Identifier
Created
Classification
Origin
08HONGKONG1746
2008-09-19 10:33:00
CONFIDENTIAL
Consulate Hong Kong
Cable title:
HKMA CHIEF JOSEPH YAM ON USG MARKET INTERVENTION
how-toVZCZCXRO6672 OO RUEHCN RUEHGH RUEHVC DE RUEHHK #1746 2631033 ZNY CCCCC ZZH O 191033Z SEP 08 FM AMCONSUL HONG KONG TO RUEHC/SECSTATE WASHDC IMMEDIATE 5832 INFO RUEHOO/CHINA POSTS COLLECTIVE RUEATRS/DEPT OF TREASURY WASHDC
C O N F I D E N T I A L HONG KONG 001746
SIPDIS
STATE FOR EAP/CM AND EEB/OMA, TREASURY FOR OASIA
E.O. 12958: DECL: 09/19/2018
TAGS: ECON EFIN EINV HK CH
SUBJECT: HKMA CHIEF JOSEPH YAM ON USG MARKET INTERVENTION
Classified By: DPO Christopher Marut for reasons 1.4 (b) and (d).
(C) Hong Kong Monetary Authority Chief Executive Joseph Yam
visited the Consulate General on September 19 to provide
biometrics and obtain a visa. He told Econoff in passing
that he was encouraged to see Secretary Paulson discussing
the financial crisis with U.S. legislative leaders. He said,
"It's always a difficult decision for the government to
intervene into free markets. It wasn't easy for me back in
1998 when we were forced to use government money to support
the markets here. We had a contingency plan back then, in
case the markets wouldn't stabilize. I wonder if Hank has a
contingency plan too. In any case, Wall Street's structure
and business model will probably change a lot, as all this
plays out."
DONOVAN
SIPDIS
STATE FOR EAP/CM AND EEB/OMA, TREASURY FOR OASIA
E.O. 12958: DECL: 09/19/2018
TAGS: ECON EFIN EINV HK CH
SUBJECT: HKMA CHIEF JOSEPH YAM ON USG MARKET INTERVENTION
Classified By: DPO Christopher Marut for reasons 1.4 (b) and (d).
(C) Hong Kong Monetary Authority Chief Executive Joseph Yam
visited the Consulate General on September 19 to provide
biometrics and obtain a visa. He told Econoff in passing
that he was encouraged to see Secretary Paulson discussing
the financial crisis with U.S. legislative leaders. He said,
"It's always a difficult decision for the government to
intervene into free markets. It wasn't easy for me back in
1998 when we were forced to use government money to support
the markets here. We had a contingency plan back then, in
case the markets wouldn't stabilize. I wonder if Hank has a
contingency plan too. In any case, Wall Street's structure
and business model will probably change a lot, as all this
plays out."
DONOVAN