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Wed Dec 12, 2012, 07:00 PM


British bank HSBC fined record $1.9 billion

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

Source: CNN

British bank HSBC fined record $1.9 billion
The Associated Press By The Associated Press
on December 11, 2012 at 11:09 PM, updated December 11, 2012 at 11:16 PM

12-11-12-HSBC bank.JPG

In this file photo, a pedestrian passes a branch of HSBC bank in London. HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing Tuesday o pay $1.9 billion to settle a U.S. money-laundering probe. Europe's largest bank by market value will pay the biggest penalty ever imposed on a bank after facing accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.
Associated Press

NEW YORK American authorities on Tuesday cited astonishing dysfunction at the British bank HSBC and said that it had helped Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction to move money around the world.

HSBC agreed to pay $1.9 billion, the largest penalty ever imposed on a bank.

The U.S. stopped short of charging executives, citing the banks immediate, full cooperation and the damage that an assault on the company might cause on economies and people, including thousands who would lose jobs if the bank collapsed.

Outside experts said it was evidence that a doctrine of too big to fail, or at least too big to prosecute, was alive and well four years after the financial crisis.

The settlement avoided a legal battle that could have further savaged the banks reputation and undermined confidence in the banking system. HSBC does business in almost 80 countries, so many that it calls itself the worlds local bank.

Lanny A. Breuer, assistant attorney general of the Justice Departments criminal division, cited a stunning, stunning failure by the bank to monitor itself. He said that it enabled countries subject to U.S. sanction Cuba, Iran, Libya, Myanmar and Sudan to move about $660 million in prohibited transactions through U.S. financial institutions, including HSBC, from the mid-1990s through September 2006.

Officials noted that HSBC officers in the United States had warned counterparts at the parent company that efforts to hide where financial transactions originated would expose the bank to sanctions, but the protests were ignored.

HSBC even instructed an Iranian bank in one instance how to format messages so that its financial transactions would not be blocked, Breuer said at a news conference announcing the settlement.

The record of dysfunction that prevailed at HSBC for many years is simply astonishing, Breuer said.

For the government not to go a step further and prosecute was beyond obscene, said Bill Black, a former U.S. regulator for the Office of Thrift Supervision who now teaches at the University of Missouri-Kansas Cithttp://search.mywebsearch.com/mywebsearch/news.jhtml?searchfor=world+bank+fined+1.9+billion&cb=9N&pg=GGmain&p2=%5E9N%5Exdm002%5ES03631%5Eus&n=77ee8498&qid=2171958eaa284070a3cfe1935f70be44&ss=sub&pn=1&st=tab&ptb=2488929A-852E-4E6A-B9C3-E24D51E4BD81&si=CIvRudHhjbQCFQuCQgodr3wAQA&ct=NP-Title

Read more: http://search.mywebsearch.com/mywebsearch/news.jhtml?searchfor=world+bank+fined+1.9+billion&cb=9N&pg=GGmain&p2=%5E9N%5Exdm002%5ES03631%5Eus&n=77ee8498&qid=2171958eaa284070a3cfe1935f70be44&ss=sub&pn=1&st=tab&ptb=248

I saw this story on My Y TV so I checked CBS ,Charlie Rose, and they did not run it. I knew NBC would not run it ,it was only on my local news. I checked their website when I got home and shocking, it was not there. Scrubbed. You will not see this story on your nightly news. It has been scrubbed. HSBC is a criminal organization. They have been caught red handed. No one will be prosecuted.

This is why am considering selling my home, and moving to someplace that I wont hear news.

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Reply British bank HSBC fined record $1.9 billion (Original post)
maindawg Dec 2012 OP
dipsydoodle Dec 2012 #1
maindawg Dec 2012 #2
Comrade Grumpy Dec 2012 #3
muriel_volestrangler Dec 2012 #4

Response to maindawg (Original post)

Wed Dec 12, 2012, 07:19 PM

1. Not Lbn.

Today is the 12th Was posted in Lbn yesterday 11th.

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Response to maindawg (Original post)

Wed Dec 12, 2012, 07:22 PM

2. this is the crime bank



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Response to maindawg (Original post)

Wed Dec 12, 2012, 07:56 PM

3. Sling a few crack rocks, go to federal prison.


Money launder a billion dollars for the cartels, get a slap on the wrist.

Crack dealers should be white and wealthy, then they would be okay, too.

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Response to maindawg (Original post)

Wed Dec 12, 2012, 08:15 PM

4. Locking - duplicate thread

of http://www.democraticunderground.com/1014331726 . Please continue discussion there.

Also, please note that DU rules states that only a maximum of 4 paragraphs may be copied from a source. Please limit the amount you copy to that in future. Thanks.

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