The latest news right now is Bank of East Asia (0023.HK) is facing a good fashion bank run.
The bank run is triggered by good fashioned rumours of the bank's possible problems with the bank's assets.
The Hong Kong Police have said there currently no criminal element in the rumours. I say bullshit to that.
isn't it criminal that the bank depositors have no idea what the crap bea is holding?
isn't it criminal that HKMA still count AAA rated assets as 'safe'?
isn't it criminal that Moody's and S&P still have not have their doors kicked down by the self labled diligent Hong Kong Police?
what was Lehman's credit rating the week before it failed?
and in the midst of this, kind hearted citizenry of Hong Kong speculates on the integrity of bea and the Police dare implies that these citizens "not yet exhibits criminal elements"?
If financial secretary tsang really thinks those spreading the rumours should "bear criminal responsibilities", he better pray to his god that BEA's assets are as safe as what the credit agencies are saying.
The Police is way over its head in this. This is not some pictures of Edison chen! If the police is reading this, all I can say is stop, you don't know what you getting yourself into.
One final note. All those people lining up outside bea right now, they must be all 100K+ in their deposits. Or they just don't even trust the so called deposit insurance scheme.
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Dear, aren't you having a vacation right now?
ReplyDeleteWhy don't you just leave your iPhone / computer behind and have some good rest?
:)
But I have to admit that I enjoy your blog a lot - even you said you are not making new posts I'm visiting it all the time...
嘩！咁厲害！放緊假唔係香港都咁updated ?不愧為傳媒中人。
ReplyDeletepakman is actually workaholic? or blogaholic... hahaha
ReplyDeletehttp://www.wannabegirl.org/quiz/quiz.cgi?quiz=blogaholic
regarding the deposit insurance, who da heck knows when will the paper work be finished before they can get their money back, it's always better off to have the money in your own pocket. beside, i wonder how many people in HK heard of the deposit insurance.
ReplyDeletebeside, after the lehman incident, people are all freaked out.
enjoy your holiday!!!
The HK Deposit scheme is OUTDATED so as to those legal stuff in HK ... HK Gov always provide loopholes in law to rich people so the rich get richer while the poor getting poorer..The HK deposit scheme should guaranteed upto $ 780,000 HKD instead of $ 100,000 HKD because HKD are tied with USD at 7.8 exchange rate. As in the old days, HKD as good as USD so the government should back this UP. I know BEA as alot of side investment vehicles that is off the books now and should need to write it off..it is not about how Mr. Li can buy cheap BEA stocks or hammered down the price for big institutional players to buy stocks (where those stupid hk internet people posted on forum) or what police said "PRANKS from SMS.." Of course they want to hide but be sure of the CONSEQUENCES they have to PAID if they keep hiding..I am sure BO BABY will never tell both Mr. Tsang or their employees about how many bad debts they need to write from those SIV, CDO, SWAPS and other NASTY derivatives...they never marked down to value and keep swinging it on their side...I would say..somehow, it will HIT BEA's fan and eventually needs a rescue..Same with Dah Sing & Wing Lung...these banks only buys these vehicles to make great spreads and interests (when the market is good) while they give depositors only 1 or 2 % interest...Also, these banks are plain stupid to buy Fannie, Freddie, AIG and all those bad bonds while thinking these are safe as GOLD & SILVER...If they really gets BQ, they deserved to get it and bring these greedy CEO to JAIL !!!
ReplyDeleteThen should we make it criminal to claim that any of these banks are safe but if at the end they fall overnight like LEH or AIG? We need to hold these big mouth officials accountable for any empty assurance they give!! I doubt if financial secretary tsang knows the leverage of these banks?
ReplyDeleteHK police should find something better to do. Agree with you mostly on your view about this BEA fiasco.
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ReplyDeleteI love this post's comments.
ReplyDeleteYou kids should not stay anon.
Have to come join us someday. ho ho ho