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AK hv this retired teacher's friend, mths ago he blamed that his unit trust lost fr 100k to half. Day b4 yesterday, he left 21k.
Teller is still getting the so-called admin fee daily from his acct.
Worst, he is still sending $$ mthly to his China's wife n "her" kid now staying in China. And he will visit them in this coming Dec. A typical exp of endless love, now commonly found in the street.
Just can't advise him what to do, moreover he is a teacher. Pity him loh.
Layman is for banks to hit the laymen in the streets. Non laymen not affected.
My view is these laymen who got hit, have contracted under agreement to buy the "minibonds". When it was introduced, I saw alot of forumers recommending these products.
In many structured products/deposits, there are inserted into the "force majeur" terms that should any of the sponsored bank/s failed, the risk is borned by the depositors. In otherwords, they already tell you it is a rsiky product. Of course, we in well governed Singapore never think that a bank will fail, so we buy lah for its "high yeilds".
Take this as a joke friends, don't get angry.
There is a reason the US govt chose to bailout AIG rather than Lehman.
Richard Fuld is known to be a shrewd negotiator. You look at his face you will know when I mean. He continued to believe his company is still great which in reality it is already bankrupt. He made it so difficult to the Koreans when the Koreans were still keen in taking a pie in Lehman.
Berry good lah, Richard Fuld. He thought the US govt will rescue Lehman, but... sigh...
If he had been more humble, Lehman will still be around today.
BLAME IT ON RICHARD FULD.
Because nobody hard to believe Giant bank will collapes !! at this junction for sure everyone to start pointing out thier finger to each others !!
er... actually should blame sg govt for not bailing out lehman. hahaha.. sorry, just couldnt miss out taking a body shot at this! :p
cheongwee ( Date: 13-Oct-2008 00:38) Posted:
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i think the bank should stop asking their teller to look at ppl a/c when they do transcation...... when they see u have $ in ur a/c they buzz their r/s mgr to ask u to buy the fund.....
some more ask on these senior folks...... many yrs of hard work and tempted buy a moment of weakness (greed) ... is really sad to see them in such state.
the r/s mgr just bloody sell the product ... just like another saleman....
When Singapore govt so called recuse to other countries come with return in their mind in the future, how to recuse those aunty and uncle..got return or not???..you think govt recuse citi and UBS for free???
Now only hope for the best..i hope most of them can afford to loss without much suffering..
Actually, shoud blame US for not bailing out Lehman..thus causing market and invester to lose confident to crash and ppl to lose their $..
cyjjerry85 ( Date: 12-Oct-2008 23:06) Posted:
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I pity those aunty and uncle who invest in ""lame man""" bond.
MAS already comment that they cannot force bank to pay for the losses.
If the government were to pay this loss, it will open up a whole new cases of financial compensation next time so i dun think they will pay
One alittle step that the bank and rm with a heart can do.
I find the relationship managers and the bank should bear some responsibility to selling the fund to the common people. They do make commisson out of selling lehman right. Not to much to ask them to return out of goodwill the commission they made from the aunty and uncle that dun noe much about the risk right. THEY LOST THEIR RETIREMENT LIFE SAVING BECAUSE OF YOUR STUPID RECCOMMENDATION. I hope this will help the rm to sleep better at night.
I didn't read of any relationship managers or their immediate family members gettting burnt by lehman minibond. (It is people who are selling the lehman minibond cannot invest in minibond. is there such a practice i wonder??) This is my 2 cent view. If the return are so attractive the risk are so low why didnt the rm of the bank invest themselves in the first place. 5% return vs 1% from fd,
I was there at the Hong Lim Park on Saturday and its really i think the biggest turnout ever at the Speakers' Corner...
There were two uncles talking about their case while I was standing near to them...then they asked me if I was a reporter...(of cos not...)..then they were saying "The Singapore gov can go cheong so fast to rescue the other countries like Indonesia or China when crisis hit them...and pour in millions and millions so swiftly like that...how come cannot do the same to our own people...Singaporeans ourselves huh? Can rescue others...can't rescue our own locals??"
I didn't know what to say at that point of time...well, any views regards to this?
I was told that even the relationship managers are not aware of the risk. Positions like these are usually told to sell to customers who visit banking halls and are approach while waiting in queue for their turn. Well, I suspect these 'queues' might be artificially created so that those in the line can be talked to. Unless one has gone through proper lectures in Universities about the world of finance, one could not easily understand the complexity of these products. Nevertheless, I felt that the current financial crisis that has just started are the doings of the ugliest human nature possible that can be found in the like of personalities at high official positions in Lehman brothers and the like. Just look at how they party and cheers when the AIG celebrated after disbursement of US$85 billion. Oh, there is a second round too!
I didnt say its easy to understand. Even those educated ppl will find it hard.
Dun just come ard n anyhow shout my nick!
loushare ( Date: 12-Oct-2008 21:12) Posted:
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I think it will be difficult to prove the "irresponsibility" of these people. It will be a case of one person's word against another.
Ultimately, the buyer still signed the contract with all accompanying terms and conditions.
TradeChancellor ( Date: 12-Oct-2008 19:09) Posted:
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freeme, you think it is so easy to understanding. Watch the video and you will know. I have not invested, neither do my immediate family, in any of these financial instruments. But I often seen old pple been led to a special counter or room regarding investing their money whenever their saving reach a tens of thousand of dollars. I just wonder whether these RMs or bankers feel remorse after this incident.
I felt that when DBS took over POSB, the main reason was DBS had lost a lot in Indonesia during the Financial crisis in 1997. They used POSB to strengthen DBS.
The DBS employees were generally snobbish as can be seen how they served their clients. The tellers over at POSB are great even though they are taken over by DBS. There was a time that they wanted erase the people's POSB. On hindsight, for whatever, it was not. Nowadays the DBS employees are more polite and not so snobbish, could have learnt from POSB. Worthwhile to visit
http://theonlinecitizen.com/2008/10/more-than-1000-people-at-speakers-corner/#comments regarding Mr Tan Kin Lian speaking spaeking Hong Lim Park.
I pity those who was misled into investing in those bonds. But Im very sure that they are also some that know there is a certain risk in these investments. So who and how to help those who lose money on this products?
My POV is, the Government should not help those who loses but they should help those who were misled into buying into these products and if there is really any mis-interpretation, then the bank should be responsible for some of the loses and compensate some money back to their investors.And MAS should be enforcing more guidelines on how sale rep in bank sell their products in future. Giving heavy punishment to banks who breach the guidelines.
I say confiscate $ and property from those irresponsible so-called "relationship managers" and senior managers and hand over the $ to the poor retirees. After all, those "relalationship managers" and senior managers are still young and can earn the $ back. Can't really blame the retirees as they were hoodwinked into thinking that the products were conservative and what they wanted was something conservative to protect their nest eggs.
I dont think so our govt will pay. MAS will likely get DBS to pay....
There has been some talk about a petition going round trying to get money back for those people who invested in the Lehman Minibonds.
My opinion is this - someone has to pay for bailing these people out and it will probably be the rest of us taxpayers. No doubt there are many hard luck stories but do you think we should help people who have made a wrong investment choice?
What do you all think about it?