Friday, April 03, 2009

The Whole Truth

Dear Mr. Tan,
Some people play with words to an extent that it is difficult to know the difference between the truth and lies.

If a business reduce the benefit significantly last year, can they now say that the action has benefited the customers, because they do not need to reduce the benefit further this year?

Similarly, can the government, after increasing tax and levy,  now give a smal rebate and say that they are benefitting the taxpayer with the rebate?

I agree with your view. It is now quite difficult to tell the difference between honesty and dishonesty. Mr. S Rajaratnam once said that there are difference between "the truth, the whole truth and nothing but the truth". We have to learn what is the "whole truth".


zhummmeng said...

NTUC said that the restructuring of the bonus last year has benefited them this year. It is true because they don't have to pay so much as before the cut. Yes, they lost your money cut from your bonus in the investment and yet they can still meet the yield and payouts. Marvelous, isn't it? Very clever!!
But wait a minute.... the yield is now lower and the payout is lower, therefore they can meet. On top of it they are going to make it up to the annuitants who receive lower payout with one time top up of $60. What a caring social enterprise!!!what magnanimity, cut from you and then return you lesser . Like their cashback revosave, you pay $3000 and they refund you $1500 what great product? Very caring, indeed.
The world is full of trickery semantics
Let us meet them at the AGM.

zhummmeng said...

Someone posted in the REACH Forum that today insurance agents use the 5Cs approach to sell insurance products. I agree with him that all insurance agents use them, some unconsiously others willfully. It is not a surprise they are used if wholelife and endowment products are the products agents push and peddle The 5Cs are the guidelines of their presentation.
1.Convince....the agents will try to convince the customers with a few positive features and benefits of the products.If this doesn't work, next use
2.Confuse...this is to use some dubious comparison like "the return is better than the bank rate" or my product has lower premium than the Tiger Insurance or my product covers dismissal from employment and also retrenchment and you can claim premium waiver for the next 6 years. If this is not attractive enough then next use product covers till the 5th generation and not only that it also gives you 6 times what you pay????? Not even half truth is used.If it still doesn't work then use hard core method..
4.Cheat... Mr. customer, my product is guaranteed, the return and the protection are guaranteed. If you should die after 80 years old YOU can claim 5 times the sum assured.This is also gauranteed. Isn't this the best in the market?
This is out of this world product.
If this doesn't this must work....
5. Cuzon......sounds cool but it is very lethal.. Mr. 55 years old customer, you have CPF or not..Take out every cent you can take out plus your cash saving and I will show how you can earn 5% guaranteed cash coupons every month .Yes , the return is 5% and it is better than the minibond, no risk and guaranteed.You want cash?This product works like an annuity and it gives a stream of income higher than the the Fixed deposit and you no need worry about your monthly expenses. Sure inflation pproof.Good or not. Get your wife and your friend like your age with lots of CPF to join this scheme. Sorry this is a scheme and not a scam, sure make money for retirement....
Will this cuzon strategy work? It better works or else it means behind the bars.
Well, you think this is a make belief stuff? The next time pay attention to your insurance agents making the presentation.You might even be sold before he uses cheat strategy.

Falcon said...

This is how the new breed of CEOs spin their stories and get themselves hefty raises. It is all about greed and money. They turn black to white and white to black and use fanciful words to make it sound as if the victims are the ones who benefit when actually it is the reverse. Many laymen and ordinary people are not able to tell the difference and fell for it. What puzzles me though is why the professionals and regulators allow it.

Sobri said...

I checked the surrender values of my policies on NTUC's POLE. I was perplexed at the amounts shown. 3 growth policies bought at the same time but with difefrent maturity dates have 3 different values, one of which has no increase at all. The Classic annuitys' increase was way below that of CPF's. I queried to know the method of calculations used, and whether my interpretation of the annuity was correct.
The very next day, the values changed! There was a slightly higher increase!

I am now very perplexed! just received an acknowledgement reply today.

The said...

The annuity bonus will be reduced very soon but they will give a one time $60 to "make up' the cut.
I amm puzzled too.
\Their press statement said that they are maintaining the yield and payouts instead of saying there will no bonus cut. It is deceptive and playing with words. Why not just come straight to the point and not beat around the bush.
Where got transparency? Where got put customers' interest first? Speaking between the teeth of the social enterprise values..If it really true , examine their products and the salespeople. The whole company, the management, the products, the so called financial consultants are in cahoot.The salesmen should be appropriately called financial insultants.

lle said...

Yes, it is indeed more challenging trying to differentiate a "whole truth" and "half truth". Telling a "half truth" is considered telling a lie. So, please read what has been written between lines and not to take the statement given faithfully. It is unlike those previous days.

Moving ahead, we have to seriously examine the intergity of the whole society, the businesses etc, when reviewing the cause of this economic crisis. It is now time for us to take review of ourselves.

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