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Hong Kong Moves to Calm Depositors After Bank East Asia Rumors

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posted on Sep, 25 2008 @ 01:44 AM
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Hong Kong Moves to Calm Depositors After Bank East Asia Rumors


bloomberg.com

Sept. 25 (Bloomberg) -- Hong Kong's government, regulators and richest man came to the aid of Bank Of East Asia Ltd. after ``malicious rumors'' about its financial stability spurred the city's first bank run in more than a decade.

Financial Secretary John Tsang said the rumors were ``unfounded'' and the bank has enough capital to serve its clients. Joseph Yam, head of Hong Kong's central bank, urged depositors to stay calm and pumped $500 million into the banking system. Li Ka-shing, chairman of Cheung Kong (Holdings) Ltd., bought the stock.

(visit the link for the full news article)




posted on Sep, 25 2008 @ 01:44 AM
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I'm actually expecting to see something like this happen in the U.S. tomorrow. After Bush's speech tonight and Paulson saying Americans' personal savings are threatened, it may just happen.

bloomberg.com
(visit the link for the full news article)

[edit on 25-9-2008 by MatrixBaller04]

[edit on 25-9-2008 by MatrixBaller04]



 
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