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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HSBC decisions reflect current economic woes

WK in Illinois said “I have followed HSBC/Household Watch for some time and I spent 10 years there as an employee before I was “retired” in 2006. It is interesting to read accounts about how HSBC deemed the purchase of Household International a bad decision. It’s nice of them to finally admit it.

Over the last five years I have communicated with several co-workers who were either laid off, forcibly retired or who voluntarily retired one step ahead of the pink slip. These are just a few examples of the current state of affairs in this country.

People who are just trying to make a decent living are subjected to extreme stress while on the job and are then subjected to an even more stressful situation when companies like HSBC eliminate their positions.

Along with that they have the marvelous opportunity of hearing about how the CEO’s made millions for their failing efforts and about the politicians who courted their favor. These are the same politicians who claim that unemployment compensation is a disincentive and that the Bush tax cuts should be made permanent.

It is no wonder that this country is in the economic mess that it’s in. I worked at the facility in Wood Dale, Illinois, which closed in October, 2010 and has been empty ever since. It’s empty buildings and parking lots are a testimony to the insightful management of this company”

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off