"an 84-year-old woman and her mentally-ill son reached an
agreement with on a partial refund from DBS Group Holdings Ltd. (D05.SG) on
derivatives backed by Lehman, the South China Morning Post reported Friday,
citing the woman''s younger son."
agreement with on a partial refund from DBS Group Holdings Ltd. (D05.SG) on
derivatives backed by Lehman, the South China Morning Post reported Friday,
citing the woman''s younger son."
While it is good news that the bank is doing a PARTIAL refund for this case (i really wonder how partial is partial)
But it really makes me wonder how on earth can any banker or simply a human being bring themselves to sell a complex structured product to a 84 year old woman and a mentally ill son? How on earth did the bank's management allow such a sale? Isn't the age 84 years old already a super RED FLAG on the suitability of such a product to this person??
This is just one specific case that has surfaced and reached a conclusion but from what i've read so far, the incidences of gross act of alleged mis-selling to elderly folks by DBS seems quite rampant! The majority of the outcry comes from these elderly folks who, more likely than not, had no freaking idea what they were getting themselves into.
So for those who think this is a laughing matter that people shouldn't get "uptight" about it. Please have abit of compassion and empathy towards the plight of these people. Don't be naive and think this is just about money. The reason things have blown up to this proportion and the source of anger of most of these investors is because: TRUST WAS BETRAYED! The foundation of the banking industry is TRUST and INTEGRITY. (That is why people leave their monies in banks and not under their pillows).
Think about it. Every damn investment now (whether it's Unit Trust, Stocks, Currencies etc) would have seen the values halved or more but you don't see huge PUBLIC outcry and protest do you? Why this product in particular?
I'm not even a victim of this saga and yet i feel their pain not because money has been lost but more importantly the pain from the injustice of the trust betrayed.
Even if you don't wish to show that teeny tiny bit of compassion, the very least you could do is not rub salt to wound.
