Published on 28th November 2016 by

Why Peregrine Bank Went Bust (1998): This is the story of greed, over-trading and high borrowing which led to the collapse of Hong Kong’’s Peregrine bank.

For similar stories, see:
The Simmering Frustration of Hong Kong’s Youth (2010)

The Horrible Plight of Hong Kong’s Poor (1995)

Squalid Living Conditions of Hong Kong’s Poor Population (2010)

Subscribe to journeyman for daily uploads:
http://www.youtube.com/journeymanpictures
For downloads and more information visit:
https://www.journeyman.tv/film/409/why-peregrine-bank-went-bust

Like us on Facebook:
https://www.facebook.com/journeymanpictures
Follow us on Twitter:

Follow us on Instagram:
https://instagram.com/journeymanpictures

At the height of its trading frenzy, Hong Kong’s Peregrine bank was lending billions of dollars to 16 countries in bonds, electrical goods, luxury cars, equities and more. …But when it lent a staggering quarter of a billion dollars – a quarter of the bank’s own worth – to Indonesian taxi firm Steadysafe, it had bitten off more than it could chew. When the Indonesian rupiah devalued, Steadysafe couldn’’t repay a cent, and Peregrine went bust. There are plenty of worried faces as the liquidators move in. Investors in another financial disaster, CA Pacific, take to the streets to demand their shares back. They blame the government for the lack of regulation of investment banks. Others offer prayers for protection against economic downfall, or even have their fortune read. Suharto promises an end to cronyism, whilst his daughter picked up a cool $140 million from the loan to Peregrine. Plus ça change…. It seems that over-trading is endemic in the overheated Asian economy.

ABC Australia – Ref. 409

Journeyman Pictures is your independent source for the world’s most powerful films, exploring the burning issues of today. We represent stories from the world’s top producers, with brand new content coming in all the time. On our channel you’ll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.

Tag

Add your comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.