HSBC Holdings Plc fell by the most since the Sept. 11 terrorist attacks on concern that a possible U.S. economic recession may hurt demand for loans and financial services. HSBC has fallen 21 percent this year as shares of financial services companies plunged worldwide on concern that more losses related to the U.S. subprime mortgage crisis could slow global economic growth.
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The chief of the Federal Deposit Insurance Corp warned on Thursday that if industry solutions fail to help subprime mortgage borrowers, the odds of government involvement will increase. President Bush is already talking about a Reagan-style tax rebate. Nancy Pelosi and her Democrats are in no position to argue. The entire idea is a sham that applies a bandage to a mortal wound. Stimulating consumer spending as an economic stimulus is ridiculous. The mortgage industry already stimulated consumer spending using home equity as the stimulus. Greed got in the way, and U.S. Government regulators could not be found when abuses went unchecked.
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An identity theft ring that involved the personal information of 10,000 credit card holders was busted in New Jersey, federal authorities said today. Four men arrested by the U.S. Postal Inspection Service are expected to be arraigned at 2:15 p.m. this afternoon in federal court in Newark. A fifth suspect is at large. HSBC Bank and American Express customers were among the victims, according to criminal complaint. The suspects allegedly either used the personal information to open new accounts with banks or hijacked existing accounts by submitting change of address forms via the Internet. (courtesy of ABC News)
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HSBC has been accused of imposing a stealth charge of £25 on customers who go over their agreed overdraft limit. £25 is about $50 (USD). HSBC claims the charge is fair because it covers the time taken to review the customer’s account, but campaigners say it is a device to get round the rules on unfair penalty fees. The charge is levied on customers who have gone over their authorised overdraft limit more than once in the previous six months.
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There is an update to this article. See HSBC employee afterthoughts when HSBC shut down HSBC Finance Corp in the U.S. Articles about HSBC jobs and layoffs can be seen here.
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