| Submit your comments on this article |
| Britain |
| U.S. report says HSBC handled Iran, drug money |
| 2012-07-17 |
| A "pervasively polluted" culture at HSBC Holdings Plc allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday. While the big British bank's problems have been known for nearly a decade, the Senate probe detailed just how sweeping the problems have been, both at the bank and at the Office of the Comptroller of the Currency, a top U.S. bank regulator which the report said failed to properly monitor HSBC. "The culture at HSBC was pervasively polluted for a long time," said Senator Carl Levin, chairman of the U.S. Senate Permanent Subcommittee on Investigations, a Congressional watchdog panel. The report comes at a troubling time for a banking industry reeling from a multi-country probe into the manipulation of global benchmark rates. Last month, rival British bank Barclays Plc agreed to pay a $453 million fine to settle a U.S.-British probe into the rigging of the benchmark interest rate known as the London interbank offered rate, or Libor. The Senate probe provides a rare look at how HSBC responded when confronted with numerous cases of suspect money flows. The report caps a year-long inquiry that included a review of 1.4 million documents and interviews with 75 HSBC officials and bank regulators. It will be the focus of a hearing on Tuesday at which HSBC and OCC officials are scheduled to testify. |
| Posted by:tipper |
| #5 You must be some type of racist Islamophobe Ja, ja...dis is reg. But I am hopeful Allan West is selected as the next VP. Whahaha :-) |
| Posted by: Besoeker 2012-07-17 17:57 |
| #4 Besoeker, how dare you point out Hassan Nemazee's ties to Barack Hussein Obama? Next you'll probably be calling on Obama & Clinton to return all the money that Nemazee gave to them. You must be some type of racist Islamophobe for linking to the highly inflammatory hit piece written by the far-right wing organization known as Reuters. |
| Posted by: American Delight 2012-07-17 17:42 |
| #3 I'm betting Standard Chartered is doing worse things. I've done work for them and the way the company is set up, the right hand doesn't know what 100 or so left hands are doing. |
| Posted by: phil_b 2012-07-17 17:41 |
| #2 To me this sounds like HSBC is another Obama target for being British. |
| Posted by: Bright Pebbles 2012-07-17 12:31 |
| #1 Obama "bundler" Hassan Nemazee and his connection to HSBC. What is that strange odor? Klik |
| Posted by: Besoeker 2012-07-17 09:25 |