Household HSBC Watch

In a lesson plan, designed to teach about predatory and subprime lending, we asked this question of students in 2005: “What is the impact on a country’s economy if predatory lending is left unchecked?” Three years later the answer is clearly obvious. As of today the world has seen over $515 billion […]

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 […]

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 […]

Spelling lessons for everyone I say. An HSBC employee thought it prudent to comment on the misspelled words in our complaints blog. Needless to say we have many more emails now, since I published the suggestion. What the employee failed to consider are the reports we receive from HSBC employees and former […]

HSBC chairman Stephen Green said the US sub-prime crisis has forced banks into a ‘profound and secular’ rethink of their lending practices. That is a good idea that we have been harping on since the 1990’s. The United States government was harping on it too, leveling charges of predatory lending against Household […]

According to Business Wire, Capgemini announced today a renewal of their relationship with HSBC for continued collaboration with HSBC’s Global Technology Centers. According to a self-serving press release Capgemini and HSBC are both the greatest, most wonderful organizations. What is wrong with the report? Capgemini supports HSBC key strategic businesses, including Consumer […]

Law firm Clyde & Cois is launching a case against HFC, a lender owned by HSBC, which sold payment protection insurance to 163,000 people between 2005 and 2007. Insurance packing in UK gets HSBC sued, as it did in the United States. Household Internaitonal, charged with predatory lending before HSBC purchased the troubled […]

With regard to homeowners in trouble I can see congress saying “no bailout” to everyone, or having a very narrow definition of who gets any help, such as those who were victims of fraud. Unless the buyer can show fraud on the part of the financial institution, the courts have no authority to change […]

Investors are complaining about high pay and rewards for average performance as HSBC Finance pulled down all of HSBC aorund the world once again. Throwing $17 billion (USD) down the drain has a tendency to anger investors and customers. No one likes to associated with a loser. History shows us that HSBC […]

HSBC should have learned from Household International when it comes to insurance packing. Britain’s financial watchdog has fined HFC Bank, part of banking giant HSBC Holdings, 1.085 million pounds ($2.12 million), its largest penalty to date, linked to the sale of payment protection insurance (PPI). We wrote an article yesterday about HSBC embarassments […]