Some Town Councils collected our S&C fee and invested in structured products like DBS high Notes, Lehman’s brother minibond, Jubilees notes and Morgan Stanley Pinnacles notes.
It was S$16 millions in total. (Another S$3 million in Pinnacles notes in danger of losing all)
And they were all worthless.
Zero.
It was this sum of money that we could not earn in our lifetime
And they just told us it was gone.
They went in with their eyes opened.
They have excellent learning, unlike the 62-year-old retirees with no primary education. They just like to have safe fixed deposit but were told to buy complex products that they were told it was principle-guarantee.
They did not know, but these people knew.
They knew what they were doing.
They also knew that high returns high risk too.
They read the fine print too.
And it was not just one person but many people involved.
But still they went in.
When things happened as it always, they blamed on others like our 158-year-old Lehman’s brother and low fixed deposits interest rate could not offset high inflation. But not themselves.
They told us that they did not expect it to collapse as it has AAA+ rating.
Like our trusted banks, they told you beautiful stories and sidetracked you the main point that they have made wrong decision and pushed all the blame.
When you owed them money, you will get fine for not paying.
When they lose your money, they needed not pay anything at all.
Not even a single cent.
Trust no more.
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