UNCERTAINTY RULES IN Asia. "I have views but no confidence in their veracity," begins a banker in his Hong Kong office when asked for his take on how the next 12 months might play out in the region. The statement sums up the mood of the city’s investment banking community in early November 2008. The idea that Asia might be immune to the financial crisis is now no more than a memory: bankers at every rank in the industry are polishing their résumés and bracing themselves for a round of pre-bonus-time sackings. "Look at the prices of second-hand sports cars in Hong Kong," says another contact. "The fact they’re falling so fast tells you a lot about the mood of the financial services industry here."...
