So David Li Kwok-po has finally resigned from the Executive Council. The government may very well want this to be the end of the fiasco. Yet, it is not.
Mr Li's resignation is no more than a loss-cutting act. To recoup the loss that Hong Kong has suffered in his case, we need more than that. We need a bold move to rebuild the city's reputation as a fair market.
Why? Read the following:
'In this entrepreneurial city, connections are king and back-room deals are common. So that may help explain the muted reaction this week when a couple linked to a prominent banker was accused of insider trading in Dow Jones & Co stock.' Los Angeles Times, May 2007
'Observers say the [insider trading] problem is not regarded too seriously here, with the market driven by a volatile mixture of gossip and tips to invite comparisons with Hong Kong's horse-racing scene - itself often the subject of rigging charges.' Agence France-Presse, May 2007
'That is clearly aimed at embarrassing Mr Li. It also serves as a warning to gossipy Hong Kong, where tips are not necessarily given with any hope of an immediate return - but obligations can build up over a lifetime of shared information.' The Economist, February 2008