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 […]
More losses are now official for HSBC. In total, HSBC wrote off 5.8 billion dollars (2.9 billion pounds) in the three months to March as a result of losses linked both directly and indirectly to the subprime crisis which it said would very likely push the US economy into recession. The truth is […]
At the annual meeting in London, chief executive Michael Geoghegan dismissed critics who continue to question HSBC’s $14.8bn (£7.5bn) purchase of US consumer credit firm Household International in 2003, which many believe has exposed the bank to too much risky lending.
“Some commentators have asked should you be in this business?’,” he told shareholders. “Well, let […]
HSBC Group is the overall winner of the first edition of the UK’s Financial Times Sustainable Banking Awards. The award, recognising the bank’s leadership in integrating social, environmental and business objectives in to its operations, saw HSBC coming out top from a total of 49 financial services companies. Sustainable banking means meeting the needs […]
HSBC Bank USA, N.A., the U.S. banking unit of one of the world’s largest financial services companies, today announced the national launch of its HSBC Online Savings Account, a savings account with a 4.00% APY, six times the national average. The account has no minimum balance or monthly maintenance fees.
“There are issues that […]
Read the last paragraph of this press release. As you read this article remember that HSBC North America Holdings is, in part, former predatory lender Household International sporting a new name.
PROSPECT HEIGHTS, Ill. and NEW YORK, Dec. 23 /PRNewswire-FirstCall/ — HSBC — North America Holdings, Inc. and American Express today announced an […]
A look back at 2005 shows HSBC Finance Corporation’s merchants for what they really are. Ever wonder why this bumbling group of merchants decided to align their customers with a predatory lender such as Household International? Through questionable credit card processing, first with Household International and now with HSBC Finance Corporation (they […]
June 1 (Bloomberg) — From their offices atop Tehran’s 15- story Sayeh Tower, HSBC Holdings Plc bankers have helped lend more than $825 million to the Iranian government, which the U.S. says sponsors terrorism and provided a haven to al-Qaeda members after the Sept. 11, 2001, attacks. Half a world away in New York, where […]
The Office of the Comptroller of the Currency, the federal banking regulator, filed a lawsuit claiming that New York Attorney General Eliot Spitzer is exceeding his authority with his probe into the banks’ lending practices and interfering with its supervisory powers. Consumer advocates at Household - HSBC Watch claim Spitzer’s probe has […]
02 Aug 2005 Banks denied order against Spitzer — New York attorney-general Eliot Spitzer has won the first round in a lawsuit filed against him by a coalition of banks after a federal judge refused to order a restraining order against the attorney-general.
US Federal District Court Judge Sydney Stein refused the banking groups’ requests to […]
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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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