When it comes to offering a façade of respectability by charging a high price for doing nothing, western investment banks and so-called professional advisers have few peers. With regulators themselves blinded by the big-name dazzle – and perhaps hoping for some future mega salary with one of them – ordinary investors who are supposed to be protected by regulators and professional advisers take the hit from frauds. The frauds are possible simply because the so-called professionals pass the buck of carrying out due diligence. Yet the likes of S&P, Moody's, UBS, Standard Chartered and auditors KPMG hide behind the small print in unreadable prospectuses.
The Ease of Sleaze in Hong Kong
The Ease of Sleaze in Hong Kong
The Ease of Sleaze in Hong Kong
When it comes to offering a façade of respectability by charging a high price for doing nothing, western investment banks and so-called professional advisers have few peers. With regulators themselves blinded by the big-name dazzle – and perhaps hoping for some future mega salary with one of them – ordinary investors who are supposed to be protected by regulators and professional advisers take the hit from frauds. The frauds are possible simply because the so-called professionals pass the buck of carrying out due diligence. Yet the likes of S&P, Moody's, UBS, Standard Chartered and auditors KPMG hide behind the small print in unreadable prospectuses.
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