Posts Tagged ‘HSBC’
Who is the biggest subprime lender in America? It is not an American bank. It is HSBC, which is headquartered in London. HSBC stands for Hong Kong Shanghai Bank Corp. HSBC was quick to appeal the initial bailout proposal that banks must be US-based. HSBC is also eligible for the UK bailout. Here is how they ranked since the summer of 2007:
While the song and dance of mortgage blues and tainted paper certainly is not good for the United States, it is not good for other countries either. The true scale of the jobs disaster facing Britain is revealed today as experts issue dire warnings that up to half a million workers will lose their jobs over the next two years, as companies cut costs and scale back investment plans to survive the economic downturn. Karen Ward, chief UK economist at HSBC, calculates that almost a quarter of the workforce – seven million – are employed in the vulnerable retail and leisure industries. Many of those jobs will go away.
On July 19, 2007 Lehman Brothers rejected suggestions that they are exposed to subprime problems. Many companies made statements in the summer of 2007, in part because their shock and disbelief caused those companies to say just about anything. Remember Countrywide in July 2007? But we had a problem with Lehman Brothers rejection of exposure to subprime as soon as soon as they said it. Lehman Brothers always loved subprime and companies like Household International. How could they possibly NOT be exposed to subprime, as their 2007 statement suggested?
In the YouTube video below you see a Countrywide advertisement that shows people that were turned down elsewhere for home loans. “But Countrywide can” give them the loan they need, according to the advertisement. My point is this – Countrywide was acquired by Bank of America. Now they seem to be an easy target, when you and I know very well that Countrywide is not the only abuser. Check this out, and the articles continues below:
The SEC ordered that before anyone could execute a short sale in any of 19 stocks on its list, the hopeful short seller had to locate shares that could be borrowed. Here is a list of those targeted for naked short sale emergency protection: