recession wine
hey here is a fun article about how my family's company created the subprime crisis! http://www.nytimes.com/2009/03/06/business/economy/06norris.html?_r=1&scp=2&sq=household%20international&st=Search
Household International, which is my great grandfather's company and the reason i get to go to college and not have a job, was basically evil...they gave loans to "less qualified" applicants and harassed them if they didn't pay back in time(like the mafia). they were the original subprime lender and this made them the largest American finance company. but oh no!about 8 years ago Household got taken to court on predatory lending charges and avoided trial by reaching settlement and paying out 500 million bucks...their reputation was damaged!luckily, banking giant HSBC stepped in to buy them in 2003...thereby lending legitimacy to the practice of subprime lending and triggering an explosion of subprime lending throughout the marketplace...which has now crippled the global economy!
this week hsbc announced that it is closing the Household division as its heavy losses are weighing on the whole bank...thank God HSBC was dumb enough to buy it in the firstplace because otherwise household would have gone bankrupt and I would be screwed. the whole thing is so disgraceful
the moral of this story is that there is no moral
highlight of past week?drunken singalong with jason jonik and adam winokur(HA) last saturday at lauren's...MEN OF INSIGHT, MEN IN GRANITE
Household International, which is my great grandfather's company and the reason i get to go to college and not have a job, was basically evil...they gave loans to "less qualified" applicants and harassed them if they didn't pay back in time(like the mafia). they were the original subprime lender and this made them the largest American finance company. but oh no!about 8 years ago Household got taken to court on predatory lending charges and avoided trial by reaching settlement and paying out 500 million bucks...their reputation was damaged!luckily, banking giant HSBC stepped in to buy them in 2003...thereby lending legitimacy to the practice of subprime lending and triggering an explosion of subprime lending throughout the marketplace...which has now crippled the global economy!
this week hsbc announced that it is closing the Household division as its heavy losses are weighing on the whole bank...thank God HSBC was dumb enough to buy it in the firstplace because otherwise household would have gone bankrupt and I would be screwed. the whole thing is so disgraceful
the moral of this story is that there is no moral
highlight of past week?drunken singalong with jason jonik and adam winokur(HA) last saturday at lauren's...MEN OF INSIGHT, MEN IN GRANITE