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Thursday, October 16, 2008

Hong Kong Chief Executive Talks Tough On Minibonds

Today, the Hong Kong Chief Executive, Donald Tsang, has voiced his concerns over the handling of mini-bonds by banks. His statement over this issue is very strong and has demanded banks to reply by this week. He appears to have lost his patience.

The Hong Kong chief executive appears to be losing his patience with banks over their handling of mini-bonds linked to bankrupt US bank Lehman Brothers - insisting they respond swiftly to a government buy-back proposal and warning the administration may fund legal action by mini-bond investors."They cannot keep dragging on," he said in a strongly worded message after delivering his policy address.

Mr Donald toughness over the banks has gained my admiration. He has exhibited his leadership and putting his ordinary men and women top priority. In comparison with Singapore, the Monetary Authority of Singapore (MAS) does not seem to have reacted in a way I would like them to be. Till date, MAS and banks in Singapore have not made progress in coming out with a settlement. I bet the world is watching how countries like Hong Kong and Singapore are handling this mini-bonds issue.

I am terribly disappointed with Monetary Authority of Singapore.

HK Chief Executive talks tough on mini-bonds [via]

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