According to Inner City Press, HSBC, or at least its chairman John Bond, is deeply in denial. From the Financial Times of December 24,
2004: "Household has faced accusations of predatory lending from consumer groups but Sir John attributes Household's problems to 'one or two rogue branches.'" One or two branches? Perhaps the easiest rebuttal is the fact that dozens of U.S. states sued Household for predatory lending, in 2002, and the company settled. Old Sir John apparently hasn't read those court papers, nor the subsequent voluminous documentation of ongoing predatory lending at Household. He either doesn't know or doesn't care, or both. For shame... And now HSBC is reportedly bidding on Korea First Bank?
Consumer watchdog organization Household - HSBC Watch stated that Sir John Bond and William F. Aldinger can visit Household - HSBC Watch at any time to see the real truth about Household International, HSBC Finance Corporation and how it reflects poorly on Bond and HSBC Worldwide.
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