Our team consists of:
- Lee Yicheng Gary
- Lee Yue Yang
- Lee Qi Xian
- Leong Zhi Wei
- Yong Pei Wei
Wednesday, July 15, 2009
Tuesday, July 14, 2009
Project Planning
Group multimedia project title: Financial Talkshow with Victims of Failed Structured Products
Outline of script/storyline: The talk show aims to address the main issue of how a crisis like the sub-prime crisis can affect investors. Our target audience is to the investor who is not financially savy.
- The host will start off the show by introducting the agenda.
- A team member acting as a victim of the failed Lehman Brothers' minibonds will then share his experience and losses.
- An investment analyst will explain the impact of the sub-prime crisis on investments as well as discuss how individual investors can protect their money.
- A representative from the MAS will then discuss the new measures introduced to protect investors from such risky structured products.
- A representative from the Lehman Brothers will then explain what exactly happened that caused the firm to collapse and their minibonds to fail.
List down the challenges anticipated in doing the project and how our group overcome them:
- Problem : Difficulty in finding suitable venue
Solution : As we are filming a talk show, our set needs to resemble a studio. However, since we have no access to such facilities, we will have to make use of a member's home and do some decorations such that it looks like a studio.
- Problem : Unfamiliar with multimedia software
Solution : We had some previous experience with producing a video. Thus, we will have a base to work on but we still have to feel our way around the software we use.
- Problem : Inexperienced with handling of filming equipments
Solution : There is no shortcuts here. We will have to do many takes until we can shoot the scene well.
- Problem : Difficulty in coming out with a creative plot
Solution : Since the topic we are addressing is relatively technical, we will need to create a plot that can hold the audience's attention. Thus, we will brainstorm and create a few different possibilities before filming.
- Problem : Overrun of time limit
Solution : As we only have 5 minutes to cover a very heavy topic, we will have to do alot of editing to our script and video to fit the time limit. We will have dry runs to test our script's time requirement and edit the script accordingly.
List and briefly explain the skills and values to be contributed by each group member.
- Lee Yicheng Gary : Team discussion facilitator. As Gary is able to lead the team along in discussions and meetings, he will coordinate the team's meetings and discussions.
- Lee Qi Xian : Creative action planning. As Qi Xian is creative and able to produce good ideas, he will help the team to think of creative ideas to make the film interesting.
- Lee Yue Yang : Script writing. As Yue Yang has experience with creative writing and storytelling, he will tasked with producing the script and incorporating Qi Xian's ideas.
- Leong Zhi Wei : Video director. As Zhi Wei has the ability to see the "big picture", he will be directing the team during the production of the film.
- Yong Pei Wei : Video Editor. As Pei Wei has the best technical knowledge of editing software, he will be responsible for editing the team's video and adding effects to make the overall product better.
- All members : All members will be acting in the video in different roles.
Outline of script/storyline: The talk show aims to address the main issue of how a crisis like the sub-prime crisis can affect investors. Our target audience is to the investor who is not financially savy.
- The host will start off the show by introducting the agenda.
- A team member acting as a victim of the failed Lehman Brothers' minibonds will then share his experience and losses.
- An investment analyst will explain the impact of the sub-prime crisis on investments as well as discuss how individual investors can protect their money.
- A representative from the MAS will then discuss the new measures introduced to protect investors from such risky structured products.
- A representative from the Lehman Brothers will then explain what exactly happened that caused the firm to collapse and their minibonds to fail.
List down the challenges anticipated in doing the project and how our group overcome them:
- Problem : Difficulty in finding suitable venue
Solution : As we are filming a talk show, our set needs to resemble a studio. However, since we have no access to such facilities, we will have to make use of a member's home and do some decorations such that it looks like a studio.
- Problem : Unfamiliar with multimedia software
Solution : We had some previous experience with producing a video. Thus, we will have a base to work on but we still have to feel our way around the software we use.
- Problem : Inexperienced with handling of filming equipments
Solution : There is no shortcuts here. We will have to do many takes until we can shoot the scene well.
- Problem : Difficulty in coming out with a creative plot
Solution : Since the topic we are addressing is relatively technical, we will need to create a plot that can hold the audience's attention. Thus, we will brainstorm and create a few different possibilities before filming.
- Problem : Overrun of time limit
Solution : As we only have 5 minutes to cover a very heavy topic, we will have to do alot of editing to our script and video to fit the time limit. We will have dry runs to test our script's time requirement and edit the script accordingly.
List and briefly explain the skills and values to be contributed by each group member.
- Lee Yicheng Gary : Team discussion facilitator. As Gary is able to lead the team along in discussions and meetings, he will coordinate the team's meetings and discussions.
- Lee Qi Xian : Creative action planning. As Qi Xian is creative and able to produce good ideas, he will help the team to think of creative ideas to make the film interesting.
- Lee Yue Yang : Script writing. As Yue Yang has experience with creative writing and storytelling, he will tasked with producing the script and incorporating Qi Xian's ideas.
- Leong Zhi Wei : Video director. As Zhi Wei has the ability to see the "big picture", he will be directing the team during the production of the film.
- Yong Pei Wei : Video Editor. As Pei Wei has the best technical knowledge of editing software, he will be responsible for editing the team's video and adding effects to make the overall product better.
- All members : All members will be acting in the video in different roles.
Script
Title : the YESTERDAY! show
Host : Leong Zhi Wei
Mr Lee (Victim) : Gary Lee Yi Cheng
Mr Yong (Financial Analyst) : Yong Pei Wei
MAS : Lee Yue Yang
Ex-CEO of Lehman Brothers (CEO) : Lee Qi Xian
Host:
Alright. Welcome to the Yesterday show! As we all know, the recent sub-prime crisis has affected a lot of investors from all over the world.
In Singapore, a lot of investors have also lost their investment in the DBS High Notes and the Lehman Brothers’ Minibonds.
So today, we have invited 3 individuals with us to share with us their experience.
First, we will invite Mr Lee, he has lost all his savings on these products
Mr Lee:
When I first buy the minibonds ah, the xiao jie (lady) never tell me any risks. She only said that the investment is risk free, safe and can earn more than the fixed deposits.
The terms and conditions are all in English. I don’t understand anything. I also never go to school. Then ah, now I lose everything. I so old already. I lose all my savings. I have to work, you know, work in MacDonald.
Host:
Alright. Thank you Mr Lee.
Ok. So now, we will hear from Mr Yong, an investment analyst from Bank of Zimbabwe to share with us some of his thoughts on the issue.
Mr Yong:
Structured products such as the Lehman Brothers’ Minibonds and DBS High Notes are highly complex products.
For example, the DBS High Notes is based on 8 banks known as “reference entities”. Investors gamble that none of these 8 banks will fail. If one single bank does fail, the DBS High Notes will become worthless.
Unfortunately, Lehman Brothers, which happened to be one of the 8 reference entities failed. This rendered the DBS High Notes as well as other structured products which has Lehman Brothers as a reference entity, worthless.
Host:
Ok. Thank you Mr Yong.
Yes, indeed structured products are very complex and very hard for a normal investor to understand.
Ok. So now, we have with us a representative from MAS to share with us some safeguards that MAS have in place.
MAS:
Thank you Mr Host.
Yes, the MAS have implemented several new safeguards to protect consumers’ interests in the future as well as to prevent banks from selling risky products indiscriminately.
Firstly, financial institutions must provide simple and user friendly product highlight sheets for complex investments. In the past, all these information is only disclosed in lengthy documents which investors, such as yourself neglect to read, so this new rule will solve the problem.
Secondly, prospectuses must be clearer for investors and advertising material must disclose risk. In the past, financial institutions did not disclose risk in the marketing stages and this may mislead investors.
Mr Lee:
Why this information never comes earlier!!
MAS:
Well it always takes mistakes for people to learn.
There will also be a new category of “complex products”, which cannot be sold to investors without professional advice. The scope of these complex products would have included the DBS High Notes 5 as well as the Lehman Brothers’ Minibonds.
Bank tellers will also be barred from selling investment products to customers over the counter or pushing customers to representatives who sell these products.
Finally, there will be a 7 days cooling off period so that investors who have bought these products can reconsider their decision and exit without incurring any charges.
Mr Yong:
Yes and most importantly, investors should always understand the products that they are buying. If something is too complicated to understand, then they should avoid it because they cannot measure the risks that they are taking.
The measures that MAS has implemented will go a long way towards protecting investors and as well as preventing a similar situation from arising again.
Host:
Thank you all our guests for your time. Now, we have a special guest, we have invited the ex-CEO of Lehman Brothers. Let’s all welcome him
CEO:
It’s not my fault. It’s not my fault
Mr Lee:
Then whose fault is it?
CEO:
Don’t make your problem…..
Mr Lee:
Not your fault! Not your fault! Not your fault!
MAS:
AIIIIEEEEIIEIEIEEEEEEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!
Host:
Looks like our guests are “expressing” some unhappiness to the CEO.
So, maybe we will end the show here and thank you for joining with us.
See you all again next week.
Host : Leong Zhi Wei
Mr Lee (Victim) : Gary Lee Yi Cheng
Mr Yong (Financial Analyst) : Yong Pei Wei
MAS : Lee Yue Yang
Ex-CEO of Lehman Brothers (CEO) : Lee Qi Xian
Host:
Alright. Welcome to the Yesterday show! As we all know, the recent sub-prime crisis has affected a lot of investors from all over the world.
In Singapore, a lot of investors have also lost their investment in the DBS High Notes and the Lehman Brothers’ Minibonds.
So today, we have invited 3 individuals with us to share with us their experience.
First, we will invite Mr Lee, he has lost all his savings on these products
Mr Lee:
When I first buy the minibonds ah, the xiao jie (lady) never tell me any risks. She only said that the investment is risk free, safe and can earn more than the fixed deposits.
The terms and conditions are all in English. I don’t understand anything. I also never go to school. Then ah, now I lose everything. I so old already. I lose all my savings. I have to work, you know, work in MacDonald.
Host:
Alright. Thank you Mr Lee.
Ok. So now, we will hear from Mr Yong, an investment analyst from Bank of Zimbabwe to share with us some of his thoughts on the issue.
Mr Yong:
Structured products such as the Lehman Brothers’ Minibonds and DBS High Notes are highly complex products.
For example, the DBS High Notes is based on 8 banks known as “reference entities”. Investors gamble that none of these 8 banks will fail. If one single bank does fail, the DBS High Notes will become worthless.
Unfortunately, Lehman Brothers, which happened to be one of the 8 reference entities failed. This rendered the DBS High Notes as well as other structured products which has Lehman Brothers as a reference entity, worthless.
Host:
Ok. Thank you Mr Yong.
Yes, indeed structured products are very complex and very hard for a normal investor to understand.
Ok. So now, we have with us a representative from MAS to share with us some safeguards that MAS have in place.
MAS:
Thank you Mr Host.
Yes, the MAS have implemented several new safeguards to protect consumers’ interests in the future as well as to prevent banks from selling risky products indiscriminately.
Firstly, financial institutions must provide simple and user friendly product highlight sheets for complex investments. In the past, all these information is only disclosed in lengthy documents which investors, such as yourself neglect to read, so this new rule will solve the problem.
Secondly, prospectuses must be clearer for investors and advertising material must disclose risk. In the past, financial institutions did not disclose risk in the marketing stages and this may mislead investors.
Mr Lee:
Why this information never comes earlier!!
MAS:
Well it always takes mistakes for people to learn.
There will also be a new category of “complex products”, which cannot be sold to investors without professional advice. The scope of these complex products would have included the DBS High Notes 5 as well as the Lehman Brothers’ Minibonds.
Bank tellers will also be barred from selling investment products to customers over the counter or pushing customers to representatives who sell these products.
Finally, there will be a 7 days cooling off period so that investors who have bought these products can reconsider their decision and exit without incurring any charges.
Mr Yong:
Yes and most importantly, investors should always understand the products that they are buying. If something is too complicated to understand, then they should avoid it because they cannot measure the risks that they are taking.
The measures that MAS has implemented will go a long way towards protecting investors and as well as preventing a similar situation from arising again.
Host:
Thank you all our guests for your time. Now, we have a special guest, we have invited the ex-CEO of Lehman Brothers. Let’s all welcome him
CEO:
It’s not my fault. It’s not my fault
Mr Lee:
Then whose fault is it?
CEO:
Don’t make your problem…..
Mr Lee:
Not your fault! Not your fault! Not your fault!
MAS:
AIIIIEEEEIIEIEIEEEEEEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!
Host:
Looks like our guests are “expressing” some unhappiness to the CEO.
So, maybe we will end the show here and thank you for joining with us.
See you all again next week.
Monday, July 13, 2009
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