hsbc shutting down soon

hsbc shutting down soon

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What will they do

Hodgenville, KY

#1 Mar 2, 2009
From MSN Money Report today 03/02/2009:
HSBC to shutter U.S. lending unit
British bank HSBC, one of the first to feel the pain of its exposure to the U.S. subprime mortgage market, will curtail most of its U.S. consumer lending operations.
The company will shut down its HSBC Finance and Beneficial divisions, which will eliminate about 6,100 jobs. Its banking operations will be unaffected.
HSBC, which hasn't received capital from the government so far, will offer 5.06 billion shares at 254 pence per share, which would be the biggest rights issue ever in the U.K. The price is about 48% lower than the stock's closing price of 491.25 pence on Friday.
"HSBC isn't raising capital for fear of current losses; it is looking forward and putting itself in a very strong position beyond this crisis," Howard Wheeldon, senior strategist at BGC Partners, told Bloomberg News.
HSBC cut its dividend for the full year by 29%, to 64 cents per share. The stock slumped 19.1% to $28.16 this afternoon.
nwt

Mayfield, KY

#2 Mar 2, 2009
we are closing, brace yourself
joe

Mayfield, KY

#3 Mar 2, 2009
What will they do wrote:
From MSN Money Report today 03/02/2009:
HSBC to shutter U.S. lending unit
British bank HSBC, one of the first to feel the pain of its exposure to the U.S. subprime mortgage market, will curtail most of its U.S. consumer lending operations.
The company will shut down its HSBC Finance and Beneficial divisions, which will eliminate about 6,100 jobs. Its banking operations will be unaffected.
HSBC, which hasn't received capital from the government so far, will offer 5.06 billion shares at 254 pence per share, which would be the biggest rights issue ever in the U.K. The price is about 48% lower than the stock's closing price of 491.25 pence on Friday.
"HSBC isn't raising capital for fear of current losses; it is looking forward and putting itself in a very strong position beyond this crisis," Howard Wheeldon, senior strategist at BGC Partners, told Bloomberg News.
HSBC cut its dividend for the full year by 29%, to 64 cents per share. The stock slumped 19.1% to $28.16 this afternoon.
this is very true
HARD TIMES

Mayfield, KY

#4 Mar 2, 2009
IF ANY ONE HAS A JOB, FEEL LUCKY..THIS COUNTRY IS HEADED FOR THE WORSE TIME EVER..IT WILL ONLY GET WORSE..I HAVE LIVED A LONG LIFE..I HAVE NEVER SEEN SUCH CRAZY THINGS GOING ON..I PRAY TO GOD, THINGS WILL GET BETTER.OUR CHILDREN AND GRAND CHILDREN ARE IN FOR SOME HARD TIMES..WE ALL MUST PRAY FOR BETTER TIMES..
HARD TIMES

Mayfield, KY

#5 Mar 2, 2009
i have never seen such crazy things going on in this country..we are going to see it get worse. why? what happen? Bush did not do a great job..Look what we have now..Our children and grandchildren are in for a very hard time..
H Times

Paris, KY

#6 Mar 2, 2009
Yea blame it on Bush! You can't say that forever
Rush Ate My Garage

Murray, KY

#7 Mar 2, 2009
H Times wrote:
Yea blame it on Bush! You can't say that forever
Well, unless they lost all their business in 6 weeks, which they certainly did not, this is on Dear Leader Bush. When you have an idiot asleep at the switch for 8 years, this is the result.
notmad

London, KY

#8 Mar 2, 2009
H Times wrote:
Yea blame it on Bush! You can't say that forever
yes we can he had a surplus when he was elected an look what he left us with we can blame bush for a long time because it will take us along time to fix what he messed up

Since: Nov 08

Location hidden

#9 Mar 2, 2009
HARD TIMES wrote:
i have never seen such crazy things going on in this country..we are going to see it get worse. why? what happen? Bush did not do a great job..Look what we have now..Our children and grandchildren are in for a very hard time..
Its going to get a lot worse. Your children grandchildren and great grandchildren will be paying back the handout trying TRYING to fix a problem. Obama is throwing money at a problem that was started by Clinton when he made loans to people to buy homes they couldn't afford. Now they're being foreclosed and its the banks fault they didn't just let it slide.
As far as a surplus the Bush had, it was created by the way the calculated the debt/surplus with Clinton in charge.
hsbc

Cynthiana, KY

#10 Mar 2, 2009
hsbc is not closing down. If you read the reports only the Household consumer lending and the personal loans are being ceased. The London site is both of these but it is not a branch. It is a collections center. It will be open untill they collect all the money that is left out there to collect. They are not just going to walk away from the customer and give them a break lol. I wished. But they will stay open untill they collect the assets then they will decide what to do. If the economy picks back up then maybe it may have a chance but I hope it stays open. That is over 300 jobs this community needs.
research

Somerset, KY

#11 Mar 2, 2009
Please do some research on recent history and politics. Bush was not the greatest President we have had but he came into office during a small recession and then 9/11 hit and caused a downturn in the economy. From 2002 until about the middle of 2007 the economy was great. In the begining of 2007 the democrats took control of the house & senate. The economy began sliding during the summer of 2007 and slowly deteroiated until October of 2008 when it became apparent Obama would be elected then it took a nose dive and has been going in that direction ever since. So if all can be blamed on Bush why did the candidate of hope and change not distill confidence in the American public and investors instead of fear. Please do some research and see how many times the policies he is proposing has had any other outcome other than failure and goverment dependency.
Roadie

Murray, KY

#12 Mar 2, 2009
bigfoot60 wrote:
<quoted text>
Its going to get a lot worse. Your children grandchildren and great grandchildren will be paying back the handout trying TRYING to fix a problem. Obama is throwing money at a problem that was started by Clinton when he made loans to people to buy homes they couldn't afford. Now they're being foreclosed and its the banks fault they didn't just let it slide.
As far as a surplus the Bush had, it was created by the way the calculated the debt/surplus with Clinton in charge.
These fairy tales are hilarious.
So sad

London, KY

#13 Mar 3, 2009
hsbc wrote:
hsbc is not closing down. If you read the reports only the Household consumer lending and the personal loans are being ceased. The London site is both of these but it is not a branch. It is a collections center. It will be open untill they collect all the money that is left out there to collect. They are not just going to walk away from the customer and give them a break lol. I wished. But they will stay open untill they collect the assets then they will decide what to do. If the economy picks back up then maybe it may have a chance but I hope it stays open. That is over 300 jobs this community needs.
Sad thing is - they will not say a word about it until D-Day. Thats how big business works. They hired people in Carmel right up to the end. My advice....Try to find another job before its yanked away. It might cushion the fall. If they werent planning to close, they wouldnt be hiring and training hundreds of people in India, that will work for little to nothing mind you.

And I agree, it is 300 jobs this comm needs. 30 jobs of good pay too. It will not be easy to find something even close.
sue

Mayfield, KY

#14 Mar 3, 2009
bigfoot60 wrote:
<quoted text>
Its going to get a lot worse. Your children grandchildren and great grandchildren will be paying back the handout trying TRYING to fix a problem. Obama is throwing money at a problem that was started by Clinton when he made loans to people to buy homes they couldn't afford. Now they're being foreclosed and its the banks fault they didn't just let it slide.
As far as a surplus the Bush had, it was created by the way the calculated the debt/surplus with Clinton in charge.
you are so right..
Still Water

London, KY

#15 Mar 3, 2009
Didn't do a great job,what job? That man destroyed our economy by simply not knowing what to do,doing nothing. Obama good luck.
HARD TIMES wrote:
i have never seen such crazy things going on in this country..we are going to see it get worse. why? what happen? Bush did not do a great job..Look what we have now..Our children and grandchildren are in for a very hard time..
nwt

Mayfield, KY

#16 Mar 3, 2009
hsbc wrote:
hsbc is not closing down. If you read the reports only the Household consumer lending and the personal loans are being ceased. The London site is both of these but it is not a branch. It is a collections center. It will be open untill they collect all the money that is left out there to collect. They are not just going to walk away from the customer and give them a break lol. I wished. But they will stay open untill they collect the assets then they will decide what to do. If the economy picks back up then maybe it may have a chance but I hope it stays open. That is over 300 jobs this community needs.
yea well how long do you think that will take, not very long
boohoo

Frankfort, KY

#17 Mar 3, 2009
H Times wrote:
Yea blame it on Bush! You can't say that forever
Ahwwww a bush fan. His leadership in this country was sad. I bet he nor the rich people are having such hard times right now. hmmmmm...makes you wonder!!!
Former Native

Somerset, KY

#18 Mar 3, 2009
Still Water wrote:
Didn't do a great job,what job? That man destroyed our economy by simply not knowing what to do,doing nothing. Obama good luck.
<quoted text>
Why don't you give some specific examples of how Bush destroyed the economy: in my opinion what destroyed the economy was corporate greed for example: back in the 80's CEOs on average made about 10 times more than the average worker: which is accepatable they should, but by the 90s CEO were making in excess of 250 times more than the workers: pure greed. You can blame the economy on the some of the electric companies like RECC, gas prices, banks, NAFTA(which I do believe was Bush or was it Clinton). Banks for example were giving loans to people that they shouldn't have: they called them sub-prime and they would use ARMs to trick these people into taking these loans and then after about 5 years they could not longer pay them because their interest rates would start to skyrocket. When I bought the house I live in now, I was pre-approved for a 350,000 dollar loan: I was shocked because even though I did have a good income there was no way I would even consider taking that size of a loan. I ask the bank how could that be and they said that it would fit my budget: yea right! this was on a prime loan and a fixed interest rate, if I would have have taken that size of loan: I may not have my house now. Company greed: all they care about is how big the profits are on paper so that the upper management can get bigger bonus; that is why alot of cooking the books have occured, I know for a fact of companies here lately downsizing in order for the upper management can get bigger bonuses even though the company segment is doing well, put people out of work so that can line their pockets more, gas companies use every excuse to raise gas prices, they are trying to do it now. My electic bill has increased by 400% over the last 5 years: why? What does all this mean: people spend less, save more and this causes the economy to go into a spiral: its funny times get bad so you try to cut back (which poor people must)but this causes companies to start laying off and the money you saved may cause you your job: ironic isn't it. If you think Obama is going to be the answer to all of our problems: well only time will tell. I hope you are right: but I dought it.

“fo sho”

Since: Dec 08

nunya

#19 Mar 3, 2009
notmad wrote:
<quoted text>yes we can he had a surplus when he was elected an look what he left us with we can blame bush for a long time because it will take us along time to fix what he messed up
we have never had a surpluss WE DID NOT HAVE A SURPLUSS WHEN CLINTON WAS IN OFFICE. you need to read the facts.and it is congress who runs our budget not the president.when clinton was in and the economy was doing good it was run by the republicans in congress. when bush was in and we had republicans in congress our stock market didn't crash like it has now. oh but wait who has control of the congress, democrats have for two years. thats the whole damn problem and some people are to stupid to see the evidence right in front of their face.
well

Fort Campbell, TN

#20 Mar 3, 2009
H Times wrote:
Yea blame it on Bush! You can't say that forever
Yep it is bushs fault.

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