Tan Kin Lian's Blog: HK: BOC staff charged over Lehman sales

Monday, April 12, 2010

HK: BOC staff charged over Lehman sales

Two employees of the Bank of China were charged by the Hong Kong police over the sale of financial products related to Lehman Brothers, the bank said, while a third staff member had been arrested and released on bail.
Bank of China said in a statement Sunday that the staffers had been charged under a securities law that prohibits fraudulent or reckless misrepresentation for the purpose of inducing financial transactions.

http://dealbook.blogs.nytimes.com/2010/04/12/two-boc-staffers-charged-over-lehman-sales/

11 comments:

Anonymous said...: Dear Mr. Tan

The more we hear about how the Hongkong investors are treated favourably and with compassion, the more we are angry with MAS and this Govt here in Singapore.
Here none of the RMs and the Stock Brokerage brokers are charged at all, they got away scot-free.
Why should we vote for a Govt that dumps us in our hour of need.; April 12, 2010 5:11 PM
Anonymous said...: This is called regulating with a light touch.
OR
Leadership with a light touch.

How about citizenship with a light touch?
OR
National Service with a light touch?; April 12, 2010 5:23 PM
Anonymous said...: Until now, I still cannot understand how our government justified their out of this world kind of salary.

If you observe carefully, most of the time our government are copy cat and simply following what the government from other countries are doing. For example, during the worst part of the crisis when confident of the banks was at the all time low, the Hong Kong government was ahead of our government to offer 100% deposit protection for the clients money. Our government then follow suit and announced the same protection.

Merlion; April 12, 2010 5:28 PM
Anonymous said...: Merloin

We were on the verge of sending our cash deposits in our bank accounts to Hongkong when the authorities took this move, then the Singapore Govt quickly followed
in Hongkong's footsteps. This is called kiasuism - imagine cash funds flowing like water out.
Where to hide the face? The Banks here would face a huge shortage of money, and our foreign exchange reserves would plunge.
PAP always prides itself doing things their own way, but is forced to copy-cat others in circumstances beyond their control.; April 12, 2010 6:18 PM
Anonymous said...: "Here none of the RMs and the Stock Brokerage brokers are charged at all, they got away scot-free."

Govt is MAS, Govt Own Temasek. Temasek own DBS Bank. DBS own High Note. So you see, how can Govt get MAS to punish DBS when they are all for one and one for all. As for the 1400 victims, not significant enough to affect election outcome.

High Salary? On one hand we think is too much as their past actions do not deserve such high pay but conveniently, Govt felt that as long as they have a winning margin, that allows them the right to decide on what they are paid. As for the public, just tell them current salary is not enough to find small pool of talent even though most are the same people anyway.

If MAS statistic can make both Singaporeans and Hong Kongers confused about Lehman Brothers compensation, I bet we will be confuse by them again during the next election.; April 12, 2010 6:50 PM
Anonymous said...: His handling of the high notes and minibonb earned him a promotion.
The end justifies the means, isn't it?
What about fraudulent selling by insurance agents and RMs here? What is the police doing about it? maybe no fraudulent, right?; April 12, 2010 8:13 PM
Anonymous said...: This news is like splashing blood to my face. It is either there is no justice in Singapore, or all the RM is Singapore are saints.
Can anyone enlighten me! Cashew Nut.; April 12, 2010 8:25 PM
Anonymous said...: Cashew Nut,April 12, 2010 8:25 PM.

Ask the MAS chief called Heng. He got his promotion for saving DBS from millions of dollars and loss of reputation.; April 12, 2010 9:36 PM
Anonymous said...: To Anonymous @ 6:18pm,

That's why I said I don't think their shameless way of giving themselves obscene pay raise is justified.

If they are really that great and talented as they self claimed without feeling any disgrace all these years, shouldn't they be the first to announced the 100% principle guarantee so that the rest of the world will follow their lead?

They are drawing a salary that is at least 4 times higher then the US President on a small piece of rock with only 5 millions people. The US President is running a piece of rock at least 1000 times bigger with at least 100 million people. I don't think it is unreasonable to demand them to performance 4 times better than what the US President is able to perform.

Merlion; April 12, 2010 11:56 PM
Anonymous said...: High Notes and Minibond saga helped to teach us to open our eyes big-big. Don't just accept, ask questions and take responsibility of your money. Trust no-one especially MAS. With the power of internet, we have now the opportunity to compare system & who are the one who are actually working hard for the people. If only the Opposition can pick a GRC and combine effort to knock out those MPs and Ministers from there. As long as there is no unity of the opposition, we will continue to bear with the high salaried Ministers.; April 13, 2010 12:33 AM
Anonymous said...: The Govt continue to use the old model of thinking that Singaporean are blind, ignorant, can't be bothered, kaisi etc.

The Minibond saga has made the different. We seek help, we petitioned, we have hope and maintain our faith in the Govt. They turned around and scolded us for being irresponsible while protecting their own bank [DBS] and forsaking their important duty of fairness to the 1,400 HN5 investors.

Due to Hong Kong 40,000 victims continuous protest and Sgp Govt desire to outperform HK SEC in the aspect, the 10,000 Singaporean MB victims complains were listen but politely ignored i.e. no reply to several petitions. With the kind of salary paid to MAS chairman and deputy Chairman [both are ministers], their performance is worst that their Hong Kong counterpart.

So why pay them so much?
Ans: We don't have a choice. They decided on their own even though they know there was strong public objections.

Why didn't parliment stop it?
Ans: Because they are one party. Anyway, the MPs also have their allowance increased.

Conclusion?

We need to wake them up. Govt should take care of citizen and not only take care of citizen when election is near and then stop it after election.....; April 13, 2010 9:02 AM