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Thread: After conning people, they are still worried about Prada and Gucci!!!

  1. #41
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    Default Re: After conning people, they are still worried about Prada and Gucci!!!

    Quote Originally Posted by waileong View Post
    Non est factum is very hard to prove.
    Yeah, it is. But it has been used successfully for the illterate - and if the above story is true, then that may well apply.

    Just read that those people who bought into the Jubilee Series 3 product will get nothing back - ie. their whole investment is wiped out.

    Another thing for people to learn from this whole episode is - your friendly bank officer or relationship manager is not your friend !

  2. #42

    Default Re: After conning people, they are still worried about Prada and Gucci!!!

    Quote Originally Posted by gooseberry View Post
    For example, there was a story about a lady in her 60's who went into a DBS branch to renew her fixed deposit, but she was convinced to instead purchase into this product even though her english is not very good. If this story is true, I would think this is something worth investigating in terms of the selling practises involved as these types of products would seem unsuitable for that type of client. I'd think that she wouldn't have understood fully how the product works (actually I wouldn't be at all suprised that the bank officers who are selling these products themselves don't understand how the products work).

    These structured products can be fairly complex products and some of them are basically designed to gamble on the price movements of different securities (stocks, bonds, currencies etc). One example of a structured product is one designed around credit linked notes - even though they may have bonds in their name - your money isn't used to purchase bonds, but your money is used as insurance for the bond holders in case the bond issuers default on payment in return for the premium that is payed by the bond holder for the insurance (after all the commissions taken out by the ones designing the product and arranging the deal (eg. an investment bank) and the marketers and sellers of the products (eg your local retail bank) of course).

    You'd think that a 60 year old woman wanting to renew her fixed deposit would not want to be an insurer for a bond holder for a measly 5% return when there is a risk that she'd lose the whole amount (and not just some of it). Sure the risk was considered small (even the experts didn't know that Lehman would go under 12 months ago), but the risk was still there.

    Something to learn from all this is that for people to remember - don't invest into something that you don't understand !

    I don't understand how old women in Singapore who, the last time I checked, are pretty rough and fierce and stingy, bargaining sorts, would get convinced so easily?
    I don't think they're that helpless...I don't remember many old people being silly enough to buy things they don't understand when they make so much fuss over 50 cents already

    btw the selling practises in the US are much worse. I keep getting these damn phone calls from banks and when I call my bank to do some small inquiries I end up being pushed products...but that's the way it works here.

  3. #43

    Default Re: After conning people, they are still worried about Prada and Gucci!!!

    Quote Originally Posted by mattlock View Post
    I don't understand how old women in Singapore who, the last time I checked, are pretty rough and fierce and stingy, bargaining sorts, would get convinced so easily?
    I don't think they're that helpless...I don't remember many old people being silly enough to buy things they don't understand when they make so much fuss over 50 cents already

    btw the selling practises in the US are much worse. I keep getting these damn phone calls from banks and when I call my bank to do some small inquiries I end up being pushed products...but that's the way it works here.
    When one buy property, they will study the price, take a look at the neighbourhood, any nearby mrts, etc etc...

    Funny why they don't commit the same kind of effort for financial products.
    Last edited by weiconghon; 9th October 2008 at 09:32 PM.

  4. #44
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    Default Re: After conning people, they are still worried about Prada and Gucci!!!

    Quote Originally Posted by mattlock View Post
    I don't understand how old women in Singapore who, the last time I checked, are pretty rough and fierce and stingy, bargaining sorts, would get convinced so easily?
    I don't think they're that helpless...I don't remember many old people being silly enough to buy things they don't understand when they make so much fuss over 50 cents already
    Heh... I don't know.. I haven't met every single old person in Singapore to be able to make a generalised statement [on whether they all wouldn't be easily convinced or they all make a fuss over 50 cents for that matter]

    It's one of the stories that came in the news - whether true or not remains to be seen, but certainly think it is at least plausible.

  5. #45
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    Default Re: After conning people, they are still worried about Prada and Gucci!!!

    Quote Originally Posted by weiconghon View Post
    When one buy property, they will study the price, take a look at the neighbourhood, any nearby mrts, etc etc...

    Funny why they don't commit the same kind of effort for financial products.
    Hehe.. hang on sec - weren't you the one who started the thread by complaining that these 'greedy' bankers 'conned' senior citizens into buying these products ? Now you are saying these senior citizens didn't put in enough effort in evaluating the products ? Just curious...

  6. #46

    Default Re: After conning people, they are still worried about Prada and Gucci!!!

    No link between thread intention and what I'm saying now. Thread start focus on bankers with the intention to con people.

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