Household HSBC Watch

Standard Chartered bank delivered a sparkling first six months, raising profits before tax by 32 percent. Increasing costs were all but totally offset by an increase in income, driven mostly by Standard Chartered’s wholesale-banking business. It is a far cry from the 29 percent tumble in earnings reported Monday by rival HSBC. HSBC policy and a desire to concentrate on developing nations simply says: “HSBC has no ideas of our own and we want to be like Standard Chartered.”

The difference between the two is that HSBC tired for the quick profit by buying predatory lender Household International. early on HSBC said the venture was profitable. A detailed analysis showed, however, that HSBC USA was financing or refinancing the venture. Did we see real profits or a magic trick? Those in the know also knew it was just a matter of time before the house of cards fell to the ground. HSBC executives almost had heart attacks by April 2007. From August 2007 through August 2008 and beyond HSBC is still examining the crash site looking for cash in the suitcases of survivors and the deceased. Will HSBC Chairman Michael Geoghegan stoop to looking for pennies in the pockets of the dead or will he finally declare an official end the Household International HSBC Finance project?