Bank of Taiwan, Taipei Fubon & Lehman Brothers.
This alleged Chapter 11 filing by the recently collapsed Lehman Brothers, seems to suggest that Bank of Taiwan and Taipei Fubon might possibly be on the hook for $35 million US as creditors.
Lehman Brothers seems to have collapsed as a result of its exposure to the mortgage backed securities market (which has ‘imploded’ over the last 12-18 months).
$35 million is not much compared to some of the Japanese and US banks, of course, who are potentially out of pocket by billions of dollars in bank loans and bonds! Ouch!
In other news, Taipei county house prices are down 15%; some Taiwanese commentators already expect another 20-30% to come off the price. Michael Turton has some amazing coverage of the economy currently.
Posted: September 16th, 2008 under Finance & Economics, Taiwan.
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