HSBC Finance - formerly Household International - has been a sore spot for activists, investors, and shareholders. Often we report complaints that suggest anyone can or may be a target for HSBC. however, when a child or a parent dies and HSBC does not step up and take responsible and intelligent action it is a travesty. Take the case of a family where the parent died:

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HSBC Financial Services Middle East has picked up a 4.99 per cent stake in Yes Bank in the secondary market. HSBC refused to comment, while Yes Bank said “There is no arrangement for any cooperation with HSBC at this stage.’’ This may be an investment by HSBC or a non-event, depending on how one looks at it. HSBC had originally picked up a little over 14 per cent stake in UTI Bank and had to pare it to 4.99 per cent at the behest of the Reserve Bank of India (RBI).

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Curtis in Connecticut said in a recent commentary: “This is my own opinion based on dealing with HSBC. HSBC should be classified by Homeland Security as a terrorist organization.

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This is a classic example of how the subprime mess spun out of control. It is a classic example of how state regulators are continually frustrated by federal regulators and their desire to overrule state-level laws. Anyone who thinks they can get results from a local Better Business Bureau, when federal and state complaints are already ignored, is sadly mistaken. Please note how the FTC is not required to help. Here is a horror story that drives the point home:

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HSBC Bank USA has pulled out of the federal student loan program for the upcoming academic year as the credit crunch puts a crimp on academic lending. In other words there is little profit in it or the loan program would have been accelerated instead. On the other hand students with limited income until graduation were once considered “easy sells” for unsecured credit cards and other loans. Obviously bankers expected life-long loyalty and prompt payback after graduation.

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