Yes, as I said, apart from one unfortunate purchase (which was Household) they when led the way by writing off those debts way before it became fashionable. They made one mistake by acquisition, realised it, took the hit and overall have got their act together very well. They will certainly emerge from this period as a stronger global player than many of their peers.
I'd rate HSBC very highly out of the global banks.
We are now going to see the whirlwind unleashed on the big insurers. I doubt all of them will survive. Time to make sure those pension funds are in safe hands..
The is the end of the beginning. Nothing more.
WWW