Household HSBC Watch

HSBC PLC leads the list of top losers so far today and is now at $76.87, down $2.44 (-3.08%) on volume of 1,013,233 shares traded. Part of the problem for HSBC comes from the IMF, which said subprime issues will continue and may actually get worse. HSBC became of of the leading subprime […]

We received this information today and we thank the submitter. They know who they are. “As a former long time HSBC employee and manager, I continue to hear a great deal of internal information from sources in the know. I’ve had 3 separate and unrelated sources tell me since Monday this week that […]

Subject to regulatory approval, HSBC Bank Canada announced Monday a plan to create a unified corporate structure by buying HSBC Financial Corporation Ltd. from a U.S. affiliate by year-end in an internal transaction following a review of North American operations. All of the financial guarantees between HSBC Finance Corp. and HSBC Financial […]

This is a follow-up on to one of our articles which is going as we predicted. HSBC is believed to have approached potential buyers for its skyscraper head office in London’s Canary Wharf amid fears it might have to repossess the building from the Spanish property group that paid a record £1.1bn for it […]

Here at Household - HSBC Watch we thought HSBC was operating blindly before the mortgage crisis hit. Here is more evidence to that fact. Mining company First Quantum Minerals Ltd is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-backed commercial paper shortly before […]

HSBC Canada’s year-end report did not remove the focus from a drop in fourth quarter profits. HSBC Bank Canada saw its fourth quarter profits drop 13.3 per cent, because of a $47 million writedown the Vancouver-based bank took on its non-bank asset-backed commercial paper. Initial reports touted full year performance which was […]

In a story from Canada HSBC was forced by the court to restore clear title to a man’s home when the judge decided HSBC failed to take steps to avoid the fraud. The bank “chose to put itself in proximity to the unknown fraudster in this transaction by dealing with him, yet it failed […]

The Supreme Court of Canada in April upheld the largest exemplary damages ever awarded in Quebec - the $2.5-million Household Finance Corp. was ordered to reimburse 25,000 credit-card holders over late-payment fees after the company lost a Quebec Superior Court class civil suit in May 2003. The lead plaintiff in that case was Brault […]

HSBC Bank Canada has taken a small provision for losses in its own portfolio of frozen commercial paper, but chief executive officer Lindsay Gordon says that, like other investors, it’s suffering from a lack of information.

His comments stand out because HSBC is one of the 10 financial institutions that conceived the restructuring plan for the […]

A telecom equipment company has launched the opening legal barrage in the asset-backed commercial paper mess, suing HSBC Securities (Canada) Inc. for selling $8.5-million of short-term investments that are now frozen.

Concord, Ont.-based Aastra Technologies Ltd. is seeking $5-million in damages, according to a statement of claim filed with the Ontario Superior Court of Justice. […]