In reading this section which originated from HSBC - HSBC Bank USA (”HBUS”) - regarding money laundering and their refusal to provide information, remember that HSBC wants to overturn state and local laws in favor of federal laws.
Archive for the Category »Middle East «
Category: 2006 HSBC, HSBC Worldwide, Middle East
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“I have seen other companies pursue this strategy in the past, but I see it at a decreasing rate,” said Gary Hawkins of Hawkins Strategic. “It seems fewer are pursuing private-label credit cards today. Retailers just have not seen the relationship return from it.” “Private-label credit cards rarely capture more than 10 percent of total business,” Hawkins said.
In retrospect those who settled with Household International on charges of predatory lending would have done it differently. No doubt exists that Household’s predatory lending settlement was a guideline for the Ameriquest settlement. Both were accused of predatory lending. Both were involved with people’s real estate loans, either as primary predators or second mortgage predators.
In the ‘You should know’ category: HSBC expanded in the U.S. with the $15.5 billion purchase in 2003 of Household International Inc., a lender to people denied credit by other banks. “HSBC timed the acquisition of Household very well both in terms of the price it paid and in terms of it fitting in as a catalyst for growth to the group,” said Sandy Chen, an analyst at Collins Stewart Ltd. in London, who rates the shares “buy.” “The old Household engine has been put into the HSBC distribution network worldwide.”
Predatory lenders and Chairman beware. The High Court in London today dismissed an appeal by three British bankers against extradition to the United States on charges relating to the 2001 collapse of Enron.
