Mon, Oct 13, 2008 - Page 11 News List

FEATURE: How the little people got traded into oblivion in HK

AFP , HONG KONG

Like Tam, many of those who gathered were retirees who invested their life savings in financial products linked to Lehmans and other institutions.

They, too, said that they felt “cheated” and “betrayed” that the banks did not fully inform them of the risks when they were offered the products.

A spokeswoman for Dah Sing refused comment on Tam’s case.

But asked why they continued to sell Lehman products despite knowing the bank was close to collapse, she said: “The rating of Lehman Brothers was still high at that time. … Its collapse happened so suddenly that it was unexpected for all of us.”

For weeks, the investors have staged protests outside the banks and clashed with police while demanding a full refund of their original investments.

Hong Kong’s de facto central bank said it is investigating the banks that sold the products, while politicians have threatened class action suits.

Sitting under the trees to recover after an hour of shouting slogans and waving placards in a recent protest outside the city’s legislature, Tam said: “I will keep protesting until they give me back my money. What else can I do?”

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