Thursday, November 06, 2008
Retirees, Banks, Minibonds
Lending support to our retirees
When retirees placed their nest eggs, their hard earned lifelong savings, in fixed deposits with banks, there could not have been other good reasons than to receive a regular return of interest to sustain their golden years.
When these banks somehow got these retirees to switch their nest eggs to a kind of bond to earn a higher interest, obviously these retirees would have been led to believe that the banks were helping them in their investment ? Otherwise, it would mean that our banks plain services to retirees are questionable ?
Retirees deposits are the best source of fund for the banks. Were the banks helping the retirees or were they offering the retirees a way to gamble with their nest eggs for the sake of a higher return on the yearly interest ? This question need not be answered, the perception will be very clear at the end of this episode. The banks are serving retirees here, and not entrepreneurs or business people.
The banks have been tardy and reluctant over the issue of compensating the retirees. The retirees are past their capability of earning another nest egg; so how are they to get by from here on, misery upon misery !
On the other hand our three stalwart banks yearly earnings are enormous; for the year ending 2007 they earned as follows:
DBS - nett profit in 2007 = $2,047 million or 2,047,000,000 dollars
OCBC - nett profit in 2007 = $2,117 million or 2,117,000,000 dollars
UOB - nett profit in 2007 = $2,109 million or 2,109,000,000 dollars
Our banks will always make money, for obvious reasons and for our national stability.
They will not be dented to death over such a payout, unlike the biblical Goliath who was killed by a pebble slung by David.
Despite all the publicity, even the professionals are finding it hard to understand the scheme of the minibonds, let alone retirees.
Ron
When retirees placed their nest eggs, their hard earned lifelong savings, in fixed deposits with banks, there could not have been other good reasons than to receive a regular return of interest to sustain their golden years.
When these banks somehow got these retirees to switch their nest eggs to a kind of bond to earn a higher interest, obviously these retirees would have been led to believe that the banks were helping them in their investment ? Otherwise, it would mean that our banks plain services to retirees are questionable ?
Retirees deposits are the best source of fund for the banks. Were the banks helping the retirees or were they offering the retirees a way to gamble with their nest eggs for the sake of a higher return on the yearly interest ? This question need not be answered, the perception will be very clear at the end of this episode. The banks are serving retirees here, and not entrepreneurs or business people.
The banks have been tardy and reluctant over the issue of compensating the retirees. The retirees are past their capability of earning another nest egg; so how are they to get by from here on, misery upon misery !
On the other hand our three stalwart banks yearly earnings are enormous; for the year ending 2007 they earned as follows:
DBS - nett profit in 2007 = $2,047 million or 2,047,000,000 dollars
OCBC - nett profit in 2007 = $2,117 million or 2,117,000,000 dollars
UOB - nett profit in 2007 = $2,109 million or 2,109,000,000 dollars
Our banks will always make money, for obvious reasons and for our national stability.
They will not be dented to death over such a payout, unlike the biblical Goliath who was killed by a pebble slung by David.
Despite all the publicity, even the professionals are finding it hard to understand the scheme of the minibonds, let alone retirees.
Ron
# posted by chunmu @ 5:56 PM 
