Bankers will be hauled before a special legislative subcommittee looking into how the Lehman minibonds were marketed not because politicians want to dent Hong Kong's reputation as a financial centre but because the public feels betrayed. Too many ordinary people don't trust financial institutions any more.
It is in bankers' interest to regain that trust. They will, no doubt, complain about politicians not understanding finance, and accuse them of political grandstanding, but they should remember why people - not just in Hong Kong but the world over - now worry about whether their money is safe.
They also need to take into account why the Hong Kong government had to guarantee all bank deposits, and why many large overseas banks in Europe and America have been nationalised. This is not a situation anyone would have thought possible just six months ago.
Despite government action here and elsewhere, people are beginning to understand that bank deposits, shares, investment products and funds - and even pensions - are all interlinked. People relied on governments to regulate banks and financial institutions. When there are major breakdowns in these establishments, the credibility of governments is affected, too.
Last week's G20 meetings, involving political leaders and finance ministers in Washington, served as a reminder of just how connected we all are within a global financial structure and how hard everyone must work to get out of the mess.
Our officials and bankers are, no doubt, aware of the questions local people are asking - why did the authorities approve the minibonds? Isn't the term 'bond' a misrepresentation, as it gives a sense that these investments were rock solid? Why was this so-called 'bond' only sold in Hong Kong and Singapore? And, why were high-risk stock and currency options called accumulators not fully explained to unsuspecting buyers?
