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What dcang84 says is very reasonable.
Many brokers (not all, could be some only) do not have accurate uptodate information as regards clients accounts. Mostly they are unable to produce correct info at a moment's notice. So I guess Mr. Oei has an axe to grind and rightly so.
Have to disagree. It has to do with the information that was provided by Citi and whether it was accurate and timely at the point the decision was made. It is not so much about the losses. I think Mr. Oei is well aware of the risk involved.He's been a sucessful investor for years.
waterfalls ( Date: 21-May-2009 11:41) Posted:
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Disagree that you can lose 1b if you leverage 10xs. There is no such thing of leverage 10 times, maybe 1 to 2 times, but no financial concern will let you use more than 140 of your deposits.
But as traders, agree and believe that there are always dangers out there in many forms.
waterfalls ( Date: 21-May-2009 11:41) Posted:
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to be fair, his excess greed for profits by over-leveraging led to his current situation. if you play $100 million and leverag 10X, it can lead to $1 B losses.
Agreed! They behaved badly. Many well do friends lost huge amount, and kept quiet.
dcang84 ( Date: 21-May-2009 10:19) Posted:
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most of the many over paid thier staffs and management as well....
I understand why Oei is suing Citi as I almost did the same a couple of years ago. They are REALLY poor and I hope Oei wins!!
there are many funny bank representatives around in singapore. that time i went to OCBC bank to pay my credit card bill, the counter lady told i just need to pay my minium sum and the rest can leave without paying any interest! She sounded very confident in this but i called the hotline to check and yup horrible she is wrong. on other day, i went to queue up to encash my cashier order and i am super blur with these stuff and ask their employee whether can i q to encash my cheque? She look at my cheque and she Said YES!!! i queued for 1 hour and when i reached the counter gal , she told i have to deposit my cheque rather than encash . Haha... this is what i meant - if these minor things , they cant even do properly , i doubt they can do big things!
Many banks hire young graduates, paying them high salary to be a private banker, playing with rich man's money. These bankers are not worth so much!
Hope Oei will win the case.
Woah, afew sleepless nights only.If it were me, I'd probably not sleep for the rest of my life. One billion is hard to come by.
asyjtan ( Date: 20-May-2009 18:29) Posted:
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He is one of the smartest man in singapore and an honorable one also. Very seldom see the situation .. pay and talk later. Very rich and generous man indeed.
hope he win !!!!
ya.. for that we have to respect him.. pay liao den talk!
Andrew ( Date: 20-May-2009 20:40) Posted:
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I think the best part is that he paid off the debt first then talk.....O$P$.....this is indeed the quality of a businessman.
If I loss that much.....I would argue my way out....
asyjtan ( Date: 20-May-2009 18:29) Posted:
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Agreed! When Hong Leong said he made a loss on the market some months ago, I thought it was not a big deal.....It is $$1b! He was indeed strong and did not even lose his good sleep. It it were me to lose this sum, I may have to stay awake for a few nights.
knightbridge ( Date: 20-May-2009 16:30) Posted:
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Oei Hong Leong must be a strong man.. Most common investor will go crazy. Got to give him some respect for standing up against a bank... How many people here donate million to charity in this forum... If he goes down it is a big loss to charities..
Private bankers dun think all are that smart... Not all smart people got patience for investing.. If not they will be the biggest winner as they make alot of money from their pay check....
attention.... dismiss..... hehe.... 
If a person can single-handedly bring down a 100-year-old bank with trading losses, why can't it be
possible for other persons to lose big chunks of assets too?
Big risks is the name of the game...
But this case may have its own different circumstances...
Looking at the below, he seems to have a net worth of only $210 million, but he lost 1billion... doesnt that makes him a bankrupt now ??? or does that means that after losing 1billion he's left with 210million... hmmm this guy seems to be going bankrupt soon
Singapore-based businessman Oei Hong Leong has sued Citigroup's
Oei was ranked Singapore's 29th richest person by Forbes last year with a net worth of $210 million. Forbes calculated Oei's wealth based on his stakes in publicly traded companies and in private company filings.
sleep at the airport lounge....sounds familiar...so funny..
iPunter ( Date: 19-May-2009 16:24) Posted:
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He has already paid the 1b losses. His networth is understated. He is worth several b. He had planned to set aside 1b for charity. Looks like he is not the only loser.