SCMP:Lehman investors turn to US government

http://www.pressdisplay.com/pressdisplay/showlink.aspx?bookmarkid=Q4YPBJJ055D7&linkid=dedc89da-260c-411d-85be-9ca8bc4b31e3&pdaffid=8HM4kDzWViwfc7AqkYlqIQ%3d%3d

3 December 2008
Paggie Leung

About 50 investors who bought Lehman Brothers-related products through Citibank marched to the American consulate yesterday to request an investigation into alleged mis-selling by the American bank.

The investors, who lost money after Lehman collapsed, petitioned the consulate, asking the American government to investigate Citibank's sales procedures.

"The US government recently injected so much money into Citi and has become the bank's key shareholder. Therefore, it should look into the matter," said Hui Shun-ngai, a representative of the group. The American government last week guaranteed US$306 billion of Citigroup's troubled assets and extended it US$20 billion in cash.

"The US government must also inquire into Citibank's authorised representatives responsible for the incident, including the tolerance of Citibank's mis-selling practices and lack of governance resulting in financial losses to Citibank's victims," the petition said.

Mr Hui said each protester had bought at least HK$500,000 in Lehman Brothers credit-linked derivatives from Citibank and they had not been informed of the high risk.

Meanwhile, 10 more investors filed lawsuits with the Small Claims Tribunal against six banks yesterday: Bank of China, Bank of Communications, Bank of East Asia, DBS, Wing Hang and Nanyang Commercial Bank. Their cases will be heard on January 29.

Financial Advice for a Fee

The following financial adviser firm is willing to give advice for a fee, based on an hourly rate of $100 or $150 per hour. They will also give an estimate in advance for a particular type of advice.
An outline of their approach is stated here:
http://www.tankinlian.com/forms/providend.pdf

I have listed Providend as they agreed to offer their service at a modest rate, and also to provide an estimate in advance. I do not have any financial interest in Providend.

There are a few financial advisory firms willing to offer their service for a fee, but their charges are rather high. If they are willing to operate on my preferred fee structure, I shall list them as well.

Read this:
http://tankinlian.blogspot.com/2008/11/end-of-free-financial-advice.html

Minibond investor keen to take class action

Dear Mr. Tan,
Our hopes are dashed by the most recent announcement on the minibond issue. I guess most of the investors are devastated now.

Unfortunately, there is no way out now except for the class action. I believe that is the most effective and most direct way in approaching this issue. We consumers need to know the truth, whatever the outcome is. Please lead us into this!

RZ

REPLY
Please read my blog about the progress of the class action. It will take some time to get organised. I expect to give a recommendation towards end January on the course of action to take.

http://tankinlian.blogspot.com/2008/12/legal-action-against-issuers-and.html

Speaker's Corner 6 December, 5 - 7 pm

Speakers' Corner: 6 December, 5-7 pm.

Social Justice and Fairness
First World Country in the 21st Century
How are our poor faring?

Speeches:
Tan Kin Lian
1. Our society should be more egalitarian
2, Elected leaders should represent the people
Leong Sze Hian:
1. HDB – how the poor are faring and affected by HDB policies
Ravi Philemon
1. Distributive justice; especially about how our education system does not equip people to be self-reliant, but to be workers.
Others:
1. Tan Kin Lian – Update on investors' situation (if any)
2. Andrew Loh – Update on town councils' replies to residents' query

Mr. Brown show on TC investments

http://www.mrbrownshow.com/2008/12/01/the-mrbrown-show-town-council-investment-bank-of-singapore/

Washing dirty linen in public

"The convention which framed the Constitution of the United States was composed of fifty-five members. A majority were lawyers not one farmer, mechanic or laborer. Forty owned Revolutionary Scrip. Fourteen were land speculators. Twenty-four were money-lenders. Eleven were merchants. Fifteen were slave-holders. They made a Constitution to protect the rights of property and not the rights of man": Senator Richard Pettigrew - Triumphant Plutocracy (1922)

Contributed by Ho Cheow Seng

Why we need to educate the people

"Enlighten the people generally, and tyranny and oppressions of body and mind will vanish like the evil spirits at the dawn of day." -- Thomas Jefferson, letter to Pierre S. du Pont de Nemours, 24 April 1816

Contributed by Ho Cheow Seng