HSBC Watch News Release Forum Index
Forum Name: - Leadership Changes
Topic Title: Aldinger's Dismissal - What is the real truth
Tue Mar 01, 2005 9:58 am
Breaking news of February 28, 2005 showed Sir John Bond terminating William Aldinger, although downplayed by reports of early retirement. Profits were down at HSBC, but shareholders generally do not want to pay an early termination bonus simply because of lackluster profits. Research shows conflicting news reports on the subject. The numbers simply do not add up. Aldinger had a $37 million pay package. He will walk away with around $13.9m (£7m), including $4.6m in lieu of salary and bonus for the remainder of his three-year contract, plus share options worth around $9m.
“There is more to this story than what has been reported thus far. As researchers go to work, watch for more breaking news as the fallout continues” said Household - HSBC Watch, a watchdog organization that follows predatory lending. Their blog on this subject is here
Sir John made a statement recently which indicated he thought a couple of rogue branches were at fault. The Financial Times of December 24, 2004: “Household has faced accusations of predatory lending from consumer groups but Sir John attributes Household’s problems to ‘one or two rogue branches.’” Some analysts think Bond was embarrassed, examining the possibility that HSBC bought a worthless and almost bankrupt Household International. Aldinger was CEO of Household International.
Aldinger was or is a member of the board of directors at MasterCard and AT&T. As such, the companies lost suits and settlements of over US$1.5 Billion. At Household International as CEO, they he saw settlements of over US$500 million. Other suits are still pending, including another huge suit against MasterCard. The total is already over US$2 Billion, or around £1 Billion. Shady lender or banker? You decide.
Sat Mar 05, 2005 9:03 pm
It's about time! Aldinger nearly single handily brought down a once fine 100 year old company. He is soly responsible for the predatory lending pracices of the company. It wasn't always so.
When he first came aboard he sold off 2 fine subsidaries, Alexander Hamilton Life and Household Bank. Household Bank remained as a paper entitiy only under which he ran the credit card business.
He caused the company to incur enormous debt . This cused the downgrading of the company'c credit, which led to halving of the company stock, then he sold the company out to a foreign company.
His lending policy's and practices violated every sound lending tenet.
WHAT A DISGRACEFUL INDIVIDUAL!
Wed Mar 16, 2005 10:02 am
I was at the Kentucky facility when we were told not to worry, the company was doing fine, and stock prices were high. Then we found out Aldinger already knew about the $484 million dollar problem. I lost half of my retirement when the stock crashed.
We were also told that supporting changes in bankruptcy would make more profits for the company and more profits meant more for us. Now I see where they want to send our jobs to India or somewhere. If I need some of my stock money if I lose my job I don't think I can get much of it unless I am 55 years old.
I looked at Aldinger-supported bankruptcy changes. Lied to again.
I'm tired of surprises and tired of being lied to.
Wed Mar 16, 2005 8:29 pm
Hello, Carol!
You mentioned, "How you are tired of being lied to." Now you know how the victims of Household International's predatory lending feels. We have been lied to for a long time! Household(HSBC) had promised to change, but they didn't. We were part of that settlement like many others. Out of the $484 million dollars settlement, many victims of this lending scam didn't even get enough to make a mortgage payment! Plus many are still stuck with the predatory loans.
Now the company is pasting their predatory lending practices to their credit cards. If you read other compliants on this web-site, you will find out that many consumers of Household(HSBC) are being lied to quite a bit.
Carol, from what you are saying, I understand that you are an employee of Household. Thanks for your statement. We really need your support. Please try to convince other employees to join us so we can get the justice that we deserve! I know you have to be careful! If we can get more employees of HSBC to take a stand for what is right, maybe the FTC, OCC, The Attorney Generals would take a closer look at Household(HSBC).
Wed Mar 16, 2005 11:36 pm
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