Saturday, August 1, 2009


"When the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well. And when the banks did very poorly, they were bailed out by taxpayers and their employees were paid well." - Andrew Cuomo form the Attorney-General's office.

United States banking giants paid nearly US$33 billion staff bonuses last year while at the same time getting US$175 billion from taxpayers. JP Morgan Chase had the biggest number of millionaires, paying more than 1,600 staff bonuses of over US$1 million each despite receiving US25 billion from the US Government.

Wow! with so many homeless and hungry in the US, these bankers really need some soul searching, it's daylight robbery!

"Never trust your bank" - Mr Peter Chan, a Hongkonger and his wife have been campaigning for investors who lost money on Lehman Brothers' Minibonds.

The interest on the mortgage of my house have not come down for more than 2 years since the financial crisis despite near zero interest paid out by banks on saving accounts. Banks are quick to revise interest rate upwards but unless you take action, they will "YUM" you, the rate will remain there, the spread is so wide that they are able to maintain good profits and pay good bonuses.

Our special account got hit last week with profit falling to S$8,127.00, stubbornly holding long 5 Topix/Nikkei spread position. The feeling is lousy, making money is so tough while losing it away is so easy.

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