In December the New York Stock Exchange (NYSE) fined HSBC Securities $500,000 for failure to preserve electronic communications from early 2000 through September 2002.
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” The World Bank has identified corruption as the single greatest obstacle to economic and social development. It undermines development by distorting the rule of law and weakening the institutional foundation on which economic growth depends. The harmful effects of corruption are especially severe on the poor, who are hardest hit by economic decline, are most reliant on the provision of public services, and are least capable of paying the extra costs associated with bribery, fraud, and the misappropriation of economic privileges. ”
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Suzuki has been selling vehicles in the United States for 20 years, and it hasn’t won anything yet. Over two decades, the Japanese automaker has averaged a miserable 45,000 sales per year in this country, according to Forbes. One must ask why Suzuki never took off. Disregarding complaints of rollovers in 1988 regarding the Suzuki Samurai, one possible cause could be the large number of complaints regarding Suzuki motorcycle financing. Their financing is by HSBC, formerly troubled predatory lender Household International. Household - HSBC Watch consumer advocates believe Americans don’t distinguish between Suzuki vehicles. They simply see many complaints about Suzuki, where the complaints are really about Household - HSBC. “It is time for Suzuki to wake up and get reputable financing. Nobody wants to buy a motorcycle from a predatory lender that can’t be trusted, and nobody wants to buy it on a credit card” said Household - HSBC Watch.
Category: 05 HSBC - U.S., You Should Know
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The United States Department of Justice was a very welcomed visitor to Household - HSBC Watch on February 24, 2005. The DOJ studied issues presented by consumers and shown on www.householdwatch.com
William F. Aldinger, former CEO of troubled predatory lender Household International and now Chairman of HSBC North America, is also on the board of directors of AT&T. Aldinger has a law degree and also sits on the board of Mastercard International. Here is the latest report (February 24, 2005) from Federal Regulators:
