Help1 1st Gear November 12, 2008 Share November 12, 2008 not sure whether anyone has read or watch his comments on the lehman bonds issue but I do agreed with him on some of his views in regards to this case. the banks here is compensating based on "out of goodwill" basis. This is not an entitlement or priviledge to the investors at all. These ppl KPKB saying their lifelong savings all gone, blame the banks for not telling the truth or explain to them the risks involved etc etc...seriously how many of us know the terms if you are not a investment banker or from the FSI...did not do proper homework or ask around, greed on those free gifts like vouchers, umbrellas, slow cooker etc etc, all these cost how much only as compare to lifelong savings gone...silly foolish ppl...i dun see the banks has the responsibility to compensate those ppl at all.... ↡ Advertisement Link to post Share on other sites More sharing options...
Melissa 1st Gear November 12, 2008 Share November 12, 2008 ya.. like those ppl in HK.. protest protest... Link to post Share on other sites More sharing options...
Blackyv Turbocharged November 12, 2008 Share November 12, 2008 not again.... Link to post Share on other sites More sharing options...
Donut Supercharged November 12, 2008 Share November 12, 2008 yup... i also concur on this.... I never agree to bank compensating back and since they are doing it, it's actually "out of goodwill", coz the banks are here to stay for long term. This issue will actually change the way we buy investments in future. The banks or investment houses will ask very intrusive questions about where and how we get the money that we want to invest and whether we are willing to forfeit the $$ if the product goes bad.... we got ourselves to blame that we will feel tat its very troublesome to invest.... and banks will probably make us sign a clause that says we fully understand everything about the product and we cannot take legal actions against them, Link to post Share on other sites More sharing options...
Mcfguy 1st Gear November 12, 2008 Share November 12, 2008 yalor, if the situation were reverse. Say, the promised return is 5%, suddenly, due to financial sector boom and the return was increase to 100% and you double your capital. See if anyone go protest. Link to post Share on other sites More sharing options...
Donut Supercharged November 12, 2008 Share November 12, 2008 yes. if everyone is making $$, all are happy, who cares if the product is junk or not.... only when something screws up, ppl want to point finger at someone ppl are so selfish..... sometimes, i feel so ashamed of how human beings can behave.... Link to post Share on other sites More sharing options...
Ahhuat 1st Gear November 12, 2008 Share November 12, 2008 since banks are paying back for losses.. does it mean that they can confiscate all gains? Like u, I agree with MM on this one... greed fueled those ppl (except some really select few) and they should be made to pay... Link to post Share on other sites More sharing options...
Slonez Clutched November 12, 2008 Share November 12, 2008 Quote not sure whether anyone has read or watch his comments on the lehman bonds issue but I do agreed with him on some of his views in regards to this case. the banks here is compensating based on "out of goodwill" basis. This is not an entitlement or priviledge to the investors at all. These ppl KPKB saying their lifelong savings all gone, blame the banks for not telling the truth or explain to them the risks involved etc etc...seriously how many of us know the terms if you are not a investment banker or from the FSI...did not do proper homework or ask around, greed on those free gifts like vouchers, umbrellas, slow cooker etc etc, all these cost how much only as compare to lifelong savings gone...silly foolish ppl...i dun see the banks has the responsibility to compensate those ppl at all.... For a long time, banks do not promote investment to customers who go to the bank for normal banking transactions. If people interested, they can approach the counters to make inquiry. Then several years ago, all the banks started heavily promoting investments employing aggressive financial/investment consultants or whatever you call them. Even tellers also try to do sales slowing down the banking transaction resulting in damn long queues. Not forgeting, the banks set sales target for these consultants & like most in the sales line, it's hitting the target at all cost. These consultants pry on those uncles/aunties cos they are easy targets (uneducated & trusting). Now by saying they deserve it is being very ruthless & uncompassionate. Their plight is like those of children being sexually taken advantage by people they trust. Would you say these kids deserved it? Just becos most of us in the forum are fortunate enough to be educated, let's not forget those less fortunate & grew up in difficult times/circumstances. PS. Just my opinion. Link to post Share on other sites More sharing options...
Mcfguy 1st Gear November 12, 2008 Share November 12, 2008 I guess that's why compensation is to those aged and uneducated first. If not, all those educated and greedy will be the first in line. Link to post Share on other sites More sharing options...
Novicej Neutral Newbie November 12, 2008 Share November 12, 2008 Long time no see. Where have you been? (p.s- my right tweeter no sound, i think tweeter gone liao. Time to overhaul. ) Link to post Share on other sites More sharing options...
Slonez Clutched November 12, 2008 Share November 12, 2008 (edited) I agree, this is at least what the banks should do. Edited November 12, 2008 by Slonez Link to post Share on other sites More sharing options...
Slonez Clutched November 12, 2008 Share November 12, 2008 Hehehe, I always around. Where have you been hiding? Link to post Share on other sites More sharing options...
Help1 1st Gear November 12, 2008 Author Share November 12, 2008 well u cant compare kids against adults...kids are innocent, they haven expose to the world yet, still living in the sheltered world...but as for adults (be it educated or not) has been in the workforce for many yrs, have seen the world, been through the hardship and understand the meaning of honest living, always like to claim "i have been eating salt/rice longer than you" mentality so there should not be excuse. even my parent and inlaws who have only up to primary education knows that nothing is free in this world, there is no such thing call free lunch in this world... whenever a fixed deposit has expired or near expiry date, the bank tellers will approached my mum over the counter or investment bankers will make numerous calls to my mum trying to sell the products to her, she dun even bother at all... so u see is not being educated that we are aware of the risk but those who are not educated also aware of the risk. Be it educated or uneducated, a person who is greedy will fall into such traps. morale of the story, dun be greedy, no free lunch in this world...even go toilet must pay money.... see those ppl gathered at the speaker corners really want to take the mike and tell them bug off, disturbing the greenery and peace in the park...some of them being interviewed still can reply in fluent english and holding notice board etc, so much so for uneducated ppl.... Link to post Share on other sites More sharing options...
Silver_blade Turbocharged November 12, 2008 Share November 12, 2008 Whatever MM mentioned has been discussed in length before. Tho I agree that some cat be categorized as this mentioned by MM, we cannot ignore the fact that there are those were indeed mis-led. If the banks are really that innocent...you think they will really compensate at all? I feel that bank should remain as a bank and they should set up an investment arm for investment purpose. Link to post Share on other sites More sharing options...
Ender Hypersonic November 12, 2008 Share November 12, 2008 Yup the bank knew they are guilty in miselling to a certain group of people. If not they also won't come out with corrective actions. Coming with corrective actions means something in the procedure is wrongs liao. Link to post Share on other sites More sharing options...
Hishercar Clutched November 12, 2008 Share November 12, 2008 mis-leading is a very fine line who can do mind reading Link to post Share on other sites More sharing options...
Silver_blade Turbocharged November 12, 2008 Share November 12, 2008 Indeed...that's why, I feel more need to be done eg. like what DBS has just announced in today's ST. I still feel it is best to set up an investment arm or unit which for any form of serious investment. Give us back our saving banks....for the common folks who just want to safe keep their money and valuable. For those who want something with higher returns at a risk....go to the bank's investment arm. Link to post Share on other sites More sharing options...
Edmund932 Neutral Newbie November 12, 2008 Share November 12, 2008 I believe if gov never step in, i don't see the banks compensating "out of goodwill". Because it has affected too many then affected ones make a hoo-hah then gov somehow have to step in to 'influence' banks to compensate. IMHO, I have to say that greed is a major factor. Imagine a person who is very timid even though he/she hears that the returns are very good, also dare not invest in them. It's just like buying 4D and going back to claim back when you have not won in the draw. But don't get me wrong, I am not saying it's entirely their fault for investing. Maybe if they were more cautious then they won't be affected that badly and not pin point when something bad happens. ↡ Advertisement Link to post Share on other sites More sharing options...
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