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Rumours trigger bank run in Hong Kong
    #8981177 -

Thousands of panicked depositors queued outside Bank of East Asia’s branches across Hong Kong on Wednesday to withdraw their life-savings on rumours that the lender was in financial trouble.

The territory has seen only one other bank run since its return to mainland China in 1997, when the International Bank of Asia saw large withdrawals in November of that year.

David Li, BEA chairman and chief executive, said: “Some people are spreading malicious rumours regarding us, which are not right. We have sufficient liquidity”.

“I will buy [Bank of] East Asia’s shares myself tomorrow,” he added.

The bank, which has 91 branches and is controlled by Mr Li’s family, said it had reported the matter to the police and the Hong Kong Monetary Authority, which regulates the territory’s banks. It had HK$397bn in assets as of June 30, making it the fifth-largest bank in Hong Kong by that measure.

Joseph Yam, head of the authority, hastily arranged a press conference to deny the rumours “categorically”. He said: “Deposits in the banking system of Hong Kong are very well protected. The banking system is robust.”

Under the territory’s banking regulation regime, depositors would receive compensation of up to HK$100,000 (US$12,900) each if they lost their savings because of the failure of a licensed bank in Hong Kong.


http://www.ft.com/cms/s/92281bda-8a3b-11dd-a76a-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F92281bda-8a3b-11dd-a76a-0000779fd18c.html%3Fnclick_check%3D1&_i_referer=&nclick_check=1



Fuck! So it begins....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Rumours trigger bank run in Hong Kong [Re: lonestar2004]
    #8981258 -

I hate banks.


--------------------
[quote]skalthren said:
It's nice of you to imply that I've been brainwashed by the government, but the truth is that I'm simply intelligent enough to recognize the subtleties of these issues instead of going "durr hurr, weed should totally be legal!"[/quote]

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Re: Rumours trigger bank run in Hong Kong [Re: lonestar2004]
    #8981275 -

lonestar2004 said:

The bank, which has 91 branches and is controlled by Mr Li’s family, said it had reported the matter to the police and the Hong Kong Monetary Authority, which regulates the territory’s banks.



Yeah, that's the best way to calm folks down.


Say "we are fine, completely fine, and leave your savings with us.  However, if you think we're not fine and tell anyone that, we will get the corporatist Chinese police to arrest you.  But seriously, we're fine"



The audacity of folks in high positions constantly surprises me.  They use the fact that they reported what they consider a rumor to th epolice to be some ashurance to folks?

Um yeah... I always feel nice and confident I'm getting good reliable information from a company when anyone who shares a view that conflicts with the company's statemetns gets arrested... and the company has the gall to brag about it.


What exactly did they expect people to take away from that statement?  "Well, shit, they reported it to the police, they must be telling the truth.  Cuz I mean.... wait..."

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Re: Rumours trigger bank run in Hong Kong [Re: monkeywrench]
    #8981288 -

Haven't we had this bank shit going on for years?

and now it's coming to a head....right before the election?


Weird


:weirdeyes:


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Rumours trigger bank run in Hong Kong [Re: johnm214]
    #8981290 -

Right.:D


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Rumours trigger bank run in Hong Kong [Re: lonestar2004]
    #8981341 -

lonestar2004 said:
Haven't we had this bank shit going on for years?

and now it's coming to a head....right before the election?


Weird


:weirdeyes:


Republicans had to try something to get the white house back again. :lol:


--------------------
Muppet Said:

so yeah:
- 'sex' five times
- once with a man
- once with a cadaver
- and thrice with actual women(all of which were prostitutes)
Best story ever!

www.panicstream.com :thumbup:

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Re: Rumours trigger bank run in Hong Kong [Re: lonestar2004]
    #8981563 -

Bank runs not be a good sign mon

At least our banks are FDIC insured


--------------------

Discuss Politics

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Re: Rumours trigger bank run in Hong Kong [Re: Ferris]
    #8981893 -

Only to a mere 1/10th M$

zappa's in trouble, but my 50$ is safe from all but the inflation that exceeds my interest rate

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Re: Rumours trigger bank run in Hong Kong [Re: johnm214]
    #8981914 -

:lol:


--------------------
Muppet Said:

so yeah:
- 'sex' five times
- once with a man
- once with a cadaver
- and thrice with actual women(all of which were prostitutes)
Best story ever!

www.panicstream.com :thumbup:

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Re: Rumours trigger bank run in Hong Kong [Re: pinkfloydms]
    #8981971 -

It's 1/5M for couples  :derfase:


--------------------

Discuss Politics

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Re: Rumours trigger bank run in Hong Kong [Re: Ferris]
    #8982156 -

don t own a house.0$
no 401 k 0$
laid off since june 0$
filed bankrupcy year ago 0$
able to set back and see other people go through what i did while having a beer.....priceless!!

Hey when things get going again i'll be in great shape!!lol


--------------------

"Whoever appeals to the law against his fellow man is either a fool or a coward. Whoever cannot take care of himself without that law is both. For a wounded man shall say to his assalent, "If I live I will kill you, if I die you are forgiven". Such is the Rule of Honor."

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