[Karuna Shinsho, Cnn Anchor:] Rainy weather did not dampen spirits at Hong Kong's Annual Dragon Boat Festival today. It's a holiday that's celebrated by Chinese communities all over the world, but it's also a major sporting event for corporations here in Hong Kong. Lisa Barron has more.
[Lisa Barron, Cnn Correspondent:] Even a heavy downpour couldn't dampen the mood of corporate Hong Kong. Rain or shine, the Dragon Boat Festival is an annual ritual that few of the territory's movers and shakers would miss.
[Simon Moseley, Goldman Sachs:] The rain does not cause any problems at all. Last year it was blistering hot. This year its rain. We're here every year, and we want to take part.
[Barron:] The Dragon Boat race marks the Tuen Ng Festival, which commemorates the drowning of noted Chinese poet Chu Yua in the third century b.c. But on Stanley Beach most of the participants and the party- goers on the scores of corporate junks lining the race course have other reasons for being here.
[Anthony Stalker, Merrill Lynch:] I'd like to think we're striking a blow for middle-aged fat men, middle-aged professional fat men. SILVAN COLANI, LTG It gives them an opportunity to...
[Tim Murphy, Prudential:] You race for about 10 minutes, come in second to last like we did, and then drink beer all day.
[Barron:] Although not everyone so readily admits that.
[Moseley:] We do not drink anything. In fact, these are empty Heineken cans here.
[Barron:] And you haven't had a drink at all?
[Unidentified Male:] No, ma'am, we didn't. We don't drink.
[Barron:] Participants say even concerns over the stormy economic forecast aren't affecting the spirit of the event. [on camera]: Does corporate sponsorship get affected by the downturn in the economy?
[Moseley:] We think that this is a fair and very appropriate way of getting 40 to 50 people from Goldman Sachs out here for a very good day without spending an enormous amount of money.
[Barron:] Very diplomatic.
[Moseley:] Very diplomatic? Thank you. [voice-over]: And it's one day at least when blowing the competition out of the water takes on new meaning.
[Matt Adler, Clifford Chance:] Its certainly more about having fun, especially for my team.
[Barron:] Lisa Barron, CNN, Hong Kong.