HSBC boss says banks owe apology

[pampango]

Source: BBC

The entire banking industry "owes the real world an apology", the chairman of HSBC (Hongkong and Shanghai Bank Corp) has said.

Last month, HSBC announced that its chief executive Michael Geoghan would move to Hong Kong from London. But Mr Green said the bank's decision did not mean it was turning its back on London. "Two-thirds of our business is in Asia. It's where we think the centre of gravity of the world's economy is shifting," he said.

Mr Green, in Istanbul for the annual meetings of the World Bank and the International Monetary Fund, admitted the banking industry collectively owed the world an apology for the financial crisis.

"It also owes the real world a commitment to learn the lessons. Some of them are about governance and ethics and culture within the industry," he said.

Read more: http://news.bbc.co.uk/2/hi/business/8293981.stm

[xultar]

1. It's where we think the centre of gravity of the world's economy is shifting," Thanks Bush.

[AndyA]

5. +1.

Bush did so much for that part of the world, and harmed the United States an equal amount.

[Tansy_Gold]

2. And what are they going to do to atone for their sins?

Are they gonna give any of the money back to those they stole it from? Are they going to stop trading in obscene derivatives? Huh? Huh? ARE THEY?










I didn't think so.



Fuck you, bankers.




Tansy Gold

[hobbit709]

3. Seppuku is the only form of atonement I want from these bastards

[high density]

4. Well, no matter where the "gravity" shifts to...

...these corporations have to realize that they need to pay workers decent wages if they want another consumerist society like the USA was. You can't build that system with a 1% supreme elite class and the remainder being slave laborers in India, China, or anywhere. Businesses are far too focused on next quarter's profits instead of thinking about where their consumers will be a few years from now. Workers can't buy a house and take out a mortgage from HSBC or buy a car from GM when no corporations want to pay decent livable wages to the masses.

[Bonhomme Richard]

6. He makes an apology and I am willing to bet he makes a fraction.......

of the money the bank CEO's make here. The CEO's here will probably write him off as some socialist wacko. Apologize?...is he kidding. They got theirs.

[Deja Q]

7. They just raised their APRs on everybody; I got the letters. They can apologize too.