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Credit card issuer Metris Cos. has said the U.S. Securities and Exchange Commission staff does not plan to recommend enforcement action against the company related to an investigation of its financial accounting dating to 2001. The SEC still must review the recommendation and make a final decision. The resolution of the investigation and possible charges is a condition of Minnetonka-based Metris’ pending merger with HSBC Finance Corp., which is slated to close Dec. 1, according to a proxy statement filed Tuesday with the SEC.
No SEC action? We’ll just let predatory lender Household International take them over, since they are now called HSBC Finance Corporation. In 2003 HSBC Bank bought disgraced predatory lender Household International. Household’s new name is HSBC Finance Corporation. But in a maze of holding companies you may simply see HSBC, HSBC Holdings, HSBC North America, Retail Services, HSBC NV, or other variations that defy and confuse customers and regulators. That’s the way they want it. Merchants that do business with you – and with Household and HSBC, are listed on the bottom of pages at HSBC Watch’s website.
This article, SEC staff won’t recommend Metris action, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
