http://www.nakedcapitalism.com/2007/07/wall-street-journal-on-crooked-mortgage.html Sun, 22 Nov 2009 22:11:10 -0500 http://wordpress.org/?v=2.8.4 hourly 1 http://www.nakedcapitalism.com/2007/07/wall-street-journal-on-crooked-mortgage.html#comment-180 Anonymous Thu, 05 Jul 2007 15:39:00 +0000 http://www.nakedcapitalism.com/2007/07/wall-street-journal-on-crooked-mortgage-broker/#comment-180 Excellent post. Household International liked to portray itself as the innocent victim of its own rogue employees. They agreed to a $484 million settlement without admitting wrongdoing at any level above the local offices. I have spoken with at least one former HOusehold employee who was rewarded as a top producer until her customers filed a lawsuit against her and the company. Then she was a rogue and a scapegoat who had to be fired.<br/>Household showed enormous growth and was a hot stock for several quarters, thanks to employees like that. <br/>At the end of the day, she was punished, and the stockholders were punished, but the people at headquarters worked out a sale to HSBC and at the end of the day they were fine. Excellent post. Household International liked to portray itself as the innocent victim of its own rogue employees. They agreed to a $484 million settlement without admitting wrongdoing at any level above the local offices. I have spoken with at least one former HOusehold employee who was rewarded as a top producer until her customers filed a lawsuit against her and the company. Then she was a rogue and a scapegoat who had to be fired.
Household showed enormous growth and was a hot stock for several quarters, thanks to employees like that.
At the end of the day, she was punished, and the stockholders were punished, but the people at headquarters worked out a sale to HSBC and at the end of the day they were fine.

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