Following is a letter sent to the Editor of the Financial Times:
Sir
Executives at HSBC lost everything they invested in subprime in he US ("HSBC unit ‘destroyed’ $10bn" Financial Times, March 2 2009)!!! We should see plenty of heads rolling before we give them more of our hard-earned money to play with.
Onésimo Alvarez-Moro
See article:
HSBC’s consumer finance division will require further capital injections for several years, the bank admitted Monday, as it revealed the business had destroyed about $10bn (£7.1bn) in shareholder value since it was bought six years ago.
The bank said it would stop making new consumer loans through HSBC Finance Corporation and close down 800 US branches in an effort to draw a line under the business, formerly known as Household, which it bought in 2003 for $15bn in stock and which has suffered in the US subprime meltdown.
See full Article, subscription required.
Posts
