HSBC, a fairly strong British brand, thought the burgeoning U.S. was the ticket to higher margins. In 2003, its purchase of Household International, a lender, was hailed as a good strategic move. It subsequently moved to buy a portfolio of loans in 2005 and 2006, according to MarketWatch. At the time, it made a lot of sense. Now, of course, it looks like the timing was bad, even awful. But it is hardly the only bank caught in the crosscurrents. Still, Knight Vinke, the activist hedge fund manager, is taking the bank to task, even though it looks like the bank is re-orienting itself toward Asia, where some think the real opportunity lies. Vinke apparently wants some asset sales, but the timing now would once again be suspect. A tricky situation.  

For more:
- here's the MarketWatch article