2/25/2019

DBS Vickers Securities - Restructuring or Retrenchment

'The equities trading business is critical to DBS and we have no plans to shut it down...exploring different models with a view to delivering a stronger customer proposition with minimal employee impact.' This is a quote from Business Times when DBS was asked about the rumour that it was closing down its equity business.

In the townhall meeting, DBS told the remisiers that they would not be doing equity business anymore and the Company would speak to everyone of them to try to fit them into another job in DBS according to their experience and qualifications subject to its policy on employing employees after retirement age and market practices.

The above two paragraphs when read superficially brought a little hope to the remisiers that all is not lost and maybe they could still be reemployed in some capacity in DBS. The devil is in the details, so they said and I would like to look into the statements and see how meaningful or how meaningless they are to the remisiers, told to look forward to a new journey. By the way, the person that crafted these clever replies would be highly sought after as a potential politician.

In the townhall meeting, DBS spokesman said DBS Vickers Securities would not be closed down. But all the remisiers will no longer be engaged in equity trading but redeployed into other areas if found suitable. The equity business would be taken over by the bank. This simply means that remisiers cannot trade in equities anymore despite their years of experience in this trade, ie made redundant.  And the business they built over several decades would be taken over by DBS.

There will be minimal impact on employees, remisiers are not. Most of the employees, ie support staff in equity trading are likely to be absorbed by the banks to continue what they were doing. The remisiers would be like a clean sheet of paper, newbies, as their wealth of experience would no longer be relevant as they would not be doing what they were doing in the last 20 or 30 years. What do you think they can do in DBS when their only experience is equity trading? Would there be comparable jobs that pay them the same as what they were as remisiers when they have no relevant experience? What would be the likely jobs for them, customer guides in the banking hall, security guards, cleaners?

Another critical factor is age. Remember, retirement age is 62 in DBS though MOM specifically said that this is only the Minimum Retirement Age. Many of the remisiers are in the 60s, 70s and even 80s. How many would be found useful enough to be offered reemployment in DBS and if found suitable, likely to be on a one year contract, maybe renewable. Without this restructuring, the remisiers are looking to a lifelong employment in equity trading as long as they could churn up enough business to justify their existence. Very likely the majority of those above 62 would face unemployment, unsuitable and too old to be working. Those in the late 50s or early 60s could see a similar fate as 62 is around the corner.

In reality, this restructuring exercise would see many remisiers being jobless, not only the oldies but also those below 60s, if they could not find a job that fit their experience and qualifications unless they are willing to take anything that DBS is offering.

There will be minimal impact on employees of DBS Vickers Securities but maximum impact on the pool of remisiers. This is a retrenchment exercise in a different guise. Many of the remisiers will join the statistics of the unemployed PMETs. DBS could look very generous by offering a one year contract to a few remisiers to show how caring DBS is as an employer, but for how long and what kind of jobs and what kind of remuneration?

Let me summarise. DBS is telling the remisiers that they cannot practise their trade and all their clients and business would be taken over by the bank. Period. Many remisiers would be made jobless and a few could be offered jobs that are not comparable to what they were doing and not paying what they were getting as remisiers. They too would lose their jobs in a matter of time.

See the small prints or what is in between the lines? With the GE around the corner, this could be an issue for the opposition to kick around and DBS would be on the lips of everyone.


52 comments:

Anonymous said...

Thought the DBS remisiers can just join another broking firm and take their clients along, so DBS cannot makan their clients ??

Anonymous said...

That is a separate issue.

DBS cannot sack the remisiers and take over their business just like that without compensation. It is unjust, unfair, unreasonable, unethical and irresponsible.

Anonymous said...

Your Soul And Conscience Crying said...

A People Cheated Themselves!

NSF and NSmen, and a few pieces of military hardware from USA (does not matter they are F35s or F53s) can never defend the indefensible Little Red Dot, now invaded by White Termites and Black Cobras. And while the self-glorifying ruling elites are earnestly and shamelessly amassing wealth by the $billions, those who are directly involved in keeping the Red Dot afloat are facing daily problems struggling to make ends meet; those who have saved, by compulsion of law, for their whole working lives, find themselves unable to retire; those PMETs replaced by foreign fakes are unable to find decent- paying jobs.

How can a country, boasting of outstanding leadership, be unable to plan properly and provide adequately for its hardworking citizens to have a decent job, to live a better life, to retire early? Instead, it has extended retirement age and cpf withdrawal age from 55 to 65, and now in the process of extending it to 70 and 75 years old. What absurdity!

What kind of treacherous thinkers are up there plotting, always under the pretext of helping the people, to suck more and more money out of the ordinary hardworking commoners, especially their hard-earned blood, tears and sweat life-long savings?....


Beware! Be afraid! Think of the probable consequences. Don't take the people for granted. Don't take the people's kindness and respect as weakness and stupidity with your contempt, arrogance and impunity!....

Anonymous said...

Sigh.

Here we go again.

Honestly, remisiers are a redundant work force. Period. Same as bus conductors now with ez link card fare payments. Bus inspectors also went the way of the dodo.

Let's face it. Change will bring unhappiness and short term disruption to the employment of such a work force. But it's something that cannot be helped with the march in progess in the digital age.

In the past, I've dealt with remisiers and dealers of stock broking firms. They were just order takers like waitresses in a restaurant. There were absolutely no value added because they know next to nothing that I don't already know. So, where is the justification for their continued employment especially in the tough competitive banking sector. Now, trading for me is blissful and a breeze with my high speed computer and fibre optics broadband. The internet offers a ton of valuable information, much more in depth and analytical than any confused oldie on the verge of senility.

So, accept the inevitable and exit with grace.

Let's not politicize something that is indefensible.

Virgo49 said...

Aiyo. Nowadays they used the Term Restructuring to get rid of employees without compensations.

No More what's CAs or Collective Agreements in the Age of Yore.

Profits last year at 10 billions. This year 9 billions. Non profitability so Restructuring.(Actual terms Retrenchments and Firings-Chai Kai Kee)

CAs at one or more month per year of service.Plus other retrenchments benefits plus some other compensations of leave plus years of services bonuses.

Now, they tell you re-employed take it or leave it as a NEW Recruit Employee at their terms.

On contract,ad hoc, free lance or part time or you go Your own time employee.Hourly or weekly pay or no pay if we don't need you.

What's Tee Pak Kua or Triparite Agreement they beeb harping all the while with the NTUC.MOM and Management CEOS.

Why still pay union fees and NTUC when employees no more protections.

Now You See Your Business.Or Now Tou Uou Cee- NTUC.

Anonymous said...

Anon 8:57am is right. For small time trader like him, it is best to keep to online trading. Remisiers don't need his business. The big traders got no time to switch on the computer just to trade. And they need the big trading limits that remisiers can provide and the convenience of getting things done with just a phone call.

Oh, for those employees, your bosses are watching over your shoulders during office hours. You can only trade in the toilets with your mobile or during lunch breaks.

By the way, 6 broking houses are queuing in front of DBS bank's door to offer to take the remisiers and with joining fees to make the move more attractive. This is the real value of remisiers.

Anonymous said...

They are getting rid of Singaporeans to make more space for foreigners.

Anonymous said...

This Anon 8:57am, how big is your trade, $5k or $10k per trade?

A big trader's order is in hundreds of thousands. One trade from a big trader enough for the month or more than your 6 months trade.

The remisiers would not be bothered with your $16 or $10 trade. To the big remisiers you are good riddance. Hahahahahah.

Ⓜatilah $ingapura⚠️ said...

@ Capitalists 857 & 910:

That's the nail, which needed to be hit on the head: ADDING VALUE.

People who added real value are the ones with “job security” --- at least for the moment until something (machine, or wage-arbitraged cheaper foreigner) happens or is invented which takes their ability to create value away.

The rapid ascent of FinTech has seen the arrival of many structured financial instruments --- i.e. “sophisticated” financial products, which very few people understand.

It is in these situations that the Head Boss of any investment bank or investment banking arm of a regular bank is going to need remisers --- especially those with a large book of high net worth clientele. Why? Because they bring VALUE (potential) to the table.

If you don’t bring value to the table, who the fuck is going to employ you? Why should they? Why should anyone who cannot deliver value expect to receive value in compensation, unless of course they hold the belief that ”I am so fucking special, the world owes me a living”.

Reading the comments here, I’ve observed that this entitlement mentality is alive and well! 🤣😂

Anonymous said...

AI (robotics) can easily take over the remisiers' functions as far as trading is concerned. However, there is a lack of personal touch.

In this digital age, personal touch and human relationship seem to be a dying culture. Once AI is in full swing, serving the richests of the rich right at the top of the wealth accumulation chain (not food chain), the middle rung of the labour force will become the lower rung of the food chain, and the lower rung will become scavengers, who may be hunted down like unwanted animals by those helping the rich to get richer.

Go and watch the movie "Alita", an extension of the movie "Avatar". It will give you some ideas of what life will be like in the future - the Machine World!

Anonymous said...

@All,

I'm not Anon 8:57am but he is right.

My transactions are in the hundreds of thousands of dollars, and I use online platforms.

For every $100,000 I pay less than $60 in total commissions + fees.

If human remisiers are so good & profitable, DBS will be hiring more and not firing them!

Anyway, if they are REALLY so good, then why KPKB? They will have already secured new jobs at same or higher pay, right?!?!

In fact if they are so GOOD, these retrenched remisiers can setup a new disruptive trading company & attract tens of thousands of new customers, with $50,000,000 seed funding from Temasek & other VCs, just like Grab or Gojek.

Rgds,
War Stocks Guy

Ⓜatilah $ingapura⚠️ said...
This comment has been removed by the author.
Ⓜatilah $ingapura⚠️ said...

@ AI & Computing power:

People forget that the Forex markets are about as fully automated as we can get, given our level of tech. Not a fucking human broker in sight. Only traders.

Forex is fast, completely liquid, 24/7...trades are HUGE (100's of thousands considerd "small trades"), and commissions are TINY.

Trading is trading. If Forex can go full-computer, so can the rest of the markets.

Ⓜatilah $ingapura⚠️ said...

P.S. There's also HFT and algo trading platforms. What about Quant-AI funds. They are fully automated. Ray Dalio says his hedge fund is "99% automated".

These players place HUGE POSITION SIZES. Do they use remisers for such huge trades? I doubt it.

Which human remiser can execute an order faster than an AI-powered High Frequency Trader? Before the human can click a "buy" or "sell", the fucking computer has gone in and out 1000 or more times already, taken the profit, paid the small commissions and is getting itself ready for the next trade.

Human vs Machine. Machine is the undisputed WINNER!

Ⓜatilah $ingapura⚠️ said...

@ no more union, Virgo:

Collective Agreements or CAs are a modern day interpretation of the idea of “collective bargaining” from the labour unions back in the old days.

Since most labour unions have gone the way of the public phone --- i.e. they are still there, becoming scarcer and less prominent or useful --- government labour ministers have stepped into the picture to take the place of the labour unions and be “arbiters” in wage bargaining. The govt bargaining on behalf of the workers...yeah, great idea. Got slavery yet? 🤣

These days the responsibility is on the individual: can they create value? Does their wage justify their level of productivity?

In the age of big data and cheap-fast computing, it is very easy to find what the value of every employee is or potentially is.

To aid and abet the process, AI-driven Human Resource algorithms can screen hundred if not thousands of job applicants very quickly, and calculate each employee’s productivity to see whether they should be retained or let go.

Human vs Machine. Again, the Machine wins.

Anonymous said...

Hi all,

I'm 8:57.

Don't be confused. There's no limit to what you can trade on line provided you have the collateral to support your trading and or the credit standing to leverage.

I trade in very big lots and saved tons of dough so to speak on the reduced commissions I pay direct to the broking houses without the intermediary. The value added that the intermediary can bring to the table is slowly being eroded because there is now a clear sight of contact between buyer and seller of goods or services. That big time remisier who is much in the news is legends past. You won't see another guy like him again.

Actually, it's the little remisiers who live on the fringe barely surviving that is complaining. Those with big client bases built over many years of grooming and friendship with tentacles of contacts and true in-depth knowledge are yawning away about this new arrangement by the bank. Why? Simply because they have the wherewithal to move their business elsewhere perhaps with better rewards or maybe even set up a boutique fund management to service their portfolios of high net worth clients. These are the elite remisiers who will be welcomed by any bank with a broking arm anytime because they bring a banquet to the table, not a Mac meal.

The dictum for long term employment in any field of human endeavour is simply, carve a niche for yourself and make yourself NEAR indispensable. If you're expendable, blame no one.

The business world is harsh and only the fittest will survive.

8:57

jjgg said...

Structured products good for investors??? Anybody who knows anything at all will realise that structured products are only great for sellers of the products.. the biggest con job ever inflicted on the investing public by the financial institutions.. guess why all the banks are lowering the benchmark for prime sophisticated customers... provide them with lounge chairs so structured products can be easily explained...)) guess how many structured products are benchmarked to DJ currently trading at near top.. great for the banks but investors???? Hehehe

Anonymous said...

AI has its value and would find its place in this business. The other part is personal touch and service. Big clients need personal service.

DBS is restructuring to provide personal service, supposedly, without the 200+ remisiers. They think with a handful of RMs they could replace the remisiers personal relationship with their clients.

One thing they did not say, personal or special service is only for big clients
, ie, the small clients would be abandoned unless they become nondescript and trade quietly by themselves online.

The big clients and big remisiers would have no issue. It is the small traders and small time remisiers that would be squeezed.

Anonymous said...

jjgg said...

Structured products good for investors??? Anybody who knows anything at all will realise that structured products are only great for sellers of the products.. the biggest con job ever inflicted on the investing public by the financial institutions.. guess why all the banks are lowering the benchmark for prime sophisticated customers... provide them with lounge chairs so structured products can be easily explained...)) guess how many structured products are benchmarked to DJ currently trading at near top.. great for the banks but investors???? Hehehe

This is likely the aim of this exercise, to sell more dangerous structured products and derivatives to the bigger clients to bankrupt them faster.

Anonymous said...

OP: "Very likely the majority of those above 62 would face unemployment"



Uncle,

Officially unemployment is defined as those between aged 16 to 64 ...?

Those aged 65 to 100+ will not be in the unemployment data as statistically they are even listed in the working population of an economy?

Maciam aka a 1-month old baby not holding any job? Does it matter to the unemployment statistics?

Hell, NO?!

Does it bother the BLS (Bureau of Labour Statistics) that a 3-yo boy got NO JOB?

Typically most countries' official unemployment data is similarly classified under the US U3 category.

Even using U6, a 3-yo or 70-yo "unemployment status" WILL NOT be reflected!?

So how can those 65-yo and above or 3-yo and below (even) be considered "UNEMPLOYED"?!

Whether a 3-yo toddler or a 65-yo and above Lao Ah Pek is working or not simply does not concern the Labour authority, as far as the Bureau of Labour Statistics is concerned?

A a 3-yo toddler boy wailing and crying that he has no job and thus unemployed , should the labour authority pay attention?

Chua Chin Leng aka redbean said...

Personally this is a good thing. In this dull market suddenly there is a lot of excitement. Several broking houses have laid out the red carpets to speak to the DBSV remisiers to offer them places in their houses. They are all competing to grab as many DBSV remisiers as they could.

Will wait to see how things develop before making my move.

Ⓜatilah $ingapura⚠️ said...

@ jigg

>> Structured products good for investors??? Anybody who knows anything at all will realise that structured products are only great for sellers of the products.. the biggest con job ever inflicted on the investing public by the financial institutions. <<

No one is forcing you to buy these "exotics". (Me? I wouldn't touch them, no way, no how, not ever).

If you are so "filled with hate and committment", you can always put your money where your mouth is and SHORT SELL these tranches of dogshit (which most of them are)

Got Lehman MiniBonds? 🤣😂

Anonymous said...

/// Structured products good for investors???
- Anybody who knows anything at all will realise that structured products are only great for sellers of the products.. the biggest con job ever inflicted on the investing public by the financial institutions.. guess why all the banks are lowering the benchmark for prime sophisticated customers... ///

February 25, 2019 11:00 am
-----------------------------------

1. A structured product is essentially a contract setting out the terms & conditions of a bet.
- if this is true ... when you buy a structured product ... do you know who you are betting against?

Ⓜatilah $ingapura⚠️ said...

@ RB:

>> Will wait to see how things develop before making my move. <<

I'm not so confident. When the Bear arrives (as it will) all the financial houses will be letting people go. Many of them are so highly leveraged and/or carrying too much illiquid assets, they'll probably fail anyway.

The trend in finance is like other sectors: it is being restructured with LESS requirement for humans in the mix. The humans still remaining are those who can deliver HIGH values. Mediocre ones: all out lah!

Anonymous said...

Chua Chin Leng aka redbeanFebruary 25, 2019 11:41 am
///Personally this is a good thing. In this dull market suddenly there is a lot of excitement. Several broking houses have laid out the red carpets to speak to the DBSV remisiers to offer them places in their houses. They are all competing to grab as many DBSV remisiers as they could.

Will wait to see how things develop before making my move.///



得时的狸猫胜如虎,失时的凤凰不如鸡。

有福不享真是呆,无福要享哪儿来。

天是棺材盖,地是棺材底,逃出三千里,仍在棺材里.

Anonymous said...

@ February 25, 2019 11:51 am

If a structured product is a contract;
- are perpetual securities also called a "structured product" ???!!!

Anonymous said...

" Hyflux will not distribute the payment of its $500m 6% perpetual bonds which was scheduled on 28 May 2018 until further notice. "

https://sbr.com.sg/utilities/news/hyflux-postpones-payment-500m-6-interest-bonds

++++++++++++++++++++++

If "perpetual bonds" are not forever .... then why do they call them "perpetual bonds"?

Anonymous said...

Perpetual bonds means your money will be kept by them forever. KAKAKAKAKAKAKAKAKA

Btw everything that people touch is "structured". The food you eat? Structured. The clothes you wear? Structured. The company you work in? Structured. MRT? Structured. Car? Structured. Grab? Structured. Medicine? Structured. Money? Structured. Sex? Structured.

Chua Chin Leng aka redbean said...


1. A structured product is essentially a contract setting out the terms & conditions of a bet.
- if this is true ... when you buy a structured product ... do you know who you are betting against?
February 25, 2019 11:51 am

This is the devil in structured products and derivatives. You are betting against the SELLERS that can move the price either way against you. You buy or short you still lose.

Matilah, please take note of this. Do not trade in something you do not know and is being controlled by the sellers.

Anonymous said...

In the end, should the practices be immutable or NOT immutable?

虎走到天边吃肉,狗走到天边吃屎?

Anonymous said...

When a tiger has eaten human, it will continue to eat human.

When a dog has eaten shit, it will continue to eat shit.

To behave like a tiger or to behave like a dog, the choice is up to you.

But please don't eat shit!

Anonymous said...

Prosperity Gospel vs Prosperity (Structured) Products vs Prosperity Politics
---------------------------------------

https://www.youtube.com/watch?v=ptN2KQ7-euQ

More good years!!

Anonymous said...

For all those about to be jobless:

Our favorite CEO Desmond Kwek has found another million dollar job. This time as vice chairman in UBS. Shiok right?

https://sbr.com.sg/financial-services/people/former-smrt-ceo-desmond-kuek-joins-ubs-global-wealth-management-team

That's why I said in SG be smart, don't be cultured but stupid.

Ⓜatilah $ingapura⚠️ said...

@ RB

>> Matilah, please take note of this. Do not trade in something you do not know and is being controlled by the sellers. <<

Aiyoh, I already said lah...no way, no chance, not ever will I touch these things. For starters I'm not a "market expert", I am but a humble novice. Another fundamental is that if I don't understand something, I won't be "betting" on it.

Anyway my original point was that if there is a requirement for remisers --- especially the ones with many high net worth clients, they will be required to sell structured instruments and (mentioned in a previous post) conduct business in the private equity space ---which has outperformed the public space, and also grown at a fast rate as one would expect in a low interest environment where there's lots of mergers and acquisitions.

Anonymous said...

/// Anyway my original point was that if there is a requirement for remisers --- especially the ones with many high net worth clients, they will be required to sell structured instruments and (mentioned in a previous post) conduct business in the private equity space ---which has outperformed the public space, and also grown at a fast rate as one would expect in a low interest environment where there's lots of mergers and acquisitions. ///

February 25, 2019 2:52 pm
-------------------------

Ya! Right.
When there is a guaranteed opportunity to make a profit.
They will call you ... correct?

Did they call you when they were selling perpetual bonds?

Anonymous said...

Commoners always like to think that they are special. Even if some do not think that they are special, they still like to be treated special.

That's why the really "Special" people (conman, fakes, cheats, politicians, priests, lawyers, consultants, advertisers, magicians, witches and preachers) like to treat the commoners as special people.

Once you start to feel that someone is treating you special and you start to think that you are special, then you can congratulate yourself that you have been hooked. Once you are hooked, you are hooked for life! It's like addiction to heroin. The more dosage you take the more you need and want to take, until one day you suddenly reach your maximum limit, and you simply drop dead. Too late to save yourself! All your life-savings are gone!

Anonymous said...

@ "Too late to save yourself! All your life-savings are gone!"

This is exactly what is happening to the CPF savings!

Anonymous said...

He spent 39 years in prison for a double murder he didn't commit. Now, he's getting $21 million


Craig Coley never should have spent 39 years in prison. On this, everyone seems to agree. They also concur the 71-year-old should spend the rest of his life as a wealthy man.

Simi Valley announced Saturday it would settle a federal lawsuit, giving Coley $21 million for his almost four decades of wrongful incarceration in the 1978 murders of Rhonda Wicht and her 4-year-old son, Donald.

Thirty-nine years is the longest prison term overturned in California.

"While no amount of money can make up for what happened to Mr. Coley, settling this case is the right thing to do for Mr. Coley and our community," City Manager Eric Levitt said in a statement, adding that going to trial would be costly and irresponsible.

Often, the wrongfully convicted face lengthy battles over how they should be compensated for their imprisonment as localities blame previous administrations and squabble over what monetary sum amounts to atonement.

Is there anyone in Singapore being wrongfully prosecuted, wrongfully imprisoned or wrongfully executed? If so, will they be compensated?

What about those who have been wrongfully incarcerated without trial, under the Internal Security Law?

How to prove wrongful imprisonment, if the nobody in authority wants to reopen the case/s? Worse still, if nobody us willing to admit wrongful imprisonment or wrong doing?

Anonymous said...


Hahaha......

Very simple!

Who do they voted for in the last GE?

Hahaha.......

Anonymous said...

Scared CPF no enuf?!?

Pro-PAP ex-NMP Calvin Cheng, or some say Chap Cheng, has proposed a solution to govt:

Make official retirement age 75 and start CPF at 75!

Assuming that average Sinkie's lifespan increased to 90, that means CPF only need to sustain for 15 yrs from 75 to 90.

jjgg said...

Aiyo..matilar..selling short on structured products? Obviously you fail to understand how the financial institutions make their zillions from selling structured products......)))

Anonymous said...

Even if retirement is 75 and you need 15 years to live, they will keep your CPF until you die. They need your CPF money for you know what.

Virgo49 said...

Hello All, the Papies conned all again.

CPF's Life should start at 55, official retirement withdrawal.

As the OA, SA are lumped into RA.Not RA21 or XXX. When you are still working, the new contributions are in the OA. Still withdrawal as long as you meet the MS. Except MS left alone.

Previously, those can opt out CPF and their RA of X amount are given back every month based on 20 years.

So for example, you have balance S$120,000.00. Monthly payback at $500.00.

In CPF, same amount, they will pay you about the most 400 plus.Women even less. For 20 years you onmy get back 96,000.00. So your own monies still balance 24,000.00

So if you are drawing 400 per month that is another 60 months of 5 years worth of your own monies.

Now withdrawal at 65. So you are using your monies for 25 years till aged 85.Somemore Principal interests earned not input as yet. With the interests which is quite ssubstantial, you may be drawing your own monies till aged 90.

After 85, then you are drawing their funds.

How many live to age 85??? There are some. Also how long more.

So actually now at aged 65, you are withdrawing your own monies till aged 85.

They already calculate Indian calculations.

Virgo49 said...

With CPF Life. Most are still drawing your own monies even till 90. If you can live that long.

So, actually this CPF Life is a farce. Your own withdrawal of your own monies lah in drips.

Whad's nonsense you got chance to draw their Bonus.

Anonymous said...

"When a tiger has eaten human, it will continue to eat human."

= CPF BOARD? PAP?



"When a dog has eaten shit, it will continue to eat shit."

= CPF MEMBERS? 70% VOTERS?

Ⓜatilah $ingapura⚠️ said...

@ "fill the ricebowl lah" 304

>> When there is a guaranteed opportunity to make a profit.
They will call you ... correct? <<


Hope so, for their sake. If they don't do the work (hawking "good deals"), they don't get paid, and then they are FIRED.

BTW, what planet are you living on? Where I am...it's called Capitalist Earth. You work, you get paid. You keep your J.O.B. (just Over Broke). If you don't, you're history and soon forgotten.

>> Did they call you when they were selling perpetual bonds? <<

I get calls from people selling all kinds of shit --- from pet insurance to "financial services", which entails their "special products", always offered at "special prices" lah. But no one is forcing me to BUY, regardless of how "hard sell" the marketer is. (all of them are "hard sell").

So why is calling to sell perpetual bonds any different? Everyone has a rice bowl to fill...why are you disparaging someone who is just doing their job to earn a living? Please lah...Have you ever worked in SALES? If so, were you successful? Or are you one of those high-and-mighty ❝intellectuals❞ (educated, yet ignorant) who looks down on people who sell for a living?

========

@ 338, everyone is "special":

>> Once you start to feel that someone is treating you special and you start to think that you are special, then you can congratulate yourself that you have been hooked. <<

Yes. It is worth putting effort toward learning (and practicing) these SKILLS. There is a lot we can learn from con artists. They might be “bad people”, but they have superb skill-sets! The guy who’s done extensive research and work on “influence” (that’s what con artists do) is Robert Cialdini.

How to con (influence) people. Yes, it’s a fucking science.

Again, if you’re in sales, Cialdini’s work is really helpful. But you need to practice...a lot!

BTW, the feeling (of power) you get when you successfully "influenced" your prospect is AMAZING! Unless you are in, or have been in sales, you won't understand lah!

==============

@ jigg

>> Aiyo..matilar..selling short on structured products? Obviously you fail to understand how the financial institutions make their zillions from selling structured products......))) . <<

Eer...I've already told you I don't understand these "structured financial" instruments (I'm talking about the MATH here...not counter-party risks or seller's evil manipulations...all that human shit doesn't concern me. The MATH breaks my brain. Catch No Balls). I've also mentioned many times, I am no market "wizard" --- not even close. Luckily, the instruments I own are in my superannuation (pension) fund...managed by "professionals" who give me an average of 7-8% per annum return. Me? I've been out of the market for 11 years...I lose money, that's my specialty.

Anyway, you forget lah: Back in 2007-2009 John Paulson shorted structured products (MBS) with another structured product (CDS). He made 4 billion, best trade ever! Other people also made money by SHORTING these structured products.

So yeah, if you get it "right", you can earn a shit-tonne by shorting structured securities. You can also die a horrible death if you get it wrong.

Virgo49 said...

At least withdrawal of CPF's Life payments at aged 55, Senior elders who continue to work at least have the basic payments to subsidize their meagre incomes.

Using up all own monies at aged 75 or 80 is appropriate. Even they lived a few years more, most payouts of senior Pioneers and even Meredaka are neligible as most had bare minimum savings.

Many after combining their OA/SA/Medisave to RA had less than 60K. Now younger generation paying
A limb for their flats plus cost of high living for their parents and children are also financial tight.

So, payments shoukd be at aged 55 to be fair and equitable.

Another point to ponder. Many of us who had brought out flats on the cheap and have not lost in investments plus No upgrading to higher prices flats or condos had some balance amount in the RA after satisfying the MS been transfered to the CPF's Life if they had opted for them.

So, the balance Amount in the RA should be also returned back to the CPF's Account members monthly as like in the 240 months returns if they had not opt for CPF's Life Scheme.

So, if you still have balance in RA. You shouif request for withdrawal monthly. It's up to them to make their calaculations to you.

Anonymous said...

Basically, the original aim of the compulsory savings scheme was to save 50% (25% from your salary and 25% from employer) of your income monthly, until the age of 55. At 55th birthday, the CPF Board cannot retain your money any more. All your savings plus interests earned by your savings must be return to you. You have to plan and decide how to use that lum sum for the rest of your life. Symbolically, when you go and collect your money at the CPF Board Main Office, they give your a reasonably good brief case (to keep your money/cheque) and a high quality umbrella. That means to tell you to keep your money safely and be prepared for rainy days!

However, over the years, since 2004 (after Lee Hsien Loong took over from Goh Chok Tong) the whole CPF Scheme has been changed beyond recognition. Today your CPF Savings have become "Not Your Money"!

You have witnessed how a mathematical mind works wonders via your CPF Savings.

The number of compulsory insurance schemes to siphone and deplete your savings systematically, slowly but surely, until you have no more money left, can only be thought out by a sick person with a brilliant brain, but like a robot without a heart and feelings, without conscience, without a soul.

Tragic!


Anonymous said...

Tragic!
February 25, 2019 9:51 pm

How can it be tragic when 70% says they want it?

Fuck me.
Fuck me hard.
Fuck me until my arse hole bleeds.

70% of Singaporeans voted for sodomy.

Anonymous said...

That in itself is TRAGIC!
70% of the voting population of 2.2 million eligible voters equates to 1,540,000 people.

These 1.54 million people (or half of the citizens) just love to be screwed. The more they get screwed the more they want it. This is like a dog that has eaten shit. The more shits it eats, the more it likes to eat shits. This is also like a drug addict. Simply cannot do without. Hooked! This is tragic!

Anonymous said...

China-Saudi Relations Blooming Like A Trillion Flowers In The Spring

On Friday Saudi Crown Prince Mohammed bin Salman (MBS) met with Chinese President Xi Jingping hours after finalizing a $10 billion deal for Saudi Aramco to establish a refining and petrochemical complex in China.

It was the culmination of the crown prince's two day visit to China, and the last stop in a three country tour geared toward expanding the kingdom's trade ties in the East, and as both Beijing and Riyadh face mounting pressure from the United States.

The Saudi national oil company Aramco has lately been seeking expansion outside of the kingdom and appears to be maneuvering to benefit from Xi's ambitious Belt and Road initiative.

The deal follows the much more substantial $65bn in deals signed between the countries two years earlier and are part of MbS' efforts to diversify beyond his borders.

Xi and MbS also spoke about combating extremism and joint counter terror efforts — an issue that's been met with increasingly critical coverage related to China's well known Muslim Uighur detention camps.

In total, Saudi Arabia signed 35 economic cooperation agreements with China worth $28bn at a joint investment forum during the MbS trip, Saudi state news agency SPA said, on a tour that also included participation of top Aramco executives. The planned site for the new refinery project is the coastal area near Panjin in China's northeast rust-belt province of Liaoning, an area seen as lagging in growth in recent years.

On counter-extremism, MbS reportedly said, "China has the right to carry out anti-terrorism and de-extremization work for its national security," referencing the recent controversy over Beijing's general internal crackdown on its over 12 million Muslim population, mostly concentrated in Xinjiang province.

Following a tour of the Great Wall, President Xi Jinping told the crown prince at a press conference, “China is a good friend and partner to Saudi Arabia.”

Xi has in recent years prioritized stepping up China's presence in the Middle East. He added further, “The special nature of our bilateral relationship reflects the efforts you have made.”

MbS responded by noting Saudi Arabia’s relations with China dated back “a very long time in the past”. He said, “In the hundreds, even thousands, of years, the interactions between the sides have been friendly. Over such a long period of exchanges with China, we have never experienced any problems with China.”

Related to this, and perhaps the more interesting aspect to the trip, is that cultural exchange appears to have been a key emphasis, given the Saudi Foreign Ministry announced after the Xi-MbS meeting on Friday that the kingdom has committed to implementing Chinese language programs in schools across the kingdom.

The Foreign Ministry announced the effort via its official social media accounts, explaining the kingdom will now include "Chinese language [instruction] as part of KSA's educational curriculum in all schools and universities."

The statement emphasized the initiative will "contribute to increasing trade and cultural ties between the two nations."

Saudi Arabia and China are shoring up ties as both feel the heat of US pressures and isolation.

QED.

Anonymous said...

Saudi Arabia under MBS is moving towards Russia-China-India-Pakistan Alliance to counter the Aggressive Activities of the Evil US Empire under the Devil Donald Trump and his Gang of White Mafias.