Investors should not be compensated

Dear Mr. Tan Kin Lian

I would have never drive in a F1 vehicle unless I make sure that I am thoroughly trained in the mechanics and the operation of the specialized automobile.

I wouldn't dare to tread into a dense forestry unless I am well equipped with navigational tools and go though training in advanced topographical skills.

I wouldn't also dare to swim in the deep sea, choppy waters unless I am well sheltered within a shark cage.

Why would any one in the first place, invest in a financial instrument when they have no idea of the underlying principles and functionality of the product?

I can probably think of one word, however harsh it may be - greed. The greed of potential high returns, and indeed this greed has returned to haunt those who have no idea what they were buying in the first place.

Never mind what the bankers says, never mind if there were any misrepresentations, I wouldn't even place a cent of my hard earned money (and I shudder to think of those retirees who placed in their entire life savings) into something that I do not understand.

Please do not get me wrong. My eyes wept for those whom I read in the newspapers who have lost a huge chunk of their life savings into the Minibonds, DBS high notes series etc. They have worked hard to save their money and its almost gone following the collapse of financial institutions in the United States. Some of them, though hard they may slog for the rest of their lives, will not see this kind of money, again.

While I feel nothing but pity for these poor souls, is it fair to ask the rest of us who did not invest, to support this petition and ask DBS, whom all Singaporeans have a stake in, to compensate the investors? I ask in reverse that if the US financial institutions did not fail, the sun shining brightly as ever - when these minibonds investors collect their quarterly payouts and high returns, how will it benefit the rest of us?

While our views may differ, I applaud your efforts in raising the awareness of mis-selling that are so rampantly found in our banks, and providing a voice for Singaporeans when it matters.

My views as a man on the street

Simon Chan

REPLY
Dear Simon Chan

I suggest that you read the views of the investors expressecd in:

www.tankinlian.blogspot.com
www.theonlinecitizen.com

I also suggest that you attend my meetings in Speakers' Corner, Hong Lim Green, on Saturdays 5 to 7 pm.

Can you tell me your age? and occupation?