Knight Vinke Attack Has Merit Say Advocates
The activist shareholder group Knight Vinke today accelerated its attack on the management of HSBC with a fresh call to “grasp the nettle” and tear up its existing strategy. Clearly HSBC’s strategy in the United States is not working. Junk mortgages is Wall Street’s fancy name for junk home loans. There are so many subprime issues floating around - more than $1.5 trillion of loans, maybe $200 billion of losses, thousands of families facing foreclosure. On the other hand advocates at Household - HSBC Watch continue to receive complaints every day, from customers who discover insurance on their accounts to those who can’t log on to the HSBC website to make a payment. Certainly Knight Vinke is right on track. Other HSBC reports indicate HSBC attempts to collect on accounts through the use of bad settlement scams.
HSBC, which has rejected Knight Vinke’s calls for an independent strategic review, stands accused of investing in weak assets in international markets and of failing to build a leading position in fast-growing Asian economies such as China and India.
“We estimate that, without a significant change in strategy, ‘joining up the pieces’ will add no more than 3pc to HSBC’s total value,” said the open letter. “The Emperor needs to be told that he is not wearing any clothes: there are almost no synergies associated with being the ‘world’s local bank’.”
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[…] Knight Vinke Attack Has Merit Say Advocates The activist shareholder group Knight Vinke today accelerated its attack on the management of HSBC with a fresh call to “grasp the nettle” and tear up its existing strategy. Clearly HSBC’s strategy in the United States is not working. Junk mortgages is Wall Street’s fancy nam… […]
[…] Knight Vinke Attack Has Merit Say Advocates The activist shareholder group Knight Vinke today accelerated its attack on the management of HSBC with a fresh call to “grasp the nettle” and tear up its existing strategy. Clearly HSBC’s strategy in the United States is not working. Junk mortgages is Wall Street’s fancy nam… […]
[…] research wrote an interesting post today on Knight Vinke Attack Has Merit Say AdvocatesHere’s a quick excerptKnight Vinke Attack Has Merit Say Advocates The activist shareholder group Knight Vinke today accelerated its attack on the management of HSBC with a fresh call to “grasp the nettle” and tear up its existing strategy. Clearly HSBC’s strategy in the United States is not working. Junk mortgages is Wall Street’s fancy nam… Read the full post from Household HSBC Watch Tags: 2007 HSBC via Blogdigger blog search for lead marketing mortgage. […]