Household HSBC Watch

HSBC Holdings Plc, Europe’s biggest bank by market value, may report its sharpest decline in profit since 2001 as costs for bad U.S. loans increased. Another fine job by HSBC in the United States while helping to ruin the U.S. economy, devastate inner cities and destroying confidence in subprime markets around the world. HSBC, which has operations in 83 countries and territories, depends on North America for about 25 percent of its annual revenue. HSBC became the biggest U.S. subprime mortgage lender in 2003 through the acquisition of Prospect Heights, Illinois-based Household International Inc.

HSBC’s subprime losses may hit $37 Billion (USD) but we must wait until August 4th to find out. Few people, if any, actually feel sorry for HSBC. Only Household and Ameriquest have been sued across the United States for predatory lending. Since HSBC did little, if anything, to change Household — now called HSBC Finance — and related business practices the blame lies directly with upper management and the board at HSBC Plc in London. Look at our complaints blog if you don’t believe it.

Chairman Stephen Green said at the annual shareholders’ meeting on May 30 that the U.S. economy may slip into a recession as deterioration in the housing market extends into 2009. Grab your seatbelt Steve, because that clearly will happen. The United States is in a recession now. We are more than half way through 2008. Strip off the blinders, come to New York, and then to the “headquarters” of Household International / HSBC Finance Corp.. Show up in blue jeans and a sweat shirt and watch the show. Come by yourself, without the fanfare, limo, and corporate jet. These people are only showing you what they want you to see. See if you can have an unwanted relationship with an HFC or Beneficial Finance employee, or just fire them if the rebuke your unwanted advances. Investigate how California and other states got Countrywide for misleading loans, while HSBC is just as bad if not worse.

Yes Stephen, the losses are so great and the reputation is so bad that you finally need to do something. The question asked by shareholders and regulators is “Why didn’t you do it sooner?” Clearly it is time for you to investigate what is happening, first hand, a personally. The problem is that you may learn more than you could ever deny.