Shanghai Commercial Bank knew about CDO

上商副總經理張偉才、行政總裁郭錫志、副總經理朱嘉華


Many of the banks tellers cannot sell the Minibonds, the banks used senior staffs and newly hired university degree staffs to sell these false bonds and all of them have been trained about Minibonds and the CDOs involved. And banks top management had chosen which Minibonds the banks could sell depending on the profit margin. There were real bonds sold in HK and mostly were Hutchison bonds in the year around 2000-2003 and most likely HSBC sold these bonds while SCB were selling false Hutchison bonds (Minibonds link with Hutchison) which required police investigations that at these time all the Hutchison bonds they wanted to sell were actually Minibonds. When banks ran out bonds' lies, they started to sell new high risk structure products and pretended that these were low risk bonds. That why all banks and their senior staffs were all guilty in this HK bank mis-selling frauds, and should be charged by police. The HK government inaction only proves that they want to save the banks with the cover up of banks mis-selling frauds. Only Legco has the power to locate which high government officials are involved with this cover up. And most bank tellers now still work in banks have nothing to do with the bank mis-selling frauds for these people cannot received payback of bonus of sells of Minibonds, and these responsible are all hiding in the main office in central and inside bank managers office in all branches.


The links of CDO crisis are as follows:

http://en.wikipedia.org/wiki/Subprime_mortgage_crisis#Boom_and_collapse_of_the_shadow_banking_system

SCB knew about CDO as they had sales managers in every banks to study these CDO inside Minibonds, and they knew about Lehman Brothers, Bear Stern as they cancelled the Constellation?(may be Victory Peak) from me as they knew Bear Stern was at high risk for defaults so as from Jenny Cheung, former sales manager from SCB in San Po Kong who quit in around 2007,2008. While SCB cover up these CDOs information ( http://minibondvictim.blogspot.com/2009/05/blog-post_10.html
http://us.ft.com/ftgateway/superpage.ft?news_id=fto070120071422352588&page=2

In 2008, SCB were selling LEBR 10Y, 15Y Callable Transatlantic Range Accural Notes from Lehman brothers instead of bonds. These notes were from offshore companies of Lehman brothers in Europe which was similar to Lehman ELN with no guarantee as from Minibonds. SCB knew that notes were traded between banks and corporation, while bonds were for customers of banks. Unlike what Joseph Yam was saying in Legco, Notes were not more safer in risk level than bonds, in 2008, US banks notes sales between banks should be very slow for these were high risk in most bankers minds, and that why SCB committed bank mis-selling frauds in selling those notes to their unsupected customers that did not watch US news.
http://blogs.moneycentral.msn.com/topstocks/archive/2008/06/05/will-lehman-crash-and-burn.aspx

http://www.toomre.com/taxonomy/term/30/1

http://optionarmageddon.ml-implode.com/2007/12/24/telegraph-10-trillion-of-losses/

Only Asian corporate bonds and government were low risks during that periods because of 2007 credit crunch and these can be sold thru private banking in HK such as UBS.

CNN money, which was responsible for the high tech bust in around 2000, also had this articles that everybody saw in Internet and watched on CNN in TV and that the articles that made me worry about CDO at that time. May be the voodoo economy follower Joseph Yam (not expert, because he is only a statistician) never learnt from experience and believed in this article and let the Minibonds busted later as he admitted in Legco sessions:
http://money.cnn.com/2007/11/28/magazines/fortune/fortune500/eavis.creditfix.fortune/?section=money_topstories

Further informations on HSBC wanted to take over Lehman in 2008:

http://www.forbes.com/2008/09/11/lehman-treasury-fed-markets-cx_er_0911outlook.html

http://www.marketwatch.com/story/hsbc-which-bank-is-it-buying-today-press-1-for-no-comment?pagenumber=1

The following rumor was started in 2007, and Lehman was not in good business climate either for banks to trade their notes:

http://dealbreaker.com/2007/05/has-lehman-lost-its-mojo.php