As it pertains to changes at HSBC Finance we saw this in the news the other day: “There are signs, too, that the bank may be on the verge of some major decisions — particularly with regard to its troubled American business. John Thornton, the former president of Goldman Sachs and a man known for his aggressive strategic thinking, joined the group board this month. He will also serve as nonexecutive chairman of HSBC North America — a position that will require him to work two days each week and will pay him $1.5 million a year.” Let’s ask John which two days he will work. If it were me I would probably do Tuesday and Thursday while reserving Wednesday for golf or something.
And as it pertains to subprime here is something for John to think about on his days off, while making $1.5 million a year: “The demographics of the subprime market are significant. Thirty-five percent of borrowers taking out suprime loans are over 55, while only 21% of prime borrowers are in that age group. … The share of African-Americans in the subprime market is double their share in the prime market.”
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