Hong Kong’s Bank of East Asia looked like an Apple store on iPhone launch day, but not for the reason management would like.
From The New York Times:
Depositors who lined up outside the company’s headquarters in the city centre said that after the failure of Lehman Brothers, they no longer fully trusted any financial institution. “If a business as big as Lehman can go down, then we’re scared,” said Ann Chan, an off-duty nurse, whose husband had called her Wednesday afternoon and sent her to wait in line to withdraw their money.
Yet most bankers and economists say that with few exceptions — notably Russia and India and possibly the smaller banks in mainland China — the financial systems in most emerging markets are in fairly good shape to weather the global credit problems.
How sad that the US is not. Let this sink in: We are in worse shape than the financial systems in most emerging markets. For a certain set, Banana Republic will take on a whole new meaning.
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