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Hsbc Vermin Speaks

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http://news.bbc.co.uk/1/hi/business/8131682.stm

This tripe by the chairman of HSBC has driven me to distraction.. shocking (maybe too honest) by a leech - like all senior bankers

He has himself just argued an excellent case for nationalising HSBC and cutting his salary to that of any other civil servant.

I agree with you Mr Green.

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Was he chairman when hsbc bought up one of the shittiest lenders in the US?

They expect rolling bailouts and utterly preferential treatment to everybody else, total scumbags.

Best to find a country/currency/investments that have nothing to do with this shower of shite because they are going to continue to lay a trail of distortion and destruction in their wake wherever they have a free hand.

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Guest sillybear2

In that case they should all be nationalised. If the state is always the backstop for these banks then they are effectively operating in the public sector, and if the tax payer is expected to pick up the losses it should also pick up the profits.

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Is he in ******ing la-la land, banks are not as essential as other businesses especially ones that actually make products.

All banks do is make profits off other businesses efforts, without any other businesses banks wouldn't exist. The only part of banks that is essential is for businesses is the ability to process transactions, businesses could be weened off credit. These services should be nationalised and then we can let the banks sit in their own mess.

Edited by Ulfar

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He has himself just argued an excellent case for nationalising HSBC and cutting his salary to that of any other civil servant.

I agree with you Mr Green.

How much do you get working at the top of a Nationalised bank?

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In that case they should all be nationalised. If the state is always the backstop for these banks then they are effectively operating in the public sector, and if the tax payer is expected to pick up the losses it should also pick up the profits.

+10 !

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http://news.bbc.co.uk/1/hi/business/8131682.stm

This tripe by the chairman of HSBC has driven me to distraction.. shocking (maybe too honest) by a leech - like all senior bankers

What a complete shite...

I was informed about three weeks ago that my job is at risk. I work in the defence industry and guess what. According to one of our customers in MOD, MOD is cutting programmes left right and centre because the money has gone to the f**king bankers.

I rememeber someone joking on here that there are conviently four lamps to every lamp post outside the BoE, means we can string four bankers up on every lamp post. Bankers, *ankers the lot of them. I worked out the Fred the Shreds pension potof £16.6m would easily pay my and my 400 collegues and friends saleries for a year. These top *ankers should have their assets frozen and their saleries cut to the level of a nurse. They are complete and utter greedy shite.

The unemployment timebomb is quietly ticking

One dog has yet to bark in this long winding crisis. Beyond riots in Athens and a Baltic bust-up, we have not seen evidence of bitter political protest as the slump eats away at the legitimacy of governing elites in North America, Europe, and Japan. It may just be a matter of time.

http://www.telegraph.co.uk/finance/comment...ly-ticking.html

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He is right I'm afraid.

I know. That's why I am so furious. I am faced with taking redundancy early in the economic cycle or hanging on with the very real risk that I will get made redundant later and the company T&C's being changed or irrelevant and me getting nothing for more than 20 years of service. Some choice...

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What a complete shite...

I was informed about three weeks ago that my job is at risk. I work in the defence industry and guess what. According to one of our customers in MOD, MOD is cutting programmes left right and centre because the money has gone to the f**king bankers.

So at least some good could come out of the bailouts.

We've had a whole sequence of US/UK-initiated wars since the end of the cold war, just to stimulate worldwide demand for our "defence" industries. Makes bankers look like the Good Guys.

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IMHO the number one person to blame is G Brown. The media are targeting the bankers.

As Diane Abbot said on This Week - Nu Labour knew nothing about the markets and when the tax receipts kept rolling in they just kissed the bankers arses and introduced lighter and lighter regulation.

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Force banking to be a not-for-profit industry. Cap wages, bonuses, and pensions. We might see a little respectability creep back in eventually.

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In that case they should all be nationalised. If the state is always the backstop for these banks then they are effectively operating in the public sector, and if the tax payer is expected to pick up the losses it should also pick up the profits.

+1

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'Banks Are The Lifeblood Of The Economy'

:lol:

How come the transfusion is going the other way then?

Pass me a bullet, comrade.

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Errr, I don't believe HSBC has taken a shilling of tax payers money.

In fact it has paid billions in taxes in the UK. You should be thakful, without HSBC tax receipts the government would be in even more sh*te.

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Guest sillybear2
Errr, I don't believe HSBC has taken a shilling of tax payers money.

Of course they have, they just do it via the backdoor thanks to the BoE.

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Of course they have, they just do it via the backdoor thanks to the BoE.

Do you have any link or sources you could point to which specifically identify the amounts HSBC has taken. any evidence most welcome.

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IMHO the number one person to blame is G Brown. The media are targeting the bankers.

As Diane Abbot said on This Week - Nu Labour knew nothing about the markets and when the tax receipts kept rolling in they just kissed the bankers arses and introduced lighter and lighter regulation.

True on both points. G B has been shown to be not only incompetent but, for him, conveniently inconsistent in his attitude and actions towards the banks.

The press, in what was is either a shameless attempt to pander to their masters bidding or staggeringly opportunistic populism continue to blame the banks to the exclusion of all other sources.

The reason that HSBC can make these assertions is that above all other UK Banks they appeared most likely to weather the credit crisis intact. Whether they would have survived the complete collapse of the banking system would be the subject of conjecture but evidently they feel confident enough make these statements and advocate tighter regulation. In fact, if you look at HSBC in isolation, if their peers had been more circumspect and acted responsibly they would have been "fairly" untouched.

This is not to exonerate HSBC, they made mistakes but were all banks equally guilty? Was HSBC as reckless as Northern Rock or RBS?

The problem with this interview is that it appears arrogant and engenders the ire or HPCers and the wider populous precisely because reporting thus far has been over simplistic and biased. The point made is that "Banks" are too important to fail and need support. This is probably true - except that "our" notion of what is a bank is different to the organisations we now have.

Thanks to the deregulation of the Banks the concept of a retail and commercial bank as ring-fenced separate organisations under the same name is gone. Deregulation granted the understood special status of the "Banks" we interacted with and bestowed these privileges on the commercial risk taking entities. No wonder they went mad, this toxic mix corrupted both sides.

So, the banks take some of the blame, but so do those who instigated, sustained and were entrusted with the regulation of the systems they created. So Banks are special, but only when they are once again quarantined by function - let the Govt and taxpayer support and regulate retail banking and let commercial bank play with their own assets and stand or fall in the markets they operate in.

Oh, and the third group that takes blame are those that borrowed more money than they could afford to repay be that individual or government. If you are an adult you make a choice, it is incumbent on you to decide whether it is a good decision or not.

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Guest sillybear2
Do you have any link or sources you could point to which specifically identify the amounts HSBC has taken. any evidence most welcome.

Even putting aside the loan loss/SLS/discount window/asset purchase schemes, not to mention the QE arb, and just looking at simple interest rates alone, they didn't cut to benefit poor debt holders primarily, the spread banks now enjoy are sizable, and HSBC is our largest bank. The BoE is doing their part to shaft savers and hand returns to their friends in the big banks so they can rebuild their balance sheets, HSBC and Barclays benefit from that too, even if the UK govt didn't inject direct equity.

You know full well I can't tell you the amounts HSBC have specifically taken from the BoE under their various schemes, it's a state secret, it will never be released, not even under the 30 year rule.

Edited by sillybear2

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