William Aldinger may have been directly and indirectly responsibile for what is possibly the finance industry's largest cumulative total in America under the control of one person as either director, CEO, or Chairman. But add his other positions and total of his suits and settlements is staggering:
· MasterCard International, as board member - fined US$1 billion - upheld by US Supreme Court · Household International, as CEO - fined US$484 million - US multi-state settlement · Household International, as CEO - fined US$11 million - Shea v Household · Household International, as CEO - fined US$46.5 million - ERISA Fraud, October 13, 2004 · Household International, as CEO - fined US$12 million - California, February 2002 · Household and H&R Block, as Chairman of HSBC North America - US$100 million - Household (HSBC) Taxpayer Financial Services Inc, May 9, 2005 · AT&T, as board member - US$340 million - Comcast at Home bondholder suit · AT&T, as board member - US $100 million - Alleged Corporate fraud in financial forecasts, October 2004 · AT&T, as board member - US$500 million - Failed to pay access charges and universal service feesGrand Total by May 2005: US$2.593 billion dollars and still counting. If we overlooked anything please send us the reference.
Now retired from HSBC, Sir John Bond's two year retention of this individual was questionable at best. We believe this is a record for one man and for any bank or company that is still in business.
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