Household HSBC Watch

True to form and following rules set up by former predatory lender Household International, HSBC rejects any ideas and suggestions other than their own. HSBC Holdings Plc, Europe’s biggest bank, rejected a call from the California State Teachers’ Retirement System for an outside strategic review. At Household - HSBC Watch - a group which follows Household International well before the sullied lender was purchased by HSBC - analysts think HSBC delegated responsibility to HSBC USA.

Calstrs, based in Sacramento, wrote to HSBC Chairman Stephen Green criticizing the bank for its “casual dismissal'’ of “very serious long-term'’ performance and governance issues raised by Knight Vinke Asset Management LLC, the U.K.’s Observer newspaper reported today, saying it had seen the letter.

“The board sees no need for a further strategic review having already undertaken such a review earlier this year,'’ London-based HSBC said in an e-mailed statement today distributed by external public relations firm Maitland. “We believe that the principal points made by Knight Vinke have already been fully addressed.'’

“What Maitland, Calstrs, and HSBC know is their relationship with Household International is not in the best interest of anyone” said Household - HSBC Watch. “Knight Vinke told them so, and now California speaks loudly. HSBC needs to wake up the the fact that California has one of the largest economies in the world, ranking tenth worldwide in 2005. (link opens in a new window). HSBC wants to expand in the United States, but stonewalling and ignoring issues is not the answer. False statements while ignoring facts is a key feature of HSBC Finance Corporation (Household International) but it does not play well to informed Americans” said Household - HSBC Watch.