Wikinvest Wire

There's nothing to see here, move along

Wednesday, September 24, 2008

This seems to be happening a lot lately and it can't be good for the word's collective financial psyche. Yesterday, customers lined up to withdrawal their savings (in a part of the world where people actually have savings) from the Bank of East Asia in Hong Kong.
IMAGEAs reported by the Telegraph, it was all due to unfounded rumors.

"The management of BEA hereby states in the strongest possible terms that such rumours have no basis in fact," BEA said in an e-mailed statement. "The bank's financial position is sound and stable."
The assurance did little to calm the bank's customers, however, who feared the bank might be another casualty of the global credit crunch and flocked to its 130 city branches to withdraw money.

"We're a little bit concerned," said Sonny Hsu, a Hong Kong-based analyst at Fitch Ratings, told Bloomberg. "We'll keep an eye on what's going on. If you just look at the numbers, I think the bank is financially still sound."
At this point, everyone is at least a little concerned.

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