Quote:
Originally Posted by Unregistered
Don't stereotype bankers. 99% of us weren't involve in those CDOs. So that means 99% of us are victims too. 99% of us are normal people, leading normal lives and trying to support our families.
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CDOs were the ultimate scam...
Bank made subprime loan => Bank package loan into CDOs => sell CDOs, that way the risk of making the risky loan is transferred from the bank to the unsuspecting customer.....
99%? Pls...most of the time, RMs are peddling things the customers don't need:
1)Various type of insurance without looking into the insurance needs of the customer...eg...Personal Accident insurance...when the customer is 60+, no dependent
2)Highlighting upper return range of insurance linked savings policy, conveniently leaving out that expected returns have been sliding the last few years.
Who isn't working for money to support oneself/family? A croupier doing mental sum to calculate the payout...or simply taking away the losing bet. In the last few decades, too much money (and power) has been accumulating in banks as the industry deregulate to lower reserve ratio, allow trading of derivatives etc....resulting in overpaid bankers.
Nothing wrong with wanting to make more money for whatever you are doing but don't make it sound you as if you are working harder than the rest and it's your god given right to be well paid.