The spectre of the Barings collapse was an uninvited guest at HSBC Holdings results press conference last Monday. HSBC chief executive John Bond spent until 9.25 p.m. the previous night at the Bank of England in abortive talks about a possible salvage operation, but in common with other major players, took the view that the "uncapped positions" were too risky. After facing persistent questions on Barings during his formal presentation, Bond was then surrounded like a wagon train afterwards

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