An Obituary for HSBC Consumer Finance

What happens when HSBC dives in to subprime, takes a huge multibillion dollar loss, turns tail and runs away from customers, and alienates as many US citizens as possible? Wells Fargo has become the largest Western bank when measured by its stock market value after it leapfrogged rivals HSBC and JP Morgan last year.

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Investor files FINRA claim against HSBC

FT. LAUDERDALE, Fla., Sept 26, 2011 /PRNewswire/ — A Honduran investor has filed claim against HSBC alleging that an investment described as a “Washington Mutual” perpetual bond was not a bond at all, but a derivative mortgage backed security, created by Washington Mutual, to take toxic home equity loans off its books.

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