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  1. .... into bankruptcy and could have survived In an appearance marking his return to the public eye, Richard Fuld Jr. insisted he doesn’t want to play “woulda, coulda, shoulda” about the collapse of Lehman Brothers Holdings Inc. But the former chief executive, speaking Thursday to a crowd of more than 1,500 people at the Grand Hyatt hotel in Midtown Manhattan, was unrepentant about his late firm’s culture and its role in the financial crisis, largely placing the blame instead on misguided government and central-bank policy and irresponsible borrowers. At times jocular and reflective, the 69-year-old also flashed his combative side. When asked why he didn’t simply ride off into the sunset after Lehman’s collapse, Mr. Fuld responded, “Why don’t you just bite me?” He quickly followed up by saying he couldn’t give up and felt he had “no choice” but to start his new firm, Matrix Advisors LLC. As the keynote lunch speaker at the 2015 Marcum MicroCap Conference in New York, Mr. Fuld spoke before a sympathetic crowd. His remarks, keenly awaited on Wall Street, were broadcast live for several minutes on CNBC. Mr. Fuld, who joined Lehman Brothers after college and spent 38 years there, has kept a low profile since the firm’s bankruptcy in 2008. In speaking of his return to the public eye, he joked that he doesn’t count his “wonderful time with Congress” as a public appearance and called the conference catering to small and midsize businesses the right venue for re-entering public life. Mr. Fuld’s comments about Lehman were broadly consistent with his testimony before Congress in October of 2008, when he was dubbed a “villain” by one U.S. representative and another said, “You don’t acknowledge that you did anything wrong, and that is troubling to me.” Mr. Fuld on Thursday reiterated that he had “no regrets.” He outlined what he called the “perfect storm” of events that led to the financial crisis, saying “it all started with the government” and policies that subsidized cheap loans for people to buy homes in order to help them chase the American dream. The ex-bank executive later added lax regulators, homeowners who used equity on their houses “as ATM accounts” and the explosive growth of hedge funds as other contributors to the economic meltdown. Mr. Fuld said he is comfortable he did everything possible to save the 158-year-old firm, which employed 25,000 people when it collapsed. Speaking less than 12 blocks from Lehman’s former headquarters, Mr. Fuld argued the firm was “mandated into bankruptcy” and could have survived the credit crunch that swept the country in late 2008. He defended the bank’s capital structure at the time and listed several metrics as evidence, such as its Tier 1 capital ratio of 11%, which is well above the level currently required for big banks. He said more information would come out that showing Lehman was “not a bankrupt company in 2008.” It wasn’t clear what Mr. Fuld was referring to, and he didn’t take questions after the event. In a scathing report in 2010, bankruptcy-court examiner Anton Valukas concluded that Lehman officials chose to “disregard or overrule the firm’s risk controls on a regular basis,” even as the credit and real-estate markets were showing signs of strain. Mr. Valukas declined to comment on Mr. Fuld’s remarks. Mr. Fuld’s supporters said it was important for him to defend his old firm and his own conduct. “It does really irk him a great deal” to be called a villain, said William Uchimoto, a securities lawyer who has traveled twice to China with Mr. Fuld on business trips. Mr. Uchimoto called Mr. Fuld “a victim of circumstance” who still has a lot of energy for his business ventures. “He doesn’t need redemption. He looks in the mirror every day … and sees someone that did an honest effort to try to do the right things, and he will still continue to do the right things,” Mr. Uchimoto said. Former U.S. Rep. Barney Frank, a frequent critic of Wall Street and co-author of the 2010 Dodd-Frank financial-reform law, said Mr. Fuld’s logic didn’t add up. “Yes there was a failure in regulation,” said Mr. Frank, who retired in 2013. But he added, “I can’t think of any law that applied to Lehman that made them buy” bad loans. On several occasions Thursday, Mr. Fuld nodded to his unpopular standing among many Americans. At one point, he noted that his 96-year-old mother still loved him and another time said it is “time for me to raise my ugly head” David Karlin, a managing director at Mr. Fuld’s new firm, Matrix, said the company has 11 full-time employees and about a dozen active clients in an “eclectic” range of industries. The companies it advises typically are valued at less than $250 million, he said. Mr. Fuld started his remarks with a brief discussion of what he described as Lehman’s client-first culture and its compensation practices, which he said fostered a sense of teamwork. “Regardless of what you heard about Lehman’s risk management, I had 27,000 risk managers, because they all owned a piece of the firm,” he said. The bank’s employees collectively held more than 30% of Lehman’s stock, he said. Mr. Fuld ended his talk on a reflective note, encouraging members of the audience to “balance between life and death all the time,” “create your own luck,” and “be able to open your heart, love and be loved.” He counseled the audience to, like him, live life with no regrets but admitted that “not a day goes by” where he doesn’t think about Lehman Brothers.
  2. Let's see what Tharman and co does for Singaporeans. If DBS HK pays the Hongkongers back, will DBS SG do the same? One can argue that they are separate corporate entities under different country governance. HK banks to repay Lehman minibond investors HONG KONG: Hong Kong banks that sold minibonds linked to now-bankrupt Lehman Brothers have agreed to repay tens of thousands of investors up to 96.5 per cent of their investment, regulators said Sunday. The 16 banks will buy back a large chunk of the financial products at the centre of a major scandal in Hong Kong, after they were sold to more than 40,000 investors before their value tanked when the US bank went bankrupt in 2008. Investors ploughed a total of HK$15.7 billion ($2 billion) of their savings into minibonds and other complex products backed by Lehman Brothers. Welcoming the deal the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority said the agreement "will provide substantial recoveries for all customers" holding the products. "This outcome would have been seen as impossible in the months following the collapse of Lehman and demonstrates the value of good regulators responding efficiently and robustly when things go wrong," SFC chief executive Martin Wheatley said in a statement. The HKMA said investors would recover 85 to 96.5 per cent of their initial investment, up from 60 to 70 per cent in an earlier agreement. The deal must first be approved by at least 75 per cent of noteholders at meetings expected to be held in May, receivers PricewaterhouseCoopers said in a statement on its website. The move should draw a line under a saga over compensation for the thousands of investors -- many of them retirees -- who bought the minibonds on the understanding their money was safe. Investors accused the banks of misselling the complex products, sparking a protracted tussle between customers, regulators and the banks over the minibonds buyback. The 16 banks include Bank of China (Hong Kong), Bank of Communications Co. (Hong Kong) and the Bank of East Asia. A spokesman for Hong Kong's government said: "The government is pleased with the high rate of recovery in the value of the Minibond collateral." Former Wall Street behemoth Lehman Brothers collapsed in September 2008 under mountains of debt, leaving investors reeling and sending shockwave across the global financial system. -AFP/wk
  3. I am totally confused by this Lehman Brothers Saga here goes many Lehman brothers invetors claim blur, got tricked but in reality everything is written in black and white before you sign on the dotted line some investors, yes those who dont understand written English but some of this group of investors are hardcore investors i understand from brokers that during the span of the Lehman Brothers investment note, some years these same investors gotten more than 10% dividend each year yet they want their 100% capital investment back something i dont understand now is if this is the case, can we go to MAS and try to our money back from all those failed investment tell me I wrong please this financial world is really screwed up, people are just so greedy
  4. http://www.bloomberg.com/apps/news?pid=206...id=aR3lzq5eF7Ss
  5. anyone here or anyone you know is part of the 58% and yet still remain unsatisfied and greedy for more compensation??? how abt those 42% who do not get any compensation, do you LL, suck thumb (honest mistake, life goes on) or you still insist you should get compensation despite knowing the definition of "investment"???
  6. http://www.channelnewsasia.com/stories/sin.../390407/1/.html 12m is 0.06%!!! looks like our town council is damn rich with our money and yet only few FT cleaning the common areas. with that kind of funds in their kitty bank at least 1 FT per block liao lor!! now, 12M of our money gone!!! looks like our conservancy fee is going up to cover the loss they made with our money!!
  7. not sure whether anyone has read or watch his comments on the lehman bonds issue but I do agreed with him on some of his views in regards to this case. the banks here is compensating based on "out of goodwill" basis. This is not an entitlement or priviledge to the investors at all. These ppl KPKB saying their lifelong savings all gone, blame the banks for not telling the truth or explain to them the risks involved etc etc...seriously how many of us know the terms if you are not a investment banker or from the FSI...did not do proper homework or ask around, greed on those free gifts like vouchers, umbrellas, slow cooker etc etc, all these cost how much only as compare to lifelong savings gone...silly foolish ppl...i dun see the banks has the responsibility to compensate those ppl at all....
  8. I always thought the if you can buy funds with CPF funds, then the MAS or CPF board would have vetted the investment vehicle HOW come now MAS has nothing to say now and play such low key the more i read about the minibond saga, the more are more dissappointed by the hands off approach by the government I am wrong to think this way http://tankinlian.blogspot.com/ Dear Mr. Tan, I refer to the plight of a small group of investors who uses their CPF funds, namely the SRS retirement fund, to purchase Lehman Brothers minibonds. I am sure many of these investors were literate in stocks but not sophisticated enough to understand the instruments used in a complex structure like minibonds especially back in early 2006. In those days when subprime and CDO problems have not surfaced, only Lehman Brothers and maybe the distributors knew how good a product Minibonds are. And i know several of these investors keeping the sadness and hatred to themselves. Maybe they were literate and they believed in the brochure and had not read further. Some i heard are government servants and they dont want to voice their feelings. I wonder why citizens in First World countries should hide their feelings. Back in the early launch of the minibonds I and II, retirement funds were allowed to be invested. Shortly thereafter all later series of minibonds were not allowed to be invested with retirement funds. Most of these investors receive mailers (like that attached) from the distributors in their letter box. Some of them receive it month after month . Looking at the brochure itself you can tell the strong powerful entities are in bold. The small prints if there is, will refer you to refer somewhere else (you got to get) from the distributors where they will elaborate on the "junk" CDO. The brochure also shows the investor sitting safely on the shoulder of a strong gaint. Isnt all these misleading. One investor told me, after looking at the quality of the reference entities of the brochure and since he has not invested in bonds before(when most of his investments are in risker stocks), he decided to use his long term old age retirement funds (SRS) to buy some safe bonds. Yes altho he did this all on his own accord but knowing SRS is allowed for minibonds , he was more confident of the product and immediately sign up to purchase the bonds. His intention and objective of using retirement funds are definitely safe and security and long term. This is definetely not appropriate to allow retirement SRS funds to be invested in something unsafe that can have $0 value. Something totally not right to call quality bonds when they are not bonds at all . A brochure that shows you sitting on the shoulder of a safe strong gaint. That is all totally misleading. I think a caring government ought to debate on whether this group of investors who are educated but prefered something safe with retirement funds but was misled by the brochure and have kept quiet because they are afraid the government is not happy if they were to voice their opinion. I think we should ask why retirement funds was allowed for bonds I and II and why they were removed for subsequent minibonds and who should bear this responsibility. Miss W Posted by Tan Kin Lian at 8:04 PM 0 comments Links to this post
  9. Source: http://www.channelnewsasia.com/stories/sin.../386009/1/.html
  10. DBS to investigate claims of mis-selling of Lehman-related products By Nicholas Fang, Channel NewsAsia | Posted: 13 October 2008 2046 hrs Photos 1 of 1 Development Bank of Singapore SINGAPORE: DBS has said it would take responsibility if customers are able to give evidence of mis-selling in relation to products affected by the collapse of Lehman Brothers. In such cases, the Singapore lender said it would work with the customers on compensation on a case-by-case basis. In a statement out on Monday, DBS said customers who bought its High Notes 5 product in Singapore and Constellation Structured Retail Notes in Hong Kong will know the final valuation of the products by the end of the month. The valuation is determined by the market and DBS has warned that some customers could lose their entire investment. The bank's managing director and head of consumer banking group, Mr Rajan Raju, said over 300 customers had approached the Investor Care Centre in Singapore to express concerns about their investments
  11. Anybody bought LB financial pdts................esp the mini series??????????????? What to do now?????????????????????
  12. https://www.dollardex.com/sg/investUT/pfile...20ML_230908.pdf
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