Exclusive: HSBC might pay $1.8 billion money laundering fine - sources

Comments (7)
ConstFundie wrote:

Get time for being caught on the corner with drugs but launder millions in drug money and the company gets a fine? Guess we know who makes up the rules to this game.

Dec 05, 2012 10:25pm EST  --  Report as abuse
GeorgeBrown wrote:

HSBC got its start in 1865 laundering drug money from the Chinese and Indian opium trade; why would the bank change a very successful business model? Just pay the fine and keep on doing business…

Dec 06, 2012 5:19am EST  --  Report as abuse
stambo2001 wrote:

People used to laugh and laugh and laugh when I told them years ago that some of the largest banks and governments on the planet launder drug money. ‘Yer nuts’ they said, ‘put on the tinfoil hat’ they said. When you mentioned the British opium traders and the Chinese Opium War(s) history their eyes would glaze over and they’d go back to the ‘yer crazy’ response. Fact is that Britain and the Royal family have been drug barons for centuries. Today we know that you have to be a complete and utter moron to deny that the intelligence agencies in the usa import and sell the hardest drugs on the streets; it’s become one of those not-so-secret secrets. The government arrests and imprisons the street level dealer and importer for the simple reason that they don’t like the competition. Rotten to the core.

Dec 06, 2012 6:54am EST  --  Report as abuse
tmc wrote:

Again, No JAIL time? Soon we will have a single justice system again. Beware Banksters, your time is nearing its end.

Dec 06, 2012 8:09am EST  --  Report as abuse
stambo2001 wrote:

The bankers are drug launderers, which means that the people sitting on the boards are drug launderers (profiting from crime). These individuals also sit on the boards of the media, petroleum, pharmaceutical and arms corporations. These are the people that fund the campaigns of politicians and judges, so they effectively control (own)both the legislation and courts, as well as the public narrative; it’s been this way for centuries now. Our system IS pure evil.

“The further I look into the western world, into the chain of events which brought Europe to us Russians, the more there arises in me a disgust for all bloody revolutions.” – Alexander Herzen

Dec 06, 2012 9:26am EST  --  Report as abuse
MrRFox wrote:

Indicting individuals complicit in this is a good idea, but not enough. Fining the bank is a trivial punishment, no matter the sum.

Indicting the bank itself under RICO, siezing its US assets and putting it to death as a US operation – that is a message that must be sent to The Street. This bank is legally culpable for every crime of the drug cartel of which it was a willing partner – including the homicides. Cases like this are why we have a corporate death penalty in our laws. Being seen to shrink from using it where it is appropriate is nothing but bad.

Dec 06, 2012 10:11am EST  --  Report as abuse
Harry079 wrote:

“over money-laundering lapses”

The fines for these “lapses” should come from the Executives and Board Members pay and bonuses.

Paying fines with money that would have gone to shareholders is just another example of how the investors keep getting the short end of the stick.

Dec 06, 2012 10:46am EST  --  Report as abuse
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