Sunday, March 2, 2008
This £8.1bn in losses is more than all of the other UK banks’ losses put together
HSBC to unveil $16bn writedown
Hmmm. I wonder why this was put out on a Sunday rather than a weekday?
Posted by paul @ 04:43 PM (1071 views)
5 thoughts on “This £8.1bn in losses is more than all of the other UK banks’ losses put together”
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harold says:
Jeez, I’m a HSBC customer. Sort of makes me glad that I don’t have large amounts saved with these guys. Still, not to worry. If things get nasty, Darling will step in and nationalize. Will there be a private bank left after the coming debacle?
paul says:
I’m not sure Darling will nationalize any more, because there are not votes in it (Lord Lawson admitted that that was the primary motivation for the move!!!!) – it won’t be a problem with HSBC, but all of the other lenders … Alliance and Leicester, Bradford & Bingley have both heavily leveraged and thinly capitalized.
enuii says:
Is this the thin or fat end of the wedge?
I find it very hard to believe that the HSBC is exceptional with regard to losses of this size.
Plato says:
Some ‘Friendly Accounting’ here I suspect. In any case this one’s big enough to take the hit (this time). A few sacrifices starting with the chairman of course and reputation —– restored.
Be interesting to see how the smaller fish paul mentions cope. Could be another high street rush is on the horizon as the partial and limited truth comes out. All a question of time.
alan says:
@enuii,
I was wondering what happens to all the companies who bought the bad loans. How about those in China, Korea and Saudi Arabia – they have kept really quiet! When the investment funds in Dubai and Kuwait start threatening the EU about withdrawing funds if they are regulated, it makes me think that they probably have a few $trillion in US securities too……
I think HSBC are the tip of a very big iceberg.