HSBC rocks the news world with mistakes, moves, gaffs, and fines

HSBC Headquarters is moving. The Buffalo News reported that HSBC North America Holdings will move its legal headquarters from Illinois back to New York City in January, as the British banking giant refocuses its U. S. strategy on basic banking and credit cards, not consumer finance. There must be some advantage for HSBC. The umbrella …

HSBC in Dubai is second HSBC disaster with international impact

HSBC’s position relative to Dubai World became more interesting as leaked documents surfaced today. Leaked documents indicated that Nakheel, Dubai World’s property division, which owns The Palm and The World developments, lost 13.4 billion dirhams (£2.2 billion) in the first half of the year. More information also became available. The Dubai Department of Finance said …

Farmer Mac invested in HSBC Finance subprime risk

The Federal Agricultural Mortgage Corporation, otherwise referred to as Farmer Mac, invested corporate funds in HSBC Finance. Farmer Mac President and Chief Executive Officer Michael Gerber had to know the following: • HSBC Finance lost approximately $40 billion since 2003 • HSBC shut down all HSBC Finance business except credit card operations • HSBC Finance, …