2011年5月13日 星期五

證監會譴責京華山, 京華山一全購雷曼產品

1.(轉)信報: 2011年5月13日

京華山一全購雷曼產品 涉960萬

再有金融機構向客戶回購雷曼相關結構性產品。京華山一國際(香港)承諾百分百回購迷債、精明債券及Constellation債券,涉及960萬元。同時,證監會譴責該行在銷售這些產品期間的行為。

京華山一銷售雷曼迷債、精明債券及Constellation債券的總額為約1395萬元。根據證監會與京華山一昨天達成的回購協議,該行將向所有合資格客戶提出,全數回購他們手上未到期的雷曼相關結構性產品,回購價是投資本金,扣除任何已收取的票息。

部分客戶的產品已被強制贖回,或於雷曼兄弟破產後已沽出,京華山一提出,就他們之前持有的相關產品支付賠償款項,金額是投資本金,扣除任何已收取的票息、剩餘價格及/或出售所得金額。

該行在不承認任何責任下,提出上述兩項回購及賠償建議,涉及金額約960萬元。

經過調查後,證監會質疑,京華山一向客戶銷售雷曼相關結構性產品前所進行的盡職審查是否足夠、向銷售人員提供的培訓和指引是否足夠,以確保他們理解產品投資回報的特點、結構及風險概況。證監會亦未能確定,該行有否為相關產品的銷售和推廣活動訂立適當的監察程序,以及有否實施。

京華山一同意,立即實施加強的特別投訴處理程序,並聘請獨立顧問檢討銷售程序,然後落實有關建議。京華山一是繼新鴻基投資服務、凱基證券及高信投資後,第四家與證監會達成回購協議的雷曼相關產品的證券行。


2. Core Pacific-Yamaichi International agrees with SFC to repurchase Minibonds, Octave Notes and Constellation Notes from clients at original value

SFC: http://www.sfc.hk/sfcPressRelease/EN/sfcOpenDocServlet?docno=11PR49,

The Securities and Futures Commission (SFC) has issued a reprimand to Core Pacific-Yamaichi International (H.K.) Limited (CPYI) in respect of its internal systems and controls relating to sales of Minibonds, Octave Notes and Constellation Notes (collectively, Lehman Brothers-related structured products) following an investigation by the SFC (Notes 1 & 2).

The investigation of the SFC raised a number of concerns with CPYI’s internal systems and controls relating to the sale of Lehman Brothers-related structured products. Specifically, SFC’s concerns were related to:
the adequacy of product due diligence on Lehman Brothers-related structured products before they were sold to clients;
the adequacy of training and guidance given to its sales staff to enable them to understand the investment return characteristics, structure and risk profile of Lehman Brothers-related structured products; and
the establishment and implementation of proper guidelines and monitoring procedures on the sale and marketing of Lehman Brothers-related structured products to clients.


CPYI does not admit any liability arising from these matters, but acknowledges the seriousness of these concerns. CPYI has agreed with the SFC to:
offer to repurchase from all its eligible customers (Note 3) all outstanding Lehman Brothers-related structured products at a price equal to the principal amount invested by them, less any coupon payments received; and
offer to pay compensation to all its eligible former customers (Note 4) in respect of their previous holding(s) in Lehman Brothers-related structured products in an amount equal to the principal amount invested by them, less any coupon payments, residual value and/or sale proceeds received.

The total amount that CPYI offers pursuant to the repurchase and compensation offers is approximately HK$9.6 million.

CPYI has also agreed to:
immediately implement special enhanced complaints handling procedures to resolve, in a fair and reasonable manner, all complaints in relation to the sale and distribution of structured products other than Lehman Brothers-related structured products;
engage an independent reviewer, to be approved by the SFC, to review its systems and processes relating to the sale of structured products and to report to the SFC, and to commit to the implementation of all recommendations by the independent reviewer; and
to engage a qualified third party, as approved by the SFC, to review and enhance its complaints handling procedures, and to commit to the implementation of all recommendations by such third party.

The SFC considers that this agreement resolves its concerns about CPYI’s sales practices in respect of Lehman Brothers-related structured products and is in the best interests of the investors. The repurchase or compensation scheme should ensure that eligible customers and eligible former customers who accept the repurchase or compensation offers will receive return of their capital.

This agreement is also forward looking and should ensure that CPYI remediates its systems and processes to meet the standards expected from a licensed corporation which distributes investment products and/or provides investment advice to its clients.

The SFC considers this to be an appropriate outcome in light of the nature and extent of the concerns with CPYI’s sales practices that SFC’s investigation raised.

The SFC acknowledges that CPYI has fully co-operated with SFC’s investigation and has acted responsibly in agreeing to compensate eligible customers and eligible former customers.

2011年5月8日 星期日

轉載:要求羅兵咸公開迷債抵押品收回價值是如何計算出來及尋找30.5億港元的下落

轉載:
要求羅兵咸公開迷債抵押品收回價值是如何計算出來及尋找30.5億港元的下落


根據2009年迷債投資者簽回16家銀行同意接納集體和解書的1b(ii)回購條款聲名說(見註B) :
“於取回本人/吾等所投資系列的抵押品的變現所得的任何款额後30天內,進一步支付: (ii) 若有關系列的回收價值比率超逾該系列之本金金額70%,將支付超逾該70%的可歸屬於本人/吾等持有之迷你債劵的款額”在2011年3月28日羅兵咸的常見問題第10題(見註C)說抵押品的價值約15億美元(約117億港元)。償還投資者總款項(不計補償金),為86.5億港元 (見註A)。

根據2011年4月21日立法會財經事務委員會特別會議所公佈的資料,迷債系列10至36的總投資金額為 105.65億港元。從以上資料得知,現在抵押品的價值117億港元已超越本金105.65億港元,理應全數本金100% 歸還投資者 (有些系列更可能超越100%)。現時只償還86.5億港元,即有30.5億港元(26%)不知被誰侵吞了。2009年所簽的接納表格沒有提及需要支付任何的費用。投資者只知道抵押品變現後所得的任何款額,如超逾本金金額70%,將支付該超逾70%的款額給回投資者。

2011年3月28日羅兵咸的常見問題(見註C)第10及11對於收費也自相矛盾,第10題說要從抵押品支付受託人的費用,但第11題又說受託人的費用不是由抵押品支付,而是由分銷銀行的「支出資助協議」中付出。

這個協議由銀行及證監一手泡製,完全沒有透明度,數目含糊不清,美其名稱為投資者的最佳方案。但如此方案,怎可接受 ?

現要求羅兵咸公開所有系列的收回價是如何計算出來及各項開支的金額,因迷債投資者才是最後收款人,理應有這個知情權,我們不要再在誤導的情况下而作出錯誤的決定。

雷曼苦主大聯盟啓
2011年5月3日


迷債系列10-12, 15-23及25-36抵押品

於2011年3月28日羅兵咸網站的常見問題:

問題10 抵押品價值為多少?現時抵押品的價值約為大約15億美元.....117.00億港元

總數償還款額給迷債苦主約.......................................................86.50億港元 (註A)

不知去向的款項.....................................................................30.50億港元


於2011年4月21日立法會財經事務委員會公佈資料:

系列10至36迷債持有人共34,592人及所涉金額為............105.65億港元(註A)

抵押品升值了.............................................................11.35億港元


於2009年7月22日所有銀行的接納表格回購條款1b項(見註B)列明:

“於取回本人/吾等所投資系列的抵押品變現所得的任何款額

後30天內,進一步如下支付..”

說明是變現所得的任何款額,
為何償還款額總數少了30.5億港元?


link: http://www.lbv.org.hk/content/pages/posts/E8A681E6B182E7BE85E585B5E592B8E585ACE9968BE8BFB7E582B5E68AB5E68ABCE59381E694B6E59B9EE583B9E580BCE698AFE5A682E4BD95E8A888E7AE97E587BAE4BE86E58F8AE5B08BE689BE30.5E58484E6B8AFE58583E79A84E4B88BE890BD12365.php

2011年4月29日 星期五

《李華華》香樹輝筆伐雷曼苦主幕後黑手

1. 轉載自:蘋果日報 2011年4月28日(四) B版 中環在線: 《李華華》香樹輝筆伐雷曼苦主幕後黑手

噚日,「一群中環金融從業員」喺香港 4份主要報章,落咗一個題為「唔該大家公道啲!」嘅廣告。洋洋千幾字講述呢兩年嚟,佢哋返工嗰陣,飽受雷曼苦主各式各樣示威造成嘅滋擾,情況有啲失控,甚至侵犯他人自由,喺忍無可忍下,決定不再沉默。

「一群中環金融從業員」份量非輕

廣告批評雷曼苦主嘅抗議模式,喺中上環好似癌細胞咁擴散,越嚟越激,除咗喺中環各大銀行、主要街道張貼有人身攻擊嘅旗海同橫額,又披麻戴孝將認為要為事件負責嘅人張相,整成靈堂相,搞到國際金融中心變成殯儀館集中地。

咁,呢則廣告究竟係邊個落嘅呢? 華華八到,係由公關公司宙輝落嘅,至於宙輝老闆,就係城中名嘴之一「香帥」香樹輝。華華第一時間問香帥做乜咁激?到底邊一幫人咁有米,請佢哋登廣告,用錢筆伐雷曼苦主? 香帥死都唔肯透露半點口風,仲話自己作為專業公關,唔可以爆客仔私隱,否則,點可以細水長流撈咗廿幾年。

至於邊個請得郁香帥出手?華華八到,「一群中環金融從業員」應該係一個重份量嘅人,至於邊個咁睇班苦主唔順眼? 你話呢!

轉載自:蘋果日報 2011年4月28日(四) B版 中環在線

2. 轉載一位名為“中間人”的評論,轉自 “誰人抹黑雷曼苦主??” (http://hk.myblog.yahoo.com/iam-marclee/article?mid=1991)。






2011年4月14日 星期四

足額贖回的迷債抵押品為甚麼不是全數返還投資者?

(轉載) 足額贖回的迷債抵押品為甚麼不是全數返還投資者?

--無論是政府或迷債的分銷銀行都欠社會一個解釋

據迷債抵押品接管人羅兵咸永道會計師事務所在3月28日的公告,稱與有關各方達成迷債抵押品協議。按計算,協議所收回的迷債抵押品平均價值約是原投資款項的80.5%。但據羅兵咸在10年8月13日的通告:“在接管人受托處理的24項迷你債券系列中,18項迷你債券系列的相關抵押品已足額贖回,贖回所得款項現正由托管人BNYM保管,並再投資於美國國庫債券”。換句話說,18項足額贖回的抵押品平均19.5%的價值,以及沒有公佈的6項迷債系列抵押品的部份價值,加上投資於美國國庫債券的利息,被造成迷債爆煲的雷曼兄弟侵吞去了

16家迷債的分銷銀行據此提出了迷債“最終處理方案”,稱加上分銷銀行提出的“特惠金”,所謂合資格的投資者其收回投資款項有85%至96.5%。

但我們不禁要問,造成今天迷債結局的是由於雷曼兄弟沒有履行協議(派息),但雷曼卻要鯨吞屬於小投資者的利益!這樣的結局對小投資者公平嗎?

據羅兵咸稱,這是由於迷債產品結構中有一項“優先索償權變更條款”在英國法律與美國法律的差異,所以選擇與雷曼達成協議而不選擇訴訟,因為訴訟有可能比對投資者現在所得更為不利的結果。那麼我們更要問,口口聲聲聲稱已對迷債投資者盡責的分銷銀行,你們當初為什麼不按證券銷售的相關法例、守則對投資者解釋這款勞什子條款,還有甚麼英國法律與美國法律的差異?迷債的分銷銀行顯然在所有的公告中回避解釋這種對弱小投資者不公平的困局!他們提出的所謂“特惠金”無非是想掩蓋他們在道德上的虧欠,以及他們在銷售雷曼迷債時所犯下的過錯。

據媒體報導,財政司司長曾俊華接受訪問時表示,今次達成的和解方案,是各方的努力和誠意達到的成果,他鼓勵追討者接受新方案。另外,政府發言人表示,歡迎分銷銀行向大部分迷你債券持有人提供特惠補助金,又對銀行願意以相當好的價值收回迷你債券抵押品表示高興。很顯然,非常了解事件真相的政府選擇了站在犯錯者的一方,沒有向社會解釋清楚:為什麼違反協議的雷曼反而要侵吞投資者利益;為什麼違規銷售的銀行以小量的資金去補償過錯就可得到贊賞。

無論是政府或迷債的分銷銀行,都必須向社會解釋清楚,你們是憑甚麼法律或道德標準要雷曼苦主去接受這樣一個不公平、不透明的結果!政府也應該向全社會公佈抵押品的現時價值,以及現值與羅兵咸公佈返回投資者價值的差額是誰拿去?

證監會與金管局必須向社會解釋,為什麼當初批准銷售這種對小投資者極不公平的產品?

迷債的分銷銀行也欠雷曼苦主一個交代,為什麼要向小投資者違規銷售這種根本不應銷售的產品!

政府應該向社會公佈金管局及證監會對雷曼事件的調查報告。在真相未公開,責任未交待清楚的情況下,雷曼苦主要求百分之百賠償加利息,理所當然是合情合理合法,並符合社會公義與社會正義。

結果!讓人民來鑑定是非曲直 ,究竟雷曼苦主要求百分之百賠償是不是符合社會公義與社會正義!

2011年4月12日 星期二

烏輪、延時買賣、港交所 (轉載)

轉載 David Chan 信博: 財經2011年04月12日

烏輪、延時買賣、港交所

港交所(388)延長交易時間和高盛錯價認股證事件都已經是舊聞,何以現在才議論?

一來固然因為討論整體趨勢更重要;二來也因為此論題其實既能體現上周所論的範式轉移,兼且能為港交所的遠景作一些設想。其實,此二者以一貫之,就是港交所的經營理念轉變。

把港交所比喻為賭場的話,延長交易時間,則主要目的就是希望通過加長營業時間,以求把人流量(和生意量) 最大化,以達到更大的利潤。不過,前提是有相當數量的賭客因為被迫做「灰姑娘」(或姑爺)平倉離枱,以及有相當數量的賭客只能望門興歎,結果都敗興而回;然後看見「隔離」賭場燈火通明,於是過檔去「再戰江湖」,此論據方能成立。

試想想,要是在一個平靜小鎮,寥寥數萬人,人人日入而息,則莫說「Nessun Dorma」(徹夜無眠),晚上開檔也是浪費力氣之舉;反過來說,在拉斯維加斯和澳門開檔者,縱使通宵會蝕本(或者大白天蝕本,彼乃不夜城也)也要做,正所謂「輸錢唔輸勢」也。

因此,貴為世界其中一個主要的金融中心,雖然延長交易時間迄今為止對流量幾近零增加,但港交所在其他各交易所的激烈競爭下,不得以起而應對之,經營上亦屬合理。

不過,經營之道多端,加長時間對應,戰略上只能稱之為「被動防禦」。

誠信勿毀掉


如果一間賭場只有老虎機和輪盤,其餘各種遊戲欠奉,環境烏煙瘴氣,令人不願長呆,荷官沒打賞時繃着臉孔,甚至公然索取小費,不然沒好氣對待,更甚者居然和賭客串通作弊,周圍也沒有食肆和購物區,甚至連紅燈區也欠奉;這樣的賭場,與一間有多種遊戲、賠率合理、不會輸打贏要、荷官服務專業、賭場有各種方式確保公平、沒有作弊,以及周邊尚有大量購物區和食宿玩樂,甚至老少咸宜設施的賭場相比,當然完全沒得比。

簡單地說,賭場的經營和其他生意一樣,在於誠信。如果某賭博遊戲賠率開錯了,要輸巨額現金予賭客,經營得法的賭場絕對寧可通賠,都不會「賴貓」。當然,事後對管理該賭枱的荷官追究和懲罰是另一回事。但是錢輸掉了,尚可贏回來,誠信毀掉了,就已經被踢出局。

高盛烏輪事件中,高盛這種賴皮的態度固然令人髮指, 但是港交所身為市場秩序的維持者,卻容許其會員作「賴貓」之事而不問,試問誠信何存? 沒有誠信,又缺乏除股票和衍生工具外的產品,就算延長營業時間,又如何真的和外國交易所競爭?只懂採取「被動防禦」,而忘記了「根據地」(誠信)和「發展戰略要地」(產品服務多樣化),又如何成大事?

在如此經營下,除了依靠中央和欠缺創意的競爭方式外就一無所有。短期港交所尚可受惠於內地企業來港上市,但中長線卻無甚可觀之處,這應該是其股價硬是受牽絆的遠因之一。

dtwchan@yahoo.com

2011年3月28日 星期一

迷債風險,金融騙局

許多媒體,政府監管機構的官員捫評論迷債,卻連迷債的真實風險究竟為何物都不敢明確地講清楚。只以複雜的“信貸掛鉤”來清淡地帶過。

請每一位評論迷債的人士在發表評論之前,先問問自己:於迷債的風險究竟為何?當初迷債的發行商和銷售銀行是如何介紹迷債的風險的?

事實是,銀行向顧客「力銷」的是“跟7個著名公司信貸掛鉤”的迷你債券,而迷你債券其實是由兩層「信貸違約掉期」產品組成,這大肆宣揚的“跟7個著名公司信貸掛鉤”的只是表面文章。這第二層「信貸違約掉期」是跟100多個公司信貸掛鉤。這第二層「信貸違約掉期」的風險和特徵,不僅顧客不知,連眾多的銀行職員捫也一直不知道。這才是迷債騙局的精華所在!!!

這也是為甚麼銀行閉口不談迷債的真實風險。
迷債騙局,在於迷債銷售商捫「力銷」產品的風險和特徵跟產品的真實風險和特徵是有著巨大區別的!
客觀事實是銀行行騙, 金管局失職, 港府卸責, 現在港府扮哂有為協助調解!

現在,不僅兼管機構,銀行,連媒體也不敢明確指出這迷債的騙局所在。只敢以信貸產品複雜,高回報要考慮高風險來為迷債發行者和銷售商辯護。迷債之複雜,在於設計者想用第一層的跟7個著名公司信貸掛鉤來欺騙客戶,以達到不告知客戶關於第二層的跟00多個信貸掛鉤的風險。
迷債設計者設計了這麼個複雜的結構,就是不想讓客戶捫了解到迷債的真實風險所在。不是太複雜而不能解釋,其實是不想解釋而做出這麼個雙層結構來欺騙普羅大眾。

”高風險“,關鍵在於何謂風險。顧客理解的迷債之‘高風險’在於公開大肆宣揚的“7個著名公司信貸”的高風險,顧客捫卻不知,還有這沒有告知的第二層的高風險存在。這第二層的高風險是跟100多個各類公司信貸掛鉤!!! 這就是迷債騙局的根本所在,只講第一層的跟7個公司信貸掛鉤的‘高風險’,卻不講這第二層跟100多個公司信貸掛鉤的‘高風險’!!!

迷債辯護士捫可以用諸多藉口為不介紹第二層信貸掛鉤產品風險辯護,心裡卻都明白:不提第二層的風險,是因為不想客戶捫知道還有這第二層100多個公司信貸掛鉤的高風險!!!

迷債系列6真是以高息來吸引客戶, 儘管利息比同期前後的迷債系列5或7,10 都為高,銷售量卻是最差的,只有4百多萬美金,因為講明迷債的高息要跟150個公司信貸掛鉤。

正因為由這第二層信貸掛鉤產品,這就是為甚麼要付錢請 PWC 來 處理迷債,因為這第二層信貸掛鉤產品而引起的麻煩!!!

令香港市民利益受損,助成金融騙局令香港蒙辱的到底是誰?????

這次是買入迷債的香港市民被騙,明天又是哪些香港市民?


李麗貞(香港銀行業僱員協會主席)在 “還銀行從業員一個公道”(文匯報 2011年3月24日)中就明確指出:
[ 試想一名藥房的售貨員,向顧客推銷一罐聲稱含有豐富維他命、適合兒童發展需要的最新奶粉後被發現原來這是一罐「毒奶粉」,嬰兒食用後更變為「大頭BB」。事件曝光後,政府即時檢控藥房售貨員,罪名是「對產品認識不足」及「向顧客披露不夠」。對於「毒奶粉」的來源及為何流入市場卻一概不管,相信各位讀者也會認為是荒天下之大謬,然而以上的鬧劇卻真真實實地發生在銀行前線員工身上。
。。。。。。
誠如文首的小故事,香港一旦有「毒奶粉」出現,政府只檢控藥房售貨員而拒絕嚴格監管奶粉的衛生安全,絕對是一個不公平及不負責任的做法。金管局及證監會絕不應只選擇性檢控銀行前線員工,但卻讓負責推出產品的銀行高層置身事外。整件雷曼事件的主因在於香港的金融監管機構監管不力,只懂亂批金融產品交由銀行銷售。一旦發現問題就第一時間「卸膊」,除了有損香港國際金融中心的聲譽,更令到一些向顧客推介產品的前線銷售人員蒙受不白之冤,更甚者因此前途盡毀,鋃鐺入獄。
。。。。。。
香港的金融監管機構更有責任做好把關的工作,不要被無良的投資產品設計者,以魚目混珠的包裝手法、混入不合理的槓桿投資手段,使平民百姓再墮「國際金融大騙局」,讓「金融毒奶粉」再次流入市場。但願金融海嘯不再來,讓金融業內的投資者及從業員都能在健全制度下,為香港能成為世界金融中心之首而努力! ]

2011年3月27日 星期日

《李麗貞》還銀行從業員一個公道

試想一名藥房的售貨員,向顧客推銷一罐聲稱含有豐富維他命、適合兒童發展需要的最新奶粉後被發現原來這是一罐「毒奶粉」,嬰兒食用後更變為「大頭BB」。事件曝光後,政府即時檢控藥房售貨員,罪名是「對產品認識不足」及「向顧客披露不夠」。對於「毒奶粉」的來源及為何流入市場卻一概不管,相信各位讀者也會認為是荒天下之大謬,然而以上的鬧劇卻真真實實地發生在銀行前線員工身上。
自雷曼事件發生後,多位銀行前線員工因涉嫌誤導投資者而被捕。前線銷售同事的鬱結一直無法申辯!今年2月18日香港法院就雷曼迷債案件,撤銷一名銀行銷售職員的所有控罪,香港銀行業僱員協會對此裁決感到欣慰,也認為是還銀行從業僱員的一個公道!

事實上,2008年爆發的雷曼事件觸發起金融海嘯,多年來一直困擾著香港金融業的發展,特別是銀行前線銷售人員,更為千夫所指,不斷受著「無講清楚風險、為指標哄騙客戶投資……」等等的無情指責!究其原因,金管局及證監會等金融業監管機構自雷曼事件發生後,一直將矛頭指向銀行前線職員,包括大規模傳召各銀行的銷售員工「審查」;新增及不斷更改銷售指引,規定銀行員工銷售債券產品時要進行錄音、將指引的所有文字讀出及客戶簽名確認等等。

銀行前線職員為代罪羔羊

以上的新措施不單讓公眾誤以為銀行前線員工是銷售雷曼債券的罪魁禍首,更直接在銀行業內製造「白色恐怖」。三年來前線銷售人員的職業生涯就如同驚弓之鳥、失去多年來與客戶建立的關係、日日更新的銷售程序及裡裡外外的種種指控,令他們無信心再在業內開展業務,更惶恐某一天會成為代罪羔羊!

誠如文首的小故事,香港一旦有「毒奶粉」出現,政府只檢控藥房售貨員而拒絕嚴格監管奶粉的衛生安全,絕對是一個不公平及不負責任的做法。金管局及證監會絕不應只選擇性檢控銀行前線員工,但卻讓負責推出產品的銀行高層置身事外。整件雷曼事件的主因在於香港的金融監管機構監管不力,只懂亂批金融產品交由銀行銷售。一旦發現問題就第一時間「卸膊」,除了有損香港國際金融中心的聲譽,更令到一些向顧客推介產品的前線銷售人員蒙受不白之冤,更甚者因此前途盡毀,鋃鐺入獄。

要保障香港銀行業僱員不再需要在「白色恐怖」下工作,銀行管理層實在有責任嚴檢投資產品的實質風險,設計適當的銷售管理程序,不宜只求盈利,把過多指標要求及工作量下壓至前線銷售人員!香港的金融監管機構更有責任做好把關的工作,不要被無良的投資產品設計者,以魚目混珠的包裝手法、混入不合理的槓桿投資手段,使平民百姓再墮「國際金融大騙局」,讓「金融毒奶粉」再次流入市場。但願金融海嘯不再來,讓金融業內的投資者及從業員都能在健全制度下,為香港能成為世界金融中心之首而努力!

李麗貞 香港銀行業僱員協會主席

轉載自:文匯報 2011年3月24日(四) A21版 民筆聊生

2011年3月1日 星期二

渣打14.8億回購雷曼ELN

逾95%客戶受惠, 渣打14.8億回購雷曼ELN - 2011年3月2日


證監會、金管局和渣打銀行(2888)就雷曼兄弟發行的股票掛鈎票據(下稱雷曼ELN)達成協議,渣打在非承認責任的基礎上,同意向雷曼ELN的零售客戶提出回購建議,估計涉及14.8億元,涵蓋超過95%持有未到期的雷曼ELN渣打客戶。渣打是繼星展之後第二間就雷曼ELN達成協議的銀行。

證監會、金管局和渣打昨天公布渣打就雷曼ELN提出的回購建議,建議適用於持有未到期雷曼ELN的渣打零售客戶,以及其雷曼ELN投資額須佔交易當時的可投資資產值5%以上(就非保本雷曼ELN而言)或10%以上(就保本雷曼ELN而言)。合資格客戶當中,大部分持有非保本雷曼ELN,只有約3%持有保本雷曼ELN。

回購建議並不適用於法團(會根據個別情況評估是否適合被視作法團,而慈善團體及非牟利機構除外)、專業投資者、渣打私人銀行(渣打的私人銀行業務部)的客戶,以及並非經渣打購買雷曼ELN的人士。渣打亦會向符合資格但已和渣打達成和解協議的客戶補發款項,並享有同等待遇。

已和解客戶補發款項

根據協議,渣打將於10天內(由昨天起計)通知客戶是否合資格參與此計劃,並於發出通知函的五星期內向合資格客戶發出回購建議或補發款項建議。客戶可於60天內接納建議,渣打會接納建議後的30天內支付款項。

雷曼兄弟的破產程序仍在進行,未到期雷曼ELN的最終價值(如有)將取決於破產程序的結果,目前無法評估。渣打於2006年8月至2008年6月期間售出總值逾50億元的雷曼ELN,其中有21.9億元雷曼ELN仍未到期,總數達2515份,由2234名個人客戶持有。

證監會及金管局作出調查後,雙方均關注到渣打在評估雷曼ELN是否適合客戶時,並沒有充分考慮集中風險因素,即客戶的投資分布過度集中於涉及同類風險的資產,有可能令客戶承擔高於適當水平的投資風險。

證監會行政總裁韋奕禮表示,中介人就證券作出推介或提供意見時,有責任確保其推介或意見適合有關客戶;過程中必須評定有關客戶的投資風險集中程度是否處於適當水平。

證監不採取紀律行動

金管局副總裁阮國恒則指出,受規管人士在評估其推介或意見是否適合客戶時,必須採取適當的方法,審慎考慮客戶的投資風險集中程度及與該客戶有關的其他因素。

鑑於渣打提出上述回購計劃,證監會將不會就雷曼ELN的分銷事宜,對渣打的有關人士採取紀律行動。金管局亦已知會渣打,表示就已接納建議的客戶而言,該局不擬就渣打銷售雷曼ELN予該等客戶而向其有關人士採取執法行動。但雙方均表示,若涉嫌犯有刑事行為則屬例外。

2011年1月15日 星期六

【經濟法律】雷曼苦主可向國際證監會申訴 - 王岸然

(轉自“我係王岸然”)

筆者在另一報刊的專欄曾經談及,若然香港的證監會拒絕依法執行〈證券及期貨條例〉中第107條,為欺詐或妄顧事實或作出失實陳述的行為作出刑事檢控,對苦主可考慮到國際證監會組織(IOSCO, International Organization of Securities Commissions)作出申訴,效果會令香港證監會及香港政府在國際上名譽掃地,從而產生強大的壓力,迫政府依法執法,還苦主一個公道。

文章刊出後有相當多人詢問筆者這是甚麼一回事,對國際證監是甚麼東西未有認識,筆者特在本欄再介紹。

國際證監不是聯合國下的組織,沒有官方身份,是民間組織,但其名譽及影響力極大,是極具權威的國際監管組織,是互助也是互利組織,亦方便了各國證監的人才可以自由流通。這組織成立於1983年,香港的證監會在成立後的第二年1993便已經加入成為正式會員。中國證監會於1995年亦加入該組織,成為正式會員。

據其網頁資料,國際證監現時共有196會員,正式會員114;聯擊會員11個,附屬會員有71個,是國際上獨一無二,並無類其他組織。組織有強大的司法互助功能,有多條正式協定,包括性的商業行為準則、審計標準、金融合併監管、會計標準、洗黑錢行為,而直接與雷曼苦主有關的,為〈跨國證券與期貨欺詐〉協定。在上述的範圍之內,各國的證監有責任互通資訊,互相合作,包括代別國的證監在本土進行調查工作。香港的〈證券及期貨條例〉在03年通過之時,便因而加入條款,授權香港證監在司法方面與國際合作。

為了履行對國際證監的責任,條例加入新的條文,為前〈證監會條例〉所沒有,其一是載明證監會須落實的監管目標,與雷曼苦主有關連的,是對公眾投資者有適當保障,儘量減少犯罪失當行為;要減少系統風險。這些目標香港證監做不到,是失禮於國際的。

從國際證監的網頁,大家亦可以得知國際的共同監管目標,是要保護投資者,要監管,監督和進行國際公認的一致的執法標準(Internationally recognized and consistent standard of regulation)。證監會在雷曼事件的前後有履行這些國際的監管指標嗎?答案明顯是否定的。

107條所針對的失實陳述及詐騙性行為,是普通法中固有,亦是各國的法律中大同小異地存在的犯罪行為。試問有哪一處國家的法律容許商人自由詐騙顧客?

證監與香港警方,面對雷曼事件之後數以萬計的投訴,到今天竟然只有準備或正在起訴兩件涉及107條的案件,筆者更懷疑只是選擇兩件證據不強的案件檢控作為交待,這與公然欺壓苦主,公然保護銀行何異?

雷曼苦主應告訴國際證監及各主要大國的證監,香港的證監只是一個聽命於特區政府的傀儡,完全沒有獨立性。 雖有高薪,國際上有良知的證監精英千萬別到香港工作,亦提醒國際社會,千萬不要僱用曾經在香港證監會工作過的人,這些人就算精英能幹,但欠缺的是對專業的忠誠與良心。

2011年1月12日 星期三

雷曼苦主大聯盟召集各銀行苦主大會

!!雷曼事件「突破性發展」與「對銀行致命行動」!!

日期: 2011年1月15日(星期六) 時間: 晚上 7:00時–10:00時

地點: 香港小童群益會,香港灣仔駱克道 3號 101室
內容: 『突破性發展策略』 - 王岸然
『對銀行致命行動』 - 王岸然

邀請全港掛鈎票據 (ELN)苦主, 未獲百份百賠償的迷債及星债苦主,
被屈經驗投資者群組,精債苦主和購買其他雷曼產品未獲賠償的人士。

2010年12月29日 星期三

韋奕禮請辭揭監管危機 - 王岸然

2010年12月29日

證監會行政總裁韋奕禮於本月9日突然請辭,此事反映政府在金融危機與雷曼事件爆發之後,並無認真正視危機及汲取教訓,進而要迫走韋奕禮這一類國際級的行政專才,令香港的金融監管變得更加虛假和人治。

一個人的去留,本來不應與一個制度的存廢掛鈎,但若然將這幾年間發生的重要財經事件與韋奕禮的突然離任串在一起,便看到香港的深層次危機再次顯現,政府已經為財團操控,獨立的監管制度已名存實亡。

人才離職 庸才到位

香港只有一個證監會,證券監管工作予人與其他獨立非政府機關,如申訴專員或私隱專員屬同樣的東西,主管其事者不過是一名首長級人物而已,其位置可以隨便更換。不同的是,韋奕禮年薪900多萬,比特首高出幾倍,比負責監管他的財經事務局局長陳家強及財政司司長曾俊華高出更大比數;為何他值那樣的高薪?

韋奕禮不是那些一生在本地官僚系統內打滾的人物,而是國際證監集團人才的一員,有沒有工作一回事,身價與個人名譽是國際級別,毋庸置疑。證監是一門國際化的專業,國際證監會有一百八十多個會員,全世界的證券業九成以上受到同一類別的證監制度所監管(英、美、澳、加的證監為先進的代表模式);世上比香港先進的監管制度其實不多,香港能夠付出比先進地區更為優厚的薪酬,卻不能留住人才,高薪位置由本地或是來自國內的人治庸才所佔據,這就是金融災難及失誤連番出現的原因。

苦主不忿 抗爭至今

韋奕禮「劈炮」之後,政府透過自己的媒體放出消息,指韋是另有高就,會返回倫敦交易所任職云云。事實上,韋當年正是失意於倫敦交易所的人事鬥爭,已經回到鄉下準備搞點小生意終老,適逢香港證監會總裁有空缺,所以到來搵食。當然,此一時、彼一時,今天韋奕禮衣錦還鄉,有更高成就,是完全可能的事。不過,高級任命不可能不會多等三個月、到韋9月合約期滿為止;今天韋奕禮主動辭職,繼任無人,並不是好來好去的安排。

眾所周知,韋奕禮在雷曼事件的立場,一直是投資產品持牌者若有違規銷售的問題(mis-selling),會依國際證監的慣例,要銷售者負起全責,亦因而證監成功迫令包括新鴻基在內的三家雷曼產品分銷商要百分百賠償。這是去年初的事。

問題在於,經銀行監管出售同一類產品之時,監管之責與權全在銀行,而銀行的監管者任志剛卻站到銀行一邊,於是出現同一雷曼事件,卻出現不同賠償的六成方案;亦所以被迫接受六成賠償的苦主心存不忿,抗爭到今天,依然堅持事件尚未解決。

韋奕禮與任志剛的分別在哪裏?不是誰更有能力,而是一個是過江龍,以國際證監的監管標準為念;一個則是一生在香港的官僚與商界銀行之間打滾為生的地頭蟲。 大家同樣面對特區政府可在適當時候另請高明的局面,韋堅持保護投資者為優先的國際證監專業,另一人則盤算要與業界打好關係, 準備退休之時還可有再上層樓的空間。 香港的官僚莫不如是。

自11月底,雷曼苦主不停向證監會施壓,要求證監依〈證券及期貨條例〉第一百零七條檢控銀行從業員;這一着擊中銀行的死穴,因為執行證券大法的權力還在證監之手,不須得到金管局的同意,因為不是業界監管而是刑事檢控。

問題是政府在最初就經由陳家強與曾俊華提議銀行先支付六成的所謂和解方案,作為政府不再追究的交換條件,而曾政府一直以官僚應付刁民的思維看問題,以為一人讓一步是最好的方案,只是這個六成和解方案本質是「不平等條約」,迷債苦主固然從不順氣,迷債以外的雷曼苦主只能私下與銀行和解,賠償有多有少,但亦無一人順氣,雷曼問題從無解決。

轉向國際 提出申訴

過去兩個月的中環,雷曼苦主的示威威力比法輪功更強大,證監會不肯接受苦主報案的笑話,連外國金融報章亦已開始報道;這本是金融中心的天大笑話,只是香港人面對曾政府多樣的施政荒謬,已經麻木不覺。

這就是韋奕禮提早盡快離職的主要原因。去年政府拋出六成方案之時,是趁韋奕禮放假不在港,要證監會董事會通過決議接受;韋奕禮揹了黑鍋,卻受制於保密法例不能多言,今天面對苦主的天天示威,為保一己的清譽,只好提早離任。

可以預見,面對這樣一個官商橫行、不講法治的政府,證監會之內的國際人才專家會紛紛離去,國際的證監專才亦望而卻步,不肯來港,香港的監管制度名存實亡。

還有年半時間的曾蔭權不會拆彈,這是官僚習性,人人只會在任內自保。能藉第一百零七條迫銀行合理賠償的,只有政府及證監會,政府不動,苦主豈非無望?

筆者以為,苦主應將事件帶到國際層面,苦主可以直接向各國的證監會提交事件的報告,也可以直接向國際證監會組織(International Organization of Securities Commissions)提出申訴,給全球一百八十多個證監會評評道理,讓拒絕依法保護投資者的香港證監與香港政府在國際上名譽掃地。


2010年11月30日 星期二

檢控銀行職員 雷曼事件新發展

檢控銀行職員 雷曼事件新發展 - 王岸然, 2010年12月1日

過去個多星期在中環上班而又有機會行經遮打大廈的中產一族,一定十分奇怪,為何遮打大廈似乎已經被示威者封鎖了,但新聞沒有報道是什麼事。幾個示威者到中聯辦請願,議題耳熟能詳,新聞報道不會缺少,但百多名雷曼苦主圍困了一座內有大量國際投資公司的大廈個多星期,沒有報道也沒有分析文章告訴大家發生了什麼事情。本文可能是大家疑惑的唯一解說資訊。

只知追逐慣性新聞的記者也許應該上雷曼苦主大聯盟的網頁參考一下那些Youtube,以決定事件是否符合新聞價值,但對一直有評論雷曼事件的筆者而言,這是一件涉及以百億計的金融大案,結果可能是有數以千計的銀行家(從業員)被刑事檢控,事件是從根基上動搖了香港的金融中心地位。這樣的大事沒有新聞價值乎?

似乎也不盡然,上星期地方法院開審了第一宗雷曼銷售過程的刑事檢控,依據的是《證券及期貨條例》第一○七條,被告的銀行經理涉嫌「以欺詐地或罔顧實情地誘使他人投資金錢」,經理被控九項控罪,涉及誘騙六名客戶近680萬元購買迷債產品。

雙重標準非法治

此案肯定只屬冰山一角,成千上萬的苦主有類似經歷,並曾經到證監、金管局及警方申訴,只是大多苦主及市民對事件屬刑事(詐騙投資者),還是民事(投資失誤,不良銷售手法)根本搞不清楚,普通市民還以為在所謂六成賠償方案之後,事件已經了結。殊不知整批雷曼產品以不同名目有問題的銷售手法,落入投資者手中涉及240億元,所謂六成和解的迷債項目,只涉數十億元,而和解只涉及民事,不涉及刑事的責任。

本欄早在本年3月31日已經清楚介紹什麼是一○七條,同時建議雷曼苦主應發動一次萬人報案大行動,不能讓事件不了了之。這不單是關係個別苦主的私人投資得失問題,而是關係我們的金融經濟體系之內,不能容許大量詐騙性的銷售行為,而我們的法治體系,亦不能容許雙重標準,對小販商戶欺詐一塊幾毛就嚴厲執法,但大商家大銀行就享有特權,中資銀行就更享有特權中的特權,大家反而不聞不問。

大家以為事件已經曲解,忽略了和解只屬迷債系列,在整個雷曼產品的銷售過程之中只佔五成多的比例,而和解只屬民事,沒有解決違法欺詐銷售的更嚴重問題,而所謂和解方案,只及六成,那是銀行必定能從雷曼遺下的抵押產品取回的金額,銀行不單沒有承認任何責任,更可以有掙!投資者是在沒有選擇的情況下接受了「不平等條約」,去年有社論級的評論讚賞和解方案,呼籲苦主接受,報刊更從此當完成了輿論監督的責任,社會的反智沉淪,豈是偶然?

事隔兩年零三個月,始有第一宗依據第一○七條的刑事檢控,這個延誤何等驚人,背後的政治含義如何且不論,法治原則是延誤就會破壞公平(delay defeats equity),兩年間已經有不少年紀大的苦主因病過身或成危疾,如果一年只檢控幾人,要多少年才能完成還苦主一個公道的責任?苦主要等政府先檢控,取得勝訴的結果,才能展開民事的訴訟,因為這才有取勝的把握。民事官司從來是燒金錢的遊戲,香港沒有集體訴訟(class action)的制度,對無財勢的小投資者如何公道?正義大狀議員當年高調干預,抽完政治油水就不聞不問,這是哪一門子的正義?

爭取權益要團結

上星期五在地院檢控的中銀經理張瑰瑰案,傳媒算是有詳細報道,案件的內容,大家若不善忘,兩年前就聽過不少類同的故事。銀行職員形容雷曼產品是「保本」,與七大企業掛鈎,與一般基金或是定息債券無異,這都是典型的失實陳述手法,從來都是法律所不容許,只是有財勢的銀行不承認責任,背後給予特區政府壓力,靠銀行家支持上位的任志剛終於下台之後,政府才肯進行第一單案件的檢控,這與「六四」時的中共領導人一天不死盡,「六四」不會平反一樣,這是人話,不是法治,香港在這方面日漸與大陸「統一」。

公權力不可靠,跟紅頂白的傳媒也不主持公道之時,雷曼苦主能依靠的,只有自身的力量,公民直接行動(Direct Action)爭取自身的權益,從來是最為有效。菜園村的村民只有一百幾十人,但行動堅定勇敢,就令到政府的收地行動一再延後。

雷曼苦主也不團結,也不是人人積極,坐待別人行動,坐待政府行動的大有人在,這與社會的大環境一樣,但還是有少數人努力不懈;遮打大廈是證監會所在,證監會本來有法定責任接受投案,但由於在枱底下與金管局達成協議,同意銀行的六成和解方案就是事件的了結,所以今天在沒有合理法律理由的情況下,拒絕雷曼苦主報案,造成過去個多星期遮打大廈外又棺材又打鼓的奇景。證監會的職責本來是要當小投資者的守護天使,但在官僚政治之下反而出賣了小投資者的利益,於心無愧嗎?

2010年9月24日 星期五

迷債,銀行銷售,風險披露,騙局,

騙局,騙子, 西裝革履的騙子,道貌岸然的銀行家, 這之間都有甚麼聯繫呢?

電影“Public Enemy”, 一貫以搶劫銀行為生的大盜對在銀行里的客戶說:“我們只搶劫銀行,我們不搶劫銀行客戶”。

電影“華爾街”的格言是:“貪婪是好” ("greedy is good")。
從設計和銷售迷你債券,星債,和精明債券的銀行和銀行家身上,我們看到了 “greedy is good” 的精神。

現在“華爾街2:Money Never Sleeps" 要上映了。不知會有甚麼新的格言。


迷債發行章程的「本公司債券是甚麼?」一節,
有「誰應購買本公司債券?本公司債券是否適合所有人?


本公司債券僅適合以下投資者:

 尋求美元或港元定息季度利息收入;

有信心所述的七間該等相關主體在本公司債券發行日至到期日前第二個營業日不會受到信貸事件 (即「破產」、「未能償債」或「重組」,包括例如未能償還大額借貸、破產、進行不利的債券重組)影響等事件,且可以承擔當發生任何上述事件後可能損失投資的風險;

 願意接受本公司可選擇延長A組及/或B組債券的到期日;及

 就任何組別的本公司債券而言,願意接受本公司可選擇在二零零七年九月十五日或其後任何付息日提早償還本金額。



這四點具體要求大概是最容易讓零售客戶讀懂的,也是對潛在客戶的一個簡明要求。

大家可見,這只是提到7間著名公司,完全沒有提到CDO裏面信貸掛鉤的100多個公司。寫出這麼個簡要的“誰應購買本公司債券?本公司債券是否適合所有人?”,目的是甚麼呢? 令投資者誤以爲迷債的風險只跟6-7個著名公司信貸掛鉤 ?

2010年8月13日 星期五

Court Filing (abstract)

Case 1:10-cv-00017-WHP, Filed 08/09/10

UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK
USDC SDNYDOCUMENTELECTRONICALLYFILED
DOC #:
DATE FILED:~$ ~(C)

KA KIN WONG, et al.,10 Civ. 0096 (WHP)Appeal from Bankruptcy
Plaintiffs/Appellants,Case No. 08-13555 (JMP)
-against-
HSBC USA, INC., et al.,Defendants/Appellees.

WILLIAM H. PAULEY III, District Judge:

Plaintiffs/Appellants Ka Kin Wong and six other noteholders appeal from twoorders of the United States Bankruptcy Court for the Southern District of New York (Peck,Bankr. J.)(the "Bankruptcy Court") dated November 23, 2009 and December 3, 2009 dismissingtheir Class Action Complaint (the "Complaint") with prejudice. While the events giving rise tothis adversary proceeding are complicated, two discrete issues are presented on appeal: (1)whether Plaintiffs have standing to sue, and (2) whether amendment of the Complaint would befutile.For the following reasons, this Court affirms in part, reverses in part, and vacates in part the Bankruptcy Court's orders.

BACKGROUND

1.Parties on Appeal

Plaintiffs seek to represent a class of purchasers of structured finance notes-alsoknown as "Minibonds"between June 16, 2003 and September 15, 2008. (Appellants'Designation of Contents of the Record Designation Number ("DN") 1: Complaint against HSBC,USA, et al. dated Mar. 12, 2009 ("Compl.") ¶ 1.) Plaintiffs brought claims against PacificInternational Finance Limited ("Pacific Finance" or the "Issuer"), the issuer of the Minibonds, aswell as several other entities and individuals. (Compl. ¶¶ 27-38.) The underlying transactionsand relationships among the various entities are opaque.

On appeal, Plaintiffs pursue their claims against only two entities: HSBC BankUSA, N.A. ("HSBC Bank" or the "Trustee"), and Lehman Brothers Special Financing, Inc.("LBSF"). HSBC Bank is the trustee of collateral securing Pacific Finance's paymentobligations to the Minibonds holders and LBSF. In the Complaint, Plaintiffs mistakenly namedHSBC Bank's predecessor as trustee, (DN 6 Ex. 2: Affidavit of Song Qun Sworn, ProgrammeProspectus dated Mar. 12, 2007 at 7), and now appeal the Bankruptcy Court's denial of leave toamend the Complaint to name HSBC Bank. Defendant LSBF is a bankrupt Delawarecorporation and a debtor in the underlying bankruptcy proceedings, which involve severalLehman entities (the "Lehman Bankruptcy"). (Compl.IT38, 67.)


II.The Minibonds Program

Plaintiffs seek damages and injunctive relief relating to $1.6 billion in Minibonds issued by Pacific Finance in separate, but virtually identical, series. (Compl. ¶ 45.) PacificFinance sold the Minibonds to retail investors located primarily in Hong Kong, and marketedthem as "credit-linked" to financially stable companies and backed by AAA-rated collateral.(Compl. ¶¶ 45, 47, 51.) As a consequence of Lehman Brothers Holdings, Inc.'s ("LehmanBrothers") collapse, the Minibonds are now worthless. (Compl.T~67-69, 101-04.)

While the Minibonds were issued by Pacific Finance, Lehman Brothers and otherLehman entities designed the Minibonds program. (Compl. ¶¶ 46, 48, 50, 82.) The details ofLehman Brothers' involvement emerged during an inquiry conducted by Hong Kong regulatoryauthorities. In that proceeding, officers of HSBC Holdings Plc ("HSBC Holdings"), thecompany at the top of the HSBC pyramid, testified that Lehman Brothers appointed HSBC Bankas trustee of the Minibonds collateral.'(Compl. ¶ 82.) Lehman Brothers also compiled theprospectus for each Minibonds series. (Compl. ¶ 82.) Pacific Finance existed only "to issue the[Minibonds]. It [was for] all intents and purposes a creature of Lehman's design .... [PacificFinance was] not an active company ... and HSBC's role as a Director [was] not an active role.. . ." (Compl. 182.) Indeed, the Complaint alleges that Lehman Brothers and LBSF, not the Issuer, "selected the collateral" for the Minibonds. (Compl. ¶ 50.)

Pacific Finance secured its obligation to pay interest to the Minibonds holdersthrough two related transactions.'First, Pacific Finance purchased notes from Saphir FinancePublic Limited Company (the "Saphir Notes"). (DN 9 Ex.1, Ex. B: Tenth Supplemental Trust

1 The Hong Kong testimony in the Complaint does not distinguish among the various HSBC andLehman entities. At times, it is difficult to discern the specific entity referenced in the testimony.

Deed ("Tenth Deed") at 1.) The Saphir Notes were placed in trust with HSBC Bank as Trustee.(Tenth Deed at 1.) Pacific Finance also executed a credit default swap agreement with LBSF.(Tenth Deed at 1; Compl. 154.) Under the credit default swap, LBSF agreed to pay PacificFinance a sum equal to what Pacific Finance owed the Minibonds holders in exchange for theinterest earned by Pacific Finance on the Saphir Notes. (Tenth Deed at 15-16.) Because LehmanBrothers and LBSF exercised control over the Minibonds program, Plaintiffs assert that LBSF"negotiate[d] with itself over the essential terms of the swap agreements." (Compl. 150.)

The Saphir Notes are governed by a principal trust deed and a supplemental trustdeed issued for each series of Minibonds. (Compl.IT84-85.) These trust deeds and theprospectuses advertising the Minibonds sale set forth the "duties and obligations" of the Trusteeand the Issuer. (Compl.~T84-87.) The trust deeds contain,inter alia,provisions governing thepriority of payment in the event the Saphir Notes are liquidated. (Compl.IT84, 90.) The partiesdisagree about the operation of these provisions and who has priority to the Saphir Notes.Choice of law provisions in the trust deeds provide that they are to be construed under Englishlaw. (DN 9 Ex. 1: Principal Trust Deed ("Principal Trust Deed"), Sec. 17(a).) The prospectusesrepresented that "neither Lehman Brothers Holdings, Inc. nor any of its subsidiaries or affiliateshas any equity interest in, or any control over, us [Pacific Finance/HSBC]." (Compl. ¶¶ 84, 87.)

According to the Complaint, Pacific Finance is controlled by HSBC Bank(Cayman) Limited ("HSBC Cayman"). (Compl. 129.) In turn, HSBC Cayman is controlled byHSBC Holdings. (Compl. ¶ 31.) HSBC Holdings also controls the Trustee's predecessor,

2 Plaintiffs brought claims against other entities and individuals alleging rights to collateralpurchased as part of additional transactions. (Compl.118,32-37, 110, 118.) Because Plaintiffsdo not appeal the Bankruptcy Court's dismissal of these claims, that collateral is not at issue.

HSBC Bank USA.3(Compl. 13 1.)
Another HSBC entity---HSBC Bank Plc-filed a claim for $234 million in theLehman Bankruptcy. (DN 30 Ex. 6: Amended Schedule of Assets and Liabilities for LehmanBrothers at 3.) In addition, a Lehman Bankruptcy Examiner's report published after the orderson appeal discloses that HSBC Holdings and Lehman Brothers cooperated extensively duringLehman's collapse to ensure that Lehman Brothers satisfied its obligations to HSBC Holdings.(Report of Anton R. Valukas, Examiner, dated Mar. 11, 2010 at 1321-26.)

III.Procedural History

On October 3, 2008, LBSF filed for bankruptcy. (Counter-Designation of ItemsTo Be Included In Record On Appeal ("C-DN") 10: Supplement to Proof of Claim in Chapter 11Case of LBSF ¶ 10; Compl. ¶ 67.) Thereafter, LBSF's counsel informed HSBC Bank that anyattempt to liquidate the Saphir Notes may be subject to the automatic stay provisions of theUnited States Bankruptcy Code and demanded the Trustee cease all further action. (DN 30 Ex.5: Pls.' Opp'n to Def. [LBSF's] Mot. to Dismiss the Compl., Letter dated Nov. 25, 2008.)HSBC Bank complied.

On March 12, 2009, Plaintiffs filed an adversary proceeding in the BankruptcyCourt. Count One of the Complaint seeks a declaratory judgment that the Minibonds collateral isthe property of the Minibonds holders, not the bankruptcy estate, based on breaches of contractand fiduciary duty by the Issuer and Trustee. (Compl. ¶¶ 97-108.) Count Two seeks to enjoin LBSF and the Trustee from impairing the Minibonds collateral and requests transfer of the

3 This Court presumes that an amended complaint would include the same allegation.

collateral to the Minibonds holders. (Compl.IT109-13.) Count Three seeks a resulting orconstructive trust on the Minibonds collateral for the benefit of the Minibonds purchasers.(Compl. ¶¶ 114-21.) Finally, the remaining counts of the Complaint-Counts Four throughThirteen-assert damages claims for breach of contract, breach of fiduciary duty, negligence,unjust enrichment, and aiding and abetting against the Trustee, the Issuer, and the Issuer'sdirectors and parent company. (Compl. ¶¶ 122-89.)

On May 27, 2009, LBSF and HSBC Bank USA each moved to dismiss theComplaint. (DN 5: Notice of HSBC USA, Inc.'s Mot. to Dismiss the [Complaint], Abstain orStay the Adversary Proceeding; DN 9: Notice of Mot. of [LBSF] for an Order Dismissing theAdversary Compl.)

In a ruling from the bench, Bankruptcy Judge Peck dismissed the Complaint. TheBankruptcy Court dismissed Counts One through Three for lack of standing on three principalgrounds. First, relying on the trust deeds and English law, the Bankruptcy Court held thatPlaintiffs lack standing to bring a direct claim against Defendants. The relevant provisions of thetrust deeds state that "[a] person who is not a party to [the deed] has no right under the Contracts(Rights of Third Parties) Act 1999 [("Contracts Act of 1999")] to enforce any term of [the deed]except and to the extent (if any) that [the deed] expressly provides for such Act to apply to any ofits terms." (Principal Trust Deed at 3; Tenth Deed at 3). The Bankruptcy Court held that"[t]hese provisions fit squarely within the tenets of governing English law," which "provides thatit is a trustee and not a beneficiary of a trust that is the appropriate party to bring an action onbehalf of the trust beneficiaries." (Tr. of Nov. 18, 2009 Hr'g (the "Bankr. Ct. Ruling") at 25.)

Second, the Bankruptcy Court held that it would be futile to allow Plaintiffs to amend the Complaint to bring a derivative claim on behalf of the Trustee. (Bankr. Ct. Ruling at26.) Construing English law, the Bankruptcy Court concluded that a trust beneficiary may stepinto the shoes of the Trustee and sue on its behalf only in special circumstances. (Bankr. Ct.Ruling at 26.) Applying this standard, the Bankruptcy Court reasoned that (i) the "mere fact thatthe trustee has not filed a lawsuit [seeking to enforce Plaintiffs' right to the Minibonds collateral]is not a sufficient `special circumstance;"' and (ii) the fact that an HSBC affiliate filed a proof ofclaim in the Lehman Bankruptcy does not establish that the Trustee is conflicted because "thereis no allegation of any actual conflict." (Bankr. Ct. Ruling at 26.)

Third, the Bankruptcy Court concluded that it would be futile to allowamendment of the Complaint to name the proper trustee-HSBC Bank-"for the reasons setforth in this ruling." (Bankr. Ct. Ruling at 22.) However, it is not apparent from the transcript ofthe ruling what those reasons were.

The Bankruptcy Court also dismissed Counts Four through Thirteen because theywere "not related to the debtors' proceedings." (Bankr. Ct. Ruling at 29.) The Bankruptcy Courtstated that an adversary proceeding is considered related to a bankruptcy case "if the outcomemight have a conceivable [e]ffect on the estate." (Bankr. Ct. Ruling at 28.) After noting thatCounts Four through Thirteen "involve tort, breach of contract and breach of fiduciary dutyclaims against various defendants, none of whom are debtors" in the Lehman Bankruptcy,(Bankr. Ct. Ruling at 27), the Bankruptcy Court held that "[i]nasmuch as Counts [Four] through[Thirteen] comprise actions governed by foreign law between two or more non-debtors, suchclaims, regardless of the outcome, will not affect the debtor's bankruptcy cases.... Resolutionof these claims will have no [e]ffect on the rights of debtors or creditors in the debtors' bankruptcy cases, nor will it have any [e]ffect on the debtors' estates." (Bankr. Ct. Ruling at 29.)DISCUSSION

1.Standard of Review

A district court reviews a bankruptcy court's findings of fact for clear error and itslegal conclusionsde novo.Fed. R. Bankr. P. 8013;In re Vouzianas,259 F.3d 103, 107 (2d Cir.2001);In re Bennett Funding Grp., Inc.,146 F.3d 136, 138 (2d Cir. 1998). The dismissal of acomplaint is a legal conclusion which is subject tode novoreview.Selevan v. N.Y. ThruwayAuth.,584 F.3d 82, 88 (2d Cir. 2009) ("We reviewde novoa district court's dismissal of acomplaint for lack of standing.");see alsoRaine v. Lorimar Prods., Inc.,71 B.R. 450, 452(S.D.N.Y. 1987) (`Because this is an appeal from [a Bankruptcy Court's] decision on a motionto dismiss for failure to state a claim, purely legal considerations are involved, and thus thiscourt's review must bedenovo.").When reviewing such a dismissal, a court "accept[s] allfactual allegations in the complaint and draw[s] all reasonable inferences in the plaintiff's favor."ATSI Commcn's, Inc. v. Shaar Fund, Ltd.,493 F.3d 87, 98 (2d Cir. 2007).

Generally, "[a] bankruptcy court's denial of a request to amend [the complaint] isreviewed for abuse of discretion."In re Calpine Corp.,406 B.R. 463, 472 (S.D.N.Y. 2009)(citingIn re Enron Corp.,419 F.3d 115, 124 (2d Cir. 2005)). However, "[i]f that denial wasbased on an interpretation of law," such as the determination that an amendment would be futile,a court employsde novoreview. SeeDougherty v. Town of N. Hempstead Bd. of ZoningAppeals,282 F.3d 83, 87 (2d Cir. 2002);see alsoRicciuti v. N.Y. City Transit Auth.,941 F.2d119, 122-24 (2d Cir. 1991) (reviewingde novothe lower court's determination that amendment would be futile).

A court "should freely give leave [to amend the Complaint] when justice sorequires." Fed. R. Civ. P. 15(a)(2). Particularly where a court grants a motion to dismiss, "theusual practice is to grant leave to amend."Hayden v. Cnty. of Nassau,180 F.3d 42, 53 (2d Cir.1999).A court may deny leave to amend as futile only "if the proposed claim could notwithstand a motion to dismiss pursuant to Fed. R. Civ. P. 12(b)(6)."Lucente v. Int'l Bus. Mach.Corp.,310 F.3d 243, 258 (2d Cir. 2002). Indeed, futility means that it is "beyond doubt that theplaintiff can prove no set of facts in support of his amended claims."Pangburn v. Culbertson,200 F.3d 65, 70 (2d Cir. 1999) (quotations and citations omitted).

II.Claims Against LBSF: Counts One & Two

Plaintiffs appeal the dismissal of their direct claims against LBSF and the denialof leave to replead those claims derivatively. This Court addresses Count Three of theComplaint separately for the reasons articulated in Section IV,infra.

a. Direct Claim Against LBSF

Plaintiffs appeal the Bankruptcy Court's dismissal of their direct claims againstLBSF on two principal grounds: (1) Plaintiffs have standing under English law to sue LBSFdirectly because LBSF is a co-beneficiary under the trust; and (2) the Bankruptcy Court'sreliance on the provisions of the trust deeds prohibiting non-parties from enforcing the deeds'terms was misplaced. Because Plaintiffs lack standing under English law to bring a direct claimagainst LBSF, this Court need not address Plaintiffs' second contention.

Under English law, a trustee generally has "a duty to protect and preserve the trust estate for the benefit of the beneficiaries ...."Alsop Wilkinson v. Neary,[ 1996] 1 W.L.R.1220, 1224 (Ch.). As such, "[n]ormally [it is] the trustee who has a right of action [and] is theproper person to enforce [the trust]."Hayim v. Citibank NA,[1987] A.C. 730, 733 (P.C.); seealsoAlsop,1W.L.R. at 1224 ("Trustees have a duty to ... represent the trust in a third partydispute."). Plaintiffs seek to circumvent this general principle by invoking the so-called"beneficiaries dispute" theory.Under that theory, "where the dispute is between rival claimantsto a beneficial interest in the subject matter of the trust.... the duty of the trustee is to remainneutral and ... leav[e] it to the rivals to fight their battles."Alsop,1W.L.R. at 1225.

Plaintiffsargue this theory applies here because LBSF persuaded the Bankruptcy Court that it is abeneficiary rather than a third party under the trust.

As a threshold matter, Plaintiffs mischaracterize the Bankruptcy Court's ruling.The Bankruptcy Court did not describe LBSF as a trust beneficiary. Instead, relying onGregsonv. HAE Trs. Ltd.,[2008] EWHC 1006 (Ch.), the Bankruptcy Court found that the Trustee wasthe appropriate party to bring an action on behalf of the trust beneficiaries, InGregson,a trustbeneficiary brought suit against the director of a corporate trustee for impairment of trustproperty. The beneficiary argued that a corporate trustee's claims against its directors are heldfor the trust's beneficiaries, thereby empowering them to sue directly.Gregson,EWHC 1006 at119,22.TheGreszsoncourt rejected this notion and described the general rule that "a director ofa trustee company does not owe a fiduciary duty to the beneficiary of the trust," and absent thatduty, a trust beneficiary has no direct claim against the director.Gregson,EWHC 1006 atIT44,56, 69.

As the Gregsonanalysis illustrates, the core inquiry is whether the potentially liable third party owed a duty to the trust's beneficiaries. SeeGregson,EWHC 1006 at¶T44,46, 57-58 (stating that if a direct claim against the directors was valid, it would "circumvent theclear and established principle that no direct duty is owed by the directors to the beneficiaries");see alsoRoberts v. Gill & Co,[2010] UKSC 22, ¶¶ 46, 110 (S.C.) (beneficiary sought to amendto bring a derivative claim where it was "accepted that a claim that the [third parties] owed aduty of care to the beneficiaries would be difficult to sustain").While LBSF is a party to thetrust deeds, Plaintiffs do not allege the existence of any fiduciary relationship betweenthemselves and LBSF, Accordingly, the Bankruptcy Court properly held that Plaintiffs lackstanding under English law to sue LBSF directly.

b.Derivative Claims Against LBSF

The Bankruptcy Court also concluded that re-pleading derivative claims againstLBSF would be futile because Plaintiffs cannot allege the existence of special circumstances. Inmaking this determination, the Bankruptcy Court considered Plaintiffs' allegations that theTrustee failed to bring suit against LBSF and that an HSBC entity filed a proof of claim in theLehman Bankruptcy.

Under English law, a trust beneficiary may bring a derivative suit against a thirdparty when "special circumstances" are present. The "special circumstances"rule, articulated inHayim v. Citibank NA,provides:

[A] beneficiary has no cause of action against a third party save inspecial circumstanceswhich embrace a failure, excusable orinexcusable, by the trustees to the beneficiary to protect the trustestate or to protect the interests of the beneficiary in the trustestate.Hayim,A.C. 730 at 748. The Supreme Court of the United Kingdom recently addressed the "special circumstances" rule and summarized the relevant authorities as follows:
The special circumstances which were identified in the earliestauthorities as justifying a beneficiary's action were fraud on thepart of the trustee, or collusion between the trustee and the thirdparty, or the insolvency of the trustee, but it has always been clearthat these are merely examples of special circumstances, and thatthe underlying question is whether the circumstancesaresufficiently special to make it iust for the beneficiary to have theremedy.Roberts,UKSC 22 at746, 114 (emphasis added). The Supreme Court of the United Kingdomnoted that a court has "wide latitude in evaluating ... special circumstances," taking into account"all [of] the relevant circumstances."Roberts,UKSC 22 at ¶¶ 76, 78, 114.

Through the prism of these English law principles, this Court concludes that the Bankruptcy Court erred in finding that Plaintiffs cannot allege special circumstances. Despite representations in the Minibonds prospectuses that neither Lehman Brothers nor any of itssubsidiaries exercised control over the Issuer, Lehman Brothers designed the Minibonds programand directed the Issuer's activities.As a party to the trust deeds, LSBF was substantiallyinvolved in that process. The Issuer then created a trust that, in certain circumstances, distributesits only collateral to aLehmanentity, rather than the trust'ssolebeneficiary. Juxtaposed againstthe promise that the Minibonds would be secured by highly-rated collateral, this is an odd result.SeeRoyal Brunei Airlines Sdn Bhd v. Tan,[1995] 2 A.C. 378, 386-87 (P.C.) ("If, for his ownpurposes, a third party deliberately interferes in that relationship by assisting the trustee indepriving the beneficiary of the property held for him by the trustee, the beneficiary should beable to look for recompense to the third party as well as the trustee.");see alsoRoberts,UKSC22 at ¶¶ 46, 114 ("[T]he underlying question is whether the circumstances are sufficiently specialto make it just for the beneficiary to have the remedy.");In re Field,[ 1971 ] 1 W.L.R. 555, 561

Case 1:10-cv-00017-WHP
Document 14Filed 08/09/10
Page 13 of 18

(Ch.)(holding that special circumstances existed and "justice require[d] that the plaintiff, who isthe only other person interested [in the property], should be allowed to have [his claim] properlytried before a court"), Furthermore, the recently released Examiner's report reveals cooperationbetween HSBC and Lehman Brothers at the highest levels during Lehman Brothers' collapse.

Given the totality of these circumstances, this Court cannot find that it is "beyond doubt that theplaintiff[s] can prove no set of facts in support of [their] amended claims."Pangburn v.Culbertson,200 F.3d 65, 70 (2d Cir. 1999).

On appeal, the parties advance arguments concerning the operation of the trustdeeds' payment priority provisions and potential class certification problems caused by asettlement arranged by Hong Kong regulatory authorities.While interesting, these arguments areextraneous to the issue of standing; they concern the merits of Plaintiffs' claims and are notbefore this Court on appeal. At this stage of the litigation, Plaintiffs should be permitted toreplead Counts One and Two as derivative claims against LBSF. The Bankruptcy Court's denialof leave to replead is reversed.

III.Claims Against the Trustee: Counts One & Two

Plaintiffs also contend that the Bankruptcy Court erred in denying leave to amendthe Complaint to name HSBC Bank as the Trustee. The Bankruptcy Court held that amendingthe Complaint would be futile for the reasons set forth in its ruling, but did not articulate thosereasons.

As an initial matter, the Bankruptcy Court's analysis of English case law ignoredthe differences between Plaintiffs' relationship with the Trustee and Plaintiffs' relationship with LBSF and the other dismissed entities. Under English law, "the basic right of a beneficiary is tohave the trust duly administered in accordance with the provisions of the trust instrument ... andthe general law."Target Holdings Ltd. v. Redferns,[1996] 1 AC 421, 434 (H.L.).When atrustee unlawfully administers the trust, a trust beneficiary may sue the trustee directly. SeeHayim,A.C. at 735 ("The beneficiaries have a right to enforce the trust directly against the ...trustee.");Bartlett v. Barclays Bank Trust Co. Ltd.,[1980] 2 W.L.R. 430, 444, 452 (Ch.)(holding a trustee liable to the trust beneficiaries for willful "breach of trust");see alsoTargetHoldings,1AC at 437 ("A trustee who wrongly pays away trust money ... commits a breach oftrust and comes under an immediate duty to remedy such breach.").

The Bankruptcy Court heldthat the trustee is the proper party to bring suit on behalf of a trust beneficiary.While that mayexplain Plaintiffs' lack of standing to sue LBSF directly, it does not resolve the issue of whethera beneficiary has standing to sue his trustee. Indeed, Counts One and Two are premised onalleged breaches of contract and fiduciary duty by the Trustee for failing to distribute the SaphirNotes to Plaintiffs.

The standing provisions of the trust deeds provide that a non-party to the trust hasno right under the Contracts Act of 1999 to enforce any of the deeds' terms.While theBankruptcy Court held that these provisions fit squarely within English law, it merely quoted theprovisions without analyzing their language or the statute on which they rely. Notably, theContracts Act of 1999 allows a non-party to a contract to enforce the contract's terms if they"purport[] to confer a benefit on him," Contracts Act of 1999, c. 31, § 1 (U.K.), but expresslystates that it does not "affect any right or remedy of a third party that exists or is available apartfrom th[e] Act." Contracts Act of 1999, c. 31, § 7. Thus, while the trust deeds deprive Plaintiffs of rights derived from the Contracts Act of 1999, Plaintiffs may hold rights outside of the Act, anissue the Bankruptcy Court did not consider.

Finally, the Bankruptcy Court's rationale for dismissing Counts Four throughThirteen fails to render futile an amended complaint naming the correct trustee. The BankruptcyCourt reasoned that these counts involve questions of foreign law which will have no effect onthe rights of debtors or creditors in the underlying bankruptcy. The applicable rule is that "[a]proceeding is `related to' a [bankruptcy] case ... if the outcome might have a `conceivableeffect' on the estate."In re New 118th LLC,396 B.R. 885, 890 (Bankr. S.D.N.Y. 2008) (citingIn re Cuyahoga Equip. Corp.,980 F.2d 110, 114 (2d Cir. 1992)). A conceivable effect is onewhich "could alter the debtor's rights, liabilities, options, or freedom of action (either positivelyor negatively) and which in any way impacts upon the handling and administration of thebankrupt estate."In re New 118th LLC,396 B.R. at 890 (citingIn re Pacor, Inc.,743 F.2d 984,994 (3d Cir. 1984),overruled on other grounds byThings Remembered, Inc. v. Petrarca,516U.S. 124, 134-35 (1995)). In this case, Plaintiffs seek to prevent the transfer of the SaphirNotes-worth $1.6 billion-to the bankruptcy estate. The effect of $1.6 billion on thebankruptcy estate is self-evident.Moreover, by instructing the Trustee to postpone distributionof the Saphir Notes, LBSF-not Plaintiffs-tethered the Saphir Notes to the LehmanBankruptcy. Accordingly, the Bankruptcy Court's denial of leave to replead Counts One andTwo against the Trustee is reversed.

IV.Constructive & Resulting Trust Claims: Count Three

In Count Three of the Complaint, Plaintiffs seek to impose a constructive or resulting trust on the Mimbonds collateral.While the Bankruptcy Court made a passingreference to these claims, it provided no analysis in its ruling. Understandably, the BankruptcyJudge was juggling a host of complex and urgent issues. Nonetheless, this Court cannot discernwhy the constructive and resulting trust claims were dismissed. SeeIn re Gucci,309 B.R. 679,685 (S.D.N.Y. 2004) ("This Court ... has no way of knowing whether and to what extent thedefense or elements thereof were rejected as a matter of law, [and] the reasons for any suchrejection ....").A constructive trust relies on equitable, as opposed to contractual and formaltrust, principles.See, e.g.,Counihan v. Allstate Ins. Co„194 F.3d 357, 361 (2d Cir. 1999) ("Aconstructive trust is an equitable remedy ... [whose] purpose is to prevent unjust enrichment.").Without some analysis of why standing principles derived from the trust deeds' and English lawapply to claims for a constructive or resulting trust, denial of leave to replead Count Threeagainst both the Trustee and LBSF was inappropriate. SeePanaburn,200 F.3d at 70 (denial ofleave to replead is warranted only when it is "beyond doubt that the plaintiff can prove no set offacts in support of [the] amended claims").Moreover, it is not evident whether these claims aregoverned by English law, an issue the Bankruptcy Court did not address. Accordingly, the Bankruptcy Court's dismissal of Count Three is vacated and remanded for further consideration.

CONCLUSION

For the foregoing reasons, the Bankruptcy Court's dismissal of Counts One andTwo against LBSF is affirmed, and its denial of leave to replead those claims derivatively against LBSF is reversed. The Bankruptcy Court's denial of leave to replead Counts One and Twoagainst the Trustee is reversed. The Bankruptcy Court's dismissal of Count Three is vacated.This action is remanded to the Bankruptcy Court for further proceedings consistent with thisMemorandum and Order.

Dated: August 9, 2010
New York, New York

SO ORDERED:

WILLIAM H. PAULEY IIIU.S.D.J.

Counsel of Record:

Jason C. Davis, Esq.
Robbins Geller Rudman & Dowd LLP100 Pine Street, Suite 2600
San Francisco, CA 94111

Counsel for Appellants

Howard Grant Sloane, Esq.Cahill Gordon & Reindel LLP80 Pine Street
New York, NY 10005

Counsel for the HSBC Appellees

Richard W. Slack, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153

Counsel for Appellee Lehman Brothers Special Financing, Inc.

David S. Cohen, Esq.
Milbank, Tweed, Hadley & McCloy LLP
1850 K Street, NW
Washington, DC 20006

Counsel for Intervenor Official
Committee of Unsecured Creditors of Lehman Brothers HoldingsInc. et al.

2010年8月9日 星期一

Lehman, HSBC May Be Sued by Hong Kong Investors in New York

Aug. 10 (Bloomberg) -- Lehman Brothers Holdings Inc. and HSBC Holdings Plc may be sued over $1.6 billion in worthless securities sold to retail investors in Hong Kong, a judge in New York ruled yesterday.

U.S. District Judge William H. Pauley III reversed part of a decision by Lehman’s bankruptcy judge, who threw out a suit by seven holders of structured financial notes called minibonds. The plaintiffs seek to represent a class of investors in the notes from June 16, 2003, to Sept. 15, 2008, Pauley said in his decision.

An estimated $1.8 billion of minibonds were sold to about 43,000 investors in Hong Kong, according to local regulators. Lehman’s bankruptcy in 2008 wiped out the value of the investments, resulting in protests outside bank branches that have continued even after last year’s government-brokered settlement between sellers and buyers of minibonds.

This shows that the courts around the world have investor protection at heart and investors should be protected against mis-selling by those that gain commissions from these types of investment products,” said Lewis Man, a partner at Hong Kong law firm Gall.

Hong Kong doesn’t have a mechanism for filing class action lawsuits.

David Hall, a Hong Kong-based spokesman for HSBC, didn’t immediately have a response to the ruling. Kimberly Macleod, a Lehman spokeswoman, didn’t return a voice-mail message left yesterday seeking comment.

Dismissal Reversed

In two orders, issued in November and December, U.S. Bankruptcy Judge James Peck ruled that the plaintiffs lacked standing to sue and that any attempt to revise their complaint would be futile. Pauley yesterday reversed the dismissal of one count against HSBC and Lehman and permitted the plaintiffs to amend two dismissed counts.

Pacific International Finance Ltd. issued the minibonds and marketed them as linked to the credit of financially sound companies and backed by AAA-rated collateral, Pauley said. A Hong Kong regulatory investigation disclosed that Lehman designed the minibonds program, the judge said. HSBC Bank USA was selected as trustee of the collateral securing the notes, Pauley said, citing testimony in the Hong Kong proceeding.

Public outcry over the collapse of the minibonds led to street protests in Hong Kong and an investigation by regulators into how banks sold the products. The head of the city’s securities watchdog, Martin Wheatley, was called repeatedly to testify before Hong Kong’s legislature.

Two BOC Hong Kong (Holdings) Ltd. managers in June pleaded not guilty in the city’s District Court to charges of fraudulently selling minibonds. BOC Hong Kong was the biggest seller of the securities. The trial of the two employees starts in November.

Hong Kong banks offered to pay at least 60 cents on the dollar to investors in July last year as part of a buyback agreement brokered by the SFC. In an Aug. 6 press release, Hong Kong’s central bank said more than 13,000 cases were resolved by the repurchase agreement, and 179 Lehman-related complaints remain under investigation.

To contact the reporter on this story: Bob Van Voris in New York atrvanvoris@bloomberg.net; Debra Mao in Hong Kong atdmao5@bloomberg.net

2010年7月21日 星期三

2010年7月17日星債苦主記招新聞稿

(转)2010年7月17日星債苦主記招新聞稿
2010年7月17日新聞會講稿

(關於7月14日) 証監會及金管局與星展香港就雷曼相關Constellation 債券達成協議 (下稱協議)

是一份官商勾結, 互相卸責, 嫁禍於人的協議.

是一份不公開, 不公平, 不公正的三不公協議.



Constellation 債券受害苦主 (包括得到和解與得不到和解者)會繼續抗爭, 行動升級, 考慮對協議中某些條款進行司法覆核, 去信立法會. 請求第六次傳召星展作供. 并且追究星展銀行違反香港証監及期貨條例第107條, 欺詐地或罔顧實情地誘使他人投資金錢的罪行. 直至星展公開承認誤導, 退賠100%苦主, 100%本金.


1) 不公開

a) 協議稱: “星展香港在不承認任何責任下提出和解”, 有別於不承認任何錯失. 金管, 証監在調查過程中, 是否發現星展銀行”有錯”? 什麼錯? 必須公開.

b) 協議中, 証監會關注點的第1,2點, 可以理解為, 星展內部對星債評級有爭議, 一個評高, 一個評低. 現在看來, 評低的是錯, 評高的才對. 但錯在哪裡, 對在哪裡? 資料理據必須公開.

2) 不公平

a) 對被評為4級或5級風險類別客戶不公平

協議只說: “產品評為較高風險級別”. 但葉約德在証人陳述書14.10段寫明在2008年3月星展已將星債風險變為第5級高風險.第4級風險的客戶應該也不能買到第5級風險的產品,點解無得賠?

b) 即使被評為4或5級風險客戶,購買時見到產品風險是2而不是4或5, 難道他便不可以買低風險的產品嗎? 好像一個著名的賽車手,有一天他駕着一輛普通私家車時被其他車撞到,可否說他常常揸跑車,所以應該知駕車危險而不作賠償?當然不能,只要那宗交通意外不是他引致便有賠償。

c) 協議中証監會顧及:〝客戶若有較高的風險承受能力, 且具備衍生工具交易的經驗及知識,Constellation 債券可能本應是適合他們的投資產品”, 那麼有較高的風險承受能力, 但沒有衍生工具交易的經驗及知識的客戶便同是不適合購買星債,所以理應一樣獲得全賠。


d) 未見過有政府機構在嚴肅文件中, 採用”可能本應是”這種不定向的, 猜度的字眼, “可能是”, 亦可以”可能不是”, 50/50. 但協議則在這種靠估的前題下, 要執行一些真實的行動.太離譜.

3) 不公正


a) 單就產品風險一項而言, 星展在星債的申購表格, 白紙黑字標明: 產品風險程度2, 賣給客戶. 星展在交立法會迷你債券小經陳述書14.5段解釋原因時, 遺漏了星債掛勾公司”首先失責” (即一間死, 等於八間死晒) 為基準這一要項, 巳經違反証監及期貨條例298條, “披露虛假或具誤導性的資料以誘使進行交易的罪行. 葉約德在立法會答問, 回應債券掛勾多間公司, 說是分散風險, 也是遺漏星債”首先失責”條款. 協議又講 “星展香港另一部門曾將同一產品評為較高風險級別產品”. 是否顯示星展銀行高層自己都未明白產品結構和風險. 何況銷售員工? 不能做到”認識你的產品”, 星展巳屬違規, 如此明顯嚴重罪行, 不予揭露. 遣責, 處罰. 甚至起訴. 反而為星展開脫, 卸責, 并幫星展轉嫁損失, 轉嫁麻煩. 其實是証監知道星展有罪, 自己也難逃監管疏忽之責. 互相幫忙, 共同卸責. 對苦主太不公!


b) 星債產品風險定錯, 是銷售誤導. 理應通賠. 協議卻不賠予被星展香港列為較高風險級別客戶. (即4或5級), 要這些人經星展香港投訴處理程序逐一覆核, 真是豈有此理?! 這種先判你該死再要你自己舉証申訴方法, 不符合香港律法的”無罪推定”精神, 為此將考慮司法覆核.


c) 協議稱: 即使証監會成功對星展香港及/或其主管人員及僱員採取法律處分, 亦不能達到此協議取得結果. 講得冠冕堂皇, 其實是欺人之談. 只要金管, 証監判定星展 “失實陳述”. 根據香港法例284章, 苦主購買星債時所訂立的合約就有權撤銷. 撤銷合約, 苦主當然可以取回100%本金, 并可追討損害賠償. 百分之百苦主受惠.


d) 星展給客戶進行風險評級, 是以推銷產品為目的. 其中種種不良手法, 留待苦主向各位作証.

最後要說的是, 星展, 金管, 証監做出這樣協議, 非常不智.

(1) 時代不同了, 看一看美國政府告高盛, 高盛想和解. 除支付罰款, 還要認錯.

(2) 星展不賠給4或5級風險的客戶, 這些人會放過星展嗎? 星展有明顯的銷售誤導, 難道有人可以隻手遮天? 最後還是要賠. 不如就早點賠!


From: 2010年7月17日星債苦主記招新聞http://www.lbv.org.hk/content/pages/posts/2010E5B9B47E69C8817E697A5E6989FE582B5E88BA6E4B8BBE8A898E68B9BE696B0E8819EE7A8BF9236.php

證監會及金管局與星展香港就雷曼相關Constellation債券達成協議

2010年 7月 14日 新聞稿
證監會及金管局與星展香港就雷曼相關Constellation債券達成協議
(From: http://www.sfc.hk/sfcPressRelease/TC/sfcOpenDocServlet?docno=10PR80)


證券及期貨事務監察委員會(證監會)及香港金融管理局(金管局)今天公布,就星展銀行(香港)有限公司(星展香港)分銷與雷曼兄弟集團相關的Constellation債券(雷曼相關Constellation債券)的事宜,與星展香港達成協議(註1及2)。

繼證監會早前作出調查後,星展香港在不承認任何責任下,同意提出有關雷曼相關Constellation債券的和解計劃。根據有關和解協議:
星展香港將會向已購買雷曼相關Constellation債券的星展香港客戶,提出總額約6.51億元的付款建議,這些客戶必須是在購買該等債券時,獲星展香港按照其投資風險評估系統評為屬低至中級風險,即第1、2或3級風險類別的客戶(低風險客戶)(註3);
星展香港將會向低風險客戶支付一筆款項(和解款項),金額相等於有關低風險客戶對雷曼相關Constellation債券的投資總額,加上這筆投資總額若在投資當日以定期存款形式存入星展香港,在投資當日直至今天日期為止,星展香港就該筆款項應付予有關客戶的利息,再減去迄今已支付予他們的票息後所得款項(註4);
對於那些已經與星展香港達成和解協議的低風險客戶,星展香港將會向他們提出補發款項的建議,以達至這批客戶得以與其他低風險客戶享有相同待遇;
至於星展香港列入較高風險級別的客戶(即評定為第4或5級風險類別的客戶)所進行的雷曼相關Constellation債券的交易,星展香港將以加強的投訴處理程序逐一覆核有關這些交易的投訴(註5);及
對於星展香港在今天日期前售出的雷曼相關Constellation債券以外的非上市結構性產品,星展香港將會採用加強的投訴處理程序,覆核有關這些產品分銷事宜的客戶投訴。

證監會在調查過程中提出以下關注:
星展香港將雷曼相關Constellation債券售予高風險級別及低風險級別這兩類客戶時,將雷曼相關Constellation債券評為低至中級風險產品(按照星展香港的風險評級制度,這些產品在1至5級的風險評級(低至高風險)中,獲評為2級風險);
星展香港另一部門曾將同一產品評為較高風險級別的產品;

有關發行章程已述明,準投資者可能會損失全部或大部分對該等Constellation債券的投資;及
對於當時在客戶風險評級中,那些應選擇保守、穩健及均衡型投資的低至中級風險類別的客戶,雷曼相關Constellation債券未必適合他們。

這項協議的作用是,約2,160個帳戶的低風險客戶若接納上述和解計劃,便可以取回投資款項及利息並扣減作為債券持有人已收取的票息後的款項,而高風險客戶的投訴亦可獲星展香港根據加強的投訴處理程序,全面覆核有關個案。

證監會根據《證券及期貨條例》第201條達成此項協議,在考慮星展香港將提出的和解計劃時,已顧及到銷售雷曼相關Constellation債券與銷售雷曼兄弟迷你債券兩者之間多項不同之處,因此本個案的和解協議條款與迷你債券個案的不盡相同。證監會在考慮過程中顧及的重要因素包括:
有別於雷曼兄弟迷你債券,雷曼相關Constellation債券並沒有可分發予投資者的抵押品;
根據與16家銀行就迷你債券事宜達成的協議,分銷銀行同意交出從銷售迷你債券所得佣金,以成立追討基金,加快取回相關抵押品,但在本個案中,星展香港無需提供有關款項;及
有別於那些接納迷你債券協議所提出的回購建議的客戶,雷曼相關Constellation債券的持有人並無機會獲額外或補發款項或發還債款,換言之,星展香港的付款將會是低風險客戶唯一可獲付的款項。

證監會在考慮此協議的條款時,亦顧及到以下幾點:
客戶若有較高的風險承受能力,且具備衍生工具交易的經驗及知識,Constellation債券可能本應是適合他們投資的產品;
加強的投訴處理程序會處理涉及第4至5級風險類別客戶的每宗個案;對於獲星展香港投資風險評估系統評為風險承受能力較高的客戶,上述投訴處理程序應足以處理星展香港將雷曼相關Constellation債券分銷予這批客戶的過程中,可能出現的其他不規範情況;
星展香港承諾委聘獨立機構,檢討分銷制度及監控措施,確保星展香港日後以適當方式分銷非上市結構性產品;
此協議使本個案得到適當的解決,對星展香港及其客戶均有利;
即使證監會成功對星展香港及/或其主管人員及僱員採取紀律處分,亦不能達到此協議取得的結果;及
此協議取得的結果,可為雷曼相關Constellation債券的其他分銷商提供指引,從而解決已購買這些產品的客戶的投訴。

證監會及金管局認為,就它們向星展香港在監管方面提出的關注,星展香港提出的和解計劃屬合理及適當;協議亦符合公眾利益。

鑑於星展香港提出上述和解計劃,證監會將不會就雷曼相關Constellation債券的分銷事宜,對星展香港及其僱員採取進一步執法行動,但有關方面涉嫌犯有不誠實、欺詐、欺騙或屬刑事性質行為的情況除外。金管局已知會星展香港,對於那些接納星展香港和解建議的低風險客戶,金管局不打算就該等客戶的雷曼相關Constellation債券個案,對星展香港採取執法行動。

證監會行政總裁韋奕禮先生(Mr Martin Wheatley)表示:"對於從星展香港購入雷曼相關Constellation債券的全部客戶而言,是次協議為他們取得成果;對於銷售這項產品的其他銀行及中介人,這項協議提供有用的指引,有助其解決較低風險客戶的相關投訴。"

他續說:"中介人向客戶提供投資意見時,必須運用適當的專業知識和技能。證監會就雷曼相關的結構性產品個案進行的調查,清楚顯示證監會《操守準則》所訂的各項準則,是中介人行事的重要依據。認識產品、了解客戶的情況並向客戶提供清晰正確的資料,都是中介人必須履行的職責。這不但可以確保客戶的利益永遠居於首位,亦同時能夠保障銷售產品的中介人。"

韋奕禮先生指出:"證監會一直竭力減低香港市場出現不當銷售的風險。今次這類和解計劃,使大家更清楚認識到,若我們將來未能妥善處理有關事宜,所有市場參與者將要為此付出高昂的代價。"

金管局副總裁阮國恒先生表示:"金管局歡迎這項和解計劃。金管局相信,這項和解計劃既合適且合理,在考慮到各種情況下提供一個務實的解決方法,符合投資者的利益。"



備註:

1. 星展香港是根據《證券及期貨條例》獲發牌從事第1類(證券交易)、第4類(就證券提供意見)、第6類(就機構融資提供意見)及第9類(提供資產管理)受規管活動的註冊機構。

2. Constellation債券的發行商為Constellation Investment Ltd,安排人則為星展香港的有聯繫實體DBS Bank Ltd(星展銀行有限公司)。2004年至2007年間,星展香港向香港公眾分銷了以港元或美元計值的約77個系列的Constellation債券。

Constellation債券中,系列34至37、43至46、55至58、59至62、63至66、67至70、71至74及78至81債券屬信貸掛鉤票據,雷曼兄弟是上述系列的其中一家信貸參考機構(或稱"相關機構")。星展香港向約3,400個客戶帳戶分銷雷曼相關Constellation債券,當中涉及約4,380宗交易,款額約13.16億元。

雷曼兄弟於2008年9月申請破產保護後,星展銀行有限公司宣布,受雷曼兄弟的信貸事件所影響,雷曼相關Constellation債券變得一文不值。

Constellation債券的其中一項主要特點是,投資者買入有關債券後,實際上要承擔的風險是,包括雷曼兄弟在內的信貸參考機構中,任何一家可能會出現破產等信貸事件。因應投資者承擔了這項風險,星展銀行有限公司在Constellation債券的投資期內,向投資者支付一項承擔風險款額。若債券到期時,信貸參考機構中並無信貸事件發生,投資者便可取回投資本金。然而,若發生信貸事件,投資者便可取回所謂"信貸事件贖回款額",金額相等於雷曼兄弟的參考債項(或稱"相關債項")的價值,但這些參考債項在雷曼兄弟申請破產後的買賣價已跌至接近零。雷曼兄弟在美國申請破產保護後,便出現上述的情況。

3. 星展香港分銷雷曼相關Constellation債券時,根據在星展香港投資風險評估問卷上所填寫的資料,將客戶列入五大級別,第1級為保守型,第2級為穩健型,第3級為均衡型,第4級為增長型,第5級為進取型。

另一方面,星展香港亦為其分銷的各項投資產品定下風險評級。產品風險評級分為五個級別,第1級為低風險,第2級為低至中風險,第3級為中風險,第4級為中至高風險,第5級為高風險。

若投資產品的風險評級低於或相等於有關客戶的投資風險評級,星展香港便會認為該產品適合該客戶投資。

4. 星展香港會以每名投資雷曼相關Constellation債券的低風險客戶的名義投資總值為基準,採用星展香港就不同到期日的定期存款所支付的最高利率,即向12個月定期存款戶所支付的利率,計算出由有關雷曼相關Constellation債券的發行日開始,直至今天日期這段期間的利息。根據星展香港計算,已付予每名低風險客戶的票息,與就有關投資的上述名義價值應支付的利息之間的差額,約為1,300萬元。

5. 加強的投訴處理程序由證監會制訂,旨在確保星展香港深入覆核高風險客戶的相關交易,確保星展香港以公平合理方式處理有關這些交易的投訴。有關程序與分銷銀行根據迷你債券協議所執行的投訴處理程序相同。

6. 請按此連結閱覽有關星展香港的建議和解計劃的問題解答。

2010年6月27日 星期日

腰斬迷債回購方案的司法覆核申請理何在?

<转载>
腰斬迷債回購方案的司法覆核申請理何在?

迷債回購方案的司法覆核不被批准進行決非是香港司法史上的小漣漪,而是對司法獨立的衝擊。
讓我們看看迷債回購方案的司法覆核是如何被腰斬的。

首先,迷債苦主代表的法律援助不被批准,理由竟然是該代表包括迷債購入成本在內的資產稍微超過援助標準的上限(17萬元)。 其實,迷債的價值就是算到了今天仍然無法從法律上確實,世界公認的會計審慎原則都只能將其列為損失。法律援助署的官員自己也承認此不批准理由會有很大的爭議,但這那是甚麼法律觀點的爭議,將無法確定的將來資產也列為現有資產,這猶如依據你持有明天開彩的彩券而確定你今天就是百萬富翁一樣,完全是荒唐的政治決定。

第二,綜合各媒體的報導,在申請司法覆核許可的的聆訊上,“法官指此案牽連甚廣,除了十六家分銷銀行外,更有二萬四千八百八十八名已接受回購方案的雷曼事主可能受影響,因為一旦申請人獲判勝訴,證監會的調查要繼續,另一答辯人香港金融管理局也可向銀行採取執法行動,已取回六成或七成本金的事主可能因而被銀行要求退款,法官質疑申請人是否足以代表其他事主,而其他事主也可能不想再受噩夢糾纏”。

眾所周知,司法覆核是就政府的公共事務的政策、決策所進行,必然是牽連甚廣, 甚至牽連到司法體制所涵蓋的全社會。進行司法覆核是對政治尋求法律層面的裁決,而不是政治裁決。其實香港早前已有非常著明的與整個香港社會牽連甚廣案例,就是港人內地出生子女居港權的官司。終審法院並沒有就官司結果是否會對香港社會的經濟帶來嚴重影響的角度去裁決,而是從本身對基本法的理解去作出裁決,雖然事件最後由政府提請人大釋法而推翻原終審法院的裁決而結束,但終審法院的原裁決正是體現了當時參與的法官對司法獨立的堅守。如果法官也考慮社會政治因素,那麼所謂司法獨立就無存在的必要,社會的爭議就交由政治家來解決好了,要麼是通過議會決議,要麼是用革命手段推翻政府,但這決非社會之福,司法與政治應是凱撒的歸凱撒,上帝的歸上帝。

法官憂慮,“一旦申請人獲判勝訴,證監會的調查要繼續,另一答辯人香港金融管理局也可向銀行採取執法行動”。但是次司法覆核正是要求推翻證監會與金管局停止調查的政治決定,尋求社會公義。停止調查無非是放棄對銀行違規違法行為的追究,這難道是公正正義社會的應有之義嗎?

法官質疑其他事主也可能不想再受噩夢糾纏,當然是懷有高尚的、悲憫的人文情懷,但法官也應該關懷那些受騙而又被迫接受六至七成回購方案的苦主的噩夢糾纏。其實公認的法律之神是蒙上了雙眼,只從法律中尋找答案,而不是貢獻滔滔的憐憫淚水。以個人感情代替法律判斷,也不是司法的應有之義。

法官也質疑申請人是否足以代表其他事主,當然是合理的懷疑,但法官也沒有展開正式的聆訊,他又是如何推斷其他事主“噩夢糾纏”之說?沒有足夠充分的證據,司法程序是允許主觀臆測斷案嗎?

迷債的回購方案是由兩方面的內容組成,一是證監與金管局為監管一方,16家銀行為另一方的協議,協議的主要內容是16家銀行願意以六至七稱成本金回購迷債,監管方停止對16家銀行的迷債銷售調查;二是16家銀行向迷債持有者回購迷債的商業協議。如果司法覆核正如法官所言,最後由苦主方取勝,那麼法官的頒令也只能影響到證監與金管局的政治決策,而要取消銀行與迷債持有者的回購迷債協議,應須按協議雙方的自願行事,如苦主一方不願的話,我們認為也只能通過司法的程序。實在不明白法官“已取回六成或七成本金的事主可能因而被銀行要求退款”而使苦主“噩夢糾纏”之言,難道銀行會要脅或強搶?還是銀行要與二萬多苦主逐個進行司法訴訟?監管當局與銀行只要付出願意承擔過失的誠意,以新鴻基及凱基證券與證監的和解協議為藍本,重新提出公平的回購方案,那麼,二萬多苦主、政府、銀行本身、以至香港社會才不會再噩夢糾纏。

迷債回購方案的司法覆核在一波三折下還未開始就被腰斬,法官在拒絕批出司法覆核許可的判詞中大致重覆了他在聆訊上所表述的上述觀點,這只能讓人相信,法官在許可聆訊之前就已有定案, 並且充分表露在他的聆訊發言中。法官並且認為苦主如仍不滿可再向監管機構投訴,法官大人確真是上帝派來的天使,充滿了爛漫的天真,只聽監管當局一面的美言,但卻不花一點時間了解一下監管當局因忌諱本身的監管過失,而在一年多來的所謂調查是如何袒護銀行、塞責敷衍。

法律援助署不批准我們的援助申請,使我們無財力上訴,法官的判詞也沒有使我們相信判決是合理的,而我們只能深信,迷債回購方案的司法覆核被腰斬是香港近年來大資本大財閥獨大的政治體制的結果,中低下階層的反抗雖愈趨激烈,但大多敗下陣來。是忍氣吞聲,還是愈挫愈戰,這是普羅大眾正面臨的選擇,也是雷曼苦主面臨的選擇。

2010年6月10日 星期四

Goldman Sachs Hudson CDO Said to Be Target of Second SEC Probe , 高盛面臨美證監第二項調查

June 10 (Bloomberg) -- Goldman Sachs Group Inc.’s $2 billion Hudson Mezzanine collateralized debt obligation, sold in 2006, is the target of a probe by the Securities and Exchange Commission, according to a person with knowledge of the matter.

The inquiry into the CDO may not lead to any additional actions against the New York-based securities firm, said the person, who declined to be identified because the investigation isn’t public. Michael DuVally, a spokesman for Goldman Sachs, declined to comment, as did SEC spokesman John Nester. The Financial Times reported the probe yesterday.

The U.S. Senate’s Permanent Subcommittee on Investigations, led by Levin, released e-mails in April related to Goldman Sachs’s mortgage-linked deals, including the Hudson Mezzanine transaction. In one October 2006 e-mail, a Goldman Sachs employee describes how the Hudson deal might be viewed by investors as “junk.”

Hudson Mezzanine

The Hudson Mezzanine 2006-1 CDO contained credit default swaps that referenced $2 billion in subprime, BBB-rated residential mortgage-backed securities, according to the documents released by Levin’s committee. While Goldman Sachs selected the assets in the deal, the firm was also the only investor buying credit protection on the entire transaction , the documents show.

Goldman Sachs created and sold the Hudson CDO in late 2006, near the time documents released by Levin show senior executives wanted to reduce the firm’s exposure to subprime mortgages.

“The CDO imploded within two years. Your clients lost; Goldman profited,” Levin said in an April 27 hearing during which he questioned Goldman Sachs Chief Executive Officer Lloyd Blankfein about the Hudson deal and other CDOs. “To go out and sell these securities to people and then bet against those same securities, it seems to me, is a fundamental conflict of interest and is -- raises a real ethical issue.”

(From Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aSNYXMe69Kh8&pos=3)

信報 2010年6月11日: 高盛面臨美證監第二項調查

面臨多項調查的高盛據報正面對美國證監第二項調查,調查目標是該行二○○六年出售的二十億美元「赫德森夾層」債務抵押債券(Hudson Mezzanine CDO)。

涉「赫德森夾層」CDO

彭博社昨天引述知情人士報道,美國證券及交易委員會(SEC)進行相關調查工作後,未必會向高盛採取進一步行動。

《金融時報》引述知情人士報道,SEC最近數周正收集「赫德森夾層」CDO交易的資料。

報道引述內部文件指出,高盛出售這些金融產品之際,亦同時沽空「赫德森夾層」CDO,以保障這批CDO的全部價值。

法律專家預期,「赫德森夾層」CDO交易的調查將集中查明,高盛是否向投資者透露足夠的資料。高盛在推廣文件中表明,其利益與投資者利益相同,因為高盛購入這些CDO。

這項調查是SEC針對華爾街有關CDO活動的更廣泛調查的一部分。《華爾街日報》昨天報道,SEC同時調查摩根士丹利等主要大行的多宗按揭相關交易。

根據參議員萊文(Carl Levin)領導的參議院常設調查小組委員會的文件,高盛這批二○○六年一級「赫德森夾層」CDO包含一批信貸違約掉期(CDS),這些CDS涉及合共二十億美元的BBB級次按抵押證券。

SEC四月十六日提出起訴高盛在二○○七年出售名為Abacus的CDO時涉嫌欺詐後,高盛股價已下跌百分之二十六。

遭澳洲對沖基金索償

在該訴訟中,SEC表示,高盛及其一名職員沒有向投資者透露,對沖基金Paulson & Co.在設計該CDO及對賭那些CDO的角色。

另外,澳洲對沖基金Basis Capital周三入稟紐約曼哈頓聯邦法院,向高盛索償十億美元,指該公司購入高盛的次按證券後,被迫清盤。

Basis Capital的代表律師表示,高盛以明知錯誤的賣點推銷,強迫投資者把有毒證券的風險從賬目中撇除,是欺詐行為■

2010年6月2日 星期三

Moody's 'Gave Up Its Analytical Distinctiveness,' Ex-Employee Says

Moody's 'Gave Up Its Analytical Distinctiveness,' Ex-Employee Says

BUSINESSJUNE 2, 2010, 9:33 A.M. ET

By AARON LUCCHETTI

A former Moody's Corp. lawyer who worked in the ratings firm's structured-finance group for a decade planned to tell a congressional panel that the company "gave up its analytical distinctiveness," partly by intimidating analysts who were too tough or angered influential investment bankers .

In written testimony to the Financial Crisis Inquiry Commission, Mark Froeba accused Moody's managers of having "deliberately engineered a change to its culture intended to ensure that rating analysis never jeopardized market share and revenue."

Mr. Froeba is one of three former Moody's employees set to testify Wednesday at a hearing by the bipartisan commission into the credibility of credit ratings, the investment decisions based on those ratings and their role in the financial crisis.

The New York hearing also will include billionaire Warren Buffett, whose Berkshire Hathaway Inc. has long owned a stake in Moody's. Mr. Buffett, who provided no prepared testimony before the hearing, was subpoenaed by the Financial Crisis Inquiry Commission after declining an invitation to appear voluntarily.

The 10-member panel, led by former California Treasurer Phil Angelides, is required to submit a report on its findings by Dec. 15. Four previous hearings have zeroed in on investment banks, subprime mortgages and regulatory oversight of Wall Street, financial firms and government-sponsored entities such as Fannie Mae and Freddie Mac.

Wednesday's hearing is set to begin at 8:30 a.m. ET. Mr. Buffett is expected to testify at about 11:30 a.m. with Moody's Chief Executive Raymond McDaniel, who has led the ratings firm since 2005.

Mr. McDaniel, in his written testimony, told the panel how the firm has improved its internal procedures. He also emphasized the limitations of credit ratings, which focus on the risk of default on debt payments.

Still, the CEO is likely to face tough questions about why the Moody's Investors Service unit of Moody's and its two biggest rivals, the Standard & Poor's unit of McGraw-Hill Cos. and Fimalac SA's Fitch Ratings, gave Triple-A marks to thousands of mortgage-related securities that later plummeted in value and suffered sharp downgrades. The three companies generated combined revenues of $3.6 billion on bond ratings last year.


Last month, Moody's disclosed it had received notice from the Securities and Exchange Commission that the ratings firm may face an enforcement action for allegedly misleading regulators in a 2007 license application. Moody's has said it fixed issues related to the SEC's concerns and has described the problem as isolated.

In his written testimony, Mr. Froeba cited as an example of undue efforts by Moody's to preserve the firm's market share a rating of European collateralized debt obligations that was one or two notches higher than justified. Mr. Froeba is particularly critical of former Moody's President Brian Clarkson, who carried out orders from Mr. McDaniel and the company's board to make the firm more friendly and responsive to bond issuers, according to the written testimony.

Under Mr. Clarkson, analysts were forced to explain even tiny slips in market share on deals, the former Moody's lawyer told the Financial Crisis Inquiry Commission in his written testimony. Such pressure was a repudiation of the independence long cherished by the firm, Mr. Froeba wrote in his prepared remarks for the panel.

"I reject any suggestion … that Moody's sacrificed ratings quality in an effort to grow market share," Mr. Clarkson said in his prepared remarks submitted to the Financial Crisis Inquiry Commission. Mr. Clarkson left Moody's in 2008 and is set to make his first public comments about the financial crisis when he testifies Wednesday afternoon.

In his prepared remarks, Mr. Clarkson told the congressional panel that he was "disappointed" in the performance of Moody's ratings. But the firm's assumptions and methodologies "were overwhelmed by the magnitude and velocity of the unprecedented economic deterioration."

Mr. Clarkson said rating firms and investors need better disclosure from issuers about structured-finance bonds, suggesting that regulators look into stronger rules for mortgage brokers and underwriters.

Ratings firms face the likelihood of toughened oversight under financial-overhaul legislation being debated this month by a conference committee of the House and Senate. The proposals include measures to make rating firms more transparent and effective, while removing some of their market clout and stripping bankers of the ability to shop around for the firm that will give the highest rating.

At Wednesday's hearing, former Moody's rating executive Gary Witt is expected to describe how he removed a legal analyst from collateralized debt obligations, or CDOs, created byGoldman Sachs Group Inc. after the securities firm asked that the analyst "not be assigned to further Goldman Sachs CDOs for the next year," according to Mr. Witt's written testimony.

Mr. Witt told the panel that he worried Goldman would complain to his superiors if he failed to do what the firm wanted, potentially costing the analyst his job. After discussing the matter with the Moody's analyst, "we both agreed that the best course of action was to comply with Goldman's request," according to Mr. Witt's testimony.

—Erik Holm in New York contributed to this article.
Write to Aaron Lucchetti at aaron.lucchetti@wsj.com

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