Pray do not tell me you are one of those fucking RMs mis-selling in
banks to hit personal quotas.
In terms of these structured products, banks don't lose, only
consumers do. Truly smart alexs eh. How much do you understand
these anyway before you comment here? Key here is mis-selling,
not scrutiny of every investment product. Such structured products
do not suit the unsavvy investor and risk profile of the
average auntie or uncle.
Even the smartest investor would
have recommended this product? Are you sure? Show me proof that
anyone said so when the sub prime crisis was already
brewing.
sorry i took so long to reply. was away for work.
nope, i'm not working in a bank so i have no reason to defend
them. i work in a totally different sector, I.T solution and
retail.
i've never claimed that during sub prime crisis, people were
saying that Lehman's minibonds were good. i only claimed that 2
years ago, people were saying that Lehman's minibonds were REAL
good. (they said, not me)
i read an article on Straits Times on minibonds dated (if i'm
not wrong) 26th September 2008, (i'm still trying to find that
article to validate my claims) that indicated any reputable
investment advisor would have recommended Lehman's minibonds as a
safe investment 2 years ago.
you can also read on other forums that others (kamomo) claimed
that 2 years ago, Lehman's minibonds were very much thought to be a
safe investment. you can read:
http://forum.channelnewsasia.com/viewtopic.php?p=2311235&sid=43b4884ac6a2e038f9469b9b679261ee
next; from newpaper online:
http://newpaper.asia1.com.sg/columnists/story/0,4136,179234,00.html
_________________________________________________________________
taken from the webpage:
I may be the only one who thinks Mini and Hi-5 risks were
low and fairly disclosed.
Consider this: Suppose you are walking down Orchard Road and
get hit by a meteor from outer space.
Should the Land Transport Authority have warned you? How
about the Ministry of Environment? Someone must be
responsible!
Of course, it is an unanticipated event. It was no one's
fault, not even yours.
The same is true of Lehman's bankruptcy. It was one of the
world's most established investment banks. Who could have guessed
15 months ago that Lehman would be the victim of a US financial
crisis?
Page 1 of the Hi-5 brochure and pricing statement dated 29
Mar 2007 says Lehman debt is rated A+ by Standard and Poor's
(S&P). That's high. The country of Malaysia only got an A-
rating.
The same for Minibonds. Page 15 of its pricing statement
dated 11 May 2007 says, 'Lehman Brothers Holdings Inc has a
long-term debt rating of A+ by S&P.'
Does anyone really think the sales staff should have told
investors: 'Please pay no attention to S&P's A+ rating of
Lehman Brothers. My analysis shows Lehman Brothers will go
broke.'
Even if the sales staff were so insightful, who would have
believed them?
There is a good reason why investors were never warned of
Lehman's bankruptcy. It is because the chances of it occurring were
near zero when Mini and Hi-5 were sold in mid-2007. Back then, even
experts like S&P thought Lehman was
super-safe.
_________________________________________________________________
next read this forum question during 2006
http://www.fundsupermart.com/main/community/forumPosts.svdo?pid=000589&page=1
what i'm saying is 2 years ago, people are saying it's a
good investment with A++ bond ratings to back their
convictions and the rest of the world thinking it's a safe
invesment... 2 years ago
