Tan Kin Lian\'s warning .....

Monday, October 20, 2008 Be careful of your relationship manager Here are a few frightening stories .... 1. A customer deposited $800,000 into a fixed deposit. He was not aware that the relationship manager placed it in a leverage account which caused a loss of $400,000. The customer was asked to top up the account. The customer is making a Police report. Details are also given to a journalist. 2. Two weeks ago, someone sent an e-mail to me. Her mother lost the entire sum of $500,000 in a dual currency investment. She does not know how it happened. I asked her to get the bank to send a statement to her. I have not heard from her yet. My guess is that the money went into a leveraged account. It is probably leveraged 3 times or more. A 30% drop in the currency, with this type of leverage, could wipe out the entire deposit. 3. A neighbour\'s relative saw me last night. He was advised by the relationship manager to invest SGD $250,000 in Lehman Brother bonds in April 2008 to earn 4.2%. The bonds are now worthless. Previously, the same RM advised him to invest in a bond, which turned out to be a hedge fund. He has liquidated the investment at a big loss. I wish to send this message to warn bank customers about the relationship managers. It seems that they have to meet high sales quota and are recommeding risky financial products to their customers, without giving proper advice. As there are so many cases of dishonest acts, we now have to worry about the integrity of the financial institutions and the relationship managers. If you are a victim, you must lodge a Police report for dishonesty and also a complaint against the relationship manager. We have to act to clean up these dishonesty. tankinlian.blogspot.com/

ALL SOLID AND VALID POINTS. CLAP CLAP CLAP! Right and decent thing to do for your citizens Extracted from: comment.straitstimes.com/show...t=14228&page=2 If a war were to start today, the govt will immediately mobilise our NSmen in the country\'s defence, I have no doubt about that. NSmen will be reminded of their pledge to protect the nation and no doubt the PM and his cabinet will go whole hog on national TV to remind NSmen that they would be defending not only the country but their loved ones and remind them of the consequences should the enemy were to overrun this place. But when there is a crisis such as the present when thousands of Singaporeans watch helplessly as their life savings are going to literally disappeared into thin air THE SILENCE OF THE PM AND HIS CABINET IS VERY VERY DEAFENING AND TELLING INDEED! What has happened to all those theories about social, economic, military and psychological defence under the oft-repeated TOTAL DEFENCE concept promulgated by the govt? Are they all merely theories? Intended merely as propaganda to keep Singaporeans in line only? This current financial threat has dealt a massive blow to not only the economic defence but perhaps more importantly, the PSYCHOLOGICAL DEFENCE OF SINGAPOREANS, thousands of whom have been accummulating through several decades of hard toil, sweat and even blood, funds for their retirement and old age, since the govt don\'t believe in welfarism. Didn\'t the govt, esp. the MM, said many many times before that the country\'s reserves is for a rainy day. Hasn\'t it been rainly badly enough on Singaporeans lately? How really bad must things get before Singaporeans may expect the govt to deign it bad \'enough\' to come to their rescue? Perhaps, some mass suicide? It is amazing that while it is all right to dump billions and billions into the BLACK HOLE of the likes of failed/failing American and European financial institutions, the govt seems to deem it fit to watch the unfolding drama and tragedy being played out at Hong Lim Park and in the mass media, with arms folded in apparent disinterest. This it is doing against a global background of countries like Hong Kong underwriting the losses of its citizens caught in this massive fraud. No, not this govt here, it would seems! It would prefer to watch the carnage of its citizens, without even a speck of guilty conscience that the govt, esp. the MAS, has a part to play for the desperate situation the citizens are in because it has failed to be good gatekeepers by allowing such high risk products for sale to innocent citizens whose only fault was to stretch their dollar (so that they might be less reliant on charity in their old age and the country in general). Instead, we see very obvious signs that the govt will be the last among nations to help its citizens AND only if whatever actions it follows will protect its competitiveness, not that it is the right and decent thing to do for your citizens. --- online posting comment.straitstimes.com/showthread.php?t=14228&page=2

i agree with the sentiment but dont agree with the choice of words. Excessive. Emotional. btw, MacGyver can u repost the link to the original writing? the one u posted earlier doesnt take me there.

My apologies.. I went to the original to have a look and realise that it was not written by TKL... Internet is a good way to spread rumors and news without needing to identify oneself. comment.straitstimes.com/showthread.php?t=14228&page=2 My sincere apologies.