Thursday, July 02, 2009
Cheating and negligence
What is cheating? What is negligence? Why are these points relevant to the investors of the credit linked notes? What can be done to address these weaknesses? I am writing on these matters over the next four days. Tell your friends to visit this blog.
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10 comments:
Cheating is not telling the whole truth.
Cheating is not disclosing everything.
Cheating is misrepresenting the truth.
Cheating is distorting the truth.
Cheating is telling half truth half lies.
Cheating is also telling only half truth.
Cheating is shortchanging the client.
Cheating is premeditated and willful.
Cheating is knowingly pretending that you are competent when you are not.
Product pushing borders on cheating because agents cheery pick some truths and suppress other truths and replace them with falsehoods and the motive of this modus operandi
is to con the customers into buying a product that is not suitable for him or her.
Therefore, selling is an attempt to initially convince a customer to buy something with some positive truths and suppressing negative truths and if the positive truths fail positive lies will be employed until the customer is paralysed intellectually and mentally to respond positively and to surrender.
Product selling and pushing is used aggressively by insurance agents to promote products with high commission. In some cases it is disguised as 'need selling' but it cannot stand close scrutiny.
In life insurance the agents who use selling as a means of promoting the products are usually the dishonest and incompetent because product pushing cannot adequately address the needs of the consumers.
Consumers must be wary of these product pushing insurance agents for they will ruin your financial life just like the victims of the minibonds who were denied the approach required by section 27 of the FAA.
The Watchman
Cheating is the intention of doing something, which in the first place should not be done.
starlight
Practically all the RMs involved in LB saga are CHEATING.
Adrian
Those without knowledge and competence of insurance and investment but pretend to have is guilty of cheating and misrepresenting themselves.
Not only that they are also guilty of violating the fit and proper requirement of the FAA and it is a criminal offence.
Deeceiving a customer into beleiving that using the cashbacks of revosave to buy vivolife gives enhancement of benefits is cheating.
The RMs who sold the High Notes and other CLN as safe products told half truths. It was made to look like a low risk bond when it was in fact a highly complex product.
The RMs were grossly negligent in the way they handled their clients money and the FIs now use the excuse that the investors are "savvy" and "can read and write English fluently" and so the FIs arrogantly insist they did not do anything wrong. If there is no black and white evidence, does it mean that cheating and half lies did not happened? Even Maddoff admitted he cheated his clients most of whom, I am sure can read and write English fluently!
Those who bought these products know what truly happened during the sale and can relate to the Oei Hong Leong case in the news.
It is obvious that something very wrong took place but the FIs chose to pretend that they did nothing wrong. Nothing wrong at all.
This is worse than the lies that were told in the first place.
CC
At the POSB the salesmen are selling health products and they are making people to switch from one insurer to another. This is dangerous. The salesmen must justify and not to msirepresent the facts.
FI sugar coated the risky products and sold them to unsuspecting investors, that is cheating.
The investor trusted the RMs and fell into the trap, that is negligence.
5:02pm,
Well said!!
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