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Topic: HSBC money laundering< Next Oldest | Next Newest >
 Post Number: 1
Montecresto Search for posts by this member.

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PostIcon Posted on: Dec. 11 2012, 11:50 am  Skip to the next post in this topic. Ignore posts   QUOTE

Oh, this is great. It takes very little effort to consider where this will lead to.

State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.

Instead, HSBC announced on Tuesday that it had agreed to a record $1.92 billion settlement with authorities. The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.

While the settlement with HSBC is a major victory for the government, the case raises questions about whether certain financial institutions, having grown so large and interconnected, are too big to indict. Four years after the failure of Lehman Brothers nearly toppled the financial system, regulators are still wary that a single institution could undermine the recovery of the industry and the economy.

http://dealbook.nytimes.com/2012....ks=true


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Killing one person is murder, killing a 100,000 is foreign policy
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PostIcon Posted on: Dec. 11 2012, 12:04 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

HSBC's settlement comes a day after rival British bank Standard Chartered Plc agreed to a $327 million settlement with U.S. law enforcement agencies for sanctions violations, a pact that follows a $340 million settlement the bank reached with the New York bank regulator in August.

Such settlements have become commonplace. In what had been the largest settlement until this week, ING Bank NV in June agreed to pay $619 million to settle U.S. government allegations that it violated sanctions against countries including Cuba and Iran.

Other banks that have reached settlements over sanctions violations are Switzerland's Credit Suisse Group, Britain's Lloyds Banking Group and Barclays, and ABN Amro Holding NV, a Dutch bank acquired by Royal Bank of Scotland Group Plc and a bank consortium in 2007.

In the United States, J.P. Morgan Chase & Co, Wachovia Corp and Citigroup Inc have been cited for anti-money laundering lapses or sanctions violations.


http://www.reuters.com/article....0121211


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When I let go of what I am, I become what I might be. - Lao Tzu
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PostIcon Posted on: Dec. 11 2012, 12:31 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Maybe this will finally lead to some effective restrictions on big banks and start shrinking them.

One of the reasons I stick to my local credit union, which is not able to thwart US foreign policy by laundering money for Iran.


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"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness."

- John Kenneth Galbraith
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PostIcon Posted on: Dec. 11 2012, 1:25 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Basically, we tell the companies of the world... hey, if you want to do business here, then you must conform with our views economic and political -- and to not do business with anyone that we don't want you to do business with.  And that means all parts of your companies, wherever the world they may be located.

We can argue the merits of this or that restriction.  But soon enough, we will not be the sole top dog of the world.  And while we remain strong enough to keep dishing it out, we will also have to get used to other countries doing what we do.  Just picture China and India laying out "rules for the world' on issues near and dear to them -- and expecting all of our companies to follow, or else.

I look forward to a world where USA, China, Europe, India, Japan, Brazil, Russia, etc. are all strong and prosperous -- a world where it pays much more to trade than to fight.  And no single nation can impose its views onto the rest.  Where there are issues near and dear to all -- they can find legitimacy through the UN -- and not just the legislature of one state or three.


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The world is a book and those who do not travel read only a page.  -- St. Augustine
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PostIcon Posted on: Dec. 11 2012, 5:18 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I like that conclusion.

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Killing one person is murder, killing a 100,000 is foreign policy
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PostIcon Posted on: Dec. 11 2012, 8:10 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Thanks.  Hope springs eternal...  But given both the penchant of some 'new upcomers' strutting themselves at the expense of their neigbors (e.g. China) -- and the penchant of the West to 'divide and conquer' -- the world has at least an equal chance of morphing into blocs of mutual suspicion if not outright hatred.  And that won't be good for anyone.

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The world is a book and those who do not travel read only a page.  -- St. Augustine
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PostIcon Posted on: Dec. 11 2012, 9:19 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

... except the arms merchants and certain politicians.

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The world is a book and those who do not travel read only a page.  -- St. Augustine
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PostIcon Posted on: Dec. 12 2012, 12:18 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

So money laundering for drug dealers should be an acceptable practice is what I am hearing...
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