我承認, 我知得遲

10月5日, 財經事務及庫務局局長陳家強冒死亮相鄭大班的電視節目<也文也武>。

http://hk.youtube.com/watch?v=AGmB3sNhwX4&feature=related

堂堂一個前香港科技大學工商管理學院院長, 在明顯準備不足的狀態下, 被名嘴蹂躪至血肉模糊, 實屬意料中事。

不過, 鄭大班一句:「美國財長上星期在聽證會上說, 雷曼兄弟出事, 已街知巷聞...... 我們去年就知道美國出現次按問題, 為何仍容許雷曼推出是類產品......」說著說著更變成:「雷曼兄弟出事、次按問題, 去年已街知巷聞......」我怎也聽不順耳。Well, 如雷曼即將倒閉一事真的街知巷聞, 名嘴何故不於去年便挺身而出提醒小市民? 何故不早早沽空華爾街一眾金融股, 好使自己發過李實發?

本著求真精神, 不如看看財長原文, 總好過人云亦云:

"Chairman Dodd, Senator Shelby, members of the committee, thank you for the opportunity to appear before you today. I appreciate that this is a difficult period for the American people. I also appreciate that Congressional leaders and the Administration are working closely together so that we can help the American people by quickly enacting a program to stabilize our financial system.

We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families’ financial well-being, the viability of businesses both small and large, and the very health of our economy.

The events leading us here began many years ago, starting with bad lending practices by banks and financial institutions, and by borrowers taking out mortgages they couldn’t afford. We’ve seen the results on homeowners – higher foreclosure rates affecting individuals and neighborhoods. And now we are seeing the impact on financial institutions. These bad loans have created a chain reaction and last week our credit markets froze – even some Main Street non-financial companies had trouble financing their normal business operations. If that situation were to persist, it would threaten all parts of our economy.

As we’ve worked through this period of market turmoil, we have acted on a case-by-case basis — addressing problems at Fannie Mae and Freddie Mac, working with market participants to prepare for the failure of Lehman Brothers, and lending to AIG so it can sell some of its assets in an orderly manner. We have also taken a number of powerful tactical steps to increase confidence in the system, including a temporary guaranty program for the U.S. money market mutual fund industry. These steps have been necessary but not sufficient.

More is needed. We saw market turmoil reach a new level last week, and spill over into the rest of the economy. We must now take further, decisive action to fundamentally and comprehensively address the root cause of this turmoil.

And that root cause is the housing correction which has resulted in illiquid mortgage-related assets that are choking off the flow of credit which is so vitally important to our economy. We must address this underlying problem, and restore confidence in our financial markets and financial institutions so they can perform their mission of supporting future prosperity and growth.

We have proposed a program to remove troubled assets from the system. This troubled asset relief program has to be properly designed for immediate implementation and be sufficiently large to have maximum impact and restore market confidence. It must also protect the taxpayer to the maximum extent possible, and include provisions that ensure transparency and oversight while also ensuring the program can be implemented quickly and run effectively.

The market turmoil we are experiencing today poses great risk to US taxpayers. When the financial system doesn’t work as it should, Americans’ personal savings, and the ability of consumers and businesses to finance spending, investment and job creation are threatened.

The ultimate taxpayer protection will be the market stability provided as we remove the troubled assets from our financial system. I am convinced that this bold approach will cost American families far less than the alternative – a continuing series of financial institution failures and frozen credit markets unable to fund everyday needs and economic expansion.

Over these past days, it has become clear that there is bipartisan consensus for an urgent legislative solution. We need to build upon this spirit to enact this bill quickly and cleanly, and avoid slowing it down with other provisions that are unrelated or don’t have broad support. This troubled asset purchase program on its own is the single most effective thing we can do to help homeowners, the American people and stimulate our economy.

Earlier this year, Congress and the Administration came together quickly and effectively to enact a stimulus package that has helped hard-working Americans and boosted our economy. We acted cooperatively and faster than anyone thought possible. Today we face a much more challenging situation that requires bipartisan discipline and urgency.

When we get through this difficult period, which we will, our next task must be to address the problems in our financial system through a reform program that fixes our outdated financial regulatory structure, and provides strong measures to address other flaws and excesses. I have already put forward my recommendations on this subject. Many of you also have strong views, based on your expertise. We must have that critical debate, but we must get through this period first.

Right now, all of us are focused on the immediate need to stabilize our financial system, and I believe we share the conviction that this is in the best interest of all Americans.

Thank you. "


我只看到保爾森說:「事件弄至今時今日的田地, 源於過去幾年來, 銀行及金融機構的不良借貸, 以及貸款人不量力而為地借取按揭...... 」而財長大人近日正致力與市場參與者為雷曼兄弟之衰亡, 做好準備。

雷曼倒閉之前, 其優先債券屬A+評級, 至2008年3月中標準普爾才將其前景評級調至負面。香港是自由的金融之都, 市場推出一隻衍生產品掛鈎一間獲A+評級的機構的信譽, 有什麼不妥?我不是說錯買雷曼迷你債券的公公婆婆不可憐, 但看見「馬後炮」之人扮先知, 我實在想嘔。

白菊花

聽於銀行工作的K說, 其分行收到客戶送來的白菊...... 嗯, 估計是提早為一眾職員提早慶祝重陽吧!

閱報得悉豐明銀行主動與購入了雷曼迷你債券的客戶和解。 請教業內人士, 原來各大銀行都正進行內部調查, 翻查職員向客戶銷售結構性產品時, 到底有沒有依足證監規定行事。

Well, 其實迷你債券本身就是一場賭大細的遊戲。簡單來說, 就是某些金融機構購入了一批公司債券後, 為怕發債公司倒閉, 於是借助偉大的金融工程, 將有關風險轉嫁出去。購入迷你債券的投資者, 其實就是與金融機構對賭, 押注發債的公司不會倒閉。只不過, 今鋪開細......

銀行職員有沒有向客戶解釋清楚風險, 銷售的過程中有沒有將債券與迷你債券混為一談, 當然備受質疑。就算有, 又如何?多少投資者會想到, 五大美資投行之一的雷曼會關門大吉......

不過, 我倒想知道, 今次以正義姿態要求銀行優先處理雷曼投訴的證監, 當初又為什麼會批准此類結構性產品, 以"債券"之名問世?

IFC近來風聲鶴唳, 朋友S說到自己將由investment banker淪落到成為接受存款銀行職員, 難免心有戚戚然; 加上同行UBS大量裁減人手, 亦不禁擔心手頭上拆倉的工作完成後, 飯碗不保...... 由天津回流廣州的那位仁兄說:"Oh, 原來都係賣衛巾安全d!"

當中產港女開始將以前買下的LV/Prada/Gucci/BV/ABCDEFG手袋搬往米蘭站套現, 中產港男亦與保時捷/林寶堅尼/ 寶馬/ 奔馳等一眾小老婆分手......小女子便開始等待, 等他日西九龍假豪宅斷供劈價, 或許就是入市時 。