Kungfu Clutched October 11, 2008 Share October 11, 2008 Anybody bought LB financial pdts................esp the mini series??????????????? What to do now????????????????????? ↡ Advertisement Link to post Share on other sites More sharing options...
Hishercar Clutched October 11, 2008 Share October 11, 2008 Apparently DBS (HK) is going to refund (full) to those who have been "mislead" this appears to be a PR job probable the number in HK is small Link to post Share on other sites More sharing options...
Spas Neutral Newbie October 11, 2008 Share October 11, 2008 (edited) Start praying, but shouldn't be too bad. :) Got a few questions for u though. Did they (whoever sold it to you) tell you how those securities were created? Did you know what you were buying into? Unfortunately, most people sign on the line without being sure what exactly they're investing in. The mentality is "bank's selling it to me, they say it's safe, then it must be". Of course in retrospect that mentality seems foolish. But I believe it's unreasonable to expect Average Joe to fully understand the nature of many of these derivative securities that were so popular in the past decade. Even the experts also didn't understand how they work (which is why we're in this mess). So, can really argue both ways la. The whole system stinks to the high heavens. Blame Moody's and S&P. They are the kukus who rated junk as super safe. So banks also think they're safe enough to sell them to you lor. Of course all these assuming that the pdts u invested from Lehman are in one form or another, CDOs. They probably are. Which is why Lehman is kaput now. Keep us posted on your progress. Edited October 11, 2008 by Spas Link to post Share on other sites More sharing options...
Wt_know Supersonic October 11, 2008 Share October 11, 2008 (edited) now no teller is dare to sell me anything when i cash in/out at the bank. previously, the teller will ask have you heard of this product ... bla bla bla ! Edited October 11, 2008 by Wt_know Link to post Share on other sites More sharing options...
Cheekg98 1st Gear October 11, 2008 Share October 11, 2008 why double standards ah ? how abt those in singapore ? Link to post Share on other sites More sharing options...
Roberttan 5th Gear October 11, 2008 Share October 11, 2008 where got double standard? differ country ma,may be differ package too. why not we ask those keep pushing the productss where is their coscience similarly is happening to many industries too,people keep pushing you and promised you tons of blah blah,when things turn up to be not what you was expected,so then you go back to them they can said the person no more working here/or is it?let me find out and no comes back/or is like that one is the product la not me. SO to me the master mind(people up there) is the problem they should have to make sure the marketing person must reveal all true when handle the consumer. But sometime we as consumer do have our part to play too. high return high risk. for example some info sharing here also carry some risk too,i am sure those who expertise will know the true picture. Link to post Share on other sites More sharing options...
Kingcopa 1st Gear October 12, 2008 Share October 12, 2008 reading the newpaper today n see many ppl gather at Hong Lim to protest abt losing all their $ on lehman brother products. One of them is quote "being mislead into buying....." i duno whether to laugh or to feel sad for them. Link to post Share on other sites More sharing options...
Tonyg Clutched October 12, 2008 Share October 12, 2008 Good talk. Link to post Share on other sites More sharing options...
Arowana1 1st Gear October 12, 2008 Share October 12, 2008 (edited) those that claimed to be "misled" surely weren't complaining when they were picking up 5% interest rates as compared to the other less "savvy" ones who kept in fixed deposit and earns a miserable 1%. it is greed that killed and while i pity those who lost their retirement funds, etc im sure they are not angels either. it was their ignorance that did them in but you can't fault others for it rite? hence, i tink gahmen should not interfere and let market ride it out. seriously speaking, the risk of lehmen being bankrupt is zero back in 2006. who would have thot micropolis to close too rite? s_hit happens and people only complain when they suffer. yet i bet they were silently enjoying 5% previously and not telling others about it. ditto for kiwi and aussie fd savers. those who invested, none came out to say they making money. only now when kena burnt, all come out with their stories. good things people keep quiet but when they do that, they risk getting burnt cos no one knows that the heck they invested in. some adults now saying they dunno their parents invested in risky minibonds. wow parents oso dun tell kids of a good bargain??? or juz greedy and did not want kids to oppose the risky investment? Edited October 12, 2008 by Arowana1 Link to post Share on other sites More sharing options...
Starry Supercharged October 12, 2008 Share October 12, 2008 (edited) In the first place, I don't even think Structured Deposits should be allowed to be sold in Singapore. Even a pro will find Stucrtured deposit prospectus difficult to understand. Bank should just sell unit trust and loans. That's all. Edited October 12, 2008 by Starry Link to post Share on other sites More sharing options...
Chongster 6th Gear October 12, 2008 Share October 12, 2008 agree, all these products and investments gain popularity because of soaring inflation and falling fixed D yield, which was anomalous. a lot of people were in a fix (no pun intended), so they went in search of better yield. and these products were hoarded to them as an appropriate alternative, with zero risk. you are not allowed to say that. and under the law, you are supposed to carry out a KYC risk analysis to asssess the appropriateness of an investment to the client. this is a legal duty, mandated by the Financial Advisors Act. a lot of the FAs who were selling these products don't even know the nature as well; for example, a lot will tell you that the instrument were issued by lehman or MS or DBS, when in truth, it is probably issued by an SPV holding no other assets. these were fresh out of school kids selling financial derivatives! and a lot of time, their easiest prey would be the old folks stepping into banks to try renew their fixed D for a meagre 75 bps. for kiwi and aussie, i had a near escape man. was already talking to a banker, luckily it's a young punk, if it is a female officer who put 1/2 ball, think i am dead. wonder if that would be fraudulent inducement... Link to post Share on other sites More sharing options...
Hishercar Clutched October 12, 2008 Share October 12, 2008 there would serious fall out both ways if the banks make full refund others who bought other funds will cry wolf that they were also misled because banks did not tell them of the risk or bank did not do the jobe of assessing client risk adverse profile on the other hand if banks dont return the funds lost of confidence by public for any funds in the future Link to post Share on other sites More sharing options...
Genie47 1st Gear October 12, 2008 Share October 12, 2008 Blame Moody's and S&P. They are the kukus who rated junk as super safe. So banks also think they're safe enough to sell them to you lor. Don't blame them. Moody's and S&P understands these things as much as these investors who got conned into these things. That is a big fat zero to you and me. Link to post Share on other sites More sharing options...
Chongster 6th Gear October 12, 2008 Share October 12, 2008 yeah, the bank cannot refund across the board, what it can do is to set up a "independent" panel, maybe under MAS auspices, to examine each case on a case-by-case basis. Link to post Share on other sites More sharing options...
Spas Neutral Newbie October 12, 2008 Share October 12, 2008 Don't blame them. Moody's and S&P understands these things as much as these investors who got conned into these things. That is a big fat zero to you and me. I'm blaming them cos they rated many of these "innovative" derivatives as AA despite, like you said, understanding them as much as "conned" investors. I don't understand them hence you won't see me endorsing mortgage-backed securities. Hopefully the world's regulators will learn from this. Anyway, I wouldn't say the said investors are conned. But really, as I mentioned, it can go either way. Link to post Share on other sites More sharing options...
Kungfu Clutched October 12, 2008 Author Share October 12, 2008 $250,000 to $400,000 down the drain How to sleep man Better off died Link to post Share on other sites More sharing options...
Cheekg98 1st Gear October 12, 2008 Share October 12, 2008 whgat's the point ? Link to post Share on other sites More sharing options...
Spas Neutral Newbie October 12, 2008 Share October 12, 2008 Which bank pushed them to you? What's the exact security you invested in? Tied to a portfolio or what? Talked to the bank rep that sold u the stuff yet? If you did, what did he/she say? ↡ Advertisement Link to post Share on other sites More sharing options...
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