Personally, I don't think that EY is "toeing the line of the
government" per say, but rather, contributing its piece to the
growing concern of the global sell-down in view of the sub-prime
mortgage issues in the states.
No doubt the banks in Asia, and especially that of Singapore, have
funds invested in the US sub-prime mortgage sector, and that the
high rise of default cases have wiped out a sizable chunk of the
assets side on their balance sheets, but I doubt that it will lead
to a complete systematic failure of the banks and ultimately
undermine the entire economy.
In my view, the recent stock corrections are predominantly
sentiment based. Huge financial firms, like EY and etc, has a
controlling interest in playing down the current sell-down as a
poor market isn't good for business isn't it ?
