From City AM:
HSBC and Stanchart have both seen their shares rise after backing controversial new security laws China plans to impose on Hong Kong, despite the UK’s opposition.
Both banks have said the law could uphold stability in the long-term in Hong Kong, where protests have sparked again despite the risk of coronavirus over China’s encroachment.Way back in 2012 we were posting "Standard Chartered Joins Barclays and HSBC as Scummiest Bankers on Earth (STAN.L)":
HSBC Asia Pacific chief executive Peter Wong yesterday signed a petition backing the new law, which would make secession and undermining the government’s authority a criminal act.
But Japanese bank Nomura said it was “seriously” considering its presence in Hong Kong.
Hong Kong citizens first protested last year to force the city to bin a planned law that could see China extradite people to face trial. Now observers fear China’s new security laws could end Hong Kong’s unique freedoms.
HSBC, which moved its headquarters to the UK in 1993, said the Hong Kong Association of Banks had already said the law would maintain a stable business environment.
Standard Chartered added: “We believe the national security law can help maintain the long-term economic and social stability of Hong Kong.”...MORE
Just last week I headlined the earnings report:
A Seriously Smart Bank: "Standard Chartered Profit Rises 11% in First Half" (STAN.L)
Maybe not so smart.
The tally so far:
Barclays is a flat out cheat and liar on LIBOR.
HSBC launders billions for these guys: "49 Mutilated and Decapitated Bodies Left on Mexico Highway ...".
And now StanChart "scheming" with the Iranian government.
STAN.L is down 18.5% after dropping 6% just before the London close yesterday.
The litany brings to mind a post from last month:
What To Do With Financial Criminals? Kill Them
