Hello Jay, <<HSBC>> in a strange twist of globalization, a Hong Kong HQ-ed bank with its main share listing in London, but large block ownership in Hong Kong, particularly in a government (HK Monetary Authority - our Central Bank) operated Tracker Fund (a unit trust/mutual fund that resulted from 1997 market intervention due to Asian Financial Crisis) has just agreed to buy the US based Household Finance with its 50 million ever eager J6P sub-prime borrowers.
As WSJ and NYT believe the HK government is a puppet of the Beijing government, the fate of HK's well-being, Beijing's prestige, HSBC's profit, and the American J6P are now tied together as never before, and with J6P electorates, the administration, every administration.
A very twisted tale already, and could be made more crumpled still if the Japanese would extend some syndicated financing to HSBC. It would then be a cocktail party where all the guests has each other by the dangly parts;0)
Message 18243393
"A big chunk of the shares are owned by the Tracker Fund, which is steered by the Hong Kong Monetary Authority"
Chugs, Jay |
