HSBC CEO turns to Reuters for exclusive interview

The head of the Western world’s biggest bank by market value, Michael Geoghegan, insisted on speaking exclusively to Reuters because of its superior coverage of the global credit crisis. Geoghegan, who spoke right after Britain set out a 50 bln pound bank rescue on Oct. 8, said the move set a bad precedent but that the government had little choice. He spoke candidly on the likely length of the credit crisis, which economies would be hit first, and why HSBC did not need to use the bailout plan. The interview got play worldwide.