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HSBC 2012 money laundering was so great that if charged it could have led to 'a global financial disaster'

Wednesday, July 13th 2016 - 06:30 UTC
Full article 21 comments

United States officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a “global financial disaster”, a report says. A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil. Read full article


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  • ChrisR

    Oh dear!

    Another banking fiasco this time from the HSBC in the UK.

    Makes a change from the all the previous disasters then which emanated from the US. Great film about that from a US Director no less.

    Nothing will ever be done about the major banks, they run the world it seems.

    Jul 13th, 2016 - 10:59 am - Link - Report abuse 0
  • brasherboot

    World - do as you're told. We're British

    Jul 13th, 2016 - 12:23 pm - Link - Report abuse 0
  • Enrique Massot

    Too big to fail, eh?
    Good for MP for publishing stories that matter.
    This one offers a rare glimpse on how large corporations flout the law and when getting caught how they get help from their pals in government.
    Only in one country, over 4,000 Argentine had secret accounts--and an investigation in course does not have much chance of progress under the current government.
    What makes us understand what really goes behind the scenes, such as tax avoidance and big money laundering schemes possible lucrative drug and weapons traffic fueling local conflict and other world cancers. Meanwhile, we are offered distraction such as “war on drugs,” “war on terrorism” and other PR operations.

    Jul 13th, 2016 - 07:13 pm - Link - Report abuse 0
  • Vestige

    Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.

    - Me. (Circa 2016).

    Jul 13th, 2016 - 08:04 pm - Link - Report abuse 0
  • Islander1

    Totally agree with sentiments. Congratulations though to George Osborne:
    His last job today was to hand over the £22million in court fines from Banks of the Libor rate rigging to - Military Charities
    and his general words:

    It gives me pleasure to give money taken from those who have done very little for their country- to those who have given everything for their country!
    Well done - and a smack in the face for the fat bankers.

    Jul 13th, 2016 - 09:37 pm - Link - Report abuse 0
  • Marti Llazo

    @4 Vestige: ”...and he can rob the world. - Me. (Circa 2016).”


    You are so much of a thief that you must be Argentine.

    - Me (circa 2016)

    Vestigial's stolen lines are from the US television series Mr Robot, but not appropriately attributed.

    HSBC: Too big to fail; too criminal to prosecute. (Anon)

    Jul 14th, 2016 - 03:19 am - Link - Report abuse 0
  • Vestige

    Nonsense Marti I coined that phrase about theft.

    I'm guessing you must be German.

    Jul 14th, 2016 - 09:51 am - Link - Report abuse 0
  • Marti Llazo

    I somehow doubt that Vestigial is writing scripts for the US television series, which is the source of those lines.

    Jul 14th, 2016 - 01:48 pm - Link - Report abuse 0
  • Vestige

    Herr Marti - you are the würst.

    Jul 14th, 2016 - 05:23 pm - Link - Report abuse 0
  • Marti Llazo

    Besser ein Würst als ein Weiner.

    Jul 14th, 2016 - 09:06 pm - Link - Report abuse 0
  • Hepatia

    So, are there any British financial institutions that are not totally corrupt?

    Jul 17th, 2016 - 12:16 am - Link - Report abuse 0
  • Marti Llazo

    Hepathetic, it may amuse you to note that the UK's ranking on the corruption index is a quite respectable 10,where lower numbers indicate lower levels of corruption. Uruguay is a 21. Chile and France are in position 23.

    Brazil is noted as rather corrupt, at position 76. But nowhere nearly as corrupt as Argentina.

    Argentina comes in as the very portrait of 107. More corrupt than Mexico and Peru. More corrupt than Bolivia. And no one is surprised.

    Jul 17th, 2016 - 03:35 am - Link - Report abuse 0
  • chronic

    The whole City of London is built on subterfuge and deceipt and is just about the moral equivalent of Switzerland.

    Osborne is on a par with bernanke, summers, geitner and the like - an unindicted coconspirator.

    Jul 17th, 2016 - 10:52 pm - Link - Report abuse 0
  • :o))

    If money laundering & corruption are so universal; shouldn't they be 100% legalized? After all, as such, they already are legalized in certain forms / ways banking, etc.

    Jul 18th, 2016 - 11:44 am - Link - Report abuse 0
  • chronic

    Money laundering isn't universal.

    Central banks - as currently constituted - pose the single biggest threat to democracy.

    Borrowing against future capacity without investing to support it and the concentration of capital - the produce of central bank current policy - will result in reversion to a global fiefdom.

    Jul 18th, 2016 - 03:07 pm - Link - Report abuse 0
  • Enrique Massot

    Fiscal havens are a disaster for all those who are not part of the few benefiting from its advantages.
    Among other advantages for tricksters, they are key components of the drug trade by allowing laundering money and moving it around.
    They also allow tax evasion and facilitate the arms trade fueling violent conflict.
    Just one example among many reported by The Transnational Institute:
    “Six of the top ten world's biggest arms dealers are based in the Netherlands in order to benefit from its favourable tax and trade system.”

    Jul 18th, 2016 - 04:50 pm - Link - Report abuse 0
  • Marti Llazo

    “Six of the top ten world's biggest arms dealers are based in the Netherlands ....”

    Rubbish. The top ten biggest arms dealers are governments and none is based in the Netherlands.

    Jul 18th, 2016 - 06:08 pm - Link - Report abuse 0
  • Enrique Massot

    #17 Marti
    Whatever. You get my point.

    Jul 18th, 2016 - 07:18 pm - Link - Report abuse 0
  • Hepatia

    The so called'city of London ' is nothing more than a subsidiary of Wall St, which uses it to do what is illegal in the US.

    Jul 19th, 2016 - 01:06 am - Link - Report abuse 0
  • LukeDig

    Capitalism at its finest. “Democracy” they call it, but there is no respect for the Law or the Constitution. The law is intended for the common citizen so he cannot challenge the capitalist elite, the capitalist elite has impunity and laws do not apply to them, they make the laws.

    Jul 20th, 2016 - 01:34 am - Link - Report abuse 0
  • Marti Llazo

    “....the capitalist elite has impunity....”

    And exclusive communications with the mother ship.

    Jul 20th, 2016 - 03:37 am - Link - Report abuse 0

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