I wont tell you what location, but I knew when to take all my money out of the stock market when there was a mas influx of defaults. I cant go in detail because I was forced to sign a contract that I wouldnt release company information. So all I have to say is that buying House Hold Bank was the dumbest move ever. How can you give somone a credit card who doesnt have a job, charge them 32%apr an ann fee of almost $100 and best of all 15 bux to make a pmt over the phone looool we did this because most of our sub prime card members dont have a computer loool so they are forced to pay over the phone. O ya and when they mail in their payments they at random will shread their payments so late fees are added and over limit fees.
god bless america you get what you deserve HSBC I wish you the worst of luck. This is not even have of what they do.
The value of their stock is based on the present value of future cash flows using their weighted average cost of capital (discount rate) now do you think their cash flows are gonna be substantial loool looks like the stock will tank to 10 bux. You have no Idea about our credit world till your in the front lines of it all.
Go ahead bash me, i know what ever you say is hog wash, I worked there you didnt. Anyone who worked there will either agree or not reply in fear of their mafia finding them.
ba byyyy Orchard bank, i mean union plus, I mean GM, I mean reward zone mastercard I mean......
The show will drop soon, when they disclose losses in their card division, IMO.
They have been trying to jack-up rates on their best customers. Those customers can easily pay off or transfer their balance and get a card with a reasonable rate. The HSBC has mostly the high-risk customers that are defaulting fast. They still have to service the accounts of their customers that don't cancell, but transfer or pay off their balance.....they now lose money on those account. Ouch.
and the Madoff exposure....ouch and a half!
Some facts (if anyone cares)
Credit cards are a small piece of HSBC's business and they are not raising rate for their best customers of even the majority of their custoemrs.
HSBC made 9 billion pre-tax profit in 2008 which already has a discount for the Madoff exposure. The Madoff exposure will probably be ruled away by the courts.
HSBC is not going bankrupt or out of business. They are, in fact, raising capital to expand, just not in consumer lending.
so what you are saying is that with foresight, you bet against the market and shorted HSBC at $100 and now covering for a $70 a share profit? while cruising around the world on your boat because you were the smartest person in the world?
or you got canned and now are on unemployment?
I did loan servicing for EDS Corp. in 1997. They also abused the HouseHold customers. They would hold their payments for over a week before posting. When I asked management if we could post these payments the day they came in, they insisted they do. I told them I know you don't because I take many calls a day from these customers who are getting late fee's they don't deserve. I quit shortly after.
of they were actually shredding payments you should talk to a criminal attorney. if you and a few other employees can verify this tactic, you just found a way to kick them in the balls for several million bucks (and maybe a few extra dollars for yourselves as well).
seriously, find other employees and an attorney.