention. The Monetary Authority of Singapore (MAS) wants banks and financial institutions to give this group top priority when investigating complaints of mis-selling. Singapore decides not to follow HK's buy-back approach THE Monetary Authority of Singapore (MAS) has decided against following Hong Kong's lead in requiring banks to buy back Lehman Brothers-linked Minibonds at market price from investors. ... more WHAT IS EXPECTED OF BANKS 'Where a customer has been mis-sold the product or where the product was clearly inappropriate to his circumstances, the financial institution should reach a fair settlement in full or in part. This has to be assessed on a case-by-case basis.' ... more It also added that banks should not take an 'overly legalistic' approach in dealing with such cases. And in situations where the product was mis-sold or was clearly inappropriate given the investor's profile and circumstances, MAS wants the financial institutions to take full responsibility. 'We expect them to do the right thing,' declared MAS managing director Heng Swee Keat at a press conference yesterday. Asked what he means by this, Mr Heng later told The Straits Times in an e-mail reply that 'the financial institution should reach a fair settlement in full or in part'. 'This has to be assessed on a case-by-case basis,' he added. Calling them 'vulnerable customers', Mr Heng said at the press conference that this group of retirees would be typically be above 55 years of age and have minimal education. They may also be blue-collar workers or unemployed. Some may not be proficient in English and may be unable to read the structured product's prospectus, where the risks and mechanics of the investment are spelt out. But he also added that not all investors fitting this profile would necessarily be inexperienced. 'We are focusing on cases of mis-selling to vulnerable customers and on cases where the products were clearly inappropriate for them given the circumstances,' said Mr Heng. According to MAS, about 10,000 retail investors had pumped over $500 million into structured products linked to the US investment bank Lehman Brothers. Lehman's bankruptcy last month has meant that investors holding products such as Lehman Minibonds, DBS High Notes 5 and Merrill Lynch Jubilee Series 3 Linkearner Notes could lose most of their money. On Wednesday, The Straits Times highlighted the plight of retiree investors who have stopped work and therefore have little hope of recouping their nest-eggs in their lifetime. Yesterday, MAS reiterated that it will come down hard on anyone who has been found to have mis-sold these products to them. Many retirees say they did not fully understand the products and claim to have been wrongly assured that they would not lose their principal sums. 'MAS confirms that we have been conducting formal inquiries into allegation of breaches of the law, inadequate internal controls by the financial institutions, or poor sales practices by their representatives,' said Mr Heng. 'We will make an announcement on any actions we are taking when our inquiries are completed.' MAS also said that a 'number of possible cases' have already been found by independent parties overseeing the complaints process at each of the financial institutions that had sold the Lehman-linked products. It added that it is following up on these cases, but gave no further details. In the meantime, it is urging those affected who have a genuine claim that they were mis-sold their investments, to lodge their complaints with the financial institution they dealt with. MAS said that it has asked the chief executive officers of these institutions to personally chair internal review panels to look into these complaints. In each case, MAS wants the panel to decide what to do within four weeks and communicate its decision to the customer. If investors are still not satisfied with the decision, they can take their case to the Financial Industry Disputes Resolution Centre (Fidrec). Mr Heng emphasised that the Fidrec mediation process is free of charge and if the case goes to arbitration, the cost to the customer is just $50. Fidrec normally deals with claims not exceeding $50,000. But in the case of structured products, the centre has agreed to hear all 'deserving cases'. Responding to the MAS' statements yesterday, DBS Bank said it is 'now reviewing all concerns raised on High Notes 5 in a prompt and comprehensive manner, and will not hesitate to take responsibility in instances where evidence of mis-selling is established'. The Straits Times understands that the bank has already given special attention to retirees. Hong Leong Finance, which distributed Lehman Minibonds, said it 'will focus special attention on those above 55 years old, less educated and first time investors in structured products'. Maybank said that it has to date, contacted 50 per cent of customers with complaints to schedule interviews. It told The Straits Times that it is also dealing with 'vulnerable customers' first. Investors and investor advocates applauded the MAS move, with Mr Leong Sze Hian, president of the Society of Financial Service Professionals, saying that it is 'obvious that this group needs more help'. But Aljunied GRC MP Cynthia Phua also added that while it is a 'good step forward', MAS still needs to address deficiencies at the bank level in selling these products.

Check out this: http://singaporeseen.stomp.com.sg/singapor...nt.jsp?id=38441 I think this stomper is too free and post this type of things Karma is around.....

hey guys, seem to see more ppl selling off their F1 tix with reasonably good seats. Would you buy? Technically, it's a worthless paper after the race if it cant be sold. so wondering if ppl actually bought it as a investment with the intention of letting go nearer to race date.

Quite concerned now. Have a total of 5 life policies with them in the family. Not to mentioned a couple under AIG. My sis just called to ask if she should join the queue. I hope MAS can come out soon to clarify and reassure the public their life funds are segregated and protected. Many wild rumours going around about AIG. How man? Please ah, Must clarify that I am not spreading remours ok. Just concerned nobody seems to have came forward with any reassurances whatsoever. I paid premiums to AIA for close to 20 years oredi.

Lately....seems like the COE bidding excitement is not as hot as before. Not many newbies come in to ask innocent Qs about COE and related matters. Where is Ahyoo....are you still as hopeful of a COE crash this wednesday like I am?

http://www.channelnewsasia.com/stories/sin.../363888/1/.html SINGAPORE: Transport Minister Raymond Lim has spoken against going for popular and quick fixes when seeking to address the concerns and anxieties of Singaporeans at times of economic stress, as these could worsen the underlying problems. Speaking at the Berita Harian Achiever of the Year Award event on Wednesday, he said the key is to find better ways to address these problems. He explained that helping those in need could be accomplished in ways other than to control prices and to keep out the competition. He said: "The government's approach is to provide targeted help to needy families to cope with these general cost pressures through measures such as Growth Dividends, GST Credits and Workfare Income Supplement. "Unlike wage and price controls, such measures do not lead to a fall in production and help raise the standard of living of low income workers without discouraging firms from hiring them." Mr Lim touched on the recent Parliament sitting, where he was asked whether the government could freeze Electronic Road Pricing (ERP) rates until the cost of living stabilised. However, he warned that if Singapore's roads are not priced correctly through the ERP, the overall costs to Singapore as a whole would go up and not down. These costs would be hidden in the form of time lost and extra fuel consumed being stuck in traffic. Mr Lim stressed that if Singapore froze the ERP rates, congestion on the roads would increase. This would not only affect individual motorists, who would spend more time in traffic, but all other road users like buses, taxis and commercial vehicles as well. Mr Lim is confident that Singapore will ride out the current economic difficulties. He said that is because the country has, through the years in good and bad times, steadfastly built a market economy that has the flexibility to absorb external shocks. - CNA/vm waaahahhahaa.......

Is it because when you lose something then u will treasure it? When you have someone, you may not have the feeling she is best, instead you think about the areas you dont like about her. After you lose her then you will miss her. If you think your first gf is always the best, when you lost your 3rd or 4th gf, you probably will not feel this way again. True?

Dear Bros I'll be driving up to Genting on 05.07.08 and would like to ask if any of you bros here will also be going to Genting/KL on this day? If yes, maybe can go together? Have previously driven in Malaysia before but using rented cars. My ride's virgin drive up in boleh land. Tentatively I'll be departing at 7am, most probably will reach Tuas 2nd link at about 8am. There'll be 3-4 people in my car, including myself. Please pm me or reply here if you're interested. If your dates are pretty near, let's see if we can work something out. June 7 to June 29 is definitely out. Euro 2008. Thanks for reading!

Do Singapore need more advance fighter planes?

Abstract from CNA, http://www.channelnewsasia.com/stories/afp.../357567/1/.html PARIS - France's army chief of staff resigned Tuesday two days after a soldier wounded 17 people by mistakenly firing live ammunition into the crowd during a display at an army base, the presidency said. President Nicolas Sarkozy promised severe punishment following the shooting, which happened as hundreds of parents and children watched a mock hostage rescue operation Sunday near the southwestern city of Carcassonne. "The president of the republic, head of the armed forces, has accepted the offer of resignation by General Bruno Cuche, chief of staff of the army," Sarkozy's office said in a statement, calling it a "powerful gesture". Fifteen bystanders including five children were wounded in the shooting as were two soldiers. A three-year-old boy was in serious but stable condition after taking bullets in the heart and in the arm. General Cuche had ordered an army command investigation into the incident, with a four-star general due to report back within a week. But Defence Minister Herve Morin contacted Cuche to say the shooting had revealed "serious shortfalls" in army safety procedures and asking him to adopt immediate sanctions against those responsible, the defence ministry said. Morin told RTL radio the general considered himself "first and foremost responsible, as the army chief of staff in charge of preparing and training forces." He said Cuche had "acknowledged his role of leader and his responsibility as leader," paying tribute to "a truly great soldier, a man who is aware of his responsibilities, and of the image of the army." Trained at France's elite Saint-Cyr military academy, the 60-year-old Cuche, who served as a commander of NATO-led peacekeepers in Kosovo in 1999, stands down after two years in the top post. The 28-year-old sergeant who fired the shots from his assault rifle was being held in custody and was expected to be charged Tuesday with causing unintentional injury. The sergeant, who was officially suspended from duty on Tuesday, has been described as an experienced soldier with no history of psychological problems. Prosecutors said he had been carrying a live magazine in his pocket, wrongly left there after a recent military operation, and had used it to reload his rifle instead of using blanks. After visiting the wounded children in hospital Monday, Sarkozy said the shooting was the result of "unacceptable negligence", promising a "rapid and severe response". Sarkozy's office said he was "closely following the various investigations" and that "he intends for the armed forces to draw full consequences in terms of organisation and operations." A witness, who asked not to be named, told AFP he saw seven or eight soldiers with guns taking part in the simulation, one of whom was posing as a terrorist in the middle of the spectators. "Suddenly, people were falling, we thought it was part of the exercise, and then we saw blood." - this is leading by example....

Looks like just an "honest" mistake by foot-soldier which led to accidental shooting of bystanders... but high-ranking head rolls to take responsibility. Hmm... a lesson here, somewhere? http://www.channelnewsasia.com/stories/afp.../357567/1/.html

http://www.straitstimes.com/Latest%2BNews/...ory_246672.html A WOMAN was spared from going to jail for running a brothel and for corruption - thanks to her nine-month old baby girl. Li Chunmei, 40, a Chinese national, was instead fined a total of $15,000 on four charges. . . The court heard that when police raided Mei Yuen on Dec 28, 2006, three women who had provided sexual services were arrested. The business also did not have a valid licence for a massage parlour. Li, who had registered the business under Low's name, collected $100 a day form each of the three women. - - - Anyone knows if foreigners who are convicted of crimes here get sent back home? $15K is nothing to this FT considering that her 'income' alone was a least $9K a month (3 chickens x 30 days x $100 a day).

1) Switch on fog lights but never on head light? 2) Change lane without signalling? Anyone here guilty of these? Please enlighten me.

I understand that many sales people always do their own personal things at office hours or maybe look for places to go to "kill" time. Can i just know what kind of products u sell if u have lots of free time? Also like to know for those who are always somehow busy 80% of the time, what products/services u are selling? I am just curious to know.

Are they really TP? You mean they cannot get booked? Or just believe so, or just simply childish. I can buy a whole bunch of such decals, so are they any good?

Do you guys feel like it's your car and no one should place their hands and leave their oily handprints all over the paint? My neighbour , I could tell, was obviously pissed off when his friend placed his hands on his car for support while talking... I saw this with my own eyes and I could tell from the expression. When his friend left, he was cussing. Haha Anyone of you guys feel this way ?

as in not even the basic servicing and atf change? although its not even mine but its a corolla G9, good car with good fc and everything totally random thats why im posting it here

http://www.straitstimes.com/Latest%2BNews/...ory_227920.html

Juz recvd a call from my cousin and she got a sales position offer from a Media coy. She is also doing sales and doing quite well now. There are a few catch to the offer, and I seriously dunno how to advise her. I know some bros here are in the industry and prolly can give some advices. I can't mention the actual company but it is one of the coy in this list. Can help to give some insights whether these coys are good to work in? 1. Mango Media 2. Clearchannel 3. JCDecaux If there are any P&C stuff, can also PM me... TIA...

2day went to c my MP,rgding sme parking offence. b4 c her,got sme assistant to c u 1st n take down yr case.Feel that they r doing a good community service,how 2 apply to become such assistant?anybody knows

Vulnerability to Quackery Stephen Barrett, M.D. Despite the advanced state of medical science, many people with health problems turn to dubious methods. Faced with the prospect of chronic suffering, deformity, or death, many individuals are tempted to try anything that offers relief or hope. The terminally ill, the elderly, and various cultural minorities are especially vulnerable to health frauds and quackery. Many intelligent and well-educated individuals resort to worthless methods procedures with the belief that anything is better than nothing. Victims of quackery usually have one or more of the following vulnerabilities: Lack of suspicion Many people believe that if something is printed or broadcast, it must be true or somehow its publication would not be allowed. People also tend to believe what others tell them about personal experience. Many people believe that any health-related claim in print or in a broadcast must be true, and many are attracted by promises of quick, painless, or drugless solutions to their problems. The mass media provide much false and misleading information in advertisements, news reports, feature articles, and books, and on radio and television programs. News reports are often sensationalized, stimulating false hopes and arousing widespread fears. Many radio and television producers who promote unsubstantiated health claims say they are providing entertainment and have no ethical duty to check the claims. Belief in magic Some people are easily taken in by the promise of an easy solution to their problem. Those who buy one fad diet book after another fall into this category. Overconfidence Despite P.T. Barnum's advice that one should "never try to beat a man at his own game," some strong-willed people believe they are better equipped than scientific researchers and other experts to tell whether a method works. Desperation Many people faced with a serious health problem that doctors cannot solve become desperate enough to try almost anything that arouses hope. Many victims of cancer, arthritis, multiple sclerosis, and AIDS are vulnerable in this way. Some squander their life's savings searching for a "cure." Many people suffer from chronic aches, pains, or other discomforts for which medicine cannot offer clear-cut diagnoses or effective treatment. The more persistent the condition, the more susceptible the sufferer may be to promises of a "cure." Many people in this category fall into the hands of doctors who make fad diagnoses such as hypoglycemia, "candidiasis hypersensitivity," or "multiple chemical sensitivity." Fears of social unacceptability or growing old (wrinkles, loss of hair and sensory acuity, decreased sexual potency, and incontinence) can also lead people astray. Alienation Some people feel deeply antagonistic toward scientific medicine but are attracted to methods represented as "natural" or otherwise unconventional. They may also harbor extreme distrust of the medical profession, the food industry, drug companies, and government agencies. http://www.quackwatch.com/01QuackeryRelate...s/quackvul.html

cannot stand the reports feature in all major newspapers...wah lau those MPs not shameful meh...acting like they fight for singaporeans like a crusader...helping singaporeans to voice out our concerns and then in the end like a dog say yes to their master...*pui* shedding fake crocodile tears...in the end money money come come to their pocket...i dun recall there is a report stating the PM "supposed" donating his salary hike to the charity as he declared last year...where is the transparency....look at the comments and expression of the MPs when they recieve a pay hike last year...none of them stand out and say that they dun deserve the pay hike and it is their responsibility to serve the public since they choose this path...all keep quiet and laughing all the way to banks...

That is to say, instead of the car ownership belonging to A, I add mine in as well, so that the car ownership belongs to A & B?

Punch people max fine $1k. Feed monkey max fine $50k??? http://www.straitstimes.com/print/Latest%2...ory_199271.html Jan 23, 2008 Cabby fined for punching another A CABBY who punched a motorist over a driving incident was given the maximum fine of $1,000 on Wednesday. See Kian Wah, 67, pleaded guilty to punching Mr See Leng Beng, 57, twice on his face along Joo Chiat Road on Sept 21 last year. Mr See was driving along Joo Chiat Road that evening when he approached See at the junction over a driving incident. See then punched the victim and then left. http://www.straitstimes.com/Latest%2BNews/...ory_199269.html Jan 23, 2008 Cook fined $4,000 for feeding monkeys This is the stiffest fine ever handed out by a court By Elena Chong A MAN has been fined $4,000 for feeding monkeys in a Mandai nature reserve, the steepest fine ever handed out for the offence. Panneerselvam Arunasalam, a cook, admitted in court on Tuesday to feeding the animals bread in the Central Catchment Nature Reserve, on Aug 5, 2007. A park ranger spotted the 46-year-old feeding the monkeys in the Mandai sanctuary, near Old Upper Thomson Road. There are signboards warning against the feeding of moneys at the nature reserve. Pressing for a stiff sentence on Tuesday, National Parks Board prosecutor M. Maniam told the court that feeding of moneys in nature reserve endangered the safety of humans and animals. 'It alters the monkeys' natural behaviour adversely as it makes them reliant on humans for food instead of foraging for food on their own in the forest,' he said. Relying on humans for food 'domesticates' them. They also tend to behave more boldly and aggressively towards humans, especially children, he added. Also, it increases the monkey population, brings them closer to roads in search of food and increases the risk of collisions with motor vehicles. Mr Maniam said NParks takes a serious view of such feeding at nature reserves. Although steps have been taken to advise visitors not to feed them, visitors and members of the public continue to do so. There have also been recent media reports highlighting the danger and discouraging members of the public from feeding these animals. Mr Maniam on Tuesday said feeding of monkeys is becoming more prevalent. In 2006 there were 142 cases and last year, 14 more. Eighteen people have been convicted over the two year period. Mr Maniam sought a $5,000 fine for Pannelselvasm to send a clear and strong message that such acts should not be allowed or condoned. Pannerselvam could have been fined up to $50,000 or jailed for up to six months or both.

any of the people here joined in the queue? Actually, i would like know the reason for such a phenomenom. $350k to $750k (3 to 5rm flat) With a cap of combine income $8k per month, is it really enough to pay for a HDB flat that cost that much? I can easily get a condo at that kind of price. Anyone know what's the reason for this phenomenom?