Loss of retirement savings

Posted in my blog.

The irony of it all! In US, borrowers who have defaulted in their loans resulted in the collapse of the lenders. Lenders are blamed for the collapse but all the same the government bailed out the lenders.

In Singapore, savers (like me), who have obediently answered the call by the government to save to provide for our retirement stand to lose all or substantial part of that retirement fund are being told that it is our own fault for
(1) not understanding the thick prospectus littered with technical jargon; and
(2) not disbelieving the bank's representatives and agents when they told us they are safe investments.After all, we must be morons to proceed with these risky investments even after being told by the banks that they are risky. (Well, the banks must have been truthful and told us they are risky, right?)

Moral of the story? Borrow, don't save.

Tiang