‘THIS wasn’t supervised as closely as it should have been,’ conceded the chairman of the big British bank HSBC, after it dropped â‚¬1.5bn on bad mortgage loans in the USA.
One product is the beautifully named, “self-certified loan,” where the borrowers tell the bank how much they earn, and the bank believes them.
This produced the funniest of several hilarious excuses from HSBC. “It appears that when you ask people to declare their own income, they tend to exaggerate it,” one executive helpfully explained. Well, fancy that.