Here’s an interesting ripple in the Subprime debacle: Niagara County has been looking forward to a new HSBC data center project worth millions of dollars in tax revenue, but those plans have apparently been put on hold by the company who is reeling from the Subprime fallout:

Lockport Union-Sun & Journal Online - DEVELOPMENT: HSBC passes up Cambria property

“Given the current overall business climate, we are not proceeding at the original development pace we had planned for our data center in Niagara County, New York,” the statement said. . .The reference in the statement to a business climate may be a way for the bank to point to the recent subprime mortgage market crisis which has hit the industry hard.