Originally posted by The Lone Gunman
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Reply to: Stock market riots
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Previously on "Stock market riots"
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Originally posted by snaw View PostIt's likely to get you shot down.
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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.
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Originally posted by The Lone Gunman View PostGenuine 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.
Hong Kong and Shanghai Banking Corporation HSBC. Big clue in the name there guys.
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looks like your plan is coming to fruition oh greenish one. what number was it?
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Originally posted by snaw View Post
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.
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Originally posted by ratewhore View PostDidn't Argentina go bankrupt in that one?
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.Last edited by Fishface; 8 October 2008, 13:29.
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Originally posted by snaw View PostAnyone 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?
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Originally posted by Incognito View Post(I know, I'm being pedantic )
(quoted for posterity)
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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?
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Originally posted by Incognito View PostTechnically, 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.
Doesn't make my comments incorrect
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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.
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