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20 - ORGANIZATIONS/PRIVATE/Hong Kong Chinese Bank.md
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@ -38,7 +38,7 @@ The Hong Kong Chinese Bank was a bank in [[Hong Kong]] in which the family of [[
### The Worthen Exchange
The Stephens and Riady families had formed [[Stephens Finance Ltd.]] in Hong Kong in 1978 and both bought into Worthen in 1983. [[James Riady]] and [[John Huang]] stayed in Little Rock until about 1987, when, according to the House Government Reform and Oversight Committee, "the Riadys sold their shares of Worthen Bank and focused their attention on a bank they previously had purchased in San Francisco." The committee explained the exchange in a footnote sourced to the depositions of [[Vernon Weaver|Arthur Vernon Weaver]] and [[C. Joseph Giroir]]: "The Riadys were bought out of Worthen by the Stephens family after the bank experienced a major defalcation by Bevil Bressler in 1986. After the defalcation, regulators investigated the quality of Worthen's assets and determined there were problems. Allegations were made against Worthen's loan practices and asset quality. Eventually, the Riadys traded their interest in the Worthen Bank for the Stephens' interest in the Hong Kong Chinese Bank, and also traded their interests in other joint ventures." The failed securities dealer was [[Bevill, Bresler and Schulman]].[^1]
The Stephens and Riady families had formed [[Stephens Finance Ltd.]] in Hong Kong in 1978 and both bought into Worthen in 1983. [[James Riady]] and [[John Huang]] stayed in Little Rock until about 1987, when, according to the [[House Committee on Oversight and Government Reform|House Government Reform and Oversight Committee]], "the Riadys sold their shares of Worthen Bank and focused their attention on a bank they previously had purchased in San Francisco." The committee explained the exchange in a footnote sourced to the depositions of [[Vernon Weaver|Arthur Vernon Weaver]] and [[C. Joseph Giroir]]: "The Riadys were bought out of Worthen by the Stephens family after the bank experienced a major defalcation by Bevil Bressler in 1986. After the defalcation, regulators investigated the quality of Worthen's assets and determined there were problems. Allegations were made against Worthen's loan practices and asset quality. Eventually, the Riadys traded their interest in the Worthen Bank for the Stephens' interest in the Hong Kong Chinese Bank, and also traded their interests in other joint ventures." The failed securities dealer was [[Bevill, Bresler and Schulman]].[^1]
### China Resources