A look back at 2005 shows HSBC Finance Corporation’s merchants for what they really are. Ever wonder why this bumbling group of merchants decided to align their customers with a predatory lender such as Household International? Through questionable credit card processing, first with Household International and now with HSBC Finance Corporation (they are the same thing) merchants decided a Household Bank credit card would be good for their customers.
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A visitor mentioned that we forgot to update you on the K-Mart credit card. Looks like the “new Sears” finally dumped the predatory lender. HSBC had their name on the paperwork but the back end was Household International. There was no “world class” service either.
Category: 05 All Articles, 05 Private Label, 05 Retail Services
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Labor sleeping with the enemy? — On his blog, Thomas Blumer (”bizzyblog“) makes an interesting point about two late-to-nevercomers to the anti-bankruptcy fight, the AFL-CIO and AARP: they both earn significant income — in the tens of millions of dollars annually — from co-branded credit cards, and thus may have faced internal or external pressure not to fight this bill. Unfortunately, the AFL-CIO seems to have picked a particularly notorious credit card partner, Household (recently renamed HSBC). While Blumer makes this into too much of a blanket denunciation of the AFL-CIO — the organization did finally join in the debtslavery.org coalition — this is a real Achilles heel, I think.
Household - HSBC Watch is writing “A Look Back at Merchants in 2005″ - an analysis of how well HSBC Finance Corp merchants are doing now that they aligned their credit card, and their customers, with former predatory lender Household International (HSBC Finance Corp). The bottom line is these poor decision makers are struggling, which is why they went with a predatory lender to begin with. Example:
November 23, 2005 — Eight senior executives of embattled retailer Saks Inc., including the chief executive and two directors, have dumped more than $37 million of the company’s stock in recent days, according to regulatory filings. The insider sales by a broad swath of Saks’ management team, coming days after the company reported lukewarm quarterly earnings and while the stock is off its high, presented a troubling sign to analysts.
Category: 05 All Articles, 05 Insider, 05 Private Label
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