As HSBC raises money, banks can expect haircuts all around

It is impressive that HSBC (HBC) can raise money -- over $17 billion. Most big money center banks cannot raise a dime and have to turn to central banks for capital. HSBC suffered losses in its most recently reported period, but it says the new capital will steady its balance sheet. Could be.

According to The International Herald Tribune, "HSBC made the announcement as it reported 2008 net income of $5.7 billion, down from $19.1 billion in 2007. The bank also cut its 2008 dividend by 29 percent to 64 cents a share."