It has been ten years since consumer advocates started Household - HSBC Watch. Sometimes we wonder where the years went. Ten years ago we started a single web page on a free server. Now we have over 3000 visitors every day. Part of the traffic obviously is a result of the […]
Although the credit quality problems at HSBC Finance appear to have tempered management’s enthusiasm for cheap acquisitions of distressed assets, HSBC wasted no time in complaining about wording in the US government $700 Billion bailout. The issue was the wording of “Headquarters in the United States.” As lawmakers and Financial chiefs worked on […]
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 […]
A group which included HSBC Finance Director Douglas Flint said every idea people have concerning the cause of the subprime mortgage crisis is worng. Oh really? It had nothing to do with lax lending standards and greedy mortgage broker? Not according to this group of financial wizards. Forget about CDO, CDS, […]
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. […]
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 […]
We received another insider report today which says: “Today HSBC announced that they are closing their auto finance department right away. This came as a suprise. They sent letters to dealers today telling them they better have their approvals by 5 PM Wednesday or else. This is nothing new for HSBC, […]
HSBC is looking for profits in oil rich nations. Wealthy Arab nations did not fall for tainted mortgage paper, and are relatively unscathed as a result. Recent weakness in oil prices will not dent economic growth in the Gulf Arab states, experiencing both record expansion and inflation as the energy exporters reap windfall […]
In a news article from late last week titled “Business big shot: Michael Geoghegan” we see the power of algorithms and content matching. Although I do not know what the article was really trying to prove, the Times Online also suggests other relative articles. One related article is titled “HSBC profit falls […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
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