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HSBC bankrupt and on the brink of collapse?

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sunbox
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HSBC bankrupt and on the brink of collapse?

Postby sunbox » Mon, 27 Jan 2014 4:25 pm

There is news on web about it.. How is Singapore HSBC doing ? Is it safe to keep money there ?

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Re: HSBC bankrupt and on the brink of collapse?

Postby zzm9980 » Mon, 27 Jan 2014 6:39 pm

sunbox wrote:There is news on web about it.. How is Singapore HSBC doing ? Is it safe to keep money there ?


No, there are forum posts on PinoyTalk, MuslimVillage, and other non-news sites with rumors to this effect. The only news about HSBC is that they had a temporary issue which prevented "large" withdrawals of cash because of stupid internal policy. Which they apparently fixed:

http://www.washingtontimes.com/news/201 ... ithout-pr/

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Postby sunbox » Mon, 27 Jan 2014 7:17 pm

You are right zzm9980, I noticed that all this rumors were posted on non-news websites but lately HSBC has been in news for all wrong reasons.

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Postby JR8 » Mon, 27 Jan 2014 7:47 pm

Hahahaha... sure!

Would you care to link to this news article please?


Added:
The above linked relates to a now defunct 'customer care' policy that was briefly in place in England.

If it it that story that has been been causing panic and talk (as here) of HSBC going bankrupt... well, isn't this a perfect example of 'Operational risk' (as recently discussed)!

What's the old analogy, a butterfly farting in Kent causing a typhoon in Asia - something like that :lol:

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Postby PNGMK » Mon, 27 Jan 2014 8:27 pm

Smells like trouble.

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Postby sundaymorningstaple » Mon, 27 Jan 2014 9:06 pm

Where there is smoke, there could be a fire brewing?

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Postby JR8 » Mon, 27 Jan 2014 9:30 pm

HSBC stock is down circa 1% today, but that's less than the FTSE-100 index of which it's a constituent.

Seems like the London market haven't yet heard that HSBC is headed south! :wink:


http://www.pinoymoneytalk.com/hsbc-bankrupt-bank-crash/
Read it for yourself. Draw your own conclusions.

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Postby ScoobyDoes » Tue, 28 Jan 2014 9:09 am

JR8 wrote:The above linked relates to a now defunct 'customer care' policy that was briefly in place in England.



Technically it COULD be sensible, especially if large withdrawals are unusual or has serious impact on the account's bottom line. A bank never wants to see a client on the edge of bankruptcy, for example, but implementation was haphazard is seems. There maybe was never the intention to deny withdrawals from top level but Chinese Whispers (as we called it) and poor communication lead to different interpretations.
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Postby zzm9980 » Tue, 28 Jan 2014 9:24 am

ScoobyDoes wrote:
JR8 wrote:The above linked relates to a now defunct 'customer care' policy that was briefly in place in England.



Technically it COULD be sensible, especially if large withdrawals are unusual or has serious impact on the account's bottom line. A bank never wants to see a client on the edge of bankruptcy, for example, but implementation was haphazard is seems. There maybe was never the intention to deny withdrawals from top level but Chinese Whispers (as we called it) and poor communication lead to different interpretations.


I was going to go with England playing lackeye to US Financial regulations and just wanting to be Big Brother about what you're doing with your money.

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Postby stuckmojo » Tue, 28 Jan 2014 10:21 am

About a year ago I went to withdraw a few thousand GDP from my local HSBC branch. I really did kick up a fuss when they asked me what the withdrawal was for.

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Postby zzm9980 » Tue, 28 Jan 2014 11:13 am

stuckmojo wrote:About a year ago I went to withdraw a few thousand GDP from my local HSBC branch. I really did kick up a fuss when they asked me what the withdrawal was for.


"Hookers and blow. What now b1tch?!"

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Postby JR8 » Tue, 28 Jan 2014 11:54 am

@ZZM
It is a strange situation. I suspect it’s a part of anti-money-laundering legislation, and or ‘proceeds of crime’ etc., likely emanating from the EU where people emptying their bank accounts (a la Greece and Cyprus a couple of years back) leads to the downfall of national banking systems. Yes, that’ll be it, a blunt instrument from the EU to stop people taking their money out of failing banks....

To demand documented evidence of how you intend to spend withdrawn money. Why should one have documentation? ‘I’m building a house, my brother is a builder, I’m paying him cash and there is nothing in writing’. ‘I’m buying a car from my dad, there is nothing in writing, I’m paying cash’. I’m opening a bank account with a less fascistic bank, this cash will be my opening deposit, naturally at this point there is nothing in writing’ ... what can they do, it's all perfectly legal, refuse to let you have your own money!?

@StuckMojo
Seems ridiculous doesn’t it. ‘We need the cash as me and my mates are [cough] going on a business trip to Medellin, Columbia. Is that alright with you love?’


p.s. I see a parallel in UK Customs, where you have to declare if you’re carrying over euro10k equivalent in cash. There the questions are, where is the money from? What is the money intended for, where is the money next going? It’s almost like bringing a policy that currently exists at the borders, right onto the high street. But managing to cause confusion, uncertainty, and huge offence at the same time...

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Postby ecureilx » Tue, 28 Jan 2014 1:19 pm

JR8 wrote:....


Coincidentally, I went to a remittance center, to send some $ .. (Pay2xxx something )

me: I want to remit 1,500 $
she: oh, big amount, source of funds ?
me: my salary
she: you have pay slip ?
me: what ?
she: yes, must show source of fund or show bank statement
me: oh, never mind, I don't want to send anymore through YOUR agency ..

if they considered 1,500 $ as big money, I remembered that I know other legal remittances which allowed me to remit 3,000 $ without any question ..

The only time I was asked to sign some form was when I collected Inward remittance for my ex-boss, 20,000 $ .. that I agree, is being careful. Being an irritant for 1,500 $ ? well, thanks .. but no thanks..

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Postby the lynx » Tue, 28 Jan 2014 1:43 pm

Bah, by law they only need ID and forms if you're transacting SGD10,000 and above. Don't know what's wrong with them.

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Postby ecureilx » Tue, 28 Jan 2014 2:23 pm

the lynx wrote:Bah, by law they only need ID and forms if you're transacting SGD10,000 and above. Don't know what's wrong with them.


forms ? yes, I have filled them for receiving some amount like that ..

But .. to prove where you got the money for remitting part of the salary ? Well .. I gave up !!

Maybe HSBC rules are kicking in here too - LOL


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