Ohio Rep. Michael Oxley, one of the two congressmen behind the Sarbanes-Oxley corporate reform legislation that was passed the same summer of the WorldCom debacle, said investors could be cheered by the Ebbers verdict. “Due process takes time, and the prosecutors are to be congratulated,” he said. “Every investor and everyone harmed by the WorldCom bankruptcy should take heart at today’s verdict in the Ebbers case.” WorldCom crashed in 2002.
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Between 1998 and 2000, Lehman Brothers also recognized the profit potential in backing predatory lending. Investment Dealers Digest reported that Lehman had risen from third place in 1998 to become the top underwriter of residential asset-backed securities, with a total of more than $12 billion in issues in 2000. Lehman worked closely with First Alliance and Conseco Finance, and formed a relationship with Household International. One of the most significant predatory practices yet to be addressed by the sub-prime industry is giving customers with strong credit histories higher priced sub-prime loans.
Category: 05 All Articles, 05 Research
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The former finance chief of WorldCom testified on February 10, 2005, that the company called off 2001 merger talks with Verizon after he and CEO Bernard Ebbers worried Verizon would discover WorldCom had cooked its books. Scott Sullivan told jurors he worried Verizon would uncover the fraud during a process called due diligence, in which companies considering a merger examine each other’s books.
Category: 05 Research, 05 Worldwide, You Should Know
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When do phone calls from one party, entity or company become harassment? What does the Fair Debt Collection Act (see more) say about this subject? And most importantly, if the calls are to a wrong number how do you get them to stop? Our researchers are preparing a true life case from caller ID logs. All calls originated from HSBC Finance Corporation. When the details are cross-checked for accuracy the article will be published here. Watch for more as Household - HSBC Watch works for you.
Category: 05 All Articles, 05 Regulators, 05 Research
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HSBC filed this with the SEC - “Household’s Board of Directors has adopted a Code of Ethics for Senior Financial Officers. That Code of Ethics is included as Exhibit 14 to this Annual Report on Form 10-K. Household also has a general code of ethics applicable to all employees that is referred to as its Statement of Business Principles. That document is available on our website at www.household.com or upon written request made to Household International, Inc., 2700 Sanders Road, Prospect Heights, Illinois 60070, Attention: Corporate Secretary.”
Category: 05 All Articles, 05 HSBC Holdings, 05 Research
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