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Warren: Drug possession warrants jail time but laundering cartel money doesn’t?
Appearing at a Senate Banking Committee hearing Thursday, Sen. Elizabeth Warren (D-MA) grilled officials from the Treasury Department over why criminal charges were not filed against officials at HSBC who helped launder hundreds of millions of dollars for drug cartels. The HSBC scandal resulted in the Department of Justice and…
HSBC to pay $249 million fine for US mortgage abuse
British bank HSBC has agreed to pay $249 million in compensation to home-loan borrowers hurt in the massive US mortgage and foreclosure scandal, US officials said Friday. The Federal Reserve and the Office of the Comptroller of the Currency announced the deal, saying HSBC had to compensate borrowers affected by…
Colbert: Praise banks since ‘they have not destroyed the world economy in four years’
On the Colbert Report on Wednesday night, the host discussed the recent HSBC banking scandal but took aim not at banks, but at “the people who are angry at our banks.” “And I’m not the only one who feels this way,” he said, going on to show clips of business…
HSBC to pay $1.9 billion to settle money laundering claims: report
US authorities plan to announce a record $1.9 billion settlement with British bank HSBC to end allegations of money laundering, The Wall Street Journal reported on its website. The deal could be announced as early as Tuesday in New York, officials told the Journal. Citing people familiar with the matter,…
British banks set aside £10 billion to compensate clients who were ‘mis-sold’ insurance policies
British banks have ramped up the amount of cash they are setting aside to compensate clients who were mis-sold insurance policies to more than £10 billion, significantly slashing their profits in the process. The latest earnings season for major banks wrapped up on Monday, with HSBC announcing it was hiking…
Banking giant HSBC websites hit by ‘large scale’ cyber attack
Banking giant HSBC said Friday some of its websites had been hit by a “large scale” cyber attack that disrupted online services, but it assured customers that their data were not compromised. The bank said in a statement that HSBC servers came under a “large scale denial of service attack”…
U.S. officials ready to target banks over safeguarding failures: report
Authorities reportedly set to crack down on banks for failing to monitor whether cash was being used to launder dirty money Major US banks are being investigated for insufficiently safeguarding against being used by drug dealers or terrorist groups to launder dirty money, it was reported Saturday. An article in…
Hong Kong moves to evict Occupy protesters
Hong Kong on Tuesday sent bailiffs to evict protesters camped outside the HSBC bank headquarters, the last outpost of the anti-capitalist “Occupy” movement in Asia. Unarmed officers began clearing around a dozen protesters from their camp on the ground floor plaza of the bank’s office tower, which has been occupied…
HSBC scandal erupts as British banks face shake-up
A scandal erupting at Europe’s biggest bank HSBC has added to concerns over the state of Britain’s financial sector amid the Barclays rate-rigging affair and as the industry faces a major shake-up. HSBC last week apologised and its head of compliance David Bagley resigned after US lawmakers accused the London-based…
Everything you need to know about the Senate’s HSBC money laundering report
By Cora Currier ProPublica This week a Senate investigation detailed that HSBC had lax controls against money-laundering and often ignored warnings about clients with ties to drug cartels and terrorists. The bank is also reportedly nearing a settlement with the Justice Department, which has two criminal investigations into whether HSBC…
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