Chinatown in Vancouver - second largest Chinatown in North America (after San Francisco).
Tulips in bloom in Vancouver.
Skyline of downtown in Vancouver.
Saturday, May 9, 2009
SCMP:Sanctions loom in Lehman investigation
The Monetary Authority is one step closer to sanctioning those guilty of misconduct in 48 cases that involved the sale of Lehman Brothers-linked investment products.
It had concluded its investigation into the 48 complaints and was considering disciplinary action, the authority said yesterday.
But it would decide on what action to take only after it had heard from those against whom the complaints were lodged.
"A number of cases are at a very advanced stage of the enforcement process. Before making a final determination in these cases, we have to go through due process to ensure fairness, including giving the subjects of investigation an opportunity to be heard," it said.
If found guilty, an executive officer of a financial institution could be withdrawn or suspended from office, and a financial practitioner's registration could be removed or suspended under the Banking Ordinance, an authority spokesman said.
An institution could have its registration revoked or suspended by the Securities and Futures Commission, be subject to a reprimand, a fine or a prohibition order. Employees of the firm who were involved could also be similarly sanctioned.
Some 48,000 Hongkongers lost most of the HK$20 billion they invested in credit-linked derivatives, such as minibonds, issued or guaranteed by Lehman Brothers when the US investment bank collapsed in September. Many of them have accused financial institutions that sold them the products of misconduct. By Thursday, the authority had received a total of 20,913 such complaints.
Hours before the announcement the authority's chief executive, Joseph Yam Chi-kwong, told a Legislative Council hearing that mis-selling was inevitable because of the variable quality of bank employees.
Responding to criticism by financial services legislator Chim Pui-chung that the authority had not fulfilled its regulatory duties, Mr Yam said: "It is like crime ... always exists in the society. Are law enforcement departments responsible for that?"
The authority recently hired 40 more employees to handle complaints of mis-selling, he said, and would continue its recruitment to raise the current number of 243 officers to 300.
Peter Chan Kwong-yue, chairman of the Alliance of Lehman Brothers Victims in Hong Kong, welcomed the possible sanctions in the 48 cases.
Mr Chan also said the alliance was arranging a meeting with the Bank of China (Hong Kong) to discuss compensation.
In yet another protest, dozens of investors stormed the Citibank headquarters in Central in the afternoon. They were removed by police in the evening.
It had concluded its investigation into the 48 complaints and was considering disciplinary action, the authority said yesterday.
But it would decide on what action to take only after it had heard from those against whom the complaints were lodged.
"A number of cases are at a very advanced stage of the enforcement process. Before making a final determination in these cases, we have to go through due process to ensure fairness, including giving the subjects of investigation an opportunity to be heard," it said.
If found guilty, an executive officer of a financial institution could be withdrawn or suspended from office, and a financial practitioner's registration could be removed or suspended under the Banking Ordinance, an authority spokesman said.
An institution could have its registration revoked or suspended by the Securities and Futures Commission, be subject to a reprimand, a fine or a prohibition order. Employees of the firm who were involved could also be similarly sanctioned.
Some 48,000 Hongkongers lost most of the HK$20 billion they invested in credit-linked derivatives, such as minibonds, issued or guaranteed by Lehman Brothers when the US investment bank collapsed in September. Many of them have accused financial institutions that sold them the products of misconduct. By Thursday, the authority had received a total of 20,913 such complaints.
Hours before the announcement the authority's chief executive, Joseph Yam Chi-kwong, told a Legislative Council hearing that mis-selling was inevitable because of the variable quality of bank employees.
Responding to criticism by financial services legislator Chim Pui-chung that the authority had not fulfilled its regulatory duties, Mr Yam said: "It is like crime ... always exists in the society. Are law enforcement departments responsible for that?"
The authority recently hired 40 more employees to handle complaints of mis-selling, he said, and would continue its recruitment to raise the current number of 243 officers to 300.
Peter Chan Kwong-yue, chairman of the Alliance of Lehman Brothers Victims in Hong Kong, welcomed the possible sanctions in the 48 cases.
Mr Chan also said the alliance was arranging a meeting with the Bank of China (Hong Kong) to discuss compensation.
In yet another protest, dozens of investors stormed the Citibank headquarters in Central in the afternoon. They were removed by police in the evening.
Friday, May 8, 2009
Perils of global banking
Dear Mr. Tan,
This article shows how global banks have packaged toxic products to be sold to investors. Please highlight this in your blog.
Electric powered vehicle
Singapore is spending $20 million to test the use of electically powered vehicles. I have a suggestion to expand the scope of this project and develop a better system, based on the concept of "personal automated transport". Read here.
Pleasant weather in Vancouver, Canada
The weather in Vancouver, Canada, is pleasant, around 5 to 10 degrees Centigrade. It is cold, but not harsh.
A Singaporean that migrated to Canada 15 years ago told me that he enjoys the weather in Canada. When he returns to Singapore occasionally to see his mother, he finds Singapore's weather to be too hot and humid.
He said that many Singaporeans who have lived in temperate climates for 10 years or longer share the same opinion.
Thursday, May 7, 2009
Lower alert level for Influenza A (H1N1)
I appreciate the decision taken by the Minister for Health in reducing the alert level for Influenza A. It is a bold decision to recognise that the threat is not serious, at least based on the information that is available now.
There is still a small risk that things can turn worse. When that happens, it will be appropriate to raise the alert level. I hope that this will come to pass, similar to other health concerns that have surfaced in recent years.
We do have many big challenges to worry about, such as restoring the health of the global economy. We should not divert our attention to other matters that are not serious at this time.
Someone mentioned that Influenza A could be a black swan event. Really? There are other black swan events that could occur, such as an earthquake, terrorist attack or nuclear explosion.
Tan Kin Lian
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