Household HSBC Watch

The U.S. credit card industry had seen consolidation in the last two months. Bank of America Corp. has bought MBNA Corp. for $35 billion in June and Washington Mutual Inc. has agreed to buy Providian Financial Corp. for $6.45 billion. HSBC is consolidating its reach in the U.S credit card industry. It is acquiring credit card company Metris Cos. for $1.59 billion (893 million pounds) in cash. Consumer advocates at Household - HSBC Watch said most companies cut 10 percent of jobs immediately. “However, this is a consolidation effort, transferring Metris accounts to HSBC Finance Corporation which is really the old stained, disgraced and tainted predatory lender Household International. Even when you put the HSBC name on it we expect this predator to consolidate operations, resulting in job losses for Metris employees. Nothing stands in the way of money and profits for Household International and HSBC, as evidenced by evictions of people over 80 years old” said the group. Household - HSBC Watch invites you to review the suits and settlements against former CEO William Aldinger which total almost USD $3 Billion.