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Another day.. Another bank behaving badly

Ian J

Banned
I might be able to read the news one day without the banks dominating with yet another low life practice:facepalm:

I doubt it as people like you are happy to read things that haven't been said into anything and if you can confuse lax management controls with low life practices no doubt you can bend any story to the way you wished it read
 
D

Deleted member 13294

Guest
If there has been criminal wrongdoing then let's hope they go to jail.
 

kav

Distinguished Member
I had heard rumours recently of a $1bn+ fine for HBSC, I wonder if this is what it's about.
 

sidicks

Banned
kav said:
I had heard rumours recently of a $1bn+ fine for HBSC, I wonder if this is what it's about.

Yes - it's to do with poor controls in relation to Money Laundering.
 

domtheone

Distinguished Member
I started to read about it on a newspaper website but gave up half way through.

Bank scandals will probably go on into the middle of the decade so they'll be plenty more time to read up a bit more.

Bank shares are officially screwed for the rest of this decade now:laugh::facepalm:
 

kav

Distinguished Member
I am not saying HSBC were not wrong,but some big US banks have been doing the the same for years,and got away with just a slap on the wrist :)

There has been a bit of speculation about that recently, in that it's possible there is something strategic in this. It's no secret that the US as a nation puts itself first, so given the current global economic situation, it is going to seek to protect its own interests ahead of others. Not saying that the banks haven't done wrong by any means, but it will be interesting to see how wholly US banks fare in terms of the recent controversies.
 

Cliff

Distinguished Member
Exactly US first! If it's a foreign company then they will want blood.
Look what happened to BP. aka British Petroleum!

As for US banks, didn't Wachovia settle out of court?
 

MikeTV

Distinguished Member
I wouldn't describe HSBC as a "foreign" bank. I'd describe it as one of the world's largest global banks. A significant part of it's operations are US-based.
 

Cliff

Distinguished Member
MikeTV "I wouldn't describe HSBC as a "foreign" bank...

You must be joking!
To an American, HSBC is as British as British Petroleum!
 
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Cliff

Distinguished Member
The US will soon be refering to HSBC as "The Hongkong and Shanghai Bank "

- just as they did by spelling out BP's initials.:devil:
 

MikeTV

Distinguished Member
Well, they do have a point. Wasn't HSBC originally established to allow the british to launder the proceeds from pushing heroin on the Chinese? When I say "global", I mean they've diversified their drug-pusher laundering practices to other countries.
 

Cliff

Distinguished Member
Well, they do have a point. Wasn't HSBC originally established to allow the british to launder the proceeds from pushing heroin on the Chinese? When I say "global", I mean they've diversified their drug-pusher laundering practices to other countries.

No.... You are using emotive words like launder.
The bank was set up in the days of the empire because of all types of trade in and around the far east. Yes, there was significant heroin trade between India and China but at the time this was legit (from our side of the fence anyway).
I don't think any laundering was necessary!

But my real beef is with the US who see any company that is not American, as chance to make an example of with very heavy fines. I'm not saying that the controls were strict enough- obviously not in US eyes- but they will be hauled across the coals and bad publicity.


Wachovia, on the other hand (a big $ correspond bank) and by all accounts was responsible for over $400B of questionable dealings in Mexico gets away with a small fine, a slap on the wrist and very little publicity.

HSBC does have branches all over the world and by virtue of that there will be many foreign transactions and accounts.
I can't believe that HSBC was known for "turning a blind eye" over any other well known bank that has an equal number of branches worldwide. I can believe they were the biggest and therefore a good catch for the US authorities.. .
 

the-demi-god

Active Member
Well, they do have a point. Wasn't HSBC originally established to allow the british to launder the proceeds from pushing heroin on the Chinese? When I say "global", I mean they've diversified their drug-pusher laundering practices to other countries.

:devil: Well as long as they are an equal opportunity drug pushing money laundering company :laugh:
Wore NowtQuote:
Originally Posted by domtheone
Bank shares are officially screwed for the rest of this decade now:laugh::facepalm:

I've got £20 in the piggy bank so may launch a bid for one of the High Street banks
Wore NowtQuote:
Originally Posted by domtheone
Bank shares are officially screwed for the rest of this decade now:laugh::facepalm:

I've got £20 in the piggy bank so may launch a bid for one of the High Street banks
 

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