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)
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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 banks 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
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