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Reuters has the story:
This multi-billion-dollar penalty is just for HSBC's British and European operations. The United States has yet to levy penalties. Included among HSBC's crimes are money laundering on behalf of Osama Bin Laden's benefactors. Benefactors which, by the way, played a key role in the attacks of September 11th, 2001.
For my money, the best thing to do is send the bank's board of directors and C-level executives to Gitmo and try them on terrorism charges in our kangaroo courts. Not that I expect that to happen. After all, they've bought a lot of Congressmen and hold a seat on the US State Deparment's advisory board.
LONDON, July 30 (Reuters) - HSBC's boss said on Monday revelations of lax anti-money laundering controls had been "shameful and embarrassing" for Europe's biggest bank, and may force it to pay out well over $2 billion for those flaws and in compensation for UK mis-selling.
HSBC set aside $700 million to cover fines and other costs for an anti-money laundering scandal, after a U.S. Senate report criticised it this month for letting clients shift funds from dangerous and secretive countries, notably Mexico.
This multi-billion-dollar penalty is just for HSBC's British and European operations. The United States has yet to levy penalties. Included among HSBC's crimes are money laundering on behalf of Osama Bin Laden's benefactors. Benefactors which, by the way, played a key role in the attacks of September 11th, 2001.
For my money, the best thing to do is send the bank's board of directors and C-level executives to Gitmo and try them on terrorism charges in our kangaroo courts. Not that I expect that to happen. After all, they've bought a lot of Congressmen and hold a seat on the US State Deparment's advisory board.
