Lehman Brothers, one of the largest investment banks in the United States, filed for bankruptcy in the early hours of September 15, 2008, after an exodus of clients, drastic falls in its stock prices and downgrades by credit rating agencies. Its collapse has been described as a key point in the global financial crisis, with some commentators referring to a “Lehmans Moment”.
Readers discuss why Hong Kong’s announcement of a policy statement on virtual assets is timely, and the need for more scrutiny for companies under the technology voucher programme.
Banks will repay at least HK$6.3 billion to 29,000 people who bought Lehman Brothers minibonds in what is likely to be the world’s largest compensation package for retail investors.
An expected default by China Evergrande, the world’s most indebted developer, is worrisome but unlikely to threaten the stability of China’s financial system, according to research analysts.
Citigroup said its base case is that Brent would average US$17 a barrel or lower in the second quarter, with a bear case of a US$5 average.
Hong Kong followed the United States, Australia and Malaysia in announcing an interest-rate cut in response to the economic impact of the coronavirus outbreak.
Bill was passed by the House of Councillors on Friday, amid criticism that the government should first focus on reducing the number of children on waiting lists.
The US$700 trillion financial derivatives industry has agreed to a fundamental rule change from January to help regulators to wind down failed banks without destabilising markets.
On Monday, it will be six years since the collapse of Lehman Brothers. With the US economy still operating below par and Europe struggling to stay above water, the question is whether the right medicine was given after 2008.
The Securities and Exchange Commission's (SEC) eight-member Lehman Brothers team, having hit one dead end after another over the previous two years, concluded that suing the bank's executives would be legally unjustified.
As we approach the fifth anniversary of the Lehman Brothers crash in September 2008, we might well ask: have we fixed the problems?
RBS is the latest bank to reach a settlement with the Securities and Futures Commission and the Hong Kong Monetary Authority after investigations into whether bank staff mis-sold risky products to customers.
If you want to invest in equities, you can buy stocks, mutual funds, exchange-traded funds, warrants and equity-linked notes, along with an array of insurance instruments that link to equity funds.
Although the taxpayer-funded Financial Dispute Resolution Centre has handled far fewer cases than expected in its first 10 months of operation, industry players say it has made banks and brokers handle client complaints more seriously.