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Another nasty surprise in the banking sector


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#1 jawndissedi

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Posted 04 March 2007 - 12:21 PM

EUROPE’s biggest bank, HSBC, is to write off $11 billion to cover mounting losses in its troubled American offshoot, HSBC Finance Corporation . . . . The provision is equivalent to a third of last year’s operating profits of $30 billion and half its pretax profits . . .

Sunday Times (UK)

This hit is seven times as large as their original estimate. The coming week will provide an excellent test of whether or not creative trend line drawing and other forms of magical thinking trump fundamentals. T (and not very much T) WT.

:bear:

Edited by jawndissedi, 04 March 2007 - 12:24 PM.

Da nile is more than a river in Egypt.

#2 johngeorge

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Posted 04 March 2007 - 02:53 PM

Never fear for taxpayers and central bankers are near. ;)
Peace
johngeorge