雷曼苦主大聯盟 - 雷曼苦主大聯盟, Alliance of Lehman Brothers Victims - whatsnew

雷曼苦主大聯盟 - 雷曼苦主大聯盟, Alliance of Lehman Brothers Victims - whatsnew
SFC chief executive Ashley Alder said the commission would issue a consultation paper this year to re-examine local regulations that ensure only professionals are allowed to partake in the riskiest investments.
SCMP, February 24

Here is a twist of irony for you. The reason that unsophisticated savers are plagued with dubious investment products is precisely that we give the professionals a free hand to play with these things.

Take for example the accumulators on which many people lost money during the last big market crash four years ago. Simply put, these time bombs offered you stock in a reputable company, at a discount from the market price, provided that you continued buying that stock in regular monthly instalments at a set price for up to two years.

And just to make it truly lethal, the people on the other side of this bet reserved the right to buy you out of the deal if the market price of the stock went up instead of down. It was a classic example of heads, I win; tails, you lose.

The reason they created these convoluted things was to balance their own risks. For various reasons they chose to hold, or were required to hold, large amounts of stock on which they could lose a great deal of money if the market crashed. They thus created an instrument that would make them money in a crash and so hedged their bets.

Accumulators mostly afflicted wealthier investors but Lehman minibonds were directed at smaller targets. They offered you a decent interest rate of the sort you used to get on deposits before central banks around the world started cheating savers by forcing interest rates down.

But, innocent as they looked, they depended on the solvency of a troubled investment bank, Lehman Brothers. If Lehmans were to become insolvent, you would lose everything. And, of course, Lehmans at the time was on the brink of insolvency - a fact the people who issued these minibonds knew well.

They were hedging their own exposure to Lehmans by pushing their risks onto small investors.

They did not have to tell outright lies or make false claims to do this. All they had to do was offer a high rate of commission on sales of minibonds to the public. Hundreds of thousands of securities salesmen around the world instantly jumped to the bait. If lies had to be told or truth avoided to get the minibonds sold, these salesmen would do it. The issuers were insulated.

But did the Securities and Futures Commission (SFC) stop anyone from selling accumulators or minibonds to the unsuspecting public?

No, they did not. Our regulators did not even realise what was happening until it was too late and then could only make noises of regret, much of it directed at shifting the blame to other government agencies.

They did, however, stop the investing public from buying shares in a Russian aluminium producer, Rusal, on the grounds that it was a risky investment.

It was true. All the risks were fully described in the prospectus and in public discussions. Nobody who looked at the stock could be in any doubt of the potential threats to Rusal's profits and the pricing of the stock fully reflected these.

And this introduces a question: If the market has been made fully aware of the risks, is there any role for a securities regulator to rule the investment as unduly risky?

It can only be so if the price does not take the risks into account. At a low enough price, however, the potential rewards counterbalance the risks and the investment is effectively risk neutral.

An investment prospect that might otherwise be considered virtually risk-free could actually be riskier if its price is too high. The risk may be small but the reward is even smaller.

How will a regulator know at what price the risks balance the rewards? The fact is that no one knows. It is why we have financial markets; they balance out risks and rewards through the inputs of millions of investors who decide to buy, hold or do nothing. No other opinion can carry as much weight.

But I doubt that the SFC really understands the distinction. It is my belief that its campaign against risky investments will be against investments in which the risk is already reflected in the price. Meanwhile, the professional rats of the market will continue to devise poisonous derivatives to which our regulators remain oblivious.

Asia Times Online :: Dead man walking in Hong Kong

Asia Times Online :: Dead man walking in Hong Kong
By Kent Ewing

HONG KONG - Not long ago, Henry Tang Ying-yen was Beijing's golden boy - handpicked by China's political elite as the chosen one to be this dynamic city's next leader. But now Beijing may have to abandon him and pick up another trustworthy person to run Hong Kong for next five years.

On top of the required Mandate from Heaven, Tang, the city's former chief secretary, enjoyed the added support of Hong Kong's business elite, creating the perception that he was a shoo-in to become Hong Kong's third post-handover chief executive in an election to be held next month.

Now, however, Tang will be lucky to make it through the week before being forced out of the race. As political suicides go, Tang has staged an astonishingly inept public exhibition - with revelations of marital infidelity last October followed last week by




reports of an "underground palace" that has been illegally constructed beneath one of his luxurious homes.

At this point, given the extent of Tang's transgressions, just about everyone except Tang himself agrees: Politically, he's dead.

Once Tang, 59, resigned last year as chief secretary in order to launch his campaign for chief executive, rumors began to fly about his alleged infidelity to his wife of 27 years, Lisa Kuo Yu-chin. In an attempt to put the issue behind him, Tang called a press conference at which Kuo stood loyally at his side as he vaguely alluded to and apologized for the swirl of gossip trailing his candidacy.

"I have had flaws in my personal life, and I feel deeply remorseful of that," said Tang. "I am very grateful for my wife's understanding and forgiveness."

Tang admitted to "straying" from his wife.

For her part, Kuo acknowledged "difficult times” in their marriage but professed her continuing love and admiration for her husband, with whom she has had four children.

The awkward confession seemed to backfire, however, when Tang's popularity ratings, never good, plunged further in a regular survey conducted by the University of Hong Kong (HKU) . Heading into last week, Tang was supported by only 26.1% of those polled.

This latest, still-growing scandal - dubbed "basement-gate" - has caused that support to drop to 21.1%, with more than 50% of the respondents now saying Tang should withdraw from the race.

And there is probably more bad news ahead: Analysts predict another dip of as much as 10% in Tang's ratings as his five-star basement becomes grist for microbloggers, Facebook groups and radio and television talk shows.

Meanwhile, Tang's chief rival in the contest for chief executive, former executive councilor Leung Chun-ying, was favored by nearly half of the HKU survey's respondents.

Smelling blood, other potential candidates - former security chief Regina Ip Lau Suk-yee and Legislative Council president Jasper Tsang Yok-sing - have signaled that they are now keen to join the fight.

Even if Tang - son of Tang Hsiang-chien, who parlayed the millions of dollars he made in the textile industry into political connections in Beijing - were to hang on and tough out the campaign, it is clear that he has lost all credibility. Not only have the people of Hong Kong given up on him - that happened long ago - but members of the political establishment are also jumping ship.

Even the business-friendly Liberal Party, of which Tang is a former member, has announced that it is considering withdrawing its support.

Chinese leaders simply have no choice: They must ask their erstwhile golden boy to step aside; otherwise, Tang's shameful and unseemly ordeal will only continue, further tainting the election and Hong Kong's reputation as a "world city" in Asia.

Tang's undistinguished political career has been characterized by repeated verbal gaffes and a reputation for mediocrity in every portfolio he has taken up - from secretary for commerce, industry and technology to financial secretary to his last post, the second-highest in the city, of chief secretary.

But his career reached a new low last week when reports surfaced in the city's Chinese-language press of an illegal 2,400 square feet (223 square meter) subterranean extension to one of his opulent homes in Hong Kong's Kowloon Tong area. Reporters discovered detailed sketches of the unauthorized addition that show it houses a wine cellar and tasting room, cinema, Japanese bath, gym and more.

Tang is known as a lover and collector of fine wines who no doubt benefited greatly from his government's removal in 2008 of Hong Kong's 80% duty on wine.

In overcrowded Hong Kong, where property prices are sky-high and many of the city's 7.1 million people live in "shoebox" apartments, Tang's underground palace has generated a wave of anger and resentment against a privileged class that appears to operate by it own set of rules.

Confronted with the evidence of the massive extension constructed beneath the family swimming pool, the chief executive hopeful blamed his wife, saying she had undertaken the project as a way of getting through a rough patch in their marriage. Once again, Kuo stood by his side - this time fighting back tears and apologizing for jeopardizing her husband's political ambitions.

Building illegal structures in Hong Kong is punishable by a fine of up to $HK400,000 (US$51,580) and two years in prison.

"I just wanted to plan a comfy place for my family," Kuo said of her role in the scandal. "I greatly regret that I did it without considering the consequences. I'm very, very sorry."

Tang has also apologized, but in a way that many observers found cowardly and mealy-mouthed:

"My wife proposed to build this basement. I know this is an illegal structure, but back at that time we were at a low tide in our marriage and we had communication problems. I feel regret and guilty about it."

It's hard to see how things don't get worse for Tang in the days ahead. This week a daily media circus has surrounded his home, demanding a guided tour of the extension - a demand so far ignored by the family - and Buildings Department inspectors may very well order its destruction.

Kuo, it seems, faces a possible jail sentence.

Despite his troubles, however, to date Tang has won the backing for 378 nominations - far more than any other candidate - on the Beijing-controlled, 1,200-member election committee that will select the next chief executive on March 25 to replace Donald Tsang. He has also received endorsements from Hong Kong tycoons such as Li Kai-shing and Raymond Kwok Ping-luen.

But all that high-flying support means nothing now. Tang has become so deeply unpopular that his candidacy is no longer tenable.

Ever since it became clear last year that Tang and Leung would be the chief contenders for the position, Leung has outmaneuvered and outpointed his opponent. In addition, Leung, who also is considered a Beijing loyalist, has remained largely clear of scandal.

Curiously, the government's Information Services Department recently released two statements within minutes of one another, one accusing Leung of conflict of interest in a 10-year-old case involving a design competition for the West Kowloon Cultural Center in which he served as a judge and the other clearing Tang of any conflict of interest in the lifting of the wine tax.

Leung has so far been successful in rebutting the charge against him and, in the end, the suspicious juxtaposition of the two press releases only further damaged Tang as it made the government appear to be taking sides in an effort to bolster his flagging popularity.

With Tang now hopelessly mired in another scandal, government officials are likely to abandon that effort, clumsy as it was.

As for their political masters in Beijing, they will see no advantage in continuing to back such a hapless candidate, no matter his family pedigree and business connections.

Kent Ewing is a Hong Kong-based teacher and writer. He can be reached at kewing56@gmail.com Follow him on Twitter: @KentEwing1

Donald Tsang's yacht trip triggers probe calls - Channel NewsAsia

Donald Tsang's yacht trip triggers probe calls - Channel NewsAsia
HONG KONG: Hong Kong pro-democracy activists on Friday demanded an investigation into Chief Executive Donald Tsang's jaunt on a luxury yacht belonging to a business tycoon in the gambling hub of Macau.

Tsang, whose term is due to expire in June, faced accusations of bribery and conflict of interest after media published pictures of him and his wife spending a weekend on the "Golden Toad" yacht with some wealthy friends.

Tsang has denied any wrongdoing and says he paid the "market price" for the trip to Macau, without specifying an amount. He also said he was not given any luxurious treatment on the boat as had been reported in the media.

"We have lodged a report against Donald Tsang on suspicion of taking bribery," League of Social Democrats vice chairman Avery Ng told broadcaster Cable TV outside the offices of the anti-corruption body.

The Independent Commission Against Corruption (ICAC) confirmed it had received the complaint, but would not say whether Tsang was under investigation.

"We won't comment on individual cases or incidents. All reports made to the ICAC will be examined and looked into in accordance to the laws," a spokeswoman told AFP.

Tsang revealed he had taken four such private trips by yacht or helicopter belonging to tycoon friends, including the latest one to Macau, during his seven-year tenure as chief executive, but said he paid for all the costs.

Two other pro-democracy parties, the Democratic Party and the Civic Party have written to Tsang's office seeking an explanation and details of his trips.

Under Hong Kong's tough anti-bribery laws, the chief executive is barred from any acts of "solicitation and acceptance of advantage and possession of unexplained property" and must declare all gifts valued over HK$400 (US$52).

The controversy comes amid rising disenchantment among many Hong Kongers over an electoral system they see as tilted in favour of a small group of China-backed business tycoons.

Henry Tang, seen as Beijing's preferred candidate to become Hong Kong's next chief executive, has come under heavy pressure to quit the race after the discovery of an illegal underground entertainment den at his home.

But public opinion counts for little under Hong Kong's "One Country Two Systems" system with mainland China, whereby the former British colony enjoys broad freedoms but does not get to choose its own leader by popular vote.

- AFP/ck

Too little time left and too late for impreachment

Tycoon rejects 'collusion'

Eddie Luk

Friday, February 24, 2012

Donald Tsang is involving 'collusion' with rich and powerful including most bankers and developers for a long time. But with few months left there is no chance for any HK Watergate type of process to be done here for all his 'collusion' crimes. The following is articles by HK standards:

"Mainland tycoon Wong Cho-bau yesterday denied claims of collusion by critics over his leasing out of a luxury Shenzhen penthouse to Chief Executive Donald Tsang Yam-kuen.
Wong, who has extensive business interests in Hong Kong, is one of the principal investors in Digital Broadcasting Corp, a radio station headed by former legislator "Taipan" Albert Cheng Jing-han.

Tsang earlier said his wife, Selina Tsang Pou Siu-mei, rented the suite in Futian's Donghai Garden - which was developed by East Pacific (Holdings) and owned by its chairman, Wong - as a retirement home after his seven-year term ends in June.

Wong said the broadcaster is in the red and its business prospects are dire.

"How could this be collusion?" said Wong, who is a member of the Chinese People's Political Consultative Conference.

"I should make money [if there is any collusion]. Actually, I really want to quit the business."

The Chinese-language newspaper Oriental Daily reported the Tsangs had rented a penthouse of about 10,000 square feet with a rooftop in the luxury residential complex.

The penthouse contains more than a dozen rooms, an outdoor garden, a wine cellar and a gymnasium. The report said renovations cost about 14 million yuan (HK$17.2 million).

The Tsangs are said to be paying about 1 million yuan to rent the unit for one year - which would translate into about HK$102,600 a month.

Wong agreed there would have been less of a furor if the penthouse was rented to someone else.

"I wouldn't have all this trouble if I rented the premises to a merchant and not a renowned politician," he said.

Wong laughed off reports that he is spending up to 15 million yuan on renovations, saying "[the complex] is not located in Hong Kong. [The company] doesn't need to spend such a huge sum of money for renovations in the mainland."

Last month, the Executive Council approved Digital Broadcasting Corp's application to allow former education chief Arthur Li Kwok-cheung to serve as its chairman and director.

Li was originally barred from taking up the chairman's post under the Telecommunications Ordinance, because he is the brother of banker and lawmaker David Li Kwok-po, who has served as an independent non-executive director of rival PCCW.

But the government said later that since Digital Broadcasting and PCCW Media, an associated company of PCCW Ltd, operate in two separate and distinct broadcasting markets, the Exco's approval would not undermine the competition landscape in the broadcasting industry.

Separately, Tsang has admitted he took trips on private jets to Phuket and Japan as well as being entertained on luxury yachts off Macau twice during his term.

But he stressed that he had paid the market rate for the travel expenses.

Secretary for Constitutional and Mainland Affairs Raymond Tam Chi-yuen said the chief executive is bound by the code of conduct for principal officials, which bars them from accepting extravagant benefits. Tam said the code is aimed at reminding political appointees to avoid conflicts of interest, embarrassment or damage to their reputation.

Some pan-democratic lawmakers have threatened to start the impeachment process if Tsang refuses to appear in the Legislative Council to answer questions on his holiday trips.

Labor Party lawmaker Cyd Ho Sau-lan said the pro- democracy camp is planning to invoke the legislature's Powers and Privileges Ordinance to demand that Tsang disclose more details on accepting invitations from tycoons by using their private jets and yachts for personal travel.

Ho also did not rule out initiating an impeachment procedure.

However, Democratic Alliance for the Betterment and Progress of Hong Kong lawmaker Chan Kam-lam said it is too early to talk about impeachment, since there is no clear evidence that Tsang accepted benefits from tycoons and violated the anti-bribery laws."

要求證監全面調查精明債券摩根士丹利

證監經常在電視上宣傳教育投資者，高回報產品必定是高風險，投資時必定要小心，量力而為。精明債券是高風險但是低回報產品，高風險不是第一層掛的機構，而是隱藏著的第二層掛勾的120間各類高、中、低風險公司，很多是持有劇毒的次按資產，此120間公司只要大約10間公司出事，債券就被強制贖回，在漫長的4至7年期間，就算沒有金融風暴，出事的機會也很大。它是低回報產品，因為利息只高當時定期一至二厘，但本金被鎖4至7年，不算是高回報，只算是穩定。如此劣質的產品，狡猾的設計者想到，如放在證券行之類的金融機構，一來裹面多為有經驗投資者，不會上當，二來投資者不多，想過辦法，把它包裝成像債券的模樣及冠以精明債券，掛頭牌是中華人民共和國，錯覺是買了中國國債，夠穩陣，肯定吸引警覺性低及貪穩定收息的一眾。剛好這時證監吹著快嬴風氣，精債獲批在16間銀行發售，結果大買。達到大摩設計的目的。以大摩資深國際投行的老謀深算，或許可以把他們的罪責掩飾到天衣無縫，但是利用自己的專業知識，設計風險與回報的不對稱產品，來騙取零售市場中一些初級小投資者的金錢，就是不誠實行為，就是專業的不道德行為。
證監對不誠實的毒債設計者的處理也有不公平，迷債設計者新鴻基證券早巳被罰全數賠償，星債設計者新架坡星展，因不在香港，沒有辦法。精明債券設計者大摩，現時還在香港，但在精債事件上好像被忽略，不須付任何責任。我們要求證監徹查大摩，從設計概念到分銷到16間銀行的整個過程，公開調查報告，及懲處大摩的不誠實行為。

滙豐「提醒」律師行金管局跟進

匯豐致函與該行合作的律師事務所的事件，金管局已介入跟進，而消費者委員會也關注，普羅大眾在這情況下必然受到影響，可能要支付較高的訴訟費用。

金管局發言人回應本報查詢時表示，當局留意到有關事件，正與有關銀行跟進。

匯豐以避免利益衝突的理由，向律師事務所指出，「貴律師行在處理業務時須誠實正直，你們代表匯豐集團時便不能同時代表其他當事人對匯豐集團內任何成員進行訴訟。」截至今年1 月底，該行在本港的按揭市場佔有率排名第三，過去三年連續穩佔第一位。

據了解，過往按揭龍頭銀行只會與一小部分律師事務所合作，近年把「名單」擴大至一些規模較少、專營按揭和樓宇買賣的律師事務所。律師王國桐表示，很多律師事務所都很珍惜能夠列入銀行的名單，令其不敢開罪銀行，匯豐的做法，對業界構成威脅。
消委會表示，不評論個別事件。總幹事劉燕卿補充說，如果個別在按揭市場佔有很大份額，不少律師事務所都可能與該行合作，致函「提醒」，無疑限制消費者選擇律師事務所的範圍。

「當消費者請律師起訴銀行，卻因為上述原因被律師事務所拒絕處理案件，或會迫使消費者向一些規模較大、較專門的律師事務所尋求協助，屆時消費者的議價能力便會下降，等於需要支付較高費用進行訟訴。」她說。

按照匯豐的要求，某律師事務所如為豐的按揭合作夥伴，假如有客戶擬因其他問題起訴匯豐，該律師事務所不能處理這些案件，姑勿論案件是否與按揭業務有關。

不少雷曼迷債苦主過往也遇到類似的情況，有苦主坦言，最初很多律師事務所都拒絕處理他們的案件，估計對方不希望破壞與銀行的商業關係。

Tycoon gives Tsang apparent bargain on flat | HK News Watch | Latest Hong Kong, China & World News | SCMP.com

Tycoon gives Tsang apparent bargain on flat | HK News Watch | Latest Hong Kong, China & World News | SCMP.com

Donald Tsang Yam-kuen who covers up HK banks misselling frauds for those rich bankers,appears to have found the bargain of a lifetime, following disclosure by his landlord that he will be charging Hong Kong's chief executive only 80,000 yuan (HK$98,444) a month for his luxury apartment in Shenzhen despite spending more than 10 million yuan on its decorations and fittings.
The disclosure comes amid growing concern over benefits Tsang has received from tycoons - including extravagant yacht and private jet trips.

The three-floor, 6,500 sq ft penthouse has an outdoor garden and swimming pool. It is in Futian district, which has some of the most important buildings in Shenzhen.

The penthouse is in the East Pacific Garden complex, developed by Bill Wong Cho-bau - owner of a number of companies in Hong Kong and the mainland including East Pacific property group - and who is a delegate to the Chinese People's Political Consultative Conference, the mainland's top advisory body.

Wong is a major investor in Digital Broadcasting Company (DBC), a company linked to Arthur Li Kwok-cheung, a former member of Tsang's cabinet. Last month Hong Kong's government gave its approval for the former education minister to be appointed DBC's chairman. However, under the Telecommunications Ordinance, Li could have been barred from such a position, because his brother, David Li Kwok-po, Bank of East Asia chairman, is a director of another big media player, PCCW.

Albert Cheng King-hon - the founder of DBC and widely seen as a close ally of Tsang - rejected suggestions that Tsang might have leased the Shenzhen apartment at a discount, saying: "80,000 yuan is already a very high amount considering it is Shenzhen, not Hong Kong."

But at that rate of rent, Wong will need at least 10 years to recover his decoration costs alone, though Tsang has signed a lease for only three years. He had paid a million yuan in advance for the first year, Wong said.

The tycoon said the decorations he had paid for in Tsang's apartment were "basic", including a home theatre and gymnasium, among other facilities. "The clubhouse has to last for over 10 years and I needed to decorate it anyway, even if I was not leasing it to the chief executive," Wong said. "This is basic decoration, but I may change it to a clubhouse again so I paid more."

Tsang is expected to move into the penthouse on July 1, immediately after the expiry of his second term in Hong Kong's top job.

Legislators have expressed concern over Tsang's possible conflicts of interest and have increased the pressure on him to disclose details of all the favours he has received from his tycoon friends.

The Democratic Party has urged the Independent Commission Against Corruption to investigate the lease, and has called on the Legislative Council to invoke its powers to force full disclosure.

Secretary for Constitutional and Mainland Affairs Raymond Tam Chi-yuen said the chief executive was bound by the civil service's code of conduct for principal officials, which bars them from accepting extravagant benefits.

Chief executive candidate and legislator Albert Ho Chun-yan said Tsang should maintain impartiality during the chief executive election, pointing out that Wong and Thomas Lau Luen-hung - the owner of a yacht on which Tsang had spent some time - were among the Election Committee nominees of scandal-hit Henry Tang Ying-yen, who is seeking to become Tsang's successor.

A spokeswoman for Tang's election office said the former chief secretary only learned that Wong had rented a flat in East Pacific Garden to Tsang from the media.

Lawmaker Cyd Ho Sau-lan, vice-chairwoman of the Labour Party, is seeking a debate next week on Tsang's excursions on private jets and yachts owned by his friends.

Democratic Party lawmaker Lee Wing-tat said: "Everyone knows he will look suspicious by hanging around with these tycoons."

Joseph Wong Wing-ping, former secretary for the civil service, questioned Tsang's judgment.

銀行暴利難啟齒 撤保護促經濟 - 香港經濟日報網站 : 20111208 - 評論

銀行暴利難啟齒 撤保護促經濟 - 香港經濟日報網站 : 20111208 - 評論 銀行暴利難啟齒 撤保護促經濟
撰文:林美芬
欄名:北京觀察

在緊縮政策下，實體經濟不景氣，但銀行卻保持高盈利，銀行的「暴利」讓行長也感到不好意思，有點難以啟齒了。

「整個銀行業這些年數字非常亮麗，尤其今年，企業資金需求經營壓力都很大，中國銀行業一枝獨秀、利潤很高，不良率很低。大家有點為富不仁的感覺。企業利潤那麼低，銀行利潤那麼高，所以我們有時候利潤太高了，都不好意思公布。」

政府保護 銀行息差謀巨利

這是中國民生銀行行長洪崎12月1日在北京舉行的「2011環球企業家高峰論壇」上的發言。他的這一番感歎，使銀行業的暴利再次成為焦點。

企業有高盈利，是一件值得炫耀的事，為甚麼銀行業的高利潤，洪行長會感到「羞於啟齒」？因為中國的銀行賺錢實在太容易了。

有關部門的調查顯示，今年以來，實體經濟的經營狀況的艱難，超過以往任何一年，比2008年國際金融危機爆發時還困難。

銀行業暴利不是銀行的錯，實際是政府政策的保護賦予它的。銀行業的高利潤，並非是中國的銀行業比歐美的銀行業更善於經營管理，而是因為政府政策保護的結果。

據統計，截至今年9月底，16家上市銀行實現淨利潤6,978億元，比上年同期增長了近32%，其中，民生銀行以64.42%的淨利潤增幅位居榜首。上半年民生銀行人均工資在19萬元以上，平均月工資3.2萬元。

中國銀行業的盈利，主要來源來於存貸款利息差和收費，利率價格還是國家管制利率。在政府政策的保護下，以低利率吸收居民存款，再用高利率向工商企業放貸，毫不費力從中賺取巨利潤，有些銀行的淨息差超過了3%。

壓榨實體經濟 小企借高貸

淨息差是內地銀行業績創出佳績的主要動力。

據統計，16家上市銀行前三季度淨息差收入總額超過1.28萬億元，佔到營業總收入的近八成，其中，五大國家控股的大型銀行的淨息差收入，佔總營收的75.7%。今年前三季，工行的淨息差收入達到2,671億元，高居榜首，緊接其後的是建行2,230億元，農業銀行是2,234億元，中行1,673億元。

然而，在銀行賺取高額利潤的同時，實體經濟卻陷入了不景氣。中小企業被貸款高門檻拒諸門外，難以從銀行獲得貸款，被迫走向民間高利貸。年關將至，有不少企業面臨資金鏈斷裂的邊緣，並出現了民營企業老闆出走潮。

銀行的高利潤來源於其對實體經濟的壓榨以及存款人利益的損害，在長期負利率的政策下，存款人的收益跑輸通脹，企業的貸款利率愈來愈高，銀行卻賺得愈來愈多。

中國銀行業的高盈利傲視同全球，而銀行業的高薪酬之高，則居內地各行業之首，令人大家羡慕不已。

利率市場化 減「特許利潤」

2011年上半年，16家上市銀行共發放薪酬1,320億，人均薪酬為7.5萬；薪酬排名最高的民生銀行，上半年人均薪酬達19萬，即平均每月約3.2萬元，排第二的招商銀行，上半年人均薪酬收入達到17.89萬元；寧波銀行、華夏銀行均超了了16萬元。

在國際金融次貸危機衝擊下，歐美銀行業舉步維艱，中國銀行業獨好，業績一枝獨秀。相較於歐美銀行業的窘境，中國銀行業的生存環境可謂令人羡慕。

不過，目前國家規定存款利率上限、貸款利率下限的利差保護格局，使得銀行享受了隱性的巨額「特許利潤」，而在緊縮信貸政策下，銀行的在信貸的議價能力提高，從而推高了銀行的淨息差收入。

金融市場的高度管制、利率市場化改革的異化，以及超量的貨幣供應成就了中國銀行業的高利潤。隨着中國金融市場的逐步開放，利率市場化是大勢所趨。一旦中國實行利率市場化，銀行業的息差勢必將有所縮減。

銀行業在國家政策保護下獲得高利潤，充分說明了銀行業以至其他壟斷行業，有很大的改革和開放空間。銀行業應加快改革和對社會資金開放，建立不同層次的銀行體系，放開銀行准入門檻，讓更多的社會資金進行銀行業，允許更多中小型銀行或小額信貸公司的設立，為實體經濟提供支持。

蘋果動新聞 - 要聞港聞

蘋果動新聞 - 要聞港聞

Pretty UBS banker has affair with Henry Tang that wants to run Hong Kong.

http://hk.apple.nextmedia.com/template/apple/art_main.php?iss_id=20120221&sec_id=4104&subsec_id=11866&art_id=16088706

唐女郎　瑞銀俏嬌娃
緋聞再現　英年「勇敢面對」不回應
2012年02月21日
(8人)瀏覽人次：9,233FacebookTwitter轉寄朋友
選戰醜聞
【本報訊】正式成為特首候選人的唐英年，被踢爆醜聞一浪接一浪。公開承認有感情缺失的唐英年，再被揭發多一名緋聞女友，是鄉議局副主席林偉強女兒、有「瑞銀之花」稱號的林穎妍。本報接獲告密電郵，指唐英年與已婚的林穎妍交往逾兩年，緋聞傳遍中環銀行界與政圈。據悉，一直撐夫的唐太郭妤淺已忍無可忍，近期多次向好友哭訴，正猶豫在特首選戰後跟唐離婚。
記者：黃偉駿　蔡建豪　袁慧妍

知情人士在告密電郵透露，唐英年與林穎妍（ Esther）相識於 09年一個家庭社交聚會，當時林與丈夫共同赴會，席間認識當時仍是政務司司長的唐英年。雖然只得一面之緣，但唐、林兩人非常投契，之後不斷透過電郵、短訊聯絡談心，更於 09年底開始私密交往。這段關係維持了將近兩年

人妻有一子　夫常不在港


林穎妍是鄉議局副主席林偉強的女兒，經常出席不同社交場合。


知情人士稱，年約 40歲的林穎妍與家人住在港島南區貝沙灣。她與馮姓丈夫育有一名 7歲兒子，在國際學校讀書，馮是一間中港電子產品公司老闆，每星期有兩至三天要出外公幹，經常不在港。
記者昨根據告密電郵的電話號碼致電林穎妍，但接聽男子稱「打錯」便掛線。記者再按另一個報稱是唐英年手機號碼撥打，結果是唐親自接聽，他聽到是本報記者後，語氣顯得錯愕。記者詢問他對與林穎妍關係曝光的報道有何回應，他說：「有關我過去感情缺失嘅事，我唔會再回應。」隨即掛線。
林穎妍現時是瑞銀（ UBS）私人銀行部門董事，專替富戶投資，這班客戶最少要有 200萬至 300萬美元（ 1,560萬至 2,340萬港元）資產才可開戶。瑞銀私人銀行部門有多支隊伍，據悉林屬於泰國隊，較多泰國客戶，本港大孖沙並非她的主要服務對象。其職銜雖為董事，實質不算高級，大部份私人銀行部同事均有類似職銜，等於美資行副總裁。

唐太向好友哭訴擬離婚
放大圖片

育有一名 7歲兒子的林穎妍樣貌娟好，一點也不像 40歲。


唐英年下午去完灣仔選舉事務處遞交特首提名後，在競選總部發表聲明，指過去一段時間他有很多負面新聞，包括感情及僭建問題，全與家庭有關，「我承認我實在係處理得唔好，本來係想保護家人，結果反而令到屋企人受到更大傷害，令到大家質疑我嘅誠信，呢啲絕對係我嘅錯，所有責任我會一力承擔」。又自我引爆預告未來有更多關於他的負面消息，但稱：「我會勇敢面對。」未回應任何緋聞問題就「速閃」。
據了解，一直默默忍受的唐太郭妤淺，對丈夫種種行為忍無可忍，近日不斷向身邊好友哭訴，正猶豫在特首選舉後提出離婚。
唐英年的九龍塘約道 7號僭建地下皇宮，繼續成為市民拍照「景點」，有人在大宅圍牆張貼社福界選委要求唐退選聲明。大宅整日重門深鎖，下午有一輛無載客七人車駛出，至傍晚未見任何唐家成員出入。

New People's Party chairwoman, Regina Ip

Regina Ip intends to join CE race
20-02-2012
Photo: Edna Tse.
The chairwoman of the New People's Party, Regina Ip, has decided to run for the post of chief executive, even though she has yet to secure the minimum 150 nominations from election committee members to take part in the race.
In announcing her decision, Mrs Ip said both leading candidates, Henry Tang that helps the bankers to sell false bonds such as Minibonds in Hong Kong and C.Y. Leung, had credibility problems.

She said she was running because she was clean, had 30 years experience in the government, and had taken part in direct elections.e

Mrs Ip added that she had lots of supporters and said that even though the odds were against her, she was appealing to election committee members who hadn't already nominated a candidate to choose her.

Tang Should Quit Hong Kong Leadership Race, Newspaper Poll Shows - Businessweek

Henry Tang was responsible to push Hong Kong banks into selling derivative products Minibonds as bonds with Joseph Yam from HKMA in 2003 and he also started building palace type basement secretly in Kowloon Tong areas without building department approval. He never admits anything and get lowest approval ratings !!!!

Tang Should Quit Hong Kong Leadership Race, Newspaper Poll Shows - Businessweek

Obama's budget headed to Congress - Yahoo! News

Obama's budget headed to Congress - Yahoo! News

President Barack Obama has sent Congress a new budget that seeks to achieve $4 trillion in deficit reduction over the next decade through cuts in government spending and higher taxes on the wealthy. At the same time, he wants to boost spending in key areas such as transportation and education.

Morgan Stanley will be sued in US for selling false RMB bonds in Hong Kong with mainly Bank of China

Bank of China will sell RMB and their bonds in London with approval of British government while Hong Kong government is still covering up Bank of China was selling false RMB bonds created by Morgan Stanley with US sub-prime CDS inside in the year 2007,8 without punishment.

Octave Notes 21,22 created by Morgan Stanley were sold in Bank of China Hong Kong as false RMB bonds. Others were Octave Notes 15,16,17,18 and were mostly sold by Bank of China as false banks notes but underneath there were US sub-prime CDS.

Also :

Chinese Bank Declares RMB Business War Around the World

China continues to expand the global reach of renminbi RMB (also called CNY, or simply Yuan) amidst allowing direct RMB trading in Russia.

In December 2010, Bank of China (BOC) became the first China state-owned bank to offer RMB trading services for US companies and individuals. Before that, US companies and individuals can already buy and sell RMB through Western banks such as the Hong Kong and Shanghai Banking Corporation (HSBC).

Although this BOC move can promote the use of RMB in international trade, it still has quite a long way to make RMB an alternative reserve currency because Chinese government ultimately controls the RMB liquidity taps in offshore markets and investing in mainland assets is also under strict control.


HSBC has been very aggressively expanding its offshore RMB services around the world and already completed its first US cross-border RMB trade settlement transaction earlier on 30 September 2010.

Further on 8 October 2010, HSBC even settled trading of its first offshore RMB-denominated currency option, a better risk-hedging tool than RMB Non-Deliverable Forward (NDF) or Non-Deliverable Option (NDO) which are typically settled in USD rather than RMB.


With the RMB clearing bank status, BOC will be able to exert influence on RMB liquidity, exchange and interest rates in the US. Otherwise, we are afraid that Chinese regulators may not have enough confident to further accelerate the pace of RMB full liberalization.

The RMB business war is of course not limited in the US, as BOC's overseas branches including London, Frankfurt, Tokyo, Canada, Singapore and Malaysia etc also began offering similar RMB services since early 2010.

Particularly in London, British customers can exchange for RMB not only in international banks like HSBC and BOC. Even the UK Post Office has also started providing RMB services with a daily exchange limit of GBP 5K since January 2011.

Demonstration in front of Bank of China

Letter to Bank of China, the directors has committed financial crimes of China by selling US sub-prime products to Hong Kong people together with Morgan Stanley and also hide these derivative products structure to Hong Kong staffs working in BOC HK.

Photos of the letter

港一季近千金融精英失業 三星證券撤港 130人裁剩20人

港一季近千金融精英失業 三星證券撤港 130人裁剩20人

Hong Kong financial centre is now starting to lay off bankers and brokers from LG financial, HSBC. Morgan Stanley & UBS

Protestor gets beaten by Oakland Police

Wall Street controlled police is doing what bankers and their politicians ask for in USA :