[New post] HSBC Bank Claims It Has Very Limited Exposure To Evergrande? No Exposure to China’s Shadow Banking?
User ID posted: " https://www.youtube.com/watch?v=jT19PACCIAA HSBC Bank Claims It Has Very Limited Exposure To Evergrande? No Exposure to China's Shadow Banking? by Jason Burack HSBC Bank claims that their exposure to Evergrande is extremely limited. HSBC, StanChar"
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See Full Video Transcript Below
I'm going to do another quick HSBC bank update after I check the comments section of my HSBC bank video that went viral last week I was actually shocked to see so many people now not all of you but some of you and there was a lot of comments about this that actually trust the accounting that actually trust the public financial statements of these large banks have we not learned anything are some people really that gullible are they really that naive HSBC bank has officially made a statement saying that their exposure to Evergrande is extremely limited and they're denying that they have a lot of exposure to China's shadow banking system meanwhile Kyle Bass, Emma Mullman, Jim Chanos a lot of other people have said that they have enormous exposure HSBC bank has billions of dollars in loans out to all of the Chinese real estate developers all of the other large banks in China the Chinese state-owned enterprise banks all have large loans out to Evergrande and the other large Chinese real estate developers so I can guarantee you that HSBC bank was copying them because for many, many, years the profits on these real estate loans were very, very, easy because Chinese real estate prices in many major cities just kept going up and up and up banks lie all the time they lie in their counting who do you think taught Enron how to do off-balance sheet special purpose vehicles who do you think helped Bernie Madoff run his Ponzi scheme I interviewed Bernie Madoff's former lawyer years ago for my YouTube channel she straight up told me in a conversation with Bernie Madoff, Madoff was adamant that as soon as he started his Ponzi scheme his bankers at JP Morgan knew from day one and they didn't care as long as the bank and the bankers there the bank made enormous profits from the amount of cash that Madoff was bringing in in the Ponzi scheme the bank got high fees and Madoff's bankers over JP Morgan were getting enormous commissions and bonuses and promotions and we know this from the 2008 financial crisis in hindsight that large banks like Citibank and others have special purpose vehicles off balance sheet so it's not just the Federal Reserve that has special purpose vehicles these large banks so your Citibank, JP Morgan, Goldman Sachs, Wells Fargo those ones and I'm sure that HSBC bank also has a lot of off balance sheet special purpose vehicles you're not going to see them named or mentioned in all these publicly available documents in their investors presentation oh there's only 200 million in exposure you don't know what you're talking about oh yeah what happened in 2008 with all the large banks that had all this exposure to subprime off balance sheet hundreds of billions or trillions in toxic garbage that the fed had to buy and you actually believe that one of these large banks that has a history of knowingly laundering many, many, billions of dollars for drug cartels organized crime and terrorist organizations would actually be honest with their public financial statements in their accounting when it's common knowledge in the financial industry if you're a financial professional for a long period of time that these large banks have a lot of off-balance sheet special purpose vehicles that's how the people at Enron learned how to do special purpose vehicles and do accounting fraud they learned it from their bankers the banks knew Enron was doing fraud they didn't care the banks were profiting from it for years same thing for the bankers with the Madoff Ponzi scheme so I'm tired of reading these comments quoting publicly available information or a seeking alpha article saying HSBC bank said this and that and you're wrong and you don't know what you're talking about if you believe that you clearly do not know the history of large banks and accounting fraud and how the banks have been committing accounting fraud especially the large banks for many, many, years things got really nuts here in the US in the 2008 financial crisis there was tons of European banks also bailed out then too we know this from the one-time partial audit that Ron Paul got of the Federal Reserve we also know this from the freedom of information request in 2011 that Bloomberg news got and then levy institute went through the 30 000 plus data document dump showing that 29 trillion in bailouts were handed out 9 trillion went to European banks for derivatives losses and others so the federal reserve basically bailed out the European union and European banks in 2008 and 2009 and those loans were probably waived I doubt they ever had to pay them back so if you're going to argue with me about HSBC's exposure to Evergrande and HSBC's exposure to China's shadow banking system and China's shadow banking system is many, many, trillions no one knows the real number Kyle Bass has said it's 50 trillion it could be larger than that at this point it's definitely tens of trillions because in December of 2020 the south China morning post admitted it was at least 12 trillion dollars almost definitely a couple times larger than that and all of those bad real estate loans and Ponzi investments that are wealth management products and other shenanigans are tied to real estate and HSBC and Evergrande were definitely playing there because the profits for a while in shadow banking instead of making boring returns you could take depositor funds and go and gamble them on shadow banking and make enormous returns and then if there are problems the people's bank of China in the past has done bailouts that's how the banking system in 2019 the people's bank of China did a lot of bailouts to private sector banks but HSBC bank is not favored by the Chinese government finally if you like content like this someone help keep content like this free so it doesn't all end up behind the paywall or you want far more in-depth content research financial education and analysis than I provide in these short little free videos there are now over 180 articles charts and audio podcasts behind the paywall exclusive for patrons all for the cost of a Starbucks cup of coffee only five dollars a month I think it is one of the best deals out there if you don't like it you can always cancel and just in the last 15 or so weeks there are 30 new articles out including my thoughts on the latest merger between Kirkland lake gold and Agnico Eagle I was pretty shocked about this I explained in the article why so if you want to read my thoughts about that it's only five dollars a month and there are a lot of other interesting articles about global macro companies and sectors behind the paywall for a very reasonable price I don't think anyone else in my space charges less than me for premium content so if I could wrap up this short little video very quickly HSBC bank is publicly saying that their exposure to Evergrande is very, very, limited that they have little to no exposure whatsoever to China's many trillion dollar shadow banking system let me say on the record I do not believe anything they're saying the large banks have a history of accounting fraud have a history of lying on their accounting have a history of teaching large corporations and Bernie Madoff large corporations like Enron and also Bernie Madoff either how to do accounting fraud or they have enabled these fraudsters or large corporations committing accounting fraud or financial engineering how to steal more and cheat so the large banks are not honest about their public accounting disclosures this is very similar to large Chinese state-owned enterprises that have Caribbean shell companies where foreign investors have no claim on the assets if a Chinese company with an ADR in the Caribbean goes bankrupt you've heard Jim Chanos you've heard Kyle Bass you've heard many other people warn about this also the type of public accounting nowadays for a lot of large publicly traded companies is getting ridiculous it is not technically illegal but you have large companies like IBM and they're talking about adjustments a hundred times or more each single quarterly earnings call so you can't believe the public accounting of a lot of these large companies anymore the banks are some of the most egregious other than Chinese state-owned enterprises large banks are some of the most egregious they move tons of stuff off balance sheet special purpose vehicles for private companies the banks are famous for having these things you have to be willfully ignorant or stupid or inexperienced in the financial industry to not know this it is that simple the large banks were exposed Citibank and others were exposed in the 2008 financial crisis for keeping hundreds of billions or trillions in bad loans subprime toxic mortgage-backed securities off-balance sheet in special purpose vehicles they hid this garbage this toxic sausage off balance sheet and then they still needed bailouts for HSBC bank to say that they have limited exposure I think that this is very similar to Lehman brothers or Bear Stearns a confirmation denial
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