Household HSBC Watch

Tuesday, July 19, 2005 - Speculation is that brokerage firm Charles Schwab was poised to be acquired by British banking giant HSBC Holdings. HSBC has declined to comment on the speculation, and Schwab has stressed that it is not for sale. Schwab appointed America’s leading expert on predatory lending, William Aldinger, to its board of directors in early August 2005. Aldinger recently retired from HSBC after HSBC bought Aldinger’s troubled and disgraced Household International in 2002, thus the tie-in between Charles Schwab, Aldinger, and first hand experience at predatory lending. “We shall wait to see how this mess unfolds, but we suspect it will not be to the benefit of the American people” said consumer advocates at Household - HSBC Watch. “Now we must monitor Charles Schwab as well” said the group.