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AFL-CIO and AARP Interests Mean No Help For You

Labor sleeping with the enemy? — On his blog, Thomas Blumer (“bizzyblog“) makes an interesting point about two late-to-nevercomers to the anti-bankruptcy fight, the AFL-CIO and AARP: they both earn significant income — in the tens of millions of dollars annually — from co-branded credit cards, and thus may have faced internal or external pressure not to fight this bill. Unfortunately, the AFL-CIO seems to have picked a particularly notorious credit card partner, Household (recently renamed HSBC). While Blumer makes this into too much of a blanket denunciation of the AFL-CIO — the organization did finally join in the coalition — this is a real Achilles heel, I think.

Posted By Timothy Blake

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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

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