Run-on-the-banks day
We seem to be missing all kind of fascinating action in Hong Kong by a day.
Two weeks ago, the day before my OB apppointment, Wednesday to be specific, an internet rumor sparked a run of the branches of the Bank of East Asia. The next day, Thursday, we walked past several branches that showed no sign of the previous day's chaos.
I had another OB appointment Thursday. Wouldn't you know that the previous day, Wednesday to be specific, there was a protest at the Hong Kong Legislative Council and neighboring Bank of China. Over 1000 investors in "mini-bonds" and other Lehman products demanded full refunds of their money. These mini-bonds were actually high-risk investments in debt that had been carried by Lehman Brothers. Basically, HSBC bought the debt and sold shares of it in the form of mini-bonds, which was dispersed by other local banks. Many of the Hong Kong investors claim that the Bank of China (HK) did not disclose fully the risks associated with these types of investments.
Is Wednesday Run-on-the-bank day in Hong Kong? I hope not, because my next OB appointment is on a Wednesday.
Two weeks ago, the day before my OB apppointment, Wednesday to be specific, an internet rumor sparked a run of the branches of the Bank of East Asia. The next day, Thursday, we walked past several branches that showed no sign of the previous day's chaos.
I had another OB appointment Thursday. Wouldn't you know that the previous day, Wednesday to be specific, there was a protest at the Hong Kong Legislative Council and neighboring Bank of China. Over 1000 investors in "mini-bonds" and other Lehman products demanded full refunds of their money. These mini-bonds were actually high-risk investments in debt that had been carried by Lehman Brothers. Basically, HSBC bought the debt and sold shares of it in the form of mini-bonds, which was dispersed by other local banks. Many of the Hong Kong investors claim that the Bank of China (HK) did not disclose fully the risks associated with these types of investments.
Is Wednesday Run-on-the-bank day in Hong Kong? I hope not, because my next OB appointment is on a Wednesday.
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