Sunday, January 31, 2010


If you sell a product that earn you a high commission and you know is bad for customers (e.g. you would not buy the product for your own use), it may still be legal (i.e. you have observed the law strictly to the letter), but you are acting immorally (i.e. to know right from wrong, good from bad).

Many years ago, society observed moral and ethical values. Today, society has accepted immoral values in the pursue of the capitalist profit. They created terms such as "caveat emptor" and "open your eyes" to justify the immoral pursuit of profit. Even the leaders set a bad example by benchmarking their salaries to the top corporate profits, which may be obtained through immoral ways.

Tan Kin Lian


Anonymous said...

Fully agree with you.
Those FIs selling the structured products (e.g. "minibomb") via IFAs are unethical, even though they may be "legal"????

Those ""Introdcers (advisers???)"" selling such products to their clients are very unethical, although they may be "legal???"".

Those IFAs selling such products via such channels are also very unethical.

Now it seems that such things are aceeptable here,and many who bought from IFAs have not get back a singl cents.

what a sad state of affairs!!!!

Anonymous said...

This happens in insurance companies where tied insurance agents disregard the product quality and peddle them to their own TRUSTING policyholders. Dumping on own trusting policyholders is a lot easy becuase there is trust already and therefore conning is easier.Most people buy on trust instead of understanding the products. If the products are easy to understand maybe it is an INFORMED DECISION but if it is complex then trust is behind the decision.
Insurance agents have no conscience nowadays. Eg. Revosave has been evaluated and exposed as very useless product for protection or for saving yet these agents peddle them by misrepresenting the payout cash flows and cover up the rotten return to their blur policyholders and public.MAS has already made it clear that due diligence is to be conducted first before to be sold to the public and yet blatantly ignored. Commission is very powerful pull to make greedy agents committing unethical practices..MAS must enforce before consumers' go to waste through buying rotten products.
To be #1 in sale or market share should not be the goal of any organisation if it is pursued at the expense of the consumers. It is despicable cheating unsuspecting consumers using the greedy agents to carry out the plan.I certainly despise the person behind it.

Anonymous said...

I must admit that I used to be able to identify myself with the PAP and a very strong PAP supporter. But over the years, I no longer can do so due to the various policies changes like immigation, education, transport, health etc etc.

What to do now that I know the current government treated her citizens as only one of the many stakeholders in the country.

Anonymous said...

There is nothing to be surprised about people wanting money, a lot of money when they see opportunities.

It is simple. This calls "monkey see, monkey do".

Our govt leaders are setting bad examples for the rest to follow. They are so greedy in taking millions salary from the country.

It can be said legal but we all know is immoral. A bad way to educate the future generations, it will not build a good nation.

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