Gordon Brown isn't very happy with the head honcho of HSBC UK after he moved to distance himself and his company from the notion that should the Bank of England reduce interest rates, his company would follow suit.
HSBC chief risks Brown's ire with rate cut comments | Business | guardian.co.uk
While the HSBC can rightfully claim to have managed its financial affairs well enough to have avoided the worst effects of the current credit crunch (although I can call into question the attitude of the company towards staff and customers, which is a different issue altogether) this to me seems just another example of large companies profiteering from the situation. It seems to me that companies like the HSBC and so many others, are blindingly quick to pass on any interest rate rise (the letter is through the door before the news has finished most days), however when the rates are cut they are stangely reticent to pass this on.
As the chap from the Nationwide advert puts it "We've got to pay for the bubbly at the shareholders party!"...
It's such a shame that all we can do is complain about this, rather than legislate against it.
HSBC chief risks Brown's ire with rate cut comments | Business | guardian.co.uk
While the HSBC can rightfully claim to have managed its financial affairs well enough to have avoided the worst effects of the current credit crunch (although I can call into question the attitude of the company towards staff and customers, which is a different issue altogether) this to me seems just another example of large companies profiteering from the situation. It seems to me that companies like the HSBC and so many others, are blindingly quick to pass on any interest rate rise (the letter is through the door before the news has finished most days), however when the rates are cut they are stangely reticent to pass this on.
As the chap from the Nationwide advert puts it "We've got to pay for the bubbly at the shareholders party!"...
It's such a shame that all we can do is complain about this, rather than legislate against it.