HSBC cancels insurance, charged with wire fraud

HG in Nevada just sent this report via our Live Chat system:

We just learned our lesson. HSBC just cancelled our credit life insurance after paying them since 2005.  $253 dollars extra a month, and HSBC waited until I was 72 to do it. I will never trust another lender or insurance again.  Something has to be done to stop this kind of behavior because we are probably not the only ones.
Here at HSBC Watch we are saddened to learn about what happened to HG in Nevada. Reputation and doing what’s right is always important. After many years of watching HSBC we know that doing what’s right is not a priority.

Take this HSBC example for instance, courtesy of The New York Times:

The global banking giant HSBC has repeatedly found itself in the cross hairs of American regulators and prosecutors in recent years. To settle allegations of money-laundering and mortgage abuses, it has paid billions of dollars — but has not been criminally charged.

Not being criminally charged didn’t make these two HSBC bankers immune, and they have been criminally charged. (Courtesy of The New York Times)

The global head of HSBC’s foreign exchange cash trading desk, Mark Johnson, a Briton, was arrested by federal agents Tuesday night at Kennedy International Airport as he was boarding a flight to London.

He and Stuart Scott, the former head of the bank’s currency trading desk for Europe, the Middle East and Africa, were charged with conspiracy to commit wire fraud related to a transaction on behalf of a corporate client, exchanging dollars for British pounds.

Real people like you and I are impacted by HSBC in a small way, as was HG in Nevada, but ramifications are often large for us. Trivial on a larger scale relative to the two executives above, HSBC has such a bad reputation in the United States that nothing the bank does is trivial to the bank’s customers.

A new article will soon highlight HSBC bad deeds around the world in the last five years. It won’t help HG in Nevada, but the new article just might shed some light on HSBC.