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8/05/2009

GE did it for its own good?

This is another angle that some people viewed the generosity of the Great Eastern offer. And some of its competitors also quickly jumped in to join the chorus. Indeed GE will gain some PR mileage in this initiative, and sure its customers and the general public will see GE in a different light, definitely more favourable than the mechanical FIs. After the dust has settled, after all the evasions, dodgings and excuses, people are still going to see GE as a more reliable, trustworthy, dependable and customer friendly organisation instead of an aloof, legalistic, calculative and you die your problem organisation. Then one may also want to ask, why didn't the rest of the FIs also think like GE, pay out and make their customers happy, do a one time PR exercise, absorb the losses, which is really peanuts, and save some of the uncles and aunties and their nest eggs? Is this not a worthy cause, a decision that is human, decent and being seen as a caring organisation to do business with? Or maybe these FIs are so entrenched in their position as market leaders that there is no need to spend on goodwills or to cultivate trustworthiness from its customers, that the customers will surely go back to them for more business. No, no, this is not the proper way to do business. It will undermine our business integrity. We need to protect the snake oil sellers so that they will continue to do their business here. it will encourage more snake oil sellers to relocate here, a perfect place to sell snake oil. I am very sure that all those badly hit by the fiasco and badly treated by the FIs will swear never to do business with them anymore. Say whatever you like, GE has done a very human and decent thing, to benefit itself and also the customers. We need more financial institutions that are run in a more humanly ways, where the interest of the customers comes first.

15 comments:

Wally Buffet said...

Whatever that is done, in self interest or otherwise, only fools buy life insurance. The smart ones put it on REAL inflation beating assets like condos and mansions (albeit in a ulu ulu place). Even buying a 3 room HDB like what the PRC sucker did was a smarter move. If I have to choose between investing in paintings or rare wine and the piece of IOU shit they call a policy, I think you know what my choice is going to be.

redbean said...

morning wally,

buying into brick and mortar is buying into something real. but remember that anything that comes with a coe has a limited lifespan. when the lifespan is over, it has 0 value.

need to dispose of at some time for a profit or eventually it will become nothing. what is not written is that you need to speculate and trade with it, or else....

Wally Buffet said...

Good morning Redbean. Hope you slept like a pig. I did.

No one forces you to buy the 99 year goondu condo. Go for freehold or 999 properties here or elsewhere. You own the land in perpetuity. You don't have to trade if you don't want to. Your roses and apple trees will be yours to keep forever. Prices may go up or down in line with economic cycles but generally over time, it will appreciate in value as inflation eats into paper currency.

Your insurer who issued you that IOU may also end up like AIG. In the US they are "too big to fail". Here, in pragmatic land, if you don't make it, it's down the tube and into the garbage heap.

Jaunty Jabber said...

Can almost see that Wally is the only winner and intelligent bean. All other commoners are just plain fools who does typical/basic financial plan by buying simple insurances.

Not only Wally is the only smart bean, he is also an expert in investment. Is Wally a minister in disguise? Supertalented

Wally Buffet said...

Hehe,

I am just a normal HDB 3 roomer soon to downgrade to a 1 room rental flat. Everything that I've said is just plain common sense that any Ah Ter and Ah Kow knows.

Ah....., this current pic of yours is the best one I like so far. The others make you look more serious than I suspect you really are.

Jaunty Jabber said...

Is Wally a Property Agent?

This is the only photo that Jaunty smile.

redbean said...

haha wally, my apologies minister.

wally is the richest 3roomer in the heartland and a soon to be emperor in lijiang.

long live the emperor.

we can sell this new clique, come to singapore and turn yourself into an emperor on your return to your homeland.

Anonymous said...

Do also wrong. Don't do also wrong. What is wrong with you people?

Wally Buffet said...

Hmmmmm........

Property Agent? No Way!

Minister? They so free to waste time here meh?

Winner? Definitely.

Intelligent? Obviously not!

Smart? Quite.

Super talented? Don't joke!

Investment expert? Not quite but always pick winners.

Richest 3 Roomer in Heartland? Don't talk cock!

Wally Buffet said...

Oh, forgot about one more.

Little Emperor In Lijiang, Yunnan, PRC? Everyone loves the smell and colour of money!

Anonymous said...

To make amend and to correct mistake is what all conscionable people and their organizations ought to do.

Cannot be too skeptical, otherwise it is indeed 'do also wrong', 'don't do also wrong'. Just be careful, can ?

patriot

Wally Buffet said...

"To make amend and to correct mistake is what all conscionable people and their organizations ought to do."

Still got meh? I'm not only skeptical, I am truly cynical.

My hero, Gordon Gecko said, "Greed IS Good!"

He also said, "Trust No One.!"

Anonymous said...

Mr Wally:

You did speak the truth

for

I heard too from the horse mouth that greed makes one enterprising, the driving force to success. But, I do believe not all businessmen are ruthless and devoid of conscience.

patriot

Jaunty Jabber said...

Greed, when not controlled by conscience is Gluttony, Voracity and can become Predatory, harmful.

redbean said...

the current financial crisis around the world, and our little domestic crisis is all due to the greed of man minus conscience.

everyone just thinking of making more money, and the poor bugger who loses is just another loser. his fault for being a loser. and my credit to make his money.

caveat emptor!

caveat emptor is the human version of the law of the jungle.