Household HSBC Watch

Yes, HSBC treated Korea like a customer, ignoring the facts and setting a deadline instead. When the deadline was ignored HSBC complained about it. The whole mess sounds like customer service from HSBC in the United States. A headline said: “HSBC says South Korea ignored July 31 deadline to approve KEB deal.” Taking lessons from HSBC Finance, a large United States subprime lender, HSBC heard and saw only what they wanted to see. ‘ ‘To hell with the Koreans — we set a deadline and we will show them who is in charge!‘ ‘ was the mindset of HSBC. But HSBC forgot to resubmit the paperwork. What was that? Yes, HSBC forgot to resubmit the paperwork! Earlier Thursday, an official at South Korea’s Financial Services Commission said that HSBC hadn’t submitted an amended application.

Unfortunately for HSBC we have web logs and Live Help on our consumer advocacy websites. When Korean officials come to visit us we know it. I think South Korea’s Financial Services Commission already has a good idea of how HSBC works in the United States. Lone Star is also U.S.-based, and has been in trouble before. HSBC has an exclusive agreement to buy the stake from U.S.-based Lone Star Funds. HSBC and lone Star set the deadline. Maybe they can point fingers at each other like five-year-olds screaming about who forgot to resubmit the paperwork.

The FSC said July 25, six days before the threatened deadline, that it would begin a review of the HSBC-Lone Star deal once HSBC resubmits an application. Heck of a job guys. Get a job at FEMA next time.