
The first such beastie takes shape in the form of HSBC, which is contemplating whether to move out of London and back to Hong Kong. In 40 years of watching our banks at play, their propensity to make large scale corporate mistakes is always amusing to watch.?
If HSBC?s board is silly enough to move its domicile to a communist state then it is clearly too silly for our regulators anyway. A recent letter in the Financial Times from Frankie Leung sums up this one perfectly: ?In the pre-1997 colonial days if you asked who governed Hong Kong, the man on the Yaumetei ferry would tell you: the Hong Kong and Shanghai Bank, the Royal Hong Kong Jockey Club and the governor (in that order). In the post-1997 days, if you ask the same question, the answer is: the Chinese Communist Party, the Hong Kong real estate tycoons and the chief executive (in that order). The expatriate Scots should not get nostalgic over the days when the Union flag was flying over the governor?s house in Upper Albert Road. Today the five stars is hoisted over the chief executive?s residence. Same place, different flag.? Please messrs David Cameron and George Osborne, don?t waste time concerning yourselves with the likes of HSBC. If this bank really is that headstrong, let it go. Read more about HSBC:- HSBC launches new ?8bn fund for Britain’s small businesses
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