Others   

Bad financial management always result like this.

Hidden losses by bank traders.  This is something not very common although it has before at Barings, then a Dutch bank and then and then and then and then and then and then and then.

Why does it happen? Of speculative actions. All these show the lackof foresight of fiancial governance.  Whose faults not to see the proper conducts of financials.  Look at the stock markets of self professed superlative well managed countries.  They are failing to protect the hurricanes that they can predict and waited for its arrivals shocked into inaction.

Becareful Singaporeans, don't do the wrong things.  Do something sane and not kill the market

leechongpeng      ( Date: 26-Sep-2008 12:29) Posted: HONG KONG, Sept 18 (Reuters) - Bank of East Asia (0023.HK: Quote, Profile, Research, Stock Buzz) discovered one of its traders buried losses from unauthorised equity derivatives trades and on Thursday slashed its reported 2008 interim earnings by almost 12 percent, the bank said. The bank said it discovered a trading loss of HK$93 million ($11.9 million) and was restating its first-half after-tax profit lower by HK$109 million -- about 11.7 percent of the HK$930 million profit it reported in August. Shares in Bank of East Asia fell 6.6 percent to HK$27.55 before trading was suspended on Thursday, as global financial turmoil triggered a heavy sell-off in banks listed in Hong Kong.