HSBC under scrutiny - NETeller Customers Seek to be Compensated - 03-09-07
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March 9 - March 9 - The banking giant HSBC is going to write off $11 billion to cover considerable losses that were generated from its American subsidiary - HSBC Finance Corporation.
HSBC's US business has been under severe financial strain. This is due to thousands of low-income families unable to repay loans, which has lead to an enormous debt write-off.
The corporation's relationship with the shamed online gambling payment processor, NETeller, may also see it become a target for the thousands of customers seeking to recover funds from the company. NETeller's shares have been suspended and its two co-founders were arrested and facing trial on a range of charges including racketeering and money laundering.
