http://dealbook.nytimes.com/2012/12/11/ ... g-charges/" onclick="window.open(this.href);return false;At a news conference on Tuesday in Brooklyn, Mr. Breuer defended the decision to opt for a settlement, rather than seeking an indictment against the bank, calling the action “a very just, very real and very powerful result.”
At a news conference on Tuesday in Brooklyn, Mr. Breuer defended the decision to opt for a settlement, rather than seeking an indictment against the bank, calling the action “a very just, very real and very powerful result.”
Problems for HSBC mounted in July when the Senate Permanent Subcommittee on Investigations accused the bank of exposing the United States “financial system to money laundering and terrorist financing risks.”
The original problems began when agents with Immigration and Customs Enforcement spotted questionable trails of money between HSBC’s Mexican and United States operations.
Despite a chorus of warnings from federal banking regulators about the vulnerability of HSBC’s operations throughout the world, the bank didn’t fortify its controls, the Senate report found.
One HSBC branch in the Cayman Islands, the Senate report said, had virtually no oversight despite holding roughly 50,000 client accounts in 2008. Alarmed, an HSBC compliance officer complained, asking if practices at the bank were part of “the School of Low Expectations Banking.”
Taibbi ties it in to the War on Drugs nicely. What a complete joke. More than a few banksters need the Bradley Manning treatment.
http://www.rollingstone.com/politics/bl ... e-20121213" onclick="window.open(this.href);return false;







