Editor;
Re: Wondering how to deal with Thai banks (PM Mailbag Friday, 29 May 2015) – Of late two commenters have criticised the Thai banking system. Seems they have forgotten the names: Fannie Mae, Freddie Mac & Merrill Lynch. These financial institutions led the world into recession in 2008. Merrill Lynch had been around since 1904 and was a part of the bank of America but operated independently. In 2009 it was taken under the wing of the parent company and has survived.
There are dozens of financial institutions in America with capital less than 5 billion $’s. I suggest they may be dicier than any Thai Bank.
Given the option of investing with City Bank or HKBC I would choose the latter.
With the over supply of condos here it wouldn’t surprise me if Fanny or Freddy turned up here. Than again the ex realtors from Majorca have got that covered.
Being fair to the Brits, the Bank of Scotland went belly up also.
Liam Murphy
