When a person is stationed in Iraq, calls HSBC from Iraq, and receives their mail in Iraq, but HSBC will not wake up and do the right thing. That is the case, however, and HSBC Finance seems to think their “pay for performance” bonuses are more important than following the law. One soldier in Iraq reported to us that “HSBC Finance will not lower my interest rate to 6%, although I sent them the paperwork 3 times, its always lost.” On the Defense Link website it clearly says: “f you’re a reserve component service member called to active duty, you’re protected by a law that can save you some legal problems and possibly some money as well. Under the provisions of the Soldiers’ and Sailors’ Civil Relief Act of 1940, you may qualify for any or all of the following: Reduced interest rates…”
Archive for » July, 2008 «
Once again the question of protection, regulation, or lack or regulation in the United States comes up relative to HSBC. “We cannot have a segregated market where only the large and connected get protected by the SEC,” said former SEC commissioner Roel Campos, now a partner at law firm Cooley Godward Kronish. The American Bankers Association is lobbying the SEC to include all publicly traded banks and bank holding companies such as Washington Mutual Inc and Wachovia Corp, which have been under pressure. The SEC’s order only covers the primary dealers that have access to the Federal Reserve’s discount window and many of those firms are foreign-based such as Swiss-based UBS AG and London-based HSBC Holdings. “I don’t think you could limit it to those 19 names pushed on the SEC by the Federal Reserve, to protect all dealers in government securities,” said John Coffee, professor at Columbia Law School.
Other banks and investment banks looked for foreign capital and losses continued. In some cases it was a further erosion of American companies. HSBC plc is the same, although as a global bank it is easier to disguise. HSBC needs money. HSBC Holdings has met with China Investment Corp (CIC), China’s US$200 billion sovereign wealth fund, over a potential investment deal, Reuters reported, citing the Sunday Telegraph. According to the report, which did not cite any sources, HSBC Chairman Stephen Green has met with CIC officials several times, and is believed to have discussed the possibility of CIC buying shares in HSBC on the open market. HSBC, Europe’s largest bank, currently aims to become the first foreign company to list on China’s A-share market.
A former employee of HSBC in Florida sent us this opinion: “Ex-employee from HSBC, parent company of HFC/Beneficial collections team. First I would like to straighten some facts about prior to my bashing. This company is a pay for performance company and each employee has the bonus options. The better you collect, the better the bonus. That makes each employee fight to obtain their bonus, which includes misleading, tossing out empty threats, offering solutions that will never exist. Yes, they are all salesmen, selling you a reason on why you should pay your bills. The communication from upper management was never clearly communicated and they are all interested in the dollars only. Customers are not the priority.
Peter Grodon in Panama said: “About 2 years ago, because I had complained on various Yahoo internet chat groups, HSBC USA and HSBC Panama sued me for $5 million, and seized my assets and those of a charitable Foundation I had donated significant assets to. The story has just appeared over the past 4 days in the Panama newspaper La Estrella. Below is a link to the whole story, kindly prepared by Mr Ornstein. Please see it here.
