HSBC Watch News Release Forum Index
Forum Name: - Social Responsibility
Topic Title: HSBC must control Household
Sat Aug 14, 2004 11:59 pm
Although HSBC recently reported huge profits, those of us in the industry look at the percentage of profits derived from Household International. HSBC's acquisition of Household produced the desired results.
There was discussion, prior to HSBC's acquisition of Household, of HSBC's deep pockets and the probability of future lawsuits. For that very reason HSBC must reign in Household International. Consumer resentment and public opinion run deep.
For a bank with roots in Hong Kong and leadership in Great Britain to continue destroying or hurting consumers in America is a disaster waiting to happen. Aldinger did it by himself for a few years, and attracted the attention of regulators and authorities across this great nation.
Current concerns about terrorism, global oil prices, increasing interest rates and other factors might galvanize Americans. If the past reflects the future, Americans remember Bank of America (BofA and Nations) receiving almost $2 billion (USD) in fines without a stumble. HSBC and John Bond might get a very rude awakening now that they've posted Household's profits and slapped Americans in the face with a relatively small Shea v Household settlement of only $11 million (USD)
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.