How bad are foreclosures at HSBC Finance? I thought people were getting a lot of phone calls, judging by the reports and complaints we receive. Some idiots, like NovaStar, were calling home owners early in the month, even before the payments were due. I thought these subprime lenders were checking to see […]
Stephen Green of HSBC seems to lack an overall understanding of HSBC Finance. Speaking to the BBC, Mr Green commented: “There has been far too much focus on payments that are very short-term focused, people who pick up the tab for short-term profits, without having to bear the costs of long-term impairments.” Sorry […]
We received this editorial via email: I believe H.S.B.C. to be a fine institution. The problem is they purchased Household International whose Management had failed, then allowed them to stay in power. The same management ran it into the ground the first time and now they are doing it all over again […]
In the US Banker section of American Banker, we spotted an interesting line: “The concern was, ‘How much subprime do you do? What is your risk of having what Household (International) had?’” It was a question asked of Richard Davis, CEO of U.S. Bancorp, in February 2007. HSBC bought Household in […]
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 […]
What is the relationship between HSBC and their regulator, The Office of the Comptroller of the Currency? Keep in mind that HSBC spends millions on lobbying and has hired former OCC executives in the past. Here is an example of that relationship.
This is part of a public records document written September 29, 2006 […]
China and India have been growing at steady paces, but some have pointed to a possible bubble. Already, China has shown its weakness as pretax profit for HSBC in China fell 41% to $907 million. Meanwhile, shares in Korea Exchange Bank, HSBC’s newest target, have fallen as much as 12%. For now, HSBC remains devoted […]
HSBC bought a failure in 2003 when the bank bought Household International. Why couldn’t HSBC turn the failure in to a profit center? Because real bankers do not understand finance companies. London was far removed from a branch manager trying to collect from a customer. Simply said, when HSBC bought William […]
HSBC said the bank would export the business model of Household International, purchased by HSBC in 2003. As disturbing as it sounds, HSBC bragged about exporting the so-called “Household Model” even though history will show the model as a predatory lender. Subprime losses in the billions of dollars showed a failure. Pragati […]
“It is clear that growth models in our industry based on high and increasing leverage will no longer be sustainable,” said HSBC chairman Stephen Green. Changes are being made at HSBC, partly to appease Knight Vinke. Don’t tell Green, however, because he wants the world to think it is all his idea. […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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