Drained Underground Bank Closes: Taiwan’s biggest underground...

Drained Underground Bank Closes: Taiwan’s biggest underground bank, drained of cash after a run on its deposits, has closed its doors. Economists said the decision by the Hung Yuan group to suspend cash withdrawals could signal the end of the island’s underground banking system that once offered instant fortunes to millions of Taiwanese. Most of Taiwan’s estimated 200 unlicensed investment firms are refusing to hand out money after Parliamentpassed a revised banking law Tuesday that aims to crack down on their operations.