People lost money with banks

[Wisely]

It seems that some banks in Singapore have misled customers into buying their bonds under a risk-free condition. After the Lehman debacle, 90% of the portfolio of these customers were wiped out. MAS is not taking any action for the banks' misleading statements.

In HK, the govt is taking some of the financial institutions to task. So what is the Singapore govt going to do about it?

 

[Glaringly]

Yes, this gets on the nerve of a lot of people like me. I had a "surf deposit" with DBS which guarantees principle and is unaffected by Lahmen. But, if another bank was to fall, will it affects me? This is suppose to be risk free as it earns less then fixed deposit in it's current standing! (pathetic)

I think the very least that the banks should do, is to advise those depositors like me.

 

[makapaaa]

It seems that some banks in Singapore have misled customers into buying their bonds under a risk-free condition. After the Lehman debacle, 90% of the portfolio of these customers were wiped out. MAS is not taking any action for the banks' misleading statements.

In HK, the govt is taking some of the financial institutions to task. So what is the Singapore govt going to do about it?

Do your see lung tao! I've 66% mandate OK?​

 

[BlueCat]

those elderlys should goto CASE and see what they can do.
hope the government can act fast.

 

[i_am_belle]

juz wondering, is the thread starter the 'wisely' from lovecosmos forum ?

as far as i know - wisely is 'tan ___ ____' ... appeared on sunday times article abt newly renovated flat ... better not say more, hee hee ... :p

 

[theblackhole]

those bank officers who were selling all these funds did not even know what they were selling. all they knew was to tell their customers guaranteed no loss but profits returns of 5%!!!cannot lose at all! absolutley safe! how can a fund with so many baskets collapse with the collapse of lehman brothers!!! how can??? The reality is CAN!!! This was not spelt out to customers! I think those people who bought those funds should take action against the banks concerned!!!! Or go to Speaker's Corner and demonstrate your discontentment and display your losses...and name the banks concerned!!!

 

[Zombie]

It seems that some banks in Singapore have misled customers into buying their bonds under a risk-free condition. After the Lehman debacle, 90% of the portfolio of these customers were wiped out. MAS is not taking any action for the banks' misleading statements.

In HK, the govt is taking some of the financial institutions to task. So what is the Singapore govt going to do about it?

I think those bonds are credit-linked, just like investment-linked insurance.

Most people understand bonds are low-risk and they assumed the same for credit-linked ones.

There is no such thing as risk-free.

 

[no_faith]

..buying their bonds under a risk-free condition..

.. which guarantees principle and is unaffected by Lahmen...

u believe there is risk free and guarantee?

summore this is a cruel reality, they wan u to buy sumting...they will say until got dragon got tiger..

 

[SIFU]

u believe there is risk free and guarantee?

summore this is a cruel reality, they wan u to buy sumting...they will say until got dragon got tiger..

same for PAP.. before election day, they also say until got dragon got tiger..

 

[Wisely]

Yes, this gets on the nerve of a lot of people like me. I had a "surf deposit" with DBS which guarantees principle and is unaffected by Lahmen. But, if another bank was to fall, will it affects me? This is suppose to be risk free as it earns less then fixed deposit in it's current standing! (pathetic)

I think the very least that the banks should do, is to advise those depositors like me.

Bank agents today can handle no shit. Someone wrote to the press complaining that her agent told her he was too busy due to too many calls. Singapore must have been too stable till nobody can handle crisis anymore.

 

[Glaringly]

u believe there is risk free and guarantee?

summore this is a cruel reality, they wan u to buy sumting...they will say until got dragon got tiger..

Has they re-define the meaning of guarantee ?? If we have to doubt the word, then must as well safe keep our money under the pillow. If the bank ain't do nothing to pacify the public, they (the bank) are gonna to lose out after this episode which I believe many non-risk taker are watching.

 

[jw5]

It seems that some banks in Singapore have misled customers into buying their bonds under a risk-free condition. After the Lehman debacle, 90% of the portfolio of these customers were wiped out. MAS is not taking any action for the banks' misleading statements.

In HK, the govt is taking some of the financial institutions to task. So what is the Singapore govt going to do about it?

Perhaps nothing, if they are not affected individually.

 

[jw5]

those bank officers who were selling all these funds did not even know what they were selling. all they knew was to tell their customers guaranteed no loss but profits returns of 5%!!!cannot lose at all! absolutley safe! how can a fund with so many baskets collapse with the collapse of lehman brothers!!! how can??? The reality is CAN!!! This was not spelt out to customers! I think those people who bought those funds should take action against the banks concerned!!!! Or go to Speaker's Corner and demonstrate your discontentment and display your losses...and name the banks concerned!!!

They are only interested in getting their commissions.