There will be an Indian Cultural event at Hong Lim park tomorrow at the same time as my speech. The tents occupy most of the open spaces. I like to ask those who read this message to skip the meeting tomorrow. I will post my speech here.
There is space in a corner of the park for a small crowd For those who miss this announcement and turn up at Hong Lim park tomorrow, I will distribute a hard copy of my speech on the spot.
Friday, November 28, 2008
The Standard : Legco first on Lehman fizzles out
Standard, The (Hong Kong) - Wednesday, November 26, 2008
Author: Diana Lee
The first open meeting of the Legislative Council subcommittee probing the Lehman minibonds saga got bogged down in party bickering yesterday and failed to reach agreement on confidentiality.
Civic Party legislator Ronny Tong Ka-wah said meetings should be transparent and documents made available unless witnesses request confidentiality. This demand must be justified with evidence submitted to subcommittee members and the legal adviser, he said.
``In principle we should not accept a general request. I would not accept, for example, a bank claiming each and every document is confidential,'' Tong said.
However Democratic Alliance for the Betterment and Progress of Hong Kong legislator Chan Kam-lam disagreed, saying mutual respect and mutual trust should exist between witnesses and subcommittee members.
``Even individual people have their privacy, so why not companies?'' Chan asked.
The Democratic Party's James To Kun-sun said mutual trust has nothing to do with the probe.
``We are here to find out the truth,'' To argued. ``What if the banks claim the staff training manual [for selling structured financial products] is classified material? ``What's the point of a public hearing if everything could be treated as classified so easily? We talk about mutual trust among legislators, not between witnesses and legislators.'' Lawmakers also failed to compromise on whether legislators should sign a confidentiality agreement.
The pan-democrats said they did not object but raised doubts about the effect such a pledge would have on lawmakers.
Philip Wong Yu-hong, subcommittee vice chairman and a commercial sector lawmaker, said ensuring lawmakers will keep the confidential submissions confidential is more important. Classifying what is confidential is another issue.
The Legco Secretariat will host a briefing on December 4 to inform lawmakers on matters they should know about the Lehman probe, including the general principles of what information should be treated as classified and confidential.
Meanwhile, Emily Lau Wai-hing of the Frontier, again failed to persuade members to support the pan-democrats' demand for a smaller subcommittee, which currently has 24 members.
Subcommittee chairman Raymond Ho Chung-tai said he hoped the discussion on the subcommittee's size is finally over and that members may unite to face the challenges ahead.
When the subcommittee meets will be decided on Friday. It is expected to host meetings every Tuesday and Friday morning starting early next year.
Author: Diana Lee
The first open meeting of the Legislative Council subcommittee probing the Lehman minibonds saga got bogged down in party bickering yesterday and failed to reach agreement on confidentiality.
Civic Party legislator Ronny Tong Ka-wah said meetings should be transparent and documents made available unless witnesses request confidentiality. This demand must be justified with evidence submitted to subcommittee members and the legal adviser, he said.
``In principle we should not accept a general request. I would not accept, for example, a bank claiming each and every document is confidential,'' Tong said.
However Democratic Alliance for the Betterment and Progress of Hong Kong legislator Chan Kam-lam disagreed, saying mutual respect and mutual trust should exist between witnesses and subcommittee members.
``Even individual people have their privacy, so why not companies?'' Chan asked.
The Democratic Party's James To Kun-sun said mutual trust has nothing to do with the probe.
``We are here to find out the truth,'' To argued. ``What if the banks claim the staff training manual [for selling structured financial products] is classified material? ``What's the point of a public hearing if everything could be treated as classified so easily? We talk about mutual trust among legislators, not between witnesses and legislators.'' Lawmakers also failed to compromise on whether legislators should sign a confidentiality agreement.
The pan-democrats said they did not object but raised doubts about the effect such a pledge would have on lawmakers.
Philip Wong Yu-hong, subcommittee vice chairman and a commercial sector lawmaker, said ensuring lawmakers will keep the confidential submissions confidential is more important. Classifying what is confidential is another issue.
The Legco Secretariat will host a briefing on December 4 to inform lawmakers on matters they should know about the Lehman probe, including the general principles of what information should be treated as classified and confidential.
Meanwhile, Emily Lau Wai-hing of the Frontier, again failed to persuade members to support the pan-democrats' demand for a smaller subcommittee, which currently has 24 members.
Subcommittee chairman Raymond Ho Chung-tai said he hoped the discussion on the subcommittee's size is finally over and that members may unite to face the challenges ahead.
When the subcommittee meets will be decided on Friday. It is expected to host meetings every Tuesday and Friday morning starting early next year.
To each his own
TO EACH HIS OWN
Author Unknown
Nov 27 2008
I cannot change the way I am,
I never really try,
God made me different and unique,
I never ask him why.
If I appear peculiar,
There's nothing I can do,
You must accept me as I am,
As I've accepted you.
God made a casting of each life,
Then threw the mold away,
Each child is different from the rest,
Unlike as night from day.
So often we will criticize,
The things that others do,
But, do you know, they do not think,
The same as me and you.
So God in all his wisdom,
Who knows us all by name,
He didn't want us to be bored,
That's why we're not the same
Author Unknown
Nov 27 2008
I cannot change the way I am,
I never really try,
God made me different and unique,
I never ask him why.
If I appear peculiar,
There's nothing I can do,
You must accept me as I am,
As I've accepted you.
God made a casting of each life,
Then threw the mold away,
Each child is different from the rest,
Unlike as night from day.
So often we will criticize,
The things that others do,
But, do you know, they do not think,
The same as me and you.
So God in all his wisdom,
Who knows us all by name,
He didn't want us to be bored,
That's why we're not the same
Thursday, November 27, 2008
The Online Citizen interview an investor
Listen to this interview of the experience of an investor in the minibonds:
http://theonlinecitizen.com/2008/11/toc-exclusive-interview-with-investor-who-lost-150000/#comments
The Online Citizen wishes to have other investors to come forward to share their experience. I hope that more can come forward. We need the authority to hear about how they have been misled into the wrong investment that cause a total loss of their savings.
If you are willing to be interviewed, send an e-mail to kinlian@gmail.com.
http://theonlinecitizen.com/2008/11/toc-exclusive-interview-with-investor-who-lost-150000/#comments
The Online Citizen wishes to have other investors to come forward to share their experience. I hope that more can come forward. We need the authority to hear about how they have been misled into the wrong investment that cause a total loss of their savings.
If you are willing to be interviewed, send an e-mail to kinlian@gmail.com.
Wednesday, November 26, 2008
Speaker's Corner 5 p.m. Sat 29 Nov
There will be a meeting of investors of the credit linked notes at Speaker's Corner at 5 p.m. on Sat 29 Nov.
Agenda
1. See your MP
2. Misrepresenation in prospectus
3. Ask for information in writing
4. Experience with FIDREC
5. Mental health concerns
6. Class action
7. Special meeting on Sat 6 Dec
Agenda
1. See your MP
2. Misrepresenation in prospectus
3. Ask for information in writing
4. Experience with FIDREC
5. Mental health concerns
6. Class action
7. Special meeting on Sat 6 Dec
Bonus is likely to remain low
I organised a collective protest against the bonus cut made by NTUC Income earlier this year. I reached a settlement as follows:
http://tankinlian.blogspot.com/search?q=collective+protest+settlement
I promised policyholders that I would monitor the situation and give an update.
Recently, I decided to surrender my Living policy, which was affected by the bonus cut. I received a surrender value that included the special bonus to compensate for the bonus cut. In this case, I was slightly better off (with the special bonus included).
During the past six months, there has been turmoil in the financial market resulting in a large markdown of asset prices. I do not know whether the "compensating" special bonus will be withdrawn or reduced in the next few years of the global financial crisis.
Earlier, I wanted to press for the bonus cuts in past years to be restored due to the good financial results up to 2007. With the large drop in asset price in 2008, it will now be difficult to press for this measure. It is also likely that future bonus will remain at a low level, until after the global economy has recovered.
On the bright side, the cash value of a life insurance policy remain largely protection (although the yield is low) during a bad period. It does not suffer the capital loss that comes from shares and other investments.
http://tankinlian.blogspot.com/search?q=collective+protest+settlement
I promised policyholders that I would monitor the situation and give an update.
Recently, I decided to surrender my Living policy, which was affected by the bonus cut. I received a surrender value that included the special bonus to compensate for the bonus cut. In this case, I was slightly better off (with the special bonus included).
During the past six months, there has been turmoil in the financial market resulting in a large markdown of asset prices. I do not know whether the "compensating" special bonus will be withdrawn or reduced in the next few years of the global financial crisis.
Earlier, I wanted to press for the bonus cuts in past years to be restored due to the good financial results up to 2007. With the large drop in asset price in 2008, it will now be difficult to press for this measure. It is also likely that future bonus will remain at a low level, until after the global economy has recovered.
On the bright side, the cash value of a life insurance policy remain largely protection (although the yield is low) during a bad period. It does not suffer the capital loss that comes from shares and other investments.
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