Michael Geoghegan's comments reflect a deep frustration at recent bail-outs among executives at HSBC, which, despite suffering heavy losses in the US mortgage market, has weathered the credit crisis in better shape than many of its rivals.
“There is no question that guarantees have been given to failed managements,” Mr Geoghegan said, adding that they risked distorting the market. “I hope these guarantees don't last too long because they may create the wrong type of behaviour by managements in those banks.”
However, HSBC executives acknowledged the rescues in the US and Europe were necessary to stabilise the banking system and restore the flow of credit to the economy.
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