This crime reminds me of calculated risk taking by Household International and HSBC Finance. Steal from the customer, reap great benefits, and then pay the fine. The profits far outweigh the punishments. In the business world HSBC admitted no wrongdoing and paid the fine. This guy did some prison time and paid back about $2 to $3 depending on the exchange rate:
Archive for » October, 2007 «
A telecom equipment company has launched the opening legal barrage in the asset-backed commercial paper mess, suing HSBC Securities (Canada) Inc. for selling $8.5-million of short-term investments that are now frozen.
Category: 2007 HSBC
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HSBC Holdings Plc’s Canadian unit became the first financial adviser in the country to be sued over investments in asset-backed commercial paper that were frozen following the U.S. subprime mortgage industry collapse.
Category: 2007 HSBC
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This may also be part of HSBC’s repositioning, or perhaps a move to make Knight Vinke happy. Other analysts thought HSBC would keep their credit card operations while getting rid of predatory and subprime lending. Such lending is often equated with Household International, now called HSBC Finance Corp. An earlier press release this same day said HSBC was closing some Canadian locations.
Category: 2007 HSBC
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HSBC Financial Corp. Ltd. is closing 30 of its 140 small branches in Canada, affecting 300 employees, as it tightens up its lending practices in the continuing credit crunch. Operating separately from HSBC Bank Canada, the loan company is a subsidiary of a similar U.S. operation that has suffered in the U.S. subprime mortgage crisis, spokesman Michael Edmonds said Tuesday.
Category: 2007 HSBC
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