Tuesday, December 2, 2008

Retail Bank, Investment Bank and Bursa

In my blog, you are seldom see I am recommend these 3 category of stocks. Because I really had owned a very bad experience in their services as well as their stupid policy.

88, please forgive me, I am here indirectly criticised your employer.

Today, these three type finance sectors giving me another stupid experience.

First incident is, "Our company had submit the changed of signatories in past 5 months ago. Today I was found that until now, they still haven't update. When you are make a phone call to confirmed, Investment bank said they have been submitted, but Bursa's officer denied had receive such instruction to amend it accordingly.

This is very funny. Finally, as a client I must be a middlerman to guide them what to do. Investment bank collect brokerage from us and bursa collect clearing fees from us. Why we should do they job? Furthermore I am always listen someone telling Bursa had a efficiency and capable staff , so they always award to staff about 6 to 12 months bonus annually. In addition, When you are reading the Bursa report, the capital expenditure cost million plus million. But finally you are aware they are not doing any online updating with investment bank in the country.

Let us make some assumption at here, if one day some one do a transfer because of court order. But because of above two party never do the necessary job, and due to this delay cause/created the difference price range on investment, Who shall hold the responsible?

2nd incident, Bank set stupid policy to stop people buying thier services.

A bank stop people buy oversea bank draft by cash. Why? if you are planning to help you friend at oversea to lend him some money by way of purchase a bank draft form bank and sent it to your friend at oversea. Please ask you friend fly back immediately signing the application form in advance, otherwise bank will reject the application because this is thier bank policy. Alternatively they may also request you must prove that you frined passport in front of them. Why I am said that?

Today, a company need to fulfil a payment to singapore authority and it cost less than 100 . Because the problem on floating currency rate, if employee follow the normal procedure. Directors must standby in front at bank to do it. Due to that, employee plans to use individual name and petty cash to purcahse a bank draft because it only cost less than 100 dollar. It would help company directors can concentrate to do thier big business or attend an important meeting.

But these stupid Bank was insisted that signature of directors compulsory in the application form. The employee use personally money and own initiative helping employer to settle the problem immediately but finally still need to obtain the boss approval. It is similar like a doctor wants to rescue an accident patient on the roadside but must go back to hospital searching a approval from Director General of hospital. If you are one of them, do you think it's logic procedure?

After you have read the above, you must be thinking I am cheated you are, but this is my own exprience and was happen that on today.

So, do you wants me recommended the above counter to you. My answer is "NO".

Because in my investment principle, "if one corporation had owned a lot of good assets and holding a good business activities but with a culture like stupid management theory or with stupid policy inside the corporation"
I would not and never advise any one of my frined holding such company's share.

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