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Genius Sachs Sells; TemaSICK FOOL Buys
- Thread starter Asterix
- Start date
Temasek bought 280 million shares in the world’s largest bank by market value at an average price of HK$5.50 a share, or a total of HK$1.54 billion ($198 million), according to a Hong Kong stock exchange statement yesterday. Goldman Sachs raised $1.1 billion by selling 1.58 billion shares in ICBC on the same day, according to a person familiar with the matter.
http://www.bloomberg.com/news/2013-...es-stake-in-icbc-as-goldman-ends-holding.html
Today, just ONE DAY after the purchase, price of ICBC closed on HK Exchange at HK$5.38 per share, a loss of US$4.32 million. Thank you bery much Ho Jinx. Once again, you have proved your excellence at buying high and selling low.
just as Temasek helped to prop up the share prices of those Jewish big banks during the 07-08 financial tsunami...........Temasek is simply buying what Goldman Sachs is telling them to buy...........
Lee Clan is controlled by Jews after all
Begs the question why the generous donations?
How much % the commission kickback?
If no buy no sell then how does the whore get kickbacks to add to her ill-gotten billions?
BTW the whore collects between $12m to $18m for her annual wage.
Temasek bought 280 million shares in the world’s largest bank by market value at an average price of HK$5.50 a share, or a total of HK$1.54 billion ($198 million), according to a Hong Kong stock exchange statement yesterday. Goldman Sachs raised $1.1 billion by selling 1.58 billion shares in ICBC on the same day, according to a person familiar with the matter.
http://www.bloomberg.com/news/2013-...es-stake-in-icbc-as-goldman-ends-holding.html
Today, just ONE DAY after the purchase, price of ICBC closed on HK Exchange at HK$5.38 per share, a loss of US$4.32 million. Thank you bery much Ho Jinx. Once again, you have proved your excellence at buying high and selling low.
Next time when Temesak buy the share, you can try shorting it.
The breast of times
By May Yip. The Straits Times Publication Date: 20-04-2006
Cleavages are bustin' out all over Singapore, it seems. Take the recent Miss Singapore Universe pageant. From tabloids to blogs, eye-catching bust-lines were what made headlines, with water-cooler talk revolving around the generous cup sizes of this year's winner.
Miss Singapore Universe
And on a daily basis, images of cleavages juggle - or should that be jiggle - for the attention of passers-by on billboard ads, covers of magazines and on the small screen.
Not that straight men with healthy libidos are complaining, but you would be excused for thinking that once-conservative Singapore is turning into one breast-obsessed nation.
"I thought this year's Miss Singapore Universe (Carol Cheong) won because of her boobs," says Joshua-Uriel Leong, a banker from BOC in his 30s who admits that he is a "boob man" and is drawn to a woman's breasts ahead of her other physical attributes.
And "Yes, yes, yes - size does matter", he adds.
According to Doy Teo, director of the Singapore operations of lingerie brand Triumph International, the number of women going up to a bigger C cup has surged from about 10 per cent a decade ago to 18 per cent.
The lingerie industry here is estimated to be worth S$100 million (US$62.58 million), says Teo. The brand now even carries a line of fuller-figure F-cup bras, and these whoppers have been enjoying brisk sales.
Another favourite among shoppers here is the push-up bra. Foong Yen, a spokesman for home-grown lingerie brand Ero, says 70 per cent of sales come from its Skin.Cool range of push-up bras.
As boob "authority" Jeffrey Chung notes: "The first things guys notice about girls are breasts. Instead of keeping them in, the media might as well capitalise on them."
He ought to know - he is the model agency owner who made headlines by marketing three D-cup models as the Singapore D-Cup Show Girls.
And the media has certainly wholeheartedly embraced this icon of femininity, from publications devoted to lad culture such as Maxim, featuring scantily clad women on and between its covers, to the popularity of models willing to display more decolletage.
There is also no shortage of cleavage on big and small screens too, such as Uma Thurman's bountiful bosom in The Producers or on the now-ended MTV reality series, Newlyweds, starring Jessica Simpson and her perfect double Ds.
This show of skin has even migrated from the reel world to reality, with a whole generation of young women flaunting their seemingly blossoming assets in tube tops and barely-there halters.
"Boobs are the reason men wake up in the morning and the source of comfort as they lie in bed with their ladies at night," says Joshua-Uriel Leong. "The ideal breast size should be big enough for you to notice, but not of the size that you end up talking to them instead."
By May Yip. The Straits Times Publication Date: 20-04-2006
Cleavages are bustin' out all over Singapore, it seems. Take the recent Miss Singapore Universe pageant. From tabloids to blogs, eye-catching bust-lines were what made headlines, with water-cooler talk revolving around the generous cup sizes of this year's winner.
Miss Singapore Universe
And on a daily basis, images of cleavages juggle - or should that be jiggle - for the attention of passers-by on billboard ads, covers of magazines and on the small screen.
Not that straight men with healthy libidos are complaining, but you would be excused for thinking that once-conservative Singapore is turning into one breast-obsessed nation.
"I thought this year's Miss Singapore Universe (Carol Cheong) won because of her boobs," says Joshua-Uriel Leong, a banker from BOC in his 30s who admits that he is a "boob man" and is drawn to a woman's breasts ahead of her other physical attributes.
And "Yes, yes, yes - size does matter", he adds.
According to Doy Teo, director of the Singapore operations of lingerie brand Triumph International, the number of women going up to a bigger C cup has surged from about 10 per cent a decade ago to 18 per cent.
The lingerie industry here is estimated to be worth S$100 million (US$62.58 million), says Teo. The brand now even carries a line of fuller-figure F-cup bras, and these whoppers have been enjoying brisk sales.
Another favourite among shoppers here is the push-up bra. Foong Yen, a spokesman for home-grown lingerie brand Ero, says 70 per cent of sales come from its Skin.Cool range of push-up bras.
As boob "authority" Jeffrey Chung notes: "The first things guys notice about girls are breasts. Instead of keeping them in, the media might as well capitalise on them."
He ought to know - he is the model agency owner who made headlines by marketing three D-cup models as the Singapore D-Cup Show Girls.
And the media has certainly wholeheartedly embraced this icon of femininity, from publications devoted to lad culture such as Maxim, featuring scantily clad women on and between its covers, to the popularity of models willing to display more decolletage.
There is also no shortage of cleavage on big and small screens too, such as Uma Thurman's bountiful bosom in The Producers or on the now-ended MTV reality series, Newlyweds, starring Jessica Simpson and her perfect double Ds.
This show of skin has even migrated from the reel world to reality, with a whole generation of young women flaunting their seemingly blossoming assets in tube tops and barely-there halters.
"Boobs are the reason men wake up in the morning and the source of comfort as they lie in bed with their ladies at night," says Joshua-Uriel Leong. "The ideal breast size should be big enough for you to notice, but not of the size that you end up talking to them instead."
Last edited:
Posted By Funguy
PRC Bank Exec
--------------------------------------------------------------------------
Happen to be at waterloo street doing some bank transaction yesterday lunch time, was told by the counter staff to wait for 15min to half an hour. Went out for a quick puff and saw this gal leaning on my car talking on her phone. The moment she lift up her head, I was WOW..... Not bad leh. She smile back and say sorrie, I told her to carry on leaning in a joking way. We chatted awhile and got to know that she just arrived 3 weeks ago working at the Bank which I just went. So I try to date her out for a drink and she say OK (My Lucky Day).
Pick her up after her work at 5.30pm and we went downtown for dinner. I was trying my best to test water (NO LUCK). We headed to Boat Quay for a drink after dinner and I told myself this time DIE DIE also must ask. All of a sudden, she burst into tear (ALCOHOL EFFECT), saying she misses her parent. I try to console her and told her not to think so much. Time passes and we are now more open up, I pop up the question to her:
Me: Why dun you try to earn more money while you are in SG?She: How to?
Me: Do part time lor.
She: What is part time?
Me: Must I go into detail, then you can understand.
(Slient for a while) and (Burst into laughter)
She: How much am I worth in your eye.
Me: Hard to say, depends on how good are you.
She: How much do you want to give me, if I say OK to you.
Me: 250 lor (Man Ego).
She: If I am good to you, you give me more is it?
Me: Let see how good are you.
Me: How???
She: Can try. Is it now?
Me: Now lor. If not when?
She: Where?
Me: I bring you there.
10.45pm we check into a hotel at chinatown and the rest is story.....
Name: Txxx Xxxx
Age: 25
Look: 8.5 (Young office exec syt look)
Stats: 34B / 24 / 34 (I think so)
BBBJ: Yes for me
FJ: 9 (good moaning)
Painting: Yes for me
CIM: No
AR: No
AJ: No
Attitude: Very anticipating
Damage: 250 / 1shot
Overall: Good
RTF: Yes for sure (Bonking a Pretty Bank Exec)
PRC Bank Exec
--------------------------------------------------------------------------
Happen to be at waterloo street doing some bank transaction yesterday lunch time, was told by the counter staff to wait for 15min to half an hour. Went out for a quick puff and saw this gal leaning on my car talking on her phone. The moment she lift up her head, I was WOW..... Not bad leh. She smile back and say sorrie, I told her to carry on leaning in a joking way. We chatted awhile and got to know that she just arrived 3 weeks ago working at the Bank which I just went. So I try to date her out for a drink and she say OK (My Lucky Day).
Pick her up after her work at 5.30pm and we went downtown for dinner. I was trying my best to test water (NO LUCK). We headed to Boat Quay for a drink after dinner and I told myself this time DIE DIE also must ask. All of a sudden, she burst into tear (ALCOHOL EFFECT), saying she misses her parent. I try to console her and told her not to think so much. Time passes and we are now more open up, I pop up the question to her:
Me: Why dun you try to earn more money while you are in SG?She: How to?
Me: Do part time lor.
She: What is part time?
Me: Must I go into detail, then you can understand.
(Slient for a while) and (Burst into laughter)
She: How much am I worth in your eye.
Me: Hard to say, depends on how good are you.
She: How much do you want to give me, if I say OK to you.
Me: 250 lor (Man Ego).
She: If I am good to you, you give me more is it?
Me: Let see how good are you.
Me: How???
She: Can try. Is it now?
Me: Now lor. If not when?
She: Where?
Me: I bring you there.
10.45pm we check into a hotel at chinatown and the rest is story.....
Name: Txxx Xxxx
Age: 25
Look: 8.5 (Young office exec syt look)
Stats: 34B / 24 / 34 (I think so)
BBBJ: Yes for me
FJ: 9 (good moaning)
Painting: Yes for me
CIM: No
AR: No
AJ: No
Attitude: Very anticipating
Damage: 250 / 1shot
Overall: Good
RTF: Yes for sure (Bonking a Pretty Bank Exec)
Last edited:
Fun Guy
Samster Join Date: Aug 2008
Location: Singapore Ltd.
Posts: 107
My Reputation:Points: 77 / Power: 1
Re: PRC Bank Exec
--------------------------------------------------------------------------
Hi to all Bros
Bro JJjumper
Bro, I have not mentioned which bank she work in and from what I know not all banks in Spore (Local and Foreign) required english speaking staff.Local bank do required english speaking staff but that does not mean all are able to. For example (Pantry lady, Cleaner and etc....)
Foreign bank do required english speaking staff at the frontline but how about those at the backend. Those junior staff or lower ranking at the backend may not need to.No offence to you bro....
Bro DL2UHI
Bro, what you have stated in your post is very true and well said. I can speak, sing and even scold in chinese or dialect but when I come to reading or writing, I am a total BLUR king.
Bro kefuso
Bro, I guess you may have misheard or there are some miscommunication between you and her.What she has told me is she is rushing some work at her colleague house and need to be handed over the next day. She say she is still very new working there and that why she need to go over to her colleague house to finish her work.
Bro there are many levels in the bank and she maybe a small little fly over there. She may not understand what you have know. There are many frontline staff at our local bank and when ask some question, they always tell us to wait and will ask their senior to talk to us.
I hope I am right bro. No offence to you............
Bro Cunnosieur
Bro, what you have posted up is a profile of a manager and a senior officer position. I have only stated that she work in the bank as a exec.
An exec. could mean = admin, clerk, trainee staff or some backend staff.
No offence to you bro........
http://www.sammyboyforum.com/welcome...k-exec-15.html
Last edited by cunnosieur; 07-11-2010 at 08:53 AM.
Samster Join Date: Aug 2008
Location: Singapore Ltd.
Posts: 107
My Reputation:Points: 77 / Power: 1
Re: PRC Bank Exec
--------------------------------------------------------------------------
Hi to all Bros
Bro JJjumper
Bro, I have not mentioned which bank she work in and from what I know not all banks in Spore (Local and Foreign) required english speaking staff.Local bank do required english speaking staff but that does not mean all are able to. For example (Pantry lady, Cleaner and etc....)
Foreign bank do required english speaking staff at the frontline but how about those at the backend. Those junior staff or lower ranking at the backend may not need to.No offence to you bro....
Bro DL2UHI
Bro, what you have stated in your post is very true and well said. I can speak, sing and even scold in chinese or dialect but when I come to reading or writing, I am a total BLUR king.
Bro kefuso
Bro, I guess you may have misheard or there are some miscommunication between you and her.What she has told me is she is rushing some work at her colleague house and need to be handed over the next day. She say she is still very new working there and that why she need to go over to her colleague house to finish her work.
Bro there are many levels in the bank and she maybe a small little fly over there. She may not understand what you have know. There are many frontline staff at our local bank and when ask some question, they always tell us to wait and will ask their senior to talk to us.
I hope I am right bro. No offence to you............
Bro Cunnosieur
Bro, what you have posted up is a profile of a manager and a senior officer position. I have only stated that she work in the bank as a exec.
An exec. could mean = admin, clerk, trainee staff or some backend staff.
No offence to you bro........
http://www.sammyboyforum.com/welcome...k-exec-15.html
Last edited by cunnosieur; 07-11-2010 at 08:53 AM.
Wang Xuebing, former president of the Bank of China and China Construction Bank, has been expelled from the Communist Party of China (CPC) on charges of taking bribes, leading a decadent life and breaking financial rules.
Mr Wang was formerly head of the Bank of China and China Construction Bank, two of the country’s big four state-owned banks. When he was expelled from the Communist party in November last year, the official Chinese media said he had received bribes worth Rmb2.28m (US$341,000) and numerous improper gifts, including 17 "luxury watches." He was also accused of leading a "decadent life", including sleeping with prostitutes in Hong Kong and in three mainland cities.He is one of three high-ranked Chinese financiers with experience and clout in global markets who have been removed from their positions for corruption in recent years.
The charges were made by the Central Commission for Discipline Inspection (CCDI) of the CPC, which held its Eighth Plenary Session in Beijing from Nov. 4 to 5.
Wang was an alternate member of the 15th Central Committee of the CPC. According to a communique adopted by the just-concluded Seventh Plenary Session of the 15th CPC Central Committee, Wang Xuebing was expelled from the Communist Party.
CCDI said in a report submitted to the Seventh Plenary Session that Wang had embezzled and taken bribes and expensive gifts to the tune of millions of yuan, that he had led a decadent life, and that he broke financial rules with severe consequences when he was general manager of the New York branch of the Bank of China and president of the Bank of China.
Wang's case has been turned over to China's judicial departments for investigation and prosecution.
http://english.peopledaily.com.cn/20...6_106322.shtml
Mr Wang was formerly head of the Bank of China and China Construction Bank, two of the country’s big four state-owned banks. When he was expelled from the Communist party in November last year, the official Chinese media said he had received bribes worth Rmb2.28m (US$341,000) and numerous improper gifts, including 17 "luxury watches." He was also accused of leading a "decadent life", including sleeping with prostitutes in Hong Kong and in three mainland cities.He is one of three high-ranked Chinese financiers with experience and clout in global markets who have been removed from their positions for corruption in recent years.
The charges were made by the Central Commission for Discipline Inspection (CCDI) of the CPC, which held its Eighth Plenary Session in Beijing from Nov. 4 to 5.
Wang was an alternate member of the 15th Central Committee of the CPC. According to a communique adopted by the just-concluded Seventh Plenary Session of the 15th CPC Central Committee, Wang Xuebing was expelled from the Communist Party.
CCDI said in a report submitted to the Seventh Plenary Session that Wang had embezzled and taken bribes and expensive gifts to the tune of millions of yuan, that he had led a decadent life, and that he broke financial rules with severe consequences when he was general manager of the New York branch of the Bank of China and president of the Bank of China.
Wang's case has been turned over to China's judicial departments for investigation and prosecution.
http://english.peopledaily.com.cn/20...6_106322.shtml
The former head of the Bank of China in Hong Kong has been accused of spending almost £300,000 on plastic surgery for his mistress, in the latest of a series of sex scandals exposed in the state-run media.
Liu Jinbao is said to have confessed that he wanted to make his mistress look more like his high-school sweetheart, from whose rejection he never recovered.
The leaking of court records relating to his conviction for corruption comes as a string of senior figures from the Communist Party and big business fall victim to a nationwide purge, centred on Shanghai.
The charges have mainly been embezzlement, illegal loans and cronyism, but newspapers and websites are running ever wilder stories of officials' love lives.
The purge began with the vice-mayor of Beijing, who was exposed for corruption involving Olympic Games-related developments but was also found to be keeping concubines in a luxury villa.
Liu, 54, the latest figure to be "outed", used to be known for having become head of the Bank of China in Shanghai at the relatively young age of 40. He was then promoted to chief executive of the bank's subsidiary in Hong Kong, and finally made deputy chairman of the parent company in Beijing, before being implicated in a real estate scandal in Shanghai.
His trial last year, where he received a suspended death sentence, was not held in public, but a specialist legal paper claims to have been leaked court documents.
Liu's main offences were the near-£2 million he got in bribes, and the millions in illegal loans he approved to businessmen in return.
But the details of his relationship with a propaganda officer in the Shanghai branch portrayed a banking "big fish" who never outgrew a schoolboy crush on a girl called "Chen Chen" who ripped up his first love letter.
When he introduced his "secretary" to old school friends over dinner, they immediately noticed a similarity to Chen Chen, he allegedly confessed.To make her perfect, he sent her to cosmetic surgery clinics in Hong Kong, Singapore, South Korea and Britain, armed with a photograph of Chen Chen.
Source: The Daily Telegraph, 21 November 2006.
Liu Jinbao is said to have confessed that he wanted to make his mistress look more like his high-school sweetheart, from whose rejection he never recovered.
The leaking of court records relating to his conviction for corruption comes as a string of senior figures from the Communist Party and big business fall victim to a nationwide purge, centred on Shanghai.
The charges have mainly been embezzlement, illegal loans and cronyism, but newspapers and websites are running ever wilder stories of officials' love lives.
The purge began with the vice-mayor of Beijing, who was exposed for corruption involving Olympic Games-related developments but was also found to be keeping concubines in a luxury villa.
Liu, 54, the latest figure to be "outed", used to be known for having become head of the Bank of China in Shanghai at the relatively young age of 40. He was then promoted to chief executive of the bank's subsidiary in Hong Kong, and finally made deputy chairman of the parent company in Beijing, before being implicated in a real estate scandal in Shanghai.
His trial last year, where he received a suspended death sentence, was not held in public, but a specialist legal paper claims to have been leaked court documents.
Liu's main offences were the near-£2 million he got in bribes, and the millions in illegal loans he approved to businessmen in return.
But the details of his relationship with a propaganda officer in the Shanghai branch portrayed a banking "big fish" who never outgrew a schoolboy crush on a girl called "Chen Chen" who ripped up his first love letter.
When he introduced his "secretary" to old school friends over dinner, they immediately noticed a similarity to Chen Chen, he allegedly confessed.To make her perfect, he sent her to cosmetic surgery clinics in Hong Kong, Singapore, South Korea and Britain, armed with a photograph of Chen Chen.
Source: The Daily Telegraph, 21 November 2006.
Update:
As of now, the price of ICBC shares on the HK Exchange is HKD 4.58, after taking into account a dividend of RMB 23.9 fen (HKD 30.35 cents), TemaSICK's shares are now worth HKD 4.88. Down from the acquisition cost of HKD 5.50 per share, an unrealised loss of 11.3% or USD 22.3 million based on acquisition cost of USD 198 million. All of this in less than one month, another excellent example of good timing!
As of now, the price of ICBC shares on the HK Exchange is HKD 4.58, after taking into account a dividend of RMB 23.9 fen (HKD 30.35 cents), TemaSICK's shares are now worth HKD 4.88. Down from the acquisition cost of HKD 5.50 per share, an unrealised loss of 11.3% or USD 22.3 million based on acquisition cost of USD 198 million. All of this in less than one month, another excellent example of good timing!
yeah she did and after that they changed name liao....its now called "Farkit".....antimidas style ala Temasick
heeheeheehee
CPF name is changed to Fuckit..oh my gourd!... ha ha ha ha
No fools where got genius? No grass who will appreciate flowers?
Temasek bought 280 million shares in the world’s largest bank by market value at an average price of HK$5.50 a share, or a total of HK$1.54 billion ($198 million), according to a Hong Kong stock exchange statement yesterday. Goldman Sachs raised $1.1 billion by selling 1.58 billion shares in ICBC on the same day, according to a person familiar with the matter.
http://www.bloomberg.com/news/2013-...es-stake-in-icbc-as-goldman-ends-holding.html
Today, just ONE DAY after the purchase, price of ICBC closed on HK Exchange at HK$5.38 per share, a loss of US$4.32 million. Thank you bery much Ho Jinx. Once again, you have proved your excellence at buying high and selling low.
Who fuck who?
More likely Ho Jinx put on a dildo and screw Ah Loong in his pink panties until he moan and scream
No Lah..At least Horseface Sun, Kan-eh-Loh, but Whore Jinx how to Kan???
You think Ah Loonie kan whore jinx?
Or Whore Jinz kan Ah Loonie with a battery operated dildo?
Update:
As of now, the price of ICBC shares on the HK Exchange is HKD 4.58, after taking into account a dividend of RMB 23.9 fen (HKD 30.35 cents), TemaSICK's shares are now worth HKD 4.88. Down from the acquisition cost of HKD 5.50 per share, an unrealised loss of 11.3% or USD 22.3 million based on acquisition cost of USD 198 million. All of this in less than one month, another excellent example of good timing!
Long-term investment as they say...
Let track the stock for next 50 years, see how much the value will be.
Oh! Do not forget to compound the yearly interest and the inflation rate as well to the value.
Count lucky if that stock is still active... After few years.
Below article is from Bloomberg News. TemaSICK has decided to use YOUR money to buy shares in ICBC, a bank that even the Chinese citizens regard as incompetent. ICBC = ai cun bu cun = 爱存不存! Who owns TemaSICK in the first place and where is the accountability? One self-serving "sovereign fund" of a peesai island investing in another self-serving Communist Party owned bank of a continent sized country - if you look at it this way, then there's nothing to be surprised about. Birds of the same feather flock together?
On Sunday morning, while China was taking a weekend breather from the financial fireworks caused by the government’s weeklong self-inflicted cash and credit crunch, customers of the Industrial and Commercial Bank of China, the world’s largest bank, woke to an unpleasant surprise: Their deposits were not available for withdrawal by ATM or teller (online or in-person).
The social-media reaction was swift, filled with exclamation points and lacking in confidence for ICBC, or the Chinese banking system as a whole. “I was just at ICBC to make a withdrawal and was told the system was undergoing an upgrade and withdrawals are temporarily unavailable,” tweeted a user in Shenyang on Sina Weibo, China’s leading social-media platform. “I called the service hot line, finally someone answered and said they don’t know the answer!!!!!!! ICBC: When can we withdraw money? Who can give a clear answer??????????????”
Sunday’s outage appears to have started at about 10:30 a.m., and by 11 a.m. there were photos on Sina Weibo of stymied bank customers left mulling in shut-down bank lobbies. “ICBC is closed, the ATM isn’t working,” tweeted a Sina Weibo user in Xi’an in the midst of the outage. “ICBC says there’s a system problem, and my father says the financial crisis has arrived.”
Panicked tweets would have been understandable even without the cash crunch. The Chinese have the world’s highest personal savings rate, and for lack of better investment options, much of those savings flow into state-owned bank accounts and investment products.
But the week had also been filled with news that China’s banks were scrambling to borrow from one another because the central bank was no longer willing to issue easy credit. Days earlier “Shibor” -- the English acronym for the Shanghai Interbank Offer Rate, the interest rate charged by banks in loans to each other -- trended on Sina Weibo’s (normally celebrity-news laden) hot topic list, its surge in popularity running parallel with the government’s roll-up of credit to the banks. By lunchtime Sunday, ICBC was in the top 10 on the trending topic list and remained in the top 20 until midday Monday.
The general chain of thought that emerged online seemed logical: If the central bank wouldn’t lend money to the banks, and the banks lacked money to lend to one another, then perhaps there wasn’t any money around that the banks could give to those trying to withdraw funds.
The explanation that ICBC’s customer-service agents gave was the same one the bank tweeted to its Sina Weibo account and later gave the news media: The outage had been caused by a computer upgrade issue, not a cash shortage. The answer is credible insofar as there’s no evidence to the contrary.
Still, on China’s microblogs and in Communist Party-owned media, there were notes of skepticism. These grew more intense Monday, when news broke that the state-owned Bank of China, China’s third-largest bank, suffered an outage that prevented some money transfers. The 21st Century Business Herald newspaper ran an article speculating on connections between the ICBC and Bank of China outages. More than a few microbloggers panicked. Huang Sheng, a professional investor and author with more than 700,000 followers on Sina Weibo, stepped into microblogged conspiracy-mongering: “This is absolutely not caused by system upgrades, because these large banks wouldn’t be updating their systems at the same time.”
One of the most striking characteristics of the Chinese response to the ICBC outage (the Bank of China outage received far less attention) is the sense that even if the bank is solvent, it must be either incompetent or hiding something. Hua Chige, writing for the Beijing Times, didn’t question the ICBC’s soundness but still didn’t look at its management favorably: “There’s a company that can’t provide service to customers because of system problems. That’s normal and doesn’t matter. But what if that company is a Fortune 500 company? That’s not normal.” Hua may overestimate the value and credibility of Fortune 500 companies, but his contempt for the bank’s competence is very much of the Chinese mainstream.
Indeed, among the most popular online memes to emerge from the credit crunch is a group of disparaging Chinese phrases attached to the English-language acronyms for China’s biggest state-owned banks. Although they’d circulated before the current crunch, recent events have given them a level of popularity they hadn’t previously enjoyed. For example, ICBC has earned the Chinese phrase “ai cun bu cun,” which translates, roughly, as the indifferent “It’s up to you whether or not to deposit money,” and Bank of China earns the concise “bu cun,” which translates into “Don’t deposit money.” There are others, some of which are obscene, and none of which is likely to be embraced by a bank marketing department.
The lack of credibility that China’s state-owned banks have with the Chinese public has everything to do with their interconnectedness with the Communist Party and what is often perceived to be their self-serving agenda and self-acknowledged corruption. That’s a point that was made, in a brief Monday dialogue on Sina Weibo, started by Wang Mudi, a well-known financial news talking head and producer. “The banks made so much money and yet they have a ‘cash shortage,’” he tweeted. “What’s the most likely reason?”
Kuo Cheng, a popular writer, blogger and microblogger (with 1.2 million followers), offered five possible locations for the missing money: “A. Under a corrupt officials’ bed. B. In a mistress’ wallet. C. In a foreign bank account. D. In a bottle of wine in the middle of a state-owned company’s table. E. In the pockets of the working people.”
It’s a potent verdict that should remind China’s banking regulators that their biggest problem isn’t bringing law and order to the financial industry, but rather who owns that industry in the first place.
(Adam Minter, the Shanghai correspondent for the World View blog, is writing “Junkyard Planet,” a book on the global recycling industry. The opinions expressed are his own.)
http://www.bloomberg.com/news/2013-06-25/why-did-chinese-atms-stop-working-.html
On Sunday morning, while China was taking a weekend breather from the financial fireworks caused by the government’s weeklong self-inflicted cash and credit crunch, customers of the Industrial and Commercial Bank of China, the world’s largest bank, woke to an unpleasant surprise: Their deposits were not available for withdrawal by ATM or teller (online or in-person).
The social-media reaction was swift, filled with exclamation points and lacking in confidence for ICBC, or the Chinese banking system as a whole. “I was just at ICBC to make a withdrawal and was told the system was undergoing an upgrade and withdrawals are temporarily unavailable,” tweeted a user in Shenyang on Sina Weibo, China’s leading social-media platform. “I called the service hot line, finally someone answered and said they don’t know the answer!!!!!!! ICBC: When can we withdraw money? Who can give a clear answer??????????????”
Sunday’s outage appears to have started at about 10:30 a.m., and by 11 a.m. there were photos on Sina Weibo of stymied bank customers left mulling in shut-down bank lobbies. “ICBC is closed, the ATM isn’t working,” tweeted a Sina Weibo user in Xi’an in the midst of the outage. “ICBC says there’s a system problem, and my father says the financial crisis has arrived.”
Panicked tweets would have been understandable even without the cash crunch. The Chinese have the world’s highest personal savings rate, and for lack of better investment options, much of those savings flow into state-owned bank accounts and investment products.
But the week had also been filled with news that China’s banks were scrambling to borrow from one another because the central bank was no longer willing to issue easy credit. Days earlier “Shibor” -- the English acronym for the Shanghai Interbank Offer Rate, the interest rate charged by banks in loans to each other -- trended on Sina Weibo’s (normally celebrity-news laden) hot topic list, its surge in popularity running parallel with the government’s roll-up of credit to the banks. By lunchtime Sunday, ICBC was in the top 10 on the trending topic list and remained in the top 20 until midday Monday.
The general chain of thought that emerged online seemed logical: If the central bank wouldn’t lend money to the banks, and the banks lacked money to lend to one another, then perhaps there wasn’t any money around that the banks could give to those trying to withdraw funds.
The explanation that ICBC’s customer-service agents gave was the same one the bank tweeted to its Sina Weibo account and later gave the news media: The outage had been caused by a computer upgrade issue, not a cash shortage. The answer is credible insofar as there’s no evidence to the contrary.
Still, on China’s microblogs and in Communist Party-owned media, there were notes of skepticism. These grew more intense Monday, when news broke that the state-owned Bank of China, China’s third-largest bank, suffered an outage that prevented some money transfers. The 21st Century Business Herald newspaper ran an article speculating on connections between the ICBC and Bank of China outages. More than a few microbloggers panicked. Huang Sheng, a professional investor and author with more than 700,000 followers on Sina Weibo, stepped into microblogged conspiracy-mongering: “This is absolutely not caused by system upgrades, because these large banks wouldn’t be updating their systems at the same time.”
One of the most striking characteristics of the Chinese response to the ICBC outage (the Bank of China outage received far less attention) is the sense that even if the bank is solvent, it must be either incompetent or hiding something. Hua Chige, writing for the Beijing Times, didn’t question the ICBC’s soundness but still didn’t look at its management favorably: “There’s a company that can’t provide service to customers because of system problems. That’s normal and doesn’t matter. But what if that company is a Fortune 500 company? That’s not normal.” Hua may overestimate the value and credibility of Fortune 500 companies, but his contempt for the bank’s competence is very much of the Chinese mainstream.
Indeed, among the most popular online memes to emerge from the credit crunch is a group of disparaging Chinese phrases attached to the English-language acronyms for China’s biggest state-owned banks. Although they’d circulated before the current crunch, recent events have given them a level of popularity they hadn’t previously enjoyed. For example, ICBC has earned the Chinese phrase “ai cun bu cun,” which translates, roughly, as the indifferent “It’s up to you whether or not to deposit money,” and Bank of China earns the concise “bu cun,” which translates into “Don’t deposit money.” There are others, some of which are obscene, and none of which is likely to be embraced by a bank marketing department.
The lack of credibility that China’s state-owned banks have with the Chinese public has everything to do with their interconnectedness with the Communist Party and what is often perceived to be their self-serving agenda and self-acknowledged corruption. That’s a point that was made, in a brief Monday dialogue on Sina Weibo, started by Wang Mudi, a well-known financial news talking head and producer. “The banks made so much money and yet they have a ‘cash shortage,’” he tweeted. “What’s the most likely reason?”
Kuo Cheng, a popular writer, blogger and microblogger (with 1.2 million followers), offered five possible locations for the missing money: “A. Under a corrupt officials’ bed. B. In a mistress’ wallet. C. In a foreign bank account. D. In a bottle of wine in the middle of a state-owned company’s table. E. In the pockets of the working people.”
It’s a potent verdict that should remind China’s banking regulators that their biggest problem isn’t bringing law and order to the financial industry, but rather who owns that industry in the first place.
(Adam Minter, the Shanghai correspondent for the World View blog, is writing “Junkyard Planet,” a book on the global recycling industry. The opinions expressed are his own.)
http://www.bloomberg.com/news/2013-06-25/why-did-chinese-atms-stop-working-.html
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soon, ICBC will issue rights and too-much-sex wl hv to cough out money again
what u reckon???
FUCK PAP, FUCK PAP, FUCK PAP.........
MAY PAPEES, CRONIES N FAMILIES BURN ETERNALLY IN HELLS.........
MAJULLAH SINGAPURA.........
GOD BLESS SINGAPORE..............
REMEMBER to
VOTE papees OUT
do yrself, yr forefathers and yr generations to come, a favor, a service and a long-awaited justice
what u reckon???
FUCK PAP, FUCK PAP, FUCK PAP.........
MAY PAPEES, CRONIES N FAMILIES BURN ETERNALLY IN HELLS.........
MAJULLAH SINGAPURA.........
GOD BLESS SINGAPORE..............
REMEMBER to
VOTE papees OUT
do yrself, yr forefathers and yr generations to come, a favor, a service and a long-awaited justice
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