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I have been telling my colleagues that the American (USA) are the Cheaters of the world. Others are paying for their excesses. That is why they have not rescued Lehman.
Copy from The Online Citizen
5) Victims from HK on October 18th, 2008 11.29 am
Certain series of minibonds, notes are already affected by the fall of the issuer, Lehman Brothers.
May I ask the fellow forumers what is going to happen to the other series, specifically those with Lehman Brothers being the issuer? (eg the latest series, minibond series 9 & 10)
Ya..agree with U. Yes and no. Correction here on my (teeth53) tot: Those few hundred thousand (S$100,000.oo to S$300,000.oo or more) of dollars in life saving all gone liao, may has effected a few hundred uncles and aunties. isit greed, ignorant, naive and or all of this???. Now old man and old woman had their life living in sober, dispair through their twilight years. I would not do it to those..... . I rather think the ppl's who hard sell is more greed then ever then those clients.
This has what it take for Singapore financial products or rather Angmo financial products to cause own uncles and aunties to live in dispair, our old ages senior citizens and if it happen to be our own family love one or relative or even fren U know...then WHAT... pity them !!!, very unhealthy and SAD society we all is living in....If one made know to take those risk of default and sub-prime woes been mentioned before those ignorants. I would agree with U.
Noted: Any (new) Angmo introduce products should be taken care off by a watch dog body, just like selling insurance products, should mentioned the risk and explain in black and white, (even if done so...unfortunate thing will not be explain, if does, their poor state in understanding those fine words and details is a jargon so alienate to them).
That reminded me of IR (no body is ask to go there to gamble).
pikachu ( Date: 13-Oct-2008 10:11) Posted:
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Elfin,
Indeed, quite true that being a sporean is tough. Must serve NS for man. Talking about NS, I nearly got killed in my Taiwan training. Thank God I survived. Indeed a miracle when I think back.
BTW, is it possible to give up citizenship, then come back to spore as PR? If yes, i would like to. Very good option.
elfinchilde ( Date: 17-Oct-2008 15:51) Posted:
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huh. i wouldn't call it brains. i call it following the herd.
they have no choice. because HK is our greatest competitor. HK had moved to guarantee deposits, so if s'pore doesn't do so, we risk an outflow of wealth from the wealthy to HK banks instead.
ie, it's nothing to do with protecting singaporeans. it's to do with protecting foreign money here.
DBS paid out in HK because their city councillors stood behind the people. But for singaporeans, just ask your constituency MPs. The usual refrain, is of course, "Let's close ranks and move on."
Moral of the story: It's more worthwhile to be a PR or expat in singapore than a local. Heck, even SQ tickets are cheaper for foreigners than singaporeans.
Latest, MAS will assure all FD n Bank's related saving would be guarantee fund return till Dec 2010. They follow the global trend, good move. cheers for the top brass people, they got brain.
AK dun think MAS can do much on this, as ref Finance Mins claimed that Spore will not give 100% guarantee on FD capital return should the bank gone bankrupt.
MAS just can't do that, if yes then other hidden problemabic financial institutes will take advantage to claim their deficit as well.
The moral of the story is how safe u want your $ to be kept. Bank or own safe or buy gold to keep in bank safe boxes. Thats what AK heard from the ground people, who one way or another kena life saving perished owing to the global financial crisis. What a pity.
shall see how the government handle this Lehmen incident...it will reflect very much on the MAS...the media spotlight on this is very intense almost daily...all major newspapers keep focusing on it
hope won't get to hear those uncles say in Hong Lim park again...."only help other countries, when it comes to our own country...nothing comes into place"
btw, saw on the Tan Kin Lian website ...think now every Saturday got this 'meeting' at Hong Lim Park ...
Definitely should regulate with the bank of singapore.
Got a few friends doing RM work with banks average each made about 10 k per mth. Under pressure to sell if not will not hit incentive.
If the comm is good, they will sell to anybody regardless this product is not suitable for uncle and aunt. (Comm more important to them from what i noe but cannot apply to every RM)
So I think this is payback for those who are unethical in selling to some of those investor who really do not understand about financial risk.
If i am a relation manager i will never sell these products to the uncle and aunt when i know is very risky, unless they i insisted.
But i probably will not last very long in the bank, cause my performance will be poor compare to the high flyer.
Based on this i think bank should bear a certain responsilibity. When you can access to their incentive performance scheme you will agreed.
Same like sales people selling credit card. You tell them u got 10 card they say more the merrier just apply got free gift. Haiz .
singaporegal ( Date: 16-Oct-2008 21:23) Posted:
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I am sure bank will retire alot relation manager doing retail selling in a few month. People see them in bank will avoid. Will bank hold their position for long. Unless some form of action, is taken if not alot people will avoid them.
Alot of rm are doing $0 sales now i heard. I dun think the bank will hold them for very long, also they might resign cus the basic income is not attractive for them stay on.
loushare ( Date: 13-Oct-2008 10:35) Posted:
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Sporeguy ( Date: 13-Oct-2008 10:22) Posted:
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To be fair to the banks, a structured deposit though risky is also sometime profitable just as in shares.
But to know that you are depositing into a capital returnable deposit, you must ask the saleman to show you this guarantee in black and white which is stated in the agreement you sign.
Some structured deposits are packaged with a number of securities, some like those in the US are packaged with properties. So when stocks or unit trusts that are referenced in the subject structured deposit nosedived like in this kind of financial crisis, you only hope that the deposit does not expire within the next one to one half year. Probably you can get your capital back. Don't forget the interim interests you may be getting in some deposits agreed with it.
I had a 200k SS before for 5 years. In the initial couple of years losing money because share market was down, then in early 2007 luckily the market was ok when the deposit expired. So there was some profits and money back. But this kind of game is dangerours, so please be careful.
Last year I almost invest 50k on mini bond... luckily I read the fine print.... say possible you will get back zero if ..... so I decided not to invest !
pikachu ( Date: 12-Oct-2008 15:43) Posted:
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Wah... so many replies in such a short time.
Looks like I hit upon a touchy topic.
I think we can't really blame the relationship managers also lah... they have sales target to hit and will be sacked if they don't hit it. So when the crunch comes, they will try to hard sell the client and play to the client's greed. It takes 2 hands to clap...
Our (HK) gov’t is not doing a good job as it sounds. It needed the political parties and victims march to tell them what to do and pressure them to kick start the HKMA investigation and other actions.
Also, the so called “Buy back” option is only a trick with an again misleading name. The banks are not “buying back” what we have paid, but only the market values of those rubbish. It actually will be close to zero values for some early series and probably only 20~40% original amount for better series.
By proposing such option, the gov’t basically trying to break up our flight for fairness to get our money back. They are not trying to help. If they’re they will be more proactive and proposing better genuine options.
If I had a choice, I would rather like a new swap counterparty option so that the minibond can continue till maturity when I can get my principle back.