InfoAnda - HK lawmakers slam HSBC role in Lehman bonds sale

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Obama talks with Erdogan, condemns bombing in Turkey | | 21 September 2011
Verizon picks Microsoft search over Google and Yahoo | Technology | | 8 January 2009
Obama to name Intel CEO to White House jobs panel | 19 February 2011

When it comes to Oscars, advertisers skip spotlight | Entertainment | | 20 February 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : HK lawmakers slam HSBC role in Lehman bonds sale

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: HK lawmakers slam HSBC role in Lehman bonds sale By MIN LEE,Associated Press Writer AP - 58 minutes ago HONG KONG - Hong Kong lawmakers slammed HSBC for helping to sell Lehman Brothers bonds in the Chinese territory, questioning if Europe's largest bank should have done more to protect local investors from products that may be worthless in the aftermath of the Wall Street firm's collapse. More than 40,000 Hong Kongers bought Lehman-backed investment products through banks, with the total outstanding value of the products estimated at HK$20.2 billion ($2.6 billion), according to the Hong Kong Monetary Authority, which is the territory's de facto central bank. The majority of the investments, about HK$12.6 billion ($1.6 billion), are so-called "mini-bonds." Investors _ among them retirees who invested their life savings _ have complained that bank salespeople were misleading and failed to fully explain the product's connections to Lehman Brothers Holdings Inc., which sought bankruptcy protection in September. At a legislative hearing Tuesday, legislators turned their attention to HSBC Holdings PLC, one of the most respected banks in Hong Kong. Lawmaker Abraham Shek said HSBC had "betrayed" investors. London-headquartered HSBC provided the directors for the company that was set up to issue the mini-bonds and the bank also served as the trustee that held the collateral that backed the investment products. Other Hong Kong banks, not HSBC, sold the mini-bonds to retail investors. HSBC officials told the hearing that the bank wasn't involved in designing the mini-bonds and didn't have a responsibility to ensure their quality. The company created to issue the bonds, known as a special purpose vehicle, was "for all intents and purposes a creature of Lehman's design," said Susan Sayers, deputy head of legal for the Hongkong and Shanghai Banking Corp., HSBC's Hong Kong unit. "It is not our responsibility as trustee to comment or have any view on the product that is being sold," she said. But legislators argued that HSBC bore more responsibility to the investors. "You said you are not a designer of that scheme, but knowing that as a bank, an experienced bank, an international bank, you must be aware that this is a product that is an entrapment of people," said Shek. "To society, you cannot really wash your hands of the entire matter ... You are the director," said another legislator James To. HSBC's Sayers said Lehman Brothers had a high credit rating when the mini-bonds were sold and that the Hong Kong government had approved the products. "None of us, unfortunately, had the benefit of foresight to know what terrible circumstances would happen," she said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business MONEY MARKETS-Dollar rates creep lower as credit markets healReuters - 24 minutes ago South Korea says not conducting special FX probesReuters - 26 minutes ago Australia faces a slump in tourism: figuresAFP - 29 minutes ago S.Lanka cbank orders banks to cut dlr positionsReuters - 30 minutes ago BRIEF- Russia Gazprom H1 08 net profit 609.4 bln roublesReuters - 32 minutes ago Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Obama economic plan to cost between 675 and 775 bln: aides International community piles pressure on Israel Natural disasters 'killed over 220,000' in 2008 Two thousand and strange: offbeat stories of the year View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Tuesday, 30 December 2008
UN ambassador: Israel seeks to 'destroy' Hamas
Iranian group recruits volunteers to fight Israel
Judges delays bail ruling on Zimbabwe activists | International |
Thousands protest Gaza assault in Lebanon
Hundreds march in Nordic cities against Gaza bombings
Italian priest's attacker sentenced in Turkey | International |
Comedian Marty Ingels Allegedly Shoplifted A $500 Hat
Two thousand and strange: offbeat stories of the year
Sudan man denies helping Darfur war crimes court | International |
Israel says Gaza assault 'war to the bitter end'
Taiwan ex-president detained again after court reverses ruling
White House blames Hamas for new Mideast violence
Sri Lanka's Central Bank takes over private bank
Chinese official sacked after photos show luxury tastes
Pakistan army: We must 'avoid conflict' with India
Oil prices flat despite conflict in Middle East
Disputed Minnesota Senate Race Nears Finish; Franken Maintains Slim Lead
Harry Reid Faces Tough Re-Election Battle In 2010
California Bans Texting While Driving
Against odds, Germans warm to Cruise in Nazi film | Entertainment |
Art market looks to foggy future after rocky end to year | Entertainment |
Duffy tops Britain's 2008 albums, sales decline | Entertainment |
California Ban On Texting While Driving Takes Effect New Year's Day
Woody Allen jazzes it up at Warsaw concert hall
Ontario Woman Found Alive After Being Buried In Snow For 3 Days
California Woman Welcomes 14-Pound Baby Boy Just In Time For Christmas
US-Japanese study finds genes for 1918 'Spanish flu' pandemic
Malaysia's YTL plans $287 mln REIT launch- report
Taiwan court sends former president back to jail
S.Korea Nov balance of payments improves
Seoul shares open up but Ssangyong Motor falls
Reports: Ex-PM takes lead in Bangladesh vote
SKorea posts current account surplus for second straight month
Taiwan's ex-president taken into custody again
Marine Corps Fighter Jet Crashes In North Carolina, Pilot Killed
South Korean company to repair Ecuador refinery
Underground Blast Cuts Power In Georgia Tourist District
Northwest seeks to delay some U.S.-China service
Wall Street Moves Lower On Geopolitical Concerns
'Marley & Me' earns $36.3M box office biscuit
Stamp of approval for British design classics
Jimmy Buffett, mogul of Margaritaville
Studios face court battle over 'Watchmen' wrangle
Aniston's 'Marley & Me' is top dog at box-office
Church of England drafts women bishops legislation
Curator for NYC performance space retires
Fox says it will try to stop 'Watchmen'
Pakistan closes NATO supply route, operation launched
Israel presses on with Gaza attacks, rejects truce | International |
EU foreign ministers to meet on Gaza crisis
Pakistan suspends NATO supplies to tackle militants | International |
British doctors could get Internet post reviews: minister
Guitarist Delaney Bramlett Dies At Age 69
UN official says Israel attacked during lull
Cubans line up to apply for Spanish citizenship | International |
Five Wounded In Shooting After E-40 Concert
Canadian citizen charged with spying for Iraq
US Treasury's US$6 billion lifeline to GMAC
China's great migration wrenched back by crisis | International |
Republicans urge caution on Obama stimulus plan
Israel blasts Gaza in 'all-out war' on Hamas
Pakistan urges de-escalation with India | International |
Thai PM finally sets out policy | International |
South Korea seeks to pay North to return abductees | International |
China faces new melamine scandal | International |
Hasina takes massive majority in Bangladesh | International |
Furor over Sydney plan to ban topless sunbathing
NZ airline flies jetliner partly run on veggie oil
Hasina wins Bangladesh's 1st election in 7 years
Thailand blocks 2,300 Web sites
Malaysia to train mediators to defuse racial spats
South Korea says not conducting special FX probes
Four dead, 400 injured on roads on night of football celebrations: reports
S.Korea expects won to stabilise in 2009
Thai protesters force PM to switch speech venue
Palin's Daughter Gives Birth To Boy
Facebook ban of breast-feeding photos sparks protests | Technology |
Arson Attempt On Chicago Synagogue Linked To Gaza Attacks
SKorean public firms to expand investment by 7.1 bln dlrs
RPT-GLOBAL MARKETS-Asian shares extend gains; oil below $40
Taiwan planning zone to lure back local businessmen
Search Ends For Woman Lost At Sea, Victim's Family Sees Suicide
Two more stand trial in China milk scandal
China's Foton says clean energy car factory opened in Beijing
Windstorm Leaves Thousands Without Power In Michigan
Thai PM says his goal is to heal political divide
HK lawmakers slam HSBC role in Lehman bonds sale
Bush, Rice Call Mid-East Leaders To Restore Calm In Gaza
WRAPUP 2-S.Korea industrial output slumps most in 21 years
Pakistani c.bank sells 2 bln rupees of T-bills
Seoul shares up 0.6 pct; end down 41 pct for 2008
South Korean won ends Dec up 16.6 pct on month
Madonna biggest 2008 N. American tour attraction | Entertainment |
Against odds, Germans warm to Cruise in Nazi film | Entertainment |
Jazz trumpeter Freddie Hubbard dies in L.A | Entertainment |
Meet the Press stays on top with new host | Entertainment |
Tchaikovsky: revival of an underrated great | Entertainment |
Documentary filmmaker to honor Holocaust heroes | Entertainment |
Topless tanning sparks Aussie beach row
NBC maintains leads in morning, evening news | Entertainment |
Japan's Cat Island fights not to go to dogs
CBS sets Heckle Web series | Entertainment |
European ministers to urge Gaza truce
Cubans line up to apply for Spanish citizenship | International |
Guinea junta names civilian prime minister | International |
Japanese tourist spends 3 months in Mexico City airport
Analysis: Gaza crisis may hurt Obama peace efforts
Website plays Cupid to battlers of the bulge in India | Technology |
Official: US supply route closed in NW Pakistan
AVA says China—made biscuits sold in Singapore safe
Venezuela tells India's ONGC it must cut output
Activists calling for release of Suu Kyi arrested
Thai economy slows in November: central bank
Raffles City’s management assisting police in Cortina investigations
China Eastern Airlines bailout swells to $1 bln
Hasina wins Bangladesh's 1st election in 7 years
NASA's Mars Rovers Approach Five Year Anniversary On Red Planet
SKorean bank: Ssangyong aid depends on China owner
Road closures for New Year’s Eve fireworks display
Idaho Father Facing Murder Charges After Sending Daughter In Snow Storm
Singapore Airlines budget arm drops Korea expansion
Chinese shares fall in slow preholiday trading
250 Small Earthquakes Hit Yellowstone National Park Over Weekend; Largest 3.8 Magnitude
Pro-India parties to take power in Indian Kashmir
Prosecutors Ask Court To Allow Impeachment Panel To Hear Blagojevich Recordings
Bickering S.Korean MPs may delay U.S. trade vote
Police Say Santa-Clad Gunman Planned To Kill Mother
Kidnappers free 5-year-old girl in Philippines
Taiwan dlr at over one-wk high on funds, exporters
Hong Kong baby living in China has mild bird flu
China energy chief: crisis chance to up reserves
Sharp says to book extra loss of nearly 500 mln dlrs
Madonna biggest 2008 North American tour attraction | Entertainment |
Japan auto sales plunge as young lose interest
Fox will fight for Watchmen delay | Entertainment |
Hits, misses on quest for Oscar glory | Entertainment |
Scientists Record 250 Small Earthquakes At Yellowstone National Park Over Weekend
Jackie Chan voted vice chairman of China film body
Olivia, Jack most popular baby names in Britain
Emil Chau rejects Jackie Chan wish to join SuperBand
Ai Iijima died of poisoning?
Joe Nieh's lover apologizes to Vivian Chow
MediaCorp Artistes: Chor Meng is one brave soul!
U.S. backs plan for engaging Afghan tribes | International |
Trial delayed for Iraqi who threw shoes at Bush | International |
Belgium's Van Rompuy named PM after coalition deal | International |
Sudan opposition leader questioned over ICC: media | International |
Czechs take EU helm from fringe as crises rage | International |
U.S. pull-back from Iraq will hit private contractors | International |
China offers $1M in emergency aid to Palestinians
Minibonds investors attend seminar in preparation for class action suit
Thai PM says his goal is to heal political divide
Chinese dairies to compensate sickened babies
Pakistan closes US supply route to hit militants
Chinese steelmakers to merge: state media
Libya orders further oil cuts of 20K bpd
Landslide win for Sheikh Hasina in Bangladesh vote
Tech companies push stylish, personal design | Technology |
PetroVietnam reports record sales of 16 bln dlrs in 2008
Pakistan: India moves troops toward shared border
SKorean stocks finish worst year since 2000
SKorea's industrial production plunges in November
Former Aides Say President Bush Never Able To Recover From Mistaken Handling Of Hurricane Katrina
Republicans Call For Closer Scrutiny Of Obama Economic Stimulus
U.S. Supports Israel's Offensive Into Gaza, However Working To End Violence
Presidential Inaugural Committee Issues Advisory About "Crush-Level" Crowds
Rahm Emanuel Resigns As Illinois Congressman
Grand City of Music sparks disharmony in Rio | Entertainment |
New Sony Game System Cheaper To Make
Webber: 'Phantom' sequel in the works
Chinese Dig Yields 7,600 Dinasaur Bones, Including Platypus With Nearly 66-Foot Wingspan
Great jazz trumpeter Freddie Hubbard dies at 70
Mars Rovers Approach Five Year Anniversary, Continue Making Advancements
Jack, Olivia top star-sprinkled baby name list
Dick Clark, 79, is still rockin' New Year's Eve
'Terminator' to be preserved in US film registry
Champagne Sales Down With Weak Economy, Less Celebration
Father Faces Murder Charges After Sending Daughter For 10 Mile Walk In Christmas Snow Storm
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01