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Mon Dec 10, 2012, 07:27 PM

HSBC 'to pay $1.9bn' in US money laundering settlement

Source: BBC News

HSBC is to pay US authorities $1.9bn (£1.2bn) in a settlement over a money-laundering probe, say reports, the largest ever in such a case.

The UK-based bank was alleged to have helped launder money belonging to drug cartels and states under US sanctions.

Earlier this year HSBC admitted having poor money laundering controls following a US Senate investigation.

Last month announced it had set aside $1.5bn to cover the costs of any settlement or fines.

Read more: http://www.bbc.co.uk/news/business-20673466

12 replies, 1987 views

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Arrow 12 replies Author Time Post
Reply HSBC 'to pay $1.9bn' in US money laundering settlement (Original post)
dipsydoodle Dec 2012 OP
Angry Dragon Dec 2012 #1
msongs Dec 2012 #3
Trillo Dec 2012 #8
russspeakeasy Dec 2012 #6
triplepoint Dec 2012 #2
Octafish Dec 2012 #11
Enrique Dec 2012 #4
DallasNE Dec 2012 #5
davidwparker Dec 2012 #7
cosmicone Dec 2012 #9
Octafish Dec 2012 #10
muriel_volestrangler Dec 2012 #12

Response to dipsydoodle (Original post)

Mon Dec 10, 2012, 07:52 PM

1. let us see some jail time

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Response to Angry Dragon (Reply #1)

Mon Dec 10, 2012, 08:02 PM

3. sorry, that only happens when you steal a candy bar in a liquor store lol nt

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Response to msongs (Reply #3)

Tue Dec 11, 2012, 12:23 AM

8. That should be part of the "fiscal cliff" negotiations.

No more jail time for "little people".

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Response to Angry Dragon (Reply #1)

Mon Dec 10, 2012, 09:16 PM

6. Are you suggesting we put the "job creators" in jail ?

Never happen. The U.S. has set the low standard for non-punishable crime.

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Response to dipsydoodle (Original post)

Mon Dec 10, 2012, 07:54 PM

2. Is the Fine To Be Paid with Laundered, Steamed, or Dry Cleaned Money?

 

Last edited Wed Dec 12, 2012, 04:45 AM - Edit history (8)

...or the payback for money laundering services rendered? It wouldn't surprise me in the least....no matter how much money they allegedly earned in whatever way, shape, or form they earned it. Nobody goes to jail, and everyone is well-paid. How can I get that gig? Wowzer!

Money talks...and truly appears to make the World go around.....In for a penny, in for a pound! Laundering USD$15B in "bulk cash transfers," netting USD$50B+ in the first half of this year, and ONLY paying a USD$1.9B fine, and nobody goes to prison. Not bad...Sure looks like crime pays to me...IN BIG BUCKAZOID RETURNS! Take the money and R-U-N there HSBC!
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Our politicians are little more than money launderers in the trafficking of power and policy -- fewer than six degrees of separation from the spirit and tactics of Tony Soprano.
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This looks and sounds like BCCI or the Nugan Hand Bank...It's déjà vu all over again.
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Nugan Hand Bank
https://en.wikipedia.org/wiki/Nugan_Hand_Bank

BCCI
https://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International

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Response to triplepoint (Reply #2)

Tue Dec 11, 2012, 08:14 PM

11. They ''made'' $22 billion last year.

Profit. From WaPo:

One of the world’s largest banks, HSBC has its headquarters in London and $2.5 trillion in assets. It earned nearly $22 billion in profits in 2011.

http://www.washingtonpost.com/world/national-security/justice-department-outlines-hsbc-transactions-with-drug-traffickers/2012/12/11/1b8130c4-43bf-11e2-8061-253bccfc7532_story.html



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Response to dipsydoodle (Original post)

Mon Dec 10, 2012, 08:44 PM

4. last paragraph

It is unclear what impact the case will have on HSBC's business. The bank is the biggest in Europe by market capitalisation, and made pre-tax profits of $12.7bn for the first six months of 2012.

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Response to dipsydoodle (Original post)

Mon Dec 10, 2012, 09:05 PM

5. Well, That Punishes The Stockholders

Which I have no objection to but what about a little jail time for the executives involved as this offers no deterrent.

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Response to dipsydoodle (Original post)

Mon Dec 10, 2012, 09:36 PM

7. Ouch.

I know them.

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Response to dipsydoodle (Original post)

Tue Dec 11, 2012, 01:52 PM

9. I was trying to open

a corporate account in HSBC-London and it was a pain. They wanted every director's and signatory's passport, utility bills, proof of source of funds (even though the funds were coming from a well-known UK investment fund) and a gazillion other documents, all notarized and apostilled.

All these anti-money laundering laws do is make it difficult for legitimate individuals and businesses to do banking and it doesn't really stop the drug cartels and corrupt government officials.

I wish they would work on the demand side of the drug trade and/or legalize the drug trade so all this money will be earning taxes, save money on cops and banking would be easier.

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Response to dipsydoodle (Original post)

Tue Dec 11, 2012, 08:12 PM

10. Gosh. You'd think they'd have tried to, you know, convene a grand jury. Bag some of the crooks.

Close down a drug dealing operation in the USA.

What the heck was I thinking? I'm supposed to look forward and forget about the past.

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Response to dipsydoodle (Original post)

Wed Dec 12, 2012, 07:15 PM

12. Kick (nt)

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