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Fri Jan 4, 2013, 01:50 PM

HSBC to pay $1.9bn money-laundering fine

This discussion thread was locked as off-topic by Lasher (a host of the Latest Breaking News forum).

Source: Aljazeera Americas

Europe's biggest bank, HSBC, will pay $1.92bn to settle a money-laundering probe by authorities in the United States, the bank has confirmed.

The probe of the British bank has focused on the transfer of billions of dollars on behalf of nations like Iran, which are under international sanctions,

and the transfer of money through the US financial system from Mexican drug cartels.


HSBC admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice.

'Violating Trading with the Enemy Act'

In July, the US Senate Permanent Subcommittee on Investigations released a report saying HSBC allowed clients to move funds from Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria.

The same month, HSBC admitted to poor anti-laundering controls.

The reported settlement would resolve investigations by the US justice and treasury departments and other federal agencies, as well as the Manhattan district attorney.

As part of the HSBC settlement deal, it will admit to violating the Bank Secrecy Act and the Trading with the Enemy Act, the Wall Street Journal said, citing a government official




Read more: http://www.aljazeera.com/news/americas/2012/12/20121210231156304799.html



so we resolve this issue with a foreign bank, with a historic billion fine. Yet Americans and American banks involved in the money trail go free?

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Reply HSBC to pay $1.9bn money-laundering fine (Original post)
Sunlei Jan 2013 OP
PDJane Jan 2013 #1
dipsydoodle Jan 2013 #2
triplepoint Jan 2013 #3
Lasher Jan 2013 #4

Response to Sunlei (Original post)

Fri Jan 4, 2013, 01:57 PM

1. Of course. They're our criminals.

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Response to Sunlei (Original post)

Fri Jan 4, 2013, 02:12 PM

2. Not LBN - Old news from December 11th

Last edited Fri Jan 4, 2013, 02:47 PM - Edit history (1)

See date on link.

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Response to Sunlei (Original post)

Fri Jan 4, 2013, 02:13 PM

3. prescott bush was indicted for "Trading With the Enemy"

 

He didn't go to jail either....Just had some assets seized. So, what else ISN'T new and is likely NEVER to change?

Copy of Prescott Bush 1942 Indictment Under Trading With the Enemy Act!

George W. Bush's grandfather, Prescott Bush owns 1 share and is indicted as the Manager of the Union Banking Corporation! He had to plead Nolo Contendre!

http://www.mbpolitics.com/Bush2000/VestingDetail.htm

Here is the rest:

http://www.mbpolitics.com/Bush2000/Vesting.htm

For more info:

Former Federal Prosecutor John Loftus confirms the Bush-Nazi scandal
Copyright October 31. 2003

http://www.john-loftus.com/bush_nazi_scandal.asp

"Instead of divesting the Nazi money," continue the authors, "Bush hired a lawyer to hide the assets. The lawyer he hired had considerable expertise in such underhanded schemes. It was Allen Dulles. According to Dulles's client list at Sullivan & Cromwell, his first relationship with Brown Brothers, Harriman was on June 18, 1936. In January 1937 Dulles listed his work for the firm as 'Disposal of Stan Investing stock.'

"As discussed in Chapter 3, Standard Oil of New Jersey had completed a major stock transaction with Dulles's Nazi client, I.G. Farben. By the end of January 1937 Dulles had merged all his cloaking activities into one client account: 'Brown Brothers Harriman-Schroeder Rock.' Schroeder, of course, was the Nazi bank on whose board Dulles sat. The 'Rock' were the Rockefellers of Standard Oil, who were already coming under scrutiny for their Nazi deals. By May 1939 Dulles handled another problem for Brown Brothers, Harriman, their 'Securities Custodian Accounts.'

"If Dulles was trying to conceal how many Nazi holding companies Brown Brothers, Harriman was connected with, he did not do a very good job. Shortly after Pearl Harbor, word leaked from Washington that affiliates of Prescott Bush's company were under investigation for aiding the Nazis in time of war. . . .

Once the government had its hands on Bush's books, the whole story of the intricate web of Nazi front corporations began to unravel. A few days later two of Union Banking's subsidiaries -- the Holland American Trading Corporation and the Seamless Steel Equipment Corporation -- also were seized. Then the government went after the Harriman Fifteen Holding Company, which Bush shared with his father-in-law, Bert Walker, the Hamburg-Amerika Line, and the Silesian-American Corporation. The U.S. government found that huge sections of Prescott Bush's empire had been operated on behalf of Nazi Germany and had greatly assisted the German war effort."

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Response to Sunlei (Original post)

Fri Jan 4, 2013, 04:10 PM

4. Locking...

I'm sorry, but the LBN SOP requires a story to be no more than 12 hours old. This one does not conform to that requirement. Please consider posting this article in our General Discussion or Good Reads Forum.

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