Household HSBC Watch

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When William F. Aldinger sold his scandal plagued predatory lending company, then called Household International, to HSBC Bank plc he knew he had to profit personally before the sham fell apart. An opportunist who profitted from running scams on borrowers, Aldinger’s departure left room for promotions in the […]

According to critics, the Sarbanes-Oxley Act has caused a litany of ills: Executives are retiring early, public companies are going private, foreign firms are listing abroad and U.S. firms are losing their competitive edge. The sweeping law, written in the wake of the Enron scandal, has served as a scapegoat for all the evils facing […]

10/25/2005 — Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today announced that Kevin P. Stevenson has been promoted to the newly created position of Chief Administrative Officer.

Stevenson has served as Executive Vice President and […]

Sentencing guidelines that had been in effect in federal courts could call for a sentence well in excess of ten years for some convicted CEO’s because sentences would be ratcheted up in accordance with a huge dollar loss in the crimes involved. But the guidelines are no longer mandatory under a recent U.S. Supreme Court […]

BIRMINGHAM, Ala.–(BUSINESS WIRE)–June 16, 2005–Retailer Saks Incorporated (NYSE:SKS) (the “Company”) today issued a response to Standard & Poor’s decision to downgrade the Company’s credit ratings. Douglas E. Coltharp, Executive Vice President and Chief Financial Officer of the Company, noted, “We are extremely surprised and perplexed with yesterday’s announcement from S&P. We believe this action was […]

Jun 3, 2005 — NEW YORK (Reuters) - Saks Inc. said on Friday it is looking further into inventory markdowns and vendor markdown allowances at its Saks Fifth Avenue unit and at whether vendors were improperly charged fees for failing to comply with the retailer’s policies. Saks, based in Birmingham, Alabama, said it […]

William Aldinger leaves HSBC Bank for retirement, taking approximately $36 Million (USD) for three years of “work.” But as legacies go Aldinger shall forever remain famous in the field of predatory lending. His children will constantly hear the reminders of the elderly like Mr Myers. Myers, 66, was left owing a third more […]

Consumer watchdogs close to one investigation say there may soon be more names than those mentioned in the following article. “Look to the predatory lending industry for more scandals as fuel costs rise, hardships develop, and regulators get tired of abuses” said one unnamed source. “As President Bush signs legislation into law, he […]

HSBC acquired the Bank of Bermuda Limited, which HSBC says is “a leading provider of fund administration, trust, custody, asset management and private banking services; and shares in HSBC Holdings are listed on a fifth stock exchange, in Bermuda.” Don’t let the word “leading” mislead you. HSBC called Household International “a leading US […]

FBI OPENING THREE TO SIX NEW $100 MILLION
CORPORATE FRAUD CASES EVERY MONTH
WASHINGTON, D.C. FEBRUARY 23, 2005

Maybe Sarbanes/Oxley doesn’t worry some corporations and companies.
In testimony delivered before the Senate Intelligence Committee last week, Robert S. Mueller III, the director of the Federal Bureau of Investigation (FBI), said that the FBI is pursuing 334 corporate […]