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.
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.
Mark McCombe, the chief executive of HSBC Hong Kong and regarded as a potential successor to Stuart Gulliver, group chief executive, is leaving the bank to head BlackRock Asset Management’s Asia business.
One of France’s highest courts rejected a plea on Wednesday by a Swiss unit of HSBC bank that a French government database of citizens holding bank accounts abroad should be blocked as an excess of power.