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Came across this site, a financial blog by the name of ‘Den of the Lion Investor‘. Check out the youtube videos in this blog showcasing the speeches on the gathering of minibond/highnote investors at the speaker’s corner.

In Singapore alone, S$500m is at stake. To date only Hong Leong Finance has listed the conditions for a full refund-  customer must be 62 years old and above at the point of purchase and highest education level should be primary school  (how does one check the latter? Bank records?).

When the banks start announcing criterias, there will be a lot of screaming by those who fall outside of these parameters. Unless that is, the banks decide to be heavenly gracious, buy back their clients with full refunds.

If financial giants can be granted billions of bailout money due to their incompetencies and mis-management, why should the everyman, the consumers have to suffer this injustice?

There is so much anger and outrage targeted at the banks and the relationship managers, damage control if not effectively carried out would spell a plunge in faith in the banking system here for many years to come. I find it impossible to take a position since I didnt invest into it. But I do empathise with those who are misled no matter how young or highly educated they are. Their mistake? Faith in the their bankers and low financial literacy, which is not a shameful thing at all. We cant all be rocket scientists.

 In Hong Kong I heard banks are buying back the affected products at market price which is probably 10-30% of the investement. Sometimes it is hard to evaluate based on such little information given, the future of this sunken basket of products.

well, i am not optimistic abt the full refund plea but in such a bleak time, anything is possible…