Article in bloomberg on Korean companies blowing up because of toxic “hedging” products. Here is the line that caught my eye:
“Most Korean lenders bought the products from overseas banks then resold them to local companies, leaving them liable for their clients' losses in case of bankruptcy, says Hanwha's Mo. Banks haven't disclosed the identities of counterparties.”
Which Wall Street bank did these trades? I wonder… Koreans will likely think they were played for fools or worse.
Bloomberg article link:
http://www.bloomberg.com/apps/news?pid=20601109&sid=aGUX1AEq1RUU&refer=home
Andrew Barber
Director
“Most Korean lenders bought the products from overseas banks then resold them to local companies, leaving them liable for their clients' losses in case of bankruptcy, says Hanwha's Mo. Banks haven't disclosed the identities of counterparties.”
Which Wall Street bank did these trades? I wonder… Koreans will likely think they were played for fools or worse.
Bloomberg article link:
http://www.bloomberg.com/apps/news?pid=20601109&sid=aGUX1AEq1RUU&refer=home
Andrew Barber
Director
