Depositors at the Bank of East Asia lined up for hours to withdraw their money. I wouldn’t characterize it as a ‘run’ but it is pretty darn close.
S&P and Moody’s both lowered their credit rating for Bank of East Asia from ’stable’ to ‘negative’ when it restated its earnings for the first half of this year.
The root of the problem was big paper losses on the bank’s derivative holdings.
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