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Household International 1999 to 2002 - Lies and Deceit

Take a look at William Aldinger’s Household International from 1999 through 2002.

From March 9, 1999 — The Board of Directors of
Household International, Inc. (NYSE:HI) today authorized the
repurchase of up to $2 billion worth of the company’s outstanding
common shares. At current prices, this would represent over
10 percent of the company’s outstanding shares. Purchases will
occur in the open market, from time to time over the next 24
months, depending upon market conditions.

William F. Aldinger, chairman and chief executive officer of
Household, said, “The Board’s authorization of this repurchase
program underscores our confidence in the financial strength of
Household, as well as our belief that the current market price of
the stock does not adequately reflect our long-term growth
prospects.

Fast forward to 2002. Amid nationwide charges of predatory lending Household’s stock was down dramatically. What did the 1999 buyback actually do? It allowed Household to control the majority of the stock, while employees investing in the stock could not sell it under most conditions. Aldinger came very close to ruining Household International like Ken Lay did with Enron.

In October 2002 HSBC made an offer for Household at a very low price. Aldinger benefitted, receiving approximately $36 million for three years as part of HSBC. Most others did not benefit.

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