Reply to: Stock market riots

[DS23]

You can forgive a guy for not noticing it has been British registered fro a mere 20 cant you?

i can, some won't.

[The Lone Gunman]

It's likely to get you shot down.

Be fair, it was born in HK and was a HK registered company for nearly 130 years. You can forgive a guy for not noticing it has been British registered fro a mere 20 cant you?

[tay]

If you make pompous posts that turn out to be wrong.. expect to look like a muppet LG.... and you def look like a muppet.

[snaw]

Genuine interest too. HSBC is (I think) one of the biggest players in the Asian market and almost owns the Hang Seng. If there is a run in China then it is likely to be affected.

I honestly thought (and have done for years) that HSBC was a Hong Kong based company. It's name, it's logo everything about it suggest it is.

Fair enough, but if you don't know then don't go making statements like:

Hong Kong and Shanghai Banking Corporation HSBC. Big clue in the name there guys.

It's likely to get you shot down.

[DS23]

looks like your plan is coming to fruition oh greenish one. what number was it?

[The Lone Gunman]

Genuine interest too. HSBC is (I think) one of the biggest players in the Asian market and almost owns the Hang Seng. If there is a run in China then it is likely to be affected.

I honestly thought (and have done for years) that HSBC was a Hong Kong based company. It's name, it's logo everything about it suggest it is.

[Fishface]

Didn't Argentina go bankrupt in that one?

They defaulted on a debt to the IMF due to over leveraging and huge public spending and were forced to devalue the currency that was pegged 1 to 1 with the dollar.

Getting wind of the devaluation to 3 to 1 people started withdrawing deposits which caused a run on the banks.

HSBC were the first to close its doors - then the rest - then the riots.

Interestingly, they devalued the small amount of mortgages that existed if you bought in Pesos so it cost a third less to service - if you bought in dollars would cost you three times as much in real terms for what you earned.

now they have revalued the Peso mortgages to the precrisis level and those unlucky few have to come up with 3 times as much as they had to pay 3 months ago.

[Incognito]

I'll leave it at that then

(quoted for posterity)

Hey!!! That was copyrighted.

[snaw]

No you smug twat, it was a genuine question.

[The Lone Gunman]

Anyone else thinking LG is sitting at his desk right now, going slightly red and thinking oh bugger, as he scrambles around website after website realising he's just made himself look like a complete arse?

No you smug twat, it was a genuine question.

[Spacecadet]

(I know, I'm being pedantic )

I'll leave it at that then

(quoted for posterity)

[Incognito]

Thats how many international companies are structured.
Doesn't make my comments incorrect

A holding company is not a bank.

(I know, I'm being pedantic )

[snaw]

Anyone else thinking LG is sitting at his desk right now, going slightly red and thinking oh bugger, as he scrambles around website after website realising he's just made himself look like a complete arse?

[Spacecadet]

Technically, not correct.

HSBC bank plc is what you know as the High street bank and that is a British bank, but HSBC group is made up of quite a few others.

http://www.hsbc.com/1/2/about-hsbc/group-members

HSBC group is headquarted in London though.

Thats how many international companies are structured.
Doesn't make my comments incorrect

[chef]

from wikipedia

"HSBC Group is one of the oldest banking houses in the modern world. After the establishment of Hong Kong as a British colony in the aftermath of the Opium War, a bank was needed to finance the growing trade between China and Europe.

Although the holding company, HSBC Holdings, was established in 1990 to become the parent company to The Hongkong and Shanghai Banking Corporation in preparation for its purchase of Midland Bank and a change of domicile for the transfer of sovereignty of Hong Kong, its main and foundation-laying subsidiary The Hongkong and Shanghai Banking Corporation.. was established in Hong Kong and Shanghai in 1865. The founder, a Scotsman named Thomas Sutherland, wanted a bank operating on 'sound Scottish banking principles.' "

British when hong kong was british, moved to uk after hong kong was not british.