It has been a very bad week (and more bad weeks to come) for all who work in the financial market. Very very bad ...how bad? Well, take my company for e.g. we sold $XXmil of minibonds by Lehman Brothers. It is positioned as a conservative products. Customers who bought are conservative. And becoz of Lehman's bankruptcy, they might get back NOTHING from their investment. It is very scary... we have clients who invested their retirement funds in it... hence, phones have been ringing non-stop from anxious clients. We have nothing to tell them 'cos we received no news from Lehman as well. All we can do is let them vent their anger. We fully understand their pain 'cos those were hard earned money. Really very unfortunate...
Then we got to deal with our sales staff. They feel very bad for selling what they deem as good to client and it turned bad. Some might face lawsuits. Some clients threaten to commit suicide. So, they feel really guilty and condemned. Haiz.....
Must remember this painful lesson.... when we have accumulated enough retirement funds, it will be put in fixed deposit and nothing else. Really can't imagine if it is gone, I have to work at age 65. Very sad.... Warren Buffet said "never invest in anything you don't understand." How wise.....
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