Amid concerns China’s authorities are using the account seizures to crack down on dissent.
Beijing squeezes, and HSBC knows where it makes most of its money. Standard Chartered, another UK bank, did the same.
They haven’t gotten over Financial Crisis 1 and the Euro Debt Crisis. Now there’s a new crisis. Deutsche Bank’s CEO going on TV to soothe nerves didn’t help matters.
These days, markets forgive and forget anything except the suspension of share buybacks. Shares dive.
HSBC’s pleas of innocence have won little sympathy in Beijing.
The timing could not have been worse.
Or Is It Just In Dire Financial Straits?