Protect to survive

Martin Wheatley

The collapse of Lehman Brothers in September 2008 caused losses for investors across the globe, but few expressed their anger as overtly as those in Hong Kong. For months, hundreds of disgruntled retail investors took to the streets to protest at losses racked up on Lehman minibonds – essentially, first-to-default credit default swap baskets issued in note form by the failed broker-dealer. The protests continue even now, despite the fact an agreement has been reached between regulators