Varies HK banks frauds

I got the following informations from people (mostly Singapore informations) in early version of discuss.com and from China economist as director of H-share company after they knew about how Shanghai Comercial bank started to sell Minibonds to me. Coorperate bonds will default and they paid higher interest, that why government bonds used to pay lower interest. HK banks such as Shanghai Commercial Bank did first sold coorperate bonds such as Hutchison bonds in year 2000, but they ran out of coorperate bonds for they could not compete with European private banks in Euro market, then HK gov. started to push Minibonds and the bank looked into the 100 or more CDO's inside Minibonds and all of them are safe and they sold these Minibonds to customers lying to customers that these Minibonds were much safer than coorperate bonds by putting these structure products as low risks. And top management in bank looked into these Minibonds and approved the sales. Shanghai Commercial Bank also knew that HSBC will look after the Minibonds if Lehman defaults. Then the bank run out of Minibonds, and they started to sell high risk DBS Constellation notes and Morgan Stanley notes to customers even thru they knew that these structured products were medium risk at that time. The sales people started to afraid and some quit but top management push for more sales to get higher profits for banks. In 2007, HKMA informed them what they had sold contains high risk CDOs. So the bank started to sell less Constellation Notes, but in order to keep much higher profit, the banks cover up these informations to customers and still rated these structured products as low risks to cover up these informations to their customers. In the meantimes, they started to sell more accumulators to their customers for bigger profits. Even after I complained to HKMA in Sept. 2008, the bank still rated Minibonds as low risks against HKMA rules and blames Lehman for the defaults and cover up the role of HSBC and put the loss to their customers. And the bank now start to trick customers to sell all their Octave notes in order to cover up that these structures products are high risks and only this months, the bank put high risk in their Octave notes.

For Standard Chartered Bank, the bank managers keep on calling their customers with deposits to buy ELN, and anybody that did not buy their Lehman ELN, they treatened the customers that they will close their banking accounts. My wife and her mother were treatened in 2008, but they still refused to buy ELN. But my wife friend did bought the Lehman ELN thinking she would get the stock back but these were false ELN now the values went to zero. Now Standard Chartered Bank is asking her to look for refund from Lehman Europe.

For DBS, the banks also urged their customers to buy into ELN, Constellation Notes and Minibonds. And since DBS is still among the small banks group in HK. I knew some customers did not believe the bank and withdraw their money from DBS to save the troubles. Others in internet believed in the bank and asked me to call them to see what they can do for their lost.

HSBC also called their customers in year 2008 to sell their ELI and other investment products, but they issued their own ELI with interest up to 10%, and values of their own ELI all dropped 70% after Sept. 08.

From the police headquarter, I was informed that for others banks, they all called their customers at home and pretended the minibonds were safe deposit. And the banks falsified the signatures if their customers were too old to come to banks. Many still don't know their saving are lost until they find out they received no interest payments and the cases keep on coming.

You have to see these happenings then you will believe what are happening in HK.