Report on the Lehman-related Securities (1)

Note on English Version

The reader who understands both Chinese and English will notice the differences between the two versions in this Report. There is no more profound reason for it than the fact that the two versions are written by different writers (some of whom are victims of this scam) and they approach the issues with somewhat different emphases that inevitably reflect their diverse educational and research background.

Aside from persona idiosyncrasies, the writers are mindful of the needs of their audiences. Most of the victims with whom they come into contact after the scam was exposed are elderly with no or little education.

This Report aims to help them understand what the banks have done to them so that they could better make informed decisions, whether the scam is to be dealt with properly according to the law or just swept under the carpet as this government is inclined to do in difficult circumstances.

Given its colonial past and its finance-dominated economy, Hong Kong has multifarious ties with the rest of the world. The interest of international audiences is likely to extend beyond the deceitful products and the regulatory failure, to the more deep-rooted causes of global financial malaise of which the Lehman-related securities are symptomatic.

Oftentimes, major financial scams are concocted by international banks and exploited at national level where they are attracted by the existence of regulatory loopholes and regulatory capture.

The English version of this Report aims to set the scam in broader perspective querying if the defeat of rule of law is largely responsible for the current crises.

Legality does not command strong respect in this city and it is defeated internationally when the major developed countries acquiesced to the demands of the banks to leave the derivatives market unregulated. Obviously important lessons are to be learned, and sadly in some cases, re-learned.

......to be continued. Extract From:

'Exposure - the truth about Lehman-HSBC Fraud'

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