The Last hopes die for the British!

[Mega]

The British had hoped that some how they pull though. "We fight them on the beaches" sort of thing. This weekend i have to tell you marks a sea change.

HSBC was our last hope, based in Asia with mostly Asian customer base it was thought to be total solvent......water tight.

Not so:-
http://www.bloomberg.com/apps/news?p...e6OCs&refer=uk

For me, this marks the "tipping point".........The Britsh banking system.....ALL OF IT is now totaly insolvent & i deeply fear what lies ahead.
Mike

[GRG55]

Re: The Last hopes die for the British!

The British had hoped that some how they pull though. "We fight them on the beaches" sort of thing. This weekend i have to tell you marks a sea change.

HSBC was our last hope, based in Asia with mostly Asian customer base it was thought to be total solvent......water tight.

Not so:-
http://www.bloomberg.com/apps/news?p...e6OCs&refer=uk

For me, this marks the "tipping point".........The Britsh banking system.....ALL OF IT is now totaly insolvent & i deeply fear what lies ahead.
Mike

Entirely predictable, even to the most casual of observers. What is dragging them down is the US unit HSBC Finance, which used to be called Household Finance/Household International before HSBC bought it in 2003. HSBC was the only bank stock I held in my portfolio for a long time, and I sold it all in January 2007 specifically because of HSBC's exposure to USA sub-prime through HSBC Finance.

"...HSBC Finance (formerly Household International) is the consumer lending arm of gigantic British bank HSBC Holdings. The company caters to middle-class clients in the US, with a focus on serving customers with less-than-stellar credit. Its offerings include home mortgages, automobile loans, and personal loans; the company's subprime mortgage lending business has about 1,000 offices in more than 45 states. HSBC Finance also issues Visa, MasterCard, American Express, and Discover credit cards, as well as private-label cards for third parties such as General Motors and the AFL-CIO. It also sells specialty insurance..."

[audrey_girl]

Re: The Last hopes die for the British!

The British had hoped that some how they pull though. "We fight them on the beaches" sort of thing. This weekend i have to tell you marks a sea change.

HSBC was our last hope, based in Asia with mostly Asian customer base it was thought to be total solvent......water tight.

Not so:-
http://www.bloomberg.com/apps/news?p...e6OCs&refer=uk

For me, this marks the "tipping point".........The Britsh banking system.....ALL OF IT is now totaly insolvent & i deeply fear what lies ahead.
Mike

Stiff upper lip Mike!

Remember: There will always be an England!

http://www.youtube.com/watch?v=Y6yq5...eature=related


- AG - a confirmed anglophile

[audrey_girl]

Re: The Last hopes die for the British!

Stiff upper lip Mike!

Remember: There will always be an England!

http://www.youtube.com/watch?v=Y6yq5...eature=related


- AG - a confirmed anglophile

oops sorry wrong link:

http://www.youtube.com/watch?v=SJ2FO...ext=1&index=25

[cobben]

Re: The Last hopes die for the British!

"HSBC was our last hope"

You are making the mistake of equating the UK FIRE industry with the UK nation state.

The UK should do what any selfrespecting bankrupt country with a little gitup&go would do:

Default, confiscate some assets, & start all over again.

[cobben]

Unless we are decisive Britain faces bankruptcy

here ya go, more UK doom&gloom . . . why don't you Brits just pull the plug & go down quietly with the ship? :p

Don't worry however, I won't be massively shorting the GBP come Monday morning.
With my luck it would be re-proclaimed the new/old world reserve currency, as the US & all the other colonies simultaneously default & return all their remaining assets to mother England.


http://www.guardian.co.uk/commentisf...ession-banking

"Unless we act quickly, decisively and cleverly, the difficulties of our banks could overwhelm us, triggering an enormous run on the pound. Britain, in short, risks bankruptcy."

[GRG55]

Re: Unless we are decisive Britain faces bankruptcy

"Unless we act quickly, decisively and cleverly, the difficulties of our banks could overwhelm us, triggering an enormous run on the pound. Britain, in short, risks bankruptcy."

If the Brits went one whole decade without a major currency crisis, it would feel like something important was missing. One wag suggested this is the real reason the Brits refuse to join the Euro currency zone...it would put an instant end to a tradition stretching back nearly a century [admittedly a mere blink in time for a nation founded in 1066, but how can one not admire their tenancity for traditions]. I wonder if Soros is short this time also...