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Jakarta Post: Lessons from Citibank Indonesia: Customers get burned http://old.thejakartapost.com/detailheadlines.asp?fileid=200… Citbank Indonesia customers that lost a lot -- in my case, most of my savings -- after the collapse of American investment bank Lehman Brothers last month need not be ashamed of admitting how low and utterly poor their financial literacy turned out to be. [...] I, along with other Citigold customers I talked to, painfully realized only recently we had no idea what we bought in mid-2007 through our Citigold executives. In another shocking information sheet sent one week after Lehman went bankrupt, Citibank revealed that the holders of Lehman notes in Indonesia were unsecured creditors. For many banks, private banking or wealth-management services have become a significant source of fee-based incomes. But as it now turns out, such services have become wealth-destruction centers for a number of Citigold clients due to the unprecedented pace in which the U.S. financial crisis turned into a crash. Hence, the first lesson from the debacle of the Citigold customers is don't ever touch offshore, sophisticated investment securities. There are now so many derivatives, hedge funds, structured vehicles and swaps offered on the international market. We are glad to know, though, that after several days of denial, both Bank Indonesia and the capital market watchdog (Bapepam) late last month said they were preparing regulations on the trading of offshore investment securities to protect consumers. |
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| aus der Diskussion: | Lehman Brothers Chapter 11 -> Auswirkung(en) auf deren Zertifikate |
| Autor (Datum des Eintrages): | manyfulddick (15.10.08 19:57:09) |
| Beitrag: | 1,551 von 2,327 (ID:35583477) |
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