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Old 12-11-2012, 08:19 AM
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HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering

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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/2012/12/...ey-laundering/

Any thought on this?
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Old 12-11-2012, 09:43 AM
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As long as authorities treat the banks as untouchable, they will do as they please.
 
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Old 12-11-2012, 10:13 AM
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Originally Posted by Zap View Post
As long as authorities treat the banks as untouchable, they will do as they please.
That's right, money laundering, fiscal evasion, and so on are major issues in our societies.

The lawmakers need to do something about it, perhaps it will bring more tax money and it will avoid to penalize the actual taxpayers with tax increases.
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Old 12-12-2012, 04:24 AM
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~$2B fine? Cost of doing business. Carry on.
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