HSBC and others push US economy into recession
More losses are now official for HSBC. In total, HSBC wrote off 5.8 billion dollars (2.9 billion pounds) in the three months to March as a result of losses linked both directly and indirectly to the subprime crisis which it said would very likely push the US economy into recession. The truth is HSBC and others helped push the US into a recession. The value of the dollar and tainted paper on secondary markets exacerbated the problem. When one looks at major banks involved with subprime one realizes the apple does not fall from the tree.
HSBC purchased subprime company Household International, failing to adopt strict lending practices. A major subprime player, HSBC Plc now has the audacity to link subprime and US recession in the same sentence. HSBC originated and/or bought so many questionable loans, including entire companies producing such loans. The economic impact was clear, the downside was plain to see, and nobody at HSBC cared.
Soon all Americans will figure out who to thank as gasoline prices and food prices increase because of a very weak dollar.
Thinking of making a debt settlement offer? See common settlement scams and rip-offs first
Call somebody about this, anywhere in the world, for FREE
