Essay by Eric Worrall
A few days ago, WUWT applauded HSBC’s Stuart Kirk for revealing how head bankers like himself are being pressured to add unrealistic assumptions to climate models, like a $200 carbon tax, to produce results which conform to the desired political narrative. Now Stuart has been suspended pending investigation.
HSBC suspends head of responsible investing who called climate warnings ‘shrill’
Bank investigating Stuart Kirk’s conference speech deriding flooding risks and climate warnings from UN and Bank of England
Kalyeena Makortoff
Banking correspondent @kalyeena
Mon 23 May 2022 08.10 AESTHSBC has suspended a senior banker after he referred to climate crisis warnings as “unsubstantiated” and “shrill” during a conference speech that has since been denounced by the lender’s chief executive.
Stuart Kirk, who has been HSBC’s head of responsible investing since last July, will remain suspended until the bank completes an internal investigation into the matter.
HSBC came under pressure to fire Kirk after he gave a presentation in London entitled “why investors need not worry about climate risk”, in which he made light of major flooding risks, and complained about having to spend time “looking at something that’s going to happen in 20 or 30 years”.
HSBC declined to comment on Kirk’s suspension, which was first reported by the Financial Times. Kirk did not respond to requests to comment sent via LinkedIn or Twitter.
…
Read more: https://www.theguardian.com/business/2022/may/22/hsbc-suspends-head-of-responsible-investing-who-called-climate-warnings-shrill
The following is Stuart Kirk’s presentation.
In my opinion this workplace suspension has a huge potential to hurt HSBC’s reputation.
When people entrust a bank with their money, what they prize above all else is honesty. We’ve all seen the caricatures of greedy bankers, and I’m not denying that there are cases where bankers have abused the trust of their clients, but the reality is a trust relationship with clients is fundamental to conducting business. You don’t give your money to someone unless you trust them, and believe they are honest.
But this suspension has demonstrated that in some circumstances, honesty at HSBC may be a punishable offence.
It doesn’t matter whether you believe Stuart Kirk was right. Stuart spoke his mind, he gave an honest opinion – and has now apparently been suspended, presumably because HSBC top management thinks his honesty was inconvenient or embarrassing.
How can investors trust HSBC bankers to tell the truth, if telling the truth could result in a workplace suspension? How can anyone trust a HSBC advisor to tell the truth about anything climate related, like the true value and risk profile of climate related investments, if everyone knows their HSBC financial advisor is looking over their shoulder?
Consider your actions carefully HSBC. A lot of eyes are watching your next move.
We are reliving the church reprisals for heresy.
The first rule of the Liberal Mob is that you NEVER disagree with the Liberal Mob.
As I recall, a past economic housing crisis in the US was caused after banks were forbidden to take into account one’s ability to repay a loan. Somehow considering such things was considered “racist”.
In addition to a Chinese guy’s securitized mortgage valuation algorithm that assumed housing prices would never fall. Its funny what can happen once government and bankers turn mortgages into securities.
Amazing how deep is the penetrating sting of the communist agendas of suppression of the opposition, imposition of ideologies, persecution of honesty.
Kirk’s basic point is that the present ‘value’ of a risk 30-40 years into the future is small. Looking at it another way, causing our fuel, electric power, food and other living costs today to rise 20-30% and growing would cover a nuclear bomb blast future!
Since he is obviously an intelligent and savvy banker and he has ample grey in his beard, I expect that he knew exactly what would surely happen following his speech. This was his opportunity to ease his conscience and openly speak the truth just prior to his own planned departure.
I am in a position where speaking bluntly on such topics could be viewed as reputational risks to the institution and possible grounds for discipline or termination. I could retire any time I like, so dismissal wouldn’t be financially harmful, but I would rather keep working and quietly battling the green monster from the inside, where I am still having some success.
To date, post-retirement engagement in climate and other issues is safe once there is no longer need of a paycheck; however, viewing what Canada has just done to protestors and what the gutter left is doing with U.S. Department of Homeland Security, even secured retirement assets could be jeopardized at some near future date.
well, you can’t just spread disinformation without consequences
unless you’re on the left of course
HSBC suspends banker who joked ‘who cares if Miami is underwater’ and about ‘nutjobs warning of the end of the world ‘ in climate change speech that had been AGREED with bosses two months earlier
Stuart Kirk is head of responsible investing at HSBC, one of the biggest banks
Senior figures came out to condemn his comments after they sparked a scandal
Theme and content of the talk had been agreed to internally, sources told FT
https://www.dailymail.co.uk/news/article-10844553/HSBC-suspends-banker-joked-cares-Miami-water.html
I called and logged a complaint with HSBC Bank about the suspension of Stuart Kirk. They did not take my contact information, but I did receive a complaint number. 1-800-975-4722 in the U.S. and Canada, 716-841-7212 outside the U.S. and Canada.
See, there’s Truth, and then there’s “Climate Truth”.
Never the twain shall meet.
“looking at something that
’s going tomight happen in 20 or 30 years”.Isn’t it most likely that this was intended as his retirement speech? Maybe there’s also a golden parachute clause that he forced his bosses to trigger.
So tell me, whoever downvoted this, do you really believe that this guy has the intellect to rise to the rarified heights of global finance, is railing against the irrational demands of ESG in a public speech, but is so naive that he is unaware of the consequences of his actions?
I’m not saying that it’s a good thing that he can’t say what he said and keep his job. I am saying that it’s the current reality that he can’t say what he said and keep his job—and that I’m sure beyond any reasonable doubt that he acted with the full knowledge of that fact and its consequences.
My only speculation is whether he calculates that his bosses will cut their losses and pay him to go away quietly rather than litigating a case of wrongful termination.
In related news, HSBC just announced Greta Thunberg and Pope Francis have been appointed to its board of directors.
Just as I commented on the original article, “Boy is he in trouble now.”
I wonder if the people who applauded at the end of the speech are suddenly a bit nervous about their job security right now.
Lots of comment on this video today:
Roger Pielke Jr. says:
Economist John Cochrane of the Hoover Institution says:
re: “Kirk … complained about having to spend time ‘looking at something that’s going to happen in 20 or 30 years’ ”
Seriously? Banks make all kinds of loans and investments that cover 20 to 30 year time horizons, all the time. Heck, even the overwhelming majority of simple home mortgages are on that time frame.
Looking at what’s going to happen in 20 or 30 years is standard banking practice. Any banker who childishly whines, for any reason, climate change or otherwise, about “having to spend time looking at something that’s going to happen in 20 or 30 years”, fully deserves to be shown the door.
And shame on WUWT for “supporting” such obviously foolish banking practice incompetence.
Your comment only makes any sense if you believe that a climate emergency is going to engulf the World in the next 30 years. That’s what he was railing against. So shame on you…
Well, as predicted when this first aired a couple of days back here is another Kirk determined to “boldly go”
We must applaud his open honesty. He would have known what was going to happen the moment he put the final power point slide into his presentation.
The conformity with establishment rules, the banking fraternity have adopted, makes any maverick or off script activity unacceptable to them.
You can only imagine how frustrating it must have been, for someone like Kirk with rational reasoning ability having to bow to the altar of Greta every time before an investment decision could be taken.
Good luck to him. The world needs as many brave honest people prepared to speak truth to power, as we can muster.
in South Africa HSBC were caught up in the great ‘state capture’ and money laundering scheme of the guptas ….. honesty?
He’s not as much removed for speaking the truth as for squandering a HSBC slice of the pie Mark Carney $7 trillion opportunity.
Oddgeir
lol he didn’t even make the vanilla mainstream Judith/Roy/Nic skeptic case
or even the “lukewarmist” case
just the “not catastrophic in the next 20 years” case
but you can’t even hint that the Emperor might be a little underdressed
From The Guardian article:
“Sadly, he’s probably not the only bad apple within HSBC given its record of funding climate destruction.”
HSBC Asset Management’s chief executive, Nicolas Moreau, said in a statement that Kirk’s remarks “do not reflect the views of HSBC Asset Management nor HSBC Group in any way”, and reiterated the bank’s commitment to reach net zero emissions by 2050.
“HSBC regards climate change as one of the most serious emergencies facing the planet, and is committed to supporting its customers in their transition to net zero and a sustainable future.”
This is what fanatical fascism looks like…Cultural Revolution-worthy, get out the dunce caps.
Plus, I think they fired him…why not, he’s a Denier…the worst of the worst…get in line and do as you’re told peasants.
This may be the Gift we have been waiting for!!!! In this video Stuart KIrk challenges the previous 2 analysts to put up or shut up. HSBC allowed the other 2 analysis to promote indefensible positions and suspended the guy that actually provided evidence to back his position. In a court of law, HSBC will have to defend what the other 2 analysts said, and refute Stuart Kirk. That won’t happen. My bet is they will settle, and Kirk will be the winner.
This also puts all of ESG at risk. No one will promote a known fraud in the financial world. Their fiduciary risks make it highly unprofitable to promote a known lie.
https://youtu.be/bfNamRmje-s
This is the other analyst that he challenged. It should be like shooting fish in a barell.
https://youtu.be/16kxn9kAIfI