“It’s unfair” whined HSBC. “Just pay your damned bills” shouted HSBC employees to borrowers who also moaned “it’s unfair.” In China lawmakers tried to hold HSBC accountable for Lehman Brothers minibonds, while HSBC whined “It’s unfair.” Meanwhile Bernie Madoff got into HSBC’s knickers for $1 billion, so HSBC whined “It’s unfair.” HFC and Beneficial Finance branches of HSBC sold homeowners on the idea of adjustable rate mortgages, and borrowers later said it was unfair. Now it is HSBC’s turn again:
SHANGHAI — A group of overseas banks have asked the Chinese government to delay a newly imposed interest tax on overseas borrowings, although the tax’s levy is in line with international practice, media reports said. In a petition letter, 36 overseas lenders said the withholding tax on interest payments on all loans to mainland banks from overseas creates an excessive burden. The petitioners included HSBC.
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