Little Known Fact: HSBC bank would have included another $835m of writedowns in 2008 were it not for a change in accounting standards.
Well Known Fact: The U.S. economy continues to deteriorate and jobless rates continue to climb.
Early 2007 quote: HSBC chief executive Mike Geoghegan expected the bank’s US sub-prime problems to take “three years to fix”.
Simple observation: We are 45 days away from 2009, and the situation is getting worse, not better.
Look at it this way Mike. You are behaving just like one of your mortgage clients. It is time to wake up and face reality. If Household International had been an HSBC Auto Finance deal the title is missing. Gone forever Mike. You will never own that car. If Household International was an adjustable rate mortgage you were happy until you realized you were duped.
Quit staring at the wreck like it will all be OK. That is for children. Quit wishing that it was not so. Wishing will not work. Face the facts, just like your customers do. The knife is in your back. Do not deny it any longer. Wild Bill Aldinger and John Bond are slick salesmen.
Just like many others, however, they are gone. They don’t work there any more. Period. They put the burning bag of dog doo-doo on your doorstep, rang the bell, and ran away. You stepped in it. Wake up man, and do something. Give your shoes to Jeeves, your butler. Better yet, clean them yourself so reality might hit you in the nose. Something stinks!
Related posts:
