Household HSBC Watch

With the United States in a recession the double-speak is interesting. Some call the recession of 2000-2001 a “mini-recession.” Now HSBC’s Douglas Flint has a “technical recession.” HSBC finance director Douglas Flint said: “The issue now is the US slowdown and whether it enters a technical recession, and what that does to […]

Why is this important? Because William F. Aldinger is on the board of directors at AT&T, and was also CEO of Household International, and Chairman and CEO of HSBC USA. HSBC has the same mandatory binding arbitration, and William F. Aldinger has his law degree and thus would advise AT&T in some capacity. […]

Let’s make a distinction between a subprime loan and a predatory loan. The former is a loan that has a higher-than-market rate of interest to compensate for the risk of lending to a borrower with less-than-perfect credit. The latter is defined as a subset of subprime loans and, and includes one or more of the […]

Consumer watchdog organization Household - HSBC Watch witnessed changes in class action legislation with mixed emotion yesterday. Consumers need to know that Household International was, and is, a major supporter of these changes and worked hard through lobbying efforts and personal contact to put this legislation through.
President George W. Bush on Friday signed a landmark […]

Claimed by HSBC:
“New Merchant Relationship Underscores HSBC’s Leadership in Private Label Financing”

Facts behind the story:
1. HSBC’s private label financing is by troubled predatory lender Household International, now a wholly owned subsidiary of HSBC.
2. Merchants receive ongoing compensation from private label credit card accounts.
3. Household, even while owned by HSBC, credited customer payments […]