Banks Lending Stinginess: Worldwide

Inquiring minds are reading the London Mail and finding out that the banks lending stinginess problem is worldwide. Britain’s largest HSBC makes 7 Billion Sterling Profit in 6 months and still won’t lend:

Britain’s biggest bank provoked outrage last night as it raked in bumper profits of £7billion in the first half of the year – and increased the pay and bonuses it will give staff.

HSBC announced its profits had soared by 121 per cent to more than £38million a day between January and June, as fewer customers defaulted on their loans.

And they don’t seem that they are not alone:

Britain’s other major banks, including RBS and Lloyds which are propped up by the taxpayer, are also expected to announce huge profits in coming days.

Does this all sound way too familiar?

Despite enjoying a mammoth windfall as the country climbs out of recession, HSBC yesterday admitted it has not increased overall lending to firms in the past 12 months.

And instead of ploughing the windfall into fresh lending for British firms, which power the economy, HSBC has increased the pay and bonus pool for its workforce by seven per cent to £6.2billion for the first six months of 2010.

At least we now know that we are not alone. The British have that “just raped’ glow too.

Still feel like that it was a good idea to bail the banks out?

If you don’t feel too nauseous, the entire article is very informative and highly recommended.


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