Risk Weighted Returns; Warehouse Lending Credit Manager Needed; Subprime Analysts Lost; Bank News
March 9, 2010 – 11:56 amPosted To: The Garrett Watts Report
We commented last week how a lot of people didn’t know what HSBC stood for… If you go back to when they bought a bank in Buffalo, New York to established themselves in the U.S. The joke was that HSBC stood for "Holy ____, Buffalo's Cold.” City National Bank (Los Angeles) was in the news for paying off all its TARP money last week, but the real story is how they became L.A.’s prestige bank in the first place. Frank Sinatra’s son was kidnapped on a Friday in 1963, and the singer called up Bank of America, Security Pacific and a few other big banks asking for $240,000 to pay the ransom money. The big banks told him to come in Monday morning and fill out a loan application. When he called City National, Chairman Bram Goldsmith told him “Come down to the…(read more)