Comments by "Steve Parker" (@steveparker8065) on "HSBC buys UK arm of Silicon Valley Bank for £1 – BBC News" video.

The taxpayer bailed out HSBC in 2008, who is collateral for the billions of debt that sunk the SVB? When a bank fails that money goes somewhere!
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@T5Zplayer I didn't mention the USA as we are only discussing the UK branch. Your ability to misinterpret sentences is unparalleled. My point is that HSBC was bailed out by the taxpayer who is now at risk of being used as collateral for the billions of debt racked up by SVB, at least the SVB UK portion. If this goes wrong the taxpayer may be subject to another bailout. Taxpayer money is for infrastructure and public services, not a guarantee for shareholders and corporations. Taxpayers do not get any of the profits but are liable for the losses of bankers... Money doesn't cease to exist, someone always profits from bankruptcy. Finance is a farce that enables a tiny minority to own and control the vast majority of global resources, while the majority struggle to survive!
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@T5Zplayer Yes I do as privatisation has cost the taxpayer hundreds of billions in bailouts and over £100 billion a year in subsidies and corporate welfare. Not to mention tax-breaks, grants, loans, higher costs for public services and loss of ownership of taxpayer-funded infrastructure. Also the loss of between £40-120 billion per annum via the tax gap. Although if you just want to start a tangential debate and offer more pedantry; I have better things to do.
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@IamGrimalkin You may be correct about the bailout in specific terms, but they did profit from implicit guarantees and the liquidity that the government enabled with the £700 billion borrowing for said bailout. I'm not sure if the compensation for the PPI misselling cost the taxpayer. But HSBC certainly cost the taxpayer by allowing their Swiss subsidiary’s industrial-scale facilitating of tax avoidance for corporations and the wealthy while HSBC also laundered Mexican cartel money. They are not innocents and as regards shareholders, they didn't lose all their money when the banks failed, as the taxpayer-funded bailout saved them from losing everything by stabilizing the flawed system.
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@T5Zplayer Not hot air mate, it's called fiscal understanding. The many bailouts paid for by the taxpayer in the past suggest a pattern to anyone with an ounce of sense. Take your pedantry to someone who cares.
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@IamGrimalkin The backroom deals between the Government and the BoE that enabled the £1 sale will remain hidden from scrutiny. But no doubt will affect the economy. Not to mention HSBC's troubled history of facilitating tax avoidance via their Swiss subsidiary and laundering Mexican cartel money and misselling PPI. The taxpayer is collateral and subject to liabilities for the UK economy and National debt - national debt in real-time is now higher than our annual GDP. The tech industry is high risk.
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@T5Zplayer The modern digital age was launched by human ingenuity and invention. Vodafone, Lotus and Dyson were private industries and were never nationalised, although Vodafone did take advantage of taxpayer infrastructure. You seem to have flawed logic. The steel industry was wrecked by Thatcher who closed the coal mines, iron processing plants, steel plants and canal networks that were used for transports. Your tangential irrelevant points are redundant as is your reliance on opinion. Before privatisation our debt to GDP was around 40% or less, it's now over 100% because private industry is dipping their hands in the public finances aided by Tory legislation. While also avoiding tax, leaving the burden on the taxpayer. There are a plethora of articles which prove the water, energy, telecoms, mail, transport, railways and many other nationalised industries lost efficiency and increased costs after being privatised. I'm not interested in constantly providing facts to rebut your repetitive opinions over and over...
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Such an obvious example of the failure of the system, almost as bad as when we bailed out HSBC in 2008. Finance is a farce, just a fiction created to concentrate resources in the hands of a tiny minority while the rest of us struggle in a perpetual cost-of-living crisis...
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@T5Zplayer PS Global debt is over 3x global GDP, the UK's national debt is over 100% of its GDP in real-time. Money is no longer tied to any physical resource since the loss of the gold standard and the rise of central banks which started in 1913 with the Fed which is now global and has enabled FIAT currency and Fractional Reserve Banking. It's a farce!
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@T5Zplayer I have over 20 articles bookmarked to prove that your Tory mythology is laced with misrepresentations. Privatisation adds an extra layer of admin, and profit requirements while selling off taxpayer infrastructure for pennies on the pound as happened with Royal Mail. While also costing the taxpayer over £100 billion in subsidies and corporate welfare per annum. On top of which comes the bailouts, low wages, increased product and service prices, grants, loans, tax relief etc. Heath as PM from 70-74 was elected on a platform to crush the unions and workers' rights. Thatcher later built on that platform using security agencies and cuts to further that platform. Most households these days require at least two full-time workers to stay afloat. In the 70s one full-time wage could support a mortgage and a decent lifestyle, we had a fully funded NHS, family doctors, same-day appointments and social housing to avoid homelessness. Not to mention free schooling at Uni level and a decent pension to look forward to. I also lived through it but had the decency to do research rather than rely on tabloid opinion pieces. Your ad homs do little to make up for your lack of knowledge, political illiteracy and reliance on Tory mythology... PS I use facts, stats and fiscal data your personal experience is anecdotal evidence...
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@T5Zplayer More anecdotal evidence backed up by a single industry example. There is more bureaucracy/admin with privatisation and more handouts. Check water, energy, telecoms, mail, transport, and trains. PS shortly after Thatcher pumped that money into BL it was sold to the US. Who had a monopoly on the car industry. She also crippled the coal, steel and iron industries making imported materials necessary for the car industry.
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@T5Zplayer Here's an example of the type of information you could find if you had the intellect to do research "During the tenures of Margaret Thatcher and John Major, the government went on a selling spree unmatched by any other industrialised economy. Telecoms, gas, electricity, water, airlines and trains: they were all bundled up and sold off. Other public goods were surrendered too, often for a song – the biggest example being nearly 2m council homes." They were taxpayer assets sold on the cheap, our water is now polluted, we have a vast shortage of social housing and Ofcom increased bills by £2.7 billion by allowing unsustainable cartels into the energy market 28 of which collapsed after taking taxpayer money. "Privatisation is the god that failed. As an object of worship, it has proven expensive for the public and a bonanza for comparatively few investors, often overseas. And in key areas such as council housing, it has proven a singular disaster." Please do research instead of parroting the same opinionated themes over and over...
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