Acording to the Attorney General of New Hampshire HSBC exposed sensitive bankruptcy data. Some customers of the following HSBC companies are affected: HSBC Taxpayer Financial Services, Beneficial New Hampshire and Household Finance Corporation.
Our staff took some time off during the US Thanksgiving holiday. Financial markets in Dubai did not, leaving HSBC in a bad position. HSBC Holdings Plc and Standard Chartered Plc sank more than 7 percent in Hong Kong as CLSA Asia-Pacific Markets said Dubai World’s potential default has “negative implications” for the banks.
HSBC North America Chief Executive Brendan McDonagh said favorable business trends seen in the third quarter have continued in the fourth quarter. What McDonagh really means is that the HSBC credit card business is more profitable now that HSBC raised your rates and cut available credit.
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, formerly Household International, was a subprime lender
HSBC Finance posted a pretax loss of $2.7 billion, compared with a $300 million loss a year earlier. Still, that was down from a second-quarter loss of $6.9 billion, due in part to a charge in that quarter on the value of the unit’s own debt.