A controversial bonus scheme which could net five senior directors of banking giant HSBC more than $240 Million over the next three years has been approved by shareholders, although there was opposition. Only 82 percent of those who voted were in agreement. Eight percent of voters abstained, while 11 percent were in opposition. Americans view this as a problem, and do so in a different light. HSBC is one of a handfull of banks exploiting a loophole that allows speculation which, in turn, is driving gasoline prices sky high to record levels. Also a major player in subprime, foreclosures continue. Reports from employees and former employees tell of loans that never should have been made.
As a reward for such abuses in the United States HSBC has rewarded top executives. Chief executive Michael Geoghegan - whose salary is more than $2 million - could see as much as $72 million as a result. When Americans learn the real truth there will be boycotts, limited new HSBC branch expansion, and a general degree of distrust. See our gasoline article here!
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