Household HSBC Watch

From the Columbus (Ohio) Dispatch of September 21: “HSBC lobbyist Van Doorn, who fought stricter state oversight three years ago, said, ‘There’s no question that the regulations could use some tightening.’ He said Ohio’s predatory-lending law was an important step, but, ‘We’re light years ahead of where we were’ when it passed in 2002. Shortly after, HSBC’s Household International settled federal deceptive-lending charges for $484 million.” Light years in deception and misdirection, perhaps. Meanwhile the export of Household’s predatory practices continues apace. Now HSBC plans to sign a preliminary deal to buy Korea Exchange Bank soon, in a deal that could cost as much as $6.5 billion, the Korea Times reported in its Sept. 22 edition. HSBC was in talks with U.S. equity fund Lone Star, which owns a controlling 50.5-percent stake in KEB, to buy the South Korean bank, the newspaper said citing an unnamed HSBC executive. “There will be an announcement on the merger talks soon,” the executive was quoted as saying.