Caaa Clutched October 16, 2008 Share October 16, 2008 Quote 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). Bro I definitly agreed with you..... ↡ Advertisement Link to post Share on other sites More sharing options...
Silver_blade Turbocharged October 16, 2008 Share October 16, 2008 (edited) I agree. I also don't take their words as a gospel of truth. I usually ask for more printed info and extra time to digest and do my own research before committing. But we have the privileged of some decent education and the excess to the internet/books for our research. Edited October 16, 2008 by Silver_blade Link to post Share on other sites More sharing options...
Kingcopa 1st Gear October 16, 2008 Share October 16, 2008 Agreed Heard those street gossip...... the wifey of the one who hold a talk at Hong Lim lost heavily in this crisis. Link to post Share on other sites More sharing options...
Silver_blade Turbocharged October 16, 2008 Share October 16, 2008 On a side note, I bet our gov regret allowing outdoor protest at the speaker's corner. Wrong timing. Link to post Share on other sites More sharing options...
Kingcopa 1st Gear October 16, 2008 Share October 16, 2008 (edited) That is y the bank have to come out n announce they will look into this. Edited October 16, 2008 by Kingcopa Link to post Share on other sites More sharing options...
Speddevil Neutral Newbie October 16, 2008 Share October 16, 2008 They look and announce later cannot find any solution . So those victims juz go home and suck thumb Link to post Share on other sites More sharing options...
Kingcopa 1st Gear October 16, 2008 Share October 16, 2008 exactly Link to post Share on other sites More sharing options...
Speddevil Neutral Newbie October 16, 2008 Share October 16, 2008 Greed is often the evil Link to post Share on other sites More sharing options...
Kingcopa 1st Gear October 16, 2008 Share October 16, 2008 Pity those retirees n tose unker n aunties. They do not know anything on this crap n believe the sale person. Hope those salesmen n salesgirl can rest well at nite Link to post Share on other sites More sharing options...
Yrvsport 2nd Gear October 16, 2008 Share October 16, 2008 Aiyah this people are all street gundu and not street smart..when times are good all juz pretend nothin happens coz more money comin in mah... but when bad time all to be blame..human nature so please be more smart enough before commit or throwing such hard earn cash in future.... Link to post Share on other sites More sharing options...
Sabian Turbocharged October 16, 2008 Share October 16, 2008 Quote Frankly, I've never trusted those so call 'banking experts' to influence me to put my $$. I ended up correcting some of them when they try to BS to me . I can do that because I did my homework, I'm not a financial guy either :). Having said that, I do agree that a lot of bankers (not all) are just BSing and getting a 5 figure pay check every month for BSing If they want to sell to you, ask them and their branch manager to show statment that they also buy...at least believe in the product you are touting like a used car salesman... i mean, even the prostitute believes in her pussy...so now u know what i think of them salesmen hanging around in the banking hall... Link to post Share on other sites More sharing options...
Speddevil Neutral Newbie October 16, 2008 Share October 16, 2008 They are being forced by circumstances at times to meet target But not at the expense of others to meet your goals. Link to post Share on other sites More sharing options...
Speddevil Neutral Newbie October 16, 2008 Share October 16, 2008 This is true. Got $ make everone happy. $ lost, everybody siam and kpkb Link to post Share on other sites More sharing options...
Caaa Clutched October 16, 2008 Share October 16, 2008 If this time round everything goes well, the people whom put in $$ will have good return...so they are smart... Now bad times come and they become idot? Investment is investment, no risk no gain, less risk less gain, more risk more gain.....no one is to be blame as everyone would want more gains....is just that they are not prepare for the risk...... if one said no greed so don't invest, when everyone gain he will become idot.... there is always the" if I would to know early".... Put money in the bank safe? its safer but not 100% safe.....put at home safe? wait till kenna house-breaking people will tell you aiya, y so stupid put at home? ....never ending.... Link to post Share on other sites More sharing options...
Alechi 2nd Gear October 16, 2008 Share October 16, 2008 Quote 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). Bro I definitly agreed with you..... I agree. In fact, I believe the class action suit, if filed, will be significantly beneficial to the illiterate and non-english speaking victims. I hope these group of ppl recover most, if not all of their investments. My heart goes out especially to those aged 60+ and above. How in the world will they be able to save back the amounts ??? I am not talking about their capabilities, I am talking about their limited time because of age (i.e. based on average lifespan). Essentially, they are being robbed of their retirement, which is, the last maybe one or two decades of their lives ... The perpetrators of these credit derivatives, CDOs, CDS, ought to be shamed and shot and deprived of their massive wealth. ... Sorry .. just venting (not vested) Link to post Share on other sites More sharing options...
Tien Neutral Newbie October 16, 2008 Share October 16, 2008 my heart goes out to all those old folks who lost their life time savings. but to be fair, how can they be blaming anyone? 1. there is nothing wrong calling those credit-linked structures "bonds". a bond is simply a IOU stating the amt borrowed by the borrower (nominal amt), the interest that the borrower will pay (coupon rate) and the timeline for coupon payments and principal repayment (coupon payment freq, maturity date). it also includes all other T&C (callable, putable, what have you) under which the bond is issued. So in every essence, minibonds / high notes are "bonds". 2. cant blame the bank staff for highlighting the pros and hiding the cons - which salesman doesnt do that? at job interviews, when in courtship, which of us highlight all our weaknesses instead? this is just sales. 3. a "always been a fixed-deposit person" doesnt necessarily mean that the person is unsuitable for complex instruments, and that should he buy complex instrument, he is mostly likely to be misled. i am 70 year and decide 1 day i want to gamble all my money in junk bonds... who are you to stop me? it's my choice. 4. some are blaming the govt for allowing such "risky instruments" to be made available. they argued that if govt disallowed these instruments in the first place, all these wouldnt happen. grow up ppl! how to have more freedom and yet want hand-holding at the same time? ps: lost 90% of my savings in mini bond and high notes... just my rotten luck. Link to post Share on other sites More sharing options...
Loki Supersonic October 16, 2008 Share October 16, 2008 Also, at that point in time when these products were sold, who would've thought that Lehman Brothers would go bust? It seemed highly unlikely then. Link to post Share on other sites More sharing options...
Scenic98 Clutched October 16, 2008 Share October 16, 2008 Quote 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.... then again, I think there's more at stake since DBS is so closely linked to gahment. a lot of these victims are the older generation that voted pappies over the many years. a lawyer on tv yesterday say the victims may band together and take some form of class action. I just checked my PruYield 15, still intact and nothing to do with any of the toxic companies so far. ↡ Advertisement Link to post Share on other sites More sharing options...
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