For October retirement checks the Federal Reserve transferred Social Security payments and military retirement checks to banks on September 28, 2005, at 1900 hours. With few exceptions, funds were not available to recipients until the nightly update on the night of Monday, 3 October 2005. The banks, therefore, got to use your money for five days. Since the source of the bank’s deposit was the Federal Reserve the deposits were low risk.
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Talk that HSBC Holdings (HBC) is about to bid for Bear Stearns (BSC) is highly unlikely, says Mark Thomas at Keefe, Bruyette & Woods. HSBC has said its days of strategic acquisitions are over, and “in terms of geographies, products, and skill base, it’s difficult to see what Bear Stearns could add to what HSBC can grow organically,” he says. HSBC and Bear Stearns not immediately available to comment. HSBC +1% at 905.50p. (NHL)
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Who are the Bush Buddies at HSBC and Household International? Like FEMA’s director Michael Brown HSBC’s predatory lending subsidiary – the old Household International is now called HSBC Finance Corporation – key people steered George Bush to the facts they wanted him to see. George responded. He signed the bankruptcy bill, hurting the average American. He signed class action legislation, hurting the average American. He signed postal service reform, hurting the average American while helping predatory lenders. He did nothing to control fuel costs, even though examples were set by Nixon, Clinton, and Bush Senior.
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With only eleven replies but 6300 page views our forum topic titled “Duped and Deceived by Household” is one of the main stories peole read when visiting Household – HSBC Watch. The complete thread includes complaints from customers, a weak defense by an employee of the company, and input from former employees of Household International and HSBC (HSBC Finance Corporation). This is a great look at predatory credit card processing.
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Reported by an HSBC I.T. Person to HSBC Watch:
“I can tell you that the goal of HSBC is to offshore 65% of all their IT jobs, with only 35% of the jobs being onshore. Their internal helpdesk is off shored. Their testing is offshored. The coding is going to be all offshored. The plan is that all these data sensitive tasks will be sent to India (where HSBC owns an interest in Kanbay and a larger interest in GLT), Korea, China, and the Phillipines. Any place where the labor is cheap, that’s where your account information will end up. If you believe your account information is secure, you may want to rethink that.”
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We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
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