Friday, Sep 21, 2007
The inevitable happens (2)
Reuters: HSBC to close U.S. subprime unit
HSBC Holdings, Europe's biggest bank, said that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking $945 million (468 million pounds) in charges and write-downs, because the business is no longer sustainable
Posted by alan @ 07:15 PM (339 views) Add Comment
1 Comment
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1. dohousescrashinthewoods said...
Whoopass.
Let's see - borrowers were sub-prime because they were likely not to be able to sustainably repay loans.
And you guys thought you could build a business that was likely to be sustainable on that foundation?
And a world of "hedge" funds grew on top of your business.
So, if you knew it was unsustainable, but knew you could sell it, were you as complicit as the FED in designing the Emperor's New Clothes?