Add Me!Close Menu Navigation

Your HSBC Watchdog

Add Me!Open Categories Menu

Playing with fire means HSBC could get burned

  • 23 June, 2008 -
  • 2007 HSBC -
  • Tags :
  • Comments Off

We like developing nations, said HSBC. It is a matter of risk and reward, or as others see it, less risk because laws are less stringent. HSBC is not doing well in Korea, as the acquisition of KEB stalls. Charges of KEB Card stock price manipulation, links to the United States through Lone Star, and a US beef scandal play different roles in this fiasco. In india inflation is at 12 percent. China has issues. In developed countries like England and the United States we see consumer debt, subprime issues, and layoffs.

Oil prices effect people around the world. As the Saudi’s increase production Nigereans run hog wild shutting down oil fields. What an unpredicatable world we live in. Perhaps the world is more predicatable than we think. In the US, for instance, it is learned that HSBC spent $660,000 in three short months to influence legislation. Commercial paper and collaterized debt obligations make money for financial institutions. The problem, of course, is that American based CDO’s were sold aorund the world a poisoned paper due to subprime. I think we have a meeting of the minds similar to the clash of the titans.

Oil means money. But as household budgets are strained throughout the world lenders see more defaults. HSBC must spend money to steer more bankruptcy changes in HSBC’s favor. Looking back at the economy since 1995, can you seriously tell me that stronger bankruptcy changes in 2005 were no accident? Not hardly! Look at where HSBC puts United States lobbying money and you will see where the next arrow through the heart is coming from. I am certain that HSBC USA and HSBC Finance would pass laws under which defaulting borrowers can be put in debtors prisons. That way more people will pay, no matter what. The irony is that HSBC made bad subprime loans to begin the cycle. Now lobbying is meant to slow the cycle.

Posted By Timothy Blake

Comments are closed.


HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

Update Note

HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off