Household HSBC Watch

A friend of predatory lender Household International and HSBC Representative Bob Ney, an Ohio Republican entangled in the corruption scandal centered on the former lobbyist Jack Abramoff, announced Monday that he would abandon his bid for re-election. The Justice Department has signaled for months that criminal charges against Mr. Ney, and possibly other Republican members of Congress and aides who were close to Mr. Abramoff, were only a matter of time.

Mr. Ney is the latest political casualty of the Abramoff case. Mr. Abramoff pleaded guilty in January to conspiring to corrupt public officials, including members of Congress, and is cooperating with prosecutors. “Years ago Ney forgot those who elected him, opting instead to favor predatory lending, failing to respond to letters, and it was no surprise to see him at the top of the Delay - Abramoff scandal” said consumer advocates at Household - HSBC Watch. “In 2004 we predicted this would happen to Bob Ney as some of his anti-consumer positions made no sense at all. Better decisions were made by people featured in ‘Crack Heads Gone Wild’ and now we know it was driven by greed” said the consumer group.