More than 500 angry investors turned up at Speakers' Corner yesterday evening to protest against having been misled into buying products linked to now-bankrupt investment bank Lehman Brothers.
Blame yourselves for listening to these unscrupulous agents or financial planners. There is no way they can recover their loss. What can the MAS do? Nothing, except making inquiries and mete out warnings to errant financial institution but has no power to compel these banks and financial institutions to compensate them. It will bring more pain and misery if all of these investors collectively engage file a class action. It is a long and costly legal battle that they will lose more money.
Great job from NTUC to protect the hard earned money of the workers. Let's all remember we have constructive ways to express ourselves with NTUC fighting for our interests. I always believed NTUC Income Insurance was far better than those AIG and bunch of other foreign Insurers. Hopefully the uncle's and aunties who put money in Lehman funds will get their money back just in time for retirement. I am sure our country being strict on such laws will track down the Real culprits and do justice to these people. Hail LKY..
Come on 'Greed' is the key word. Don't find any excuses please, irregardless your age. No risk no gain. I thought the older you are the wiser you become.
To add on: And I suspect the banks and all those "professional" financial "consultants" were just as clueless about the risk of these mini-bonds. Lehman Brothers did not get rich just be fooling the retail investors - they fooled everyone.
No one seems to complain when they were making $$. Or why don't we take back profits from other investors to give to those who lost??
MAS will need to tighten regulation but regulatory has much limitations (easier to BAN financial products for those less than A level or dipl education) Its up to individuals not to be greedy and ask their educated friends for advice??
October 12, 2008 Sunday, 04:24 AM
