Stephen Green of HSBC seems to lack an overall understanding of HSBC Finance. Speaking to the BBC, Mr Green commented: “There has been far too much focus on payments that are very short-term focused, people who pick up the tab for short-term profits, without having to bear the costs of long-term impairments.” Sorry Mr. Green, but you never changed Household International (HSBC Finance) from a “pay for performance” division of HSBC. Short term focused, Steve, as in insurance packing, or refinancing an elderly couple to save $50 per month in the short term. Is it all in the name of employee profits?
more…
Popularity: 3% [?]
Lehman Brothers Holdings Inc. sold its entire 2.09% stake in Amtek Auto Ltd. to HSBC Holdings PLC, the chairman and managing director of the Indian auto parts maker said Monday. For your viewing enjoyment here is a traffic webcam in India. I can see where an Indian auto parts maker would be making the same after-market parts over and over again.
more…
Popularity: 4% [?]
A drug dealer spreads poison through the neighborhood while encouraging thefts, robberies, and burglaries to pay for the drugs. Drugs poison our neighborhoods, cities, and towns. Investment banks and global banks are no different if they sold poisoned merchandise. Take the case of Lehman Brothers. Lehman was the dominant marketer of CDOs in the country and the market for CDOs had crashed in the wake of the credit crisis, many of its clients faced losses. At one point Lehman sold 70 percent of questionable paper made up of risky mortgages to overseas investors.
more…
Popularity: 4% [?]
According to the Star Telegram, three credit cards to avoid are First Premier Bank (the card’s first-year fees add up to $276), HSBC American DreamCard (which has a steep 15 percent to 22 percent APR) and New Millennium Visa or MasterCard (which has no grace period to repay purchases or cash advances before a finance charge is imposed). Don’t let the 70 percent dissatisfaction rating sway you (seen on the right) in staying away from HSBC credit cards. Just because the “American Dream” card only has a 22 percent APR if you just wait it will go higher.
more…
Popularity: 10% [?]
Here is a report that details how HSBC Auto in San Diego actually conducts business. Since HSBC decided to exit the auto financing business, we say “good riddance.” This is a shabby way of doing business. We have many reports on file from years past, and little has changed. The following is submitted by a person in South Carolina who went to a car lot to buy a car — simple as that. Then the nightmare began, and as is typical for HSBC, the problem revolves around the title, or lack of a title. Here is the report:
more…
Popularity: 9% [?]
