How to prove DBS mis-selleing Lehman minibonds??

[Guest Julio369]

The Banks are shooting themselves in ther foot.

 

In future how Banks going to market such products??? client will ask for witness, videoed the conversation, ask consultants to sign agreement form created by client.

 

but, luckily ppl have short memory, a few months & everthing back to GREED....

[Tkseah]

If we make tons of $$$.. govt will automatically come in to take share.. no need to ask one..

 

It has been my personal experience that bank relationship managers do not highlight the risks when selling investment products to customers. Why would they? If they highlight the risks or make it sounds too complicated for the uneducated to understand and potential customers gets spooked off, how will they meet their sales targets? There is no incentive for them to highlight the risks except by their own conscience.

 

They should simply change the job title for relationship managers to salesman.

[Kingcopa]

Like what u said, ppl have short memory. The bank just need to settle current crap, dun need to worry abt future cos, ppl will still invest. Greed!!!!

[Kingcopa]

Once we sign on the dotted line....... that is it

[Caaa]

  Quote

1. This whole episode is all about a single word, i.e. Greed.

 

2. Where got such thing in this world as 100% safe investment ? Who will know one of the top banks in the world like LB would fail? It is not wrong for the sales person to convey the message that LB related structured products are relatively safe at the point of sales. Even putting money in FD is also a risk on its own. If really can't stomach losses, keep all the money in guni gong better.

 

3. Good time no one complain but when time is bad, everyone banged the Bank for misleading them machiam like time share programe .

 

4. One of my properties heavy fund dip more than 30%, so should I cry mother cry father at the Bank staff ?

 

5. I think we should be fair in this case. If one has no interest in those structured products, simply say no lor, no one point a gun at you to buy wat.

 

Regards,

 

I surely pity those who lost their $$$

 

But every investment comes with some risk....and when someone try to sell you a financial product, they would probably spend 99% of the time to tell you the best case situation, else who will buy? so whoever sign on it also need to bear some responsibility on their own

 

Now their $ lost, and start claiming they were mislead, to be frank, is this claim a fair one? can someone said those bank staff has actually knew these big guy (LB) will fall but purposely cheat them[mad]? I felt that it would be unjust to those people leh

 

[Babyt]

ya lor...i ask my family member to lie in court that i was misled by bank...u think can? even if my family can prove it, opposing lawyer will say we make up the story coz we belong to same family...

[Tkseah]

In the 1st place.. banks calling these employees relationship managers is misleading.. banks wanna give customers the (wrong) idea that relationship managers are there to advice and help them maximize their savings and wealth..

[Windwaver]

How to prove? Easy -> Your words against my words loh . Frankly, there's no excuse for signing something which you 'claim' that you do not understand. Why do you sign in the 1st place?

 

This is just plain BS lah, ppl just want to get their $$ back. Wonder if they'll make such a big issue if they've earned $$ instead. When you decide to put your $$ into an investment tool, there're risks involved (irregardless of the type of investment).

 

This is like you bought your big sweep ticket but never tio and want to claim back $$ from S'pore pools

[Kingcopa]

Exactly. A lawyer saying this BS on national TV. A joke, as lawyer he shld know that this kind of case, chance of winning is as good as none unless u got concrete evidence. Can we sue him for misleading

[Silver_blade]

I feel it's only fair if the bank staff know what they are selling and the investor understood what they are getting into. But so far, it looks like even the bank staff did not fully understand what they are selling.

 

Since last week, I have read a couple of those investment prospectus...and I find it very difficult to understand the financial jargons. I had to read up on them for a few days and even then, I still don't fully understand some of those terms. If a graduate like me cannot fully understand this, I doubt all the uncles and aunties can.I believe there is a high possibility that the staffs 'mis-led' (not intentionally but cos they have limited knowledge of the products) these people into believing that it is just a FD. I even doubt some of the bank staff could understand everything...since they have so many other products to sell.

 

I have less sympathy for the more educated ones...cos they should have the cow-sense to not invest in somethings they don't understand. But I pity those who are illiterate or non-english speaking 'investors' who are often too trusting (especially in 'national' institutions) and often could only rely on the bank staff to explain everything about the product to them (try translating some of the mini-bond concept/jargons from english to chinese. malay or hindi).

Edited October 16, 2008 by Silver_blade

[Silver_blade]

Actually, it's not a gone case.

 

For some people, they have really have case. My MIL has successfully done than with one of the local bank a couple years ago w/o having to go to court. We were skeptical then, but now we are converted.

[Windwaver]

Well, if don't understand even by a little, don't sign.

[Kingcopa]

http://sg.news.yahoo.com/cna/20081016/tap-...ar-231650b.html

 

But the bank involve is DBS

[Caaa]

Well, in the 1st place, these bank are selling something with higher chances to gain with some risk. There are surely more win case than lost case, so which one to quote? I trust bank would in their opinion believe these products do stand a good winning chance, or tempting returns before they introduce to their customer, which should looks good when comparing with conventional FD (if every goess well, which is not wrong most of the time), customer could make their own decision.

 

Uneducated auntie and uncle may really dun understand what are all these prodcut and their risk, but can they choose to continue to put in normal saving account? My MIL also kenna, she ask the relationship manager, will this give me more interest/$ compare to my FD (which she complain getting lesser ans lesser interest these days)? the lady spend 30 minutes to explain which she don't understand, end up she call me for help. I told her, there are risk involve (which usually quite low) but return is better, and she think think end up say no....cause she said she "kia-see....."

 

Claiming ignorant at this point of time, appear weak to me

[Silver_blade]

Maybe they fully understood what the bank staffs said but the bank staffs themselves may not fully understand it. At least, so far, it looks like this was what happen in some cases. So if the bank staff don't understand, how can the illiterate uncles/aunties fully understand? They didn't know they didn't understand...they tot everything was explained to them...but not.

Edited October 16, 2008 by Silver_blade

[Silver_blade]

...like I said in my other post. It has been done before with good argument and w/o going to court or involve a lawyers.

Edited October 16, 2008 by Silver_blade

[Babyt]

A bank...w lots of $$ w inhouse lawyers...u think the contracts they drawn out will come with loop hole for silly peasants like us to exploit? wait long long.

 

anyway most of these bank salesmen do not have good knowledge of what they are selling, turnover rate is high. u dont even need a degree to sell these products...they hire u probably because you can sell thats all.

 

i see plenty of young salesmen trying to sell bank products...i do not trust them. they are fly by night....

[Windwaver]

Frankly, I've never trusted those so call 'banking experts' to influence me to put my $$. I ended up correcting some of them when they try to BS to me . I can do that because I did my homework, I'm not a financial guy either :).

 

Having said that, I do agree that a lot of bankers (not all) are just BSing and getting a 5 figure pay check every month for BSing