LATEST: Hong Kong banks to buy back minibonds

[Avantas]

Hong Kong banks have agreed to the government’s proposal that they buy back from angry investors minibonds issued or guaranteed by US bank Lehman Brothers, which lost much or all of their value when it went into liquidation last month.

“By accepting the government’s proposal, the banks are offering assistance to minibond holders in this extraordinary market situation,” Hong Kong Association of Banks chairman He Guangbei said.

“Because the market situation is volatile, it would be hard to wait until the end of the liquidation process.”

The offer came as the Monetary Authority referred 24 cases involving alleged misconduct in the sale of Lehman Brothers investments to the Securities and Futures Commission.

Mr He said: “I don’t know if there will be any impact from the investigations, but I hope the buy-back can proceed smoothly.”

The buy-back suggested by the government early last week, would mean investors cashing in minibonds early for a loss.

Read rest of article here:

http://wayangparty.wordpress.com/2008/10/18/banks-bow-to-government-and-agree-to-buy-back-minibonds/

 

[american]

Compare that to here, it's a lamer

 

[BlueCat]

so what is our government and those banks/financial institutions here doing about it.
so far no respond from either.

 

[Devil Within]

Gov buying back these worthless minibonds is a dumb idea.

It is transfering losses from a small pool of dumb investors to a large population of taxpayers. Money has to come from somewhere to pay for these losses. It won't be dropped from the sky. If it's not the dumb investors, then it is the majority of taxpayers 'cos who give gov money?

I hope Singapore gov won't be that stupid to penalise majority taxpayers for the small pool of dumb investors.

If investors think that they were cheated, then they should go the the people who cheat them or sell them these cheats. That is the bank and not the gov.

 

[congo9]

Gov buying back these worthless minibonds is a dumb idea.

It is transfering losses from a small pool of dumb investors to a large population of taxpayers. Money has to come from somewhere to pay for these losses. It won't be dropped from the sky. If it's not the dumb investors, then it is the majority of taxpayers 'cos who give gov money?

I hope Singapore gov won't be that stupid to penalise majority taxpayers for the small pool of dumb investors.

If investors think that they were cheated, then they should go the the people who cheat them or sell them these cheats. That is the bank and not the gov.

Arent DBS is a pte entity ? Where does Singapore tax payers comes in to the picture ?

 

[makapaaa]

Compare that to here, it's a lamer

Lame ur see lung tao lah! U went into the bank with ur eyes closed one ah? Warn u not kar cheow my son hor! *hee*hee*​

 

[masgnoeL]

Gov buying back these worthless minibonds is a dumb idea.

It is transfering losses from a small pool of dumb investors to a large population of taxpayers. Money has to come from somewhere to pay for these losses. It won't be dropped from the sky. If it's not the dumb investors, then it is the majority of taxpayers 'cos who give gov money?

I hope Singapore gov won't be that stupid to penalise majority taxpayers for the small pool of dumb investors.

If investors think that they were cheated, then they should go the the people who cheat them or sell them these cheats. That is the bank and not the gov.

No tax-payers are affected here. It is the banks absorbing the losses. It is transferring money out from the banks to the aggrieved investors. So, the distribution is net-net zero effect on tax-payers.

In Sinkiepore, if MAS fines the banks for mis-selling (an oxymoron term), then it is net gain for tax-payers.

HOWEVER, and this is a big however, MAS cannot do so, because MAS knows that the banks will retaliate and point the finger at MAS for approving such risky products to be sold to dumfucked retail investors, in the first place. So, it is like slapping at its own face.

So, we have a stalemate here. Why so? Because Sinkiepore as a whole, that include EVERBODY, the gabrament, regulators, investors, public, aunties, uncles are ALL PROGRESSING TOWARDS A MORALLY BANKRUPT NATION after years of living in a society that had, over three generations, in the pursuit of economic progress, traded away conservative values and eroded the fabric of family values and morality quietly but surely. Money talks nowadays. Only money and self interests matter. The philosophy of "You die your own business" is very much the order of the day.
Agree?

 

[imperialarms]

tt means foreign banks wont go HKG liao but open in SInkapore instead. MAJULAH SINGAPURA, more golden period

 

[snrcitizen]

tt means foreign banks wont go HKG liao but open in SInkapore instead. MAJULAH SINGAPURA, more golden period

You'll be surprised. The foreign banks want to be in HK because of the China factor. Moreover, Golden Period, if there ever was, is only for the Lee clan.

 

[congo9]

Hong Kong banks have agreed to the government’s proposal that they buy back from angry investors minibonds issued or guaranteed by US bank Lehman Brothers, which lost much or all of their value when it went into liquidation last month.

“By accepting the government’s proposal, the banks are offering assistance to minibond holders in this extraordinary market situation,” Hong Kong Association of Banks chairman He Guangbei said.

“Because the market situation is volatile, it would be hard to wait until the end of the liquidation process.”

The offer came as the Monetary Authority referred 24 cases involving alleged misconduct in the sale of Lehman Brothers investments to the Securities and Futures Commission.

Mr He said: “I don’t know if there will be any impact from the investigations, but I hope the buy-back can proceed smoothly.”

The buy-back suggested by the government early last week, would mean investors cashing in minibonds early for a loss.

Read rest of article here:

http://wayangparty.wordpress.com/2008/10/18/banks-bow-to-government-and-agree-to-buy-back-minibonds/

Lau lee already said the investor went into the agreement with their eyes wide open. You think LAU LEE will want to help ?

LAU LEE is way past his times. He is a burden to the progress of the GREAT NATION CALL "SINGAPORE" .

IMHO ,He must be terminated !

 

[dupersuper]

So, we have a stalemate here. Why so? Because Sinkiepore as a whole, that include EVERBODY, the gabrament, regulators, investors, public, aunties, uncles are ALL PROGRESSING TOWARDS A MORALLY BANKRUPT NATION after years of living in a society that had, over three generations, in the pursuit of economic progress, traded away conservative values and eroded the fabric of family values and morality quietly but surely. Money talks nowadays. Only money and self interests matter. The philosophy of "You die your own business" is very much the order of the day.
Agree?

its true. u die ur buisiness is the order of the day.
the gahment has shown the people that is how they do it. people learn.

 

[pweesng]

in all honesty, if they are buying back at market price, i woudl rather keep them myself...
I have invested in some of these products myself.. the current price is about 5% of the principle invested... which is nothing, considering that it is the dirty price.

for such small amount, i rather keep the note myself and pray that there is no more defaults to trigger the mandatory redemption clause...

 

[madmansg]

can I buy from sinkies here and sell to hk banks ?

 

[madmansg]

Arent DBS is a pte entity ? Where does Singapore tax payers comes in to the picture ?
==========

joker lar. Our cpf in invested in all GLC companies. Our reserves also.

 

[ah_phah]

everything here is virtually backed by the gahmen, or T-holdings. there's a stake in everything even if they're privately owned. thats what they mean by gahmen bonds lor. n bcos the private companies r spending like there's no tomorrow, n knowing that the gahmen will cont to pump more tax payers $ into their firms, they can suka suka spend more & give their staff a raise.

otherwise, where do we think the 66.6% voters came from?

 

[singveld]

Gov buying back these worthless minibonds is a dumb idea.

It is transfering losses from a small pool of dumb investors to a large population of taxpayers. Money has to come from somewhere to pay for these losses. It won't be dropped from the sky. If it's not the dumb investors, then it is the majority of taxpayers 'cos who give gov money?

I hope Singapore gov won't be that stupid to penalise majority taxpayers for the small pool of dumb investors.

If investors think that they were cheated, then they should go the the people who cheat them or sell them these cheats. That is the bank and not the gov.

hk gov care more about their citizen than sin gov. if they will do that, then i am very impress with hk gov.