Aldinger Era Execs Fired As Problems Mount

See the latest about Bobby and TransUnion When William F. Aldinger sold his scandal plagued predatory lending company, then called Household International, to HSBC Bank plc he knew he had to profit personally before the sham fell apart. An opportunist who profitted from running scams on borrowers, Aldinger’s departure left room for promotions in the …

HSBC Retailer Saks Adds Another Probe

Jun 3, 2005 — NEW YORK (Reuters) – Saks Inc. said on Friday it is looking further into inventory markdowns and vendor markdown allowances at its Saks Fifth Avenue unit and at whether vendors were improperly charged fees for failing to comply with the retailer’s policies. Saks, based in Birmingham, Alabama, said it is proceeding …

Aldinger Leaves HSBC With $36 million

William Aldinger leaves HSBC Bank for retirement, taking approximately $36 Million (USD) for three years of “work.” But as legacies go Aldinger shall forever remain famous in the field of predatory lending. His children will constantly hear the reminders of the elderly like Mr Myers. Myers, 66, was left owing a third more than his …

Best Buy to Phase Out Rebates

MINNEAPOLIS, April 1, 2005 — Best Buy Co., the nation’s biggest consumer electronics chain, said Friday its fourth quarter earnings rose, buoyed by a February sales surge, but offered a disappointing forecast for this quarter. It also said it will phase out mail-in rebates over the next two years, bowing to customer complaints. Its shares …

Look for more high-profile corporate scandals

Consumer watchdogs close to one investigation say there may soon be more names than those mentioned in the following article. “Look to the predatory lending industry for more scandals as fuel costs rise, hardships develop, and regulators get tired of abuses” said one unnamed source. “As President Bush signs legislation into law, he can’t allow …