HSBC agrees to pay fine £1.2bil for money laundering!!!!!

For their India operations.

A fine for being part of misery and death? Fuckers deserve prison. How many people have been killed and lives destroyed by drugs? They commited a continous felony and during the time their felony was being committed people were murdered. They conspired with cartels. They knew the consequences of laundering the money. They have bloods of thousands on their hands. Karma fuckers.

A deferred prosecution agreement is a voluntary alternative to adjudication in which a prosecutor agrees to grant amnesty in exchange for the defendant agreeing to fulfill certain requirements.



"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again," HSBC Chief Executive Stuart Gulliver said in a statement.



HSBC said Tuesday it will pay $1.9 billion to settle a U.S. money-laundering probe, avoiding a protracted legal battle that would have further embarrassed the British banking giant.

The probe of Europe's largest bank by market value focused on the transfer of funds through the U.S. financial system from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.

Regulators worldwide have put banks under greater scrutiny since the financial crisis and a string of banking scandals highlighted lax practices and a culture of arrogance and entitlement. Money laundering by banks has become a priority target for U.S. law enforcement. Since 2009, Credit Suisse, Barclays, Lloyds, and ING have all paid big settlements related to allegations that they moved money for people or companies that were on the U.S. sanctions list.

HSBC said in a statement that its anti-money laundering measures were inadequate and it had since made strides in beefing up its controls. The bank also said it has reached agreements over investigations by other U.S. government agencies. It also expects to sign an agreement with British regulators shortly.

"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again," HSBC Chief Executive Stuart Gulliver said in a statement.

A U.S. law enforcement official said the investigation by federal and state authorities will result in HSBC paying $1.25 billion in forfeiture and paying $655 million in civil penalties. The $1.25 billion figure is the largest forfeiture ever in a case involving a bank. Under what is known as a deferred prosecution agreement, the financial institution will be accused of violating the Bank Secrecy Act and the Trading With the Enemy Act.

Under the arrangement, HSBC will admit to certain misconduct, the official said, but the details of those admissions to be made in a New York court were not immediately available. The official spoke on condition of anonymity because the source was not authorized to speak about the matter on the record.

[link to xfinity.comcast.net]


HSBC Chief Executive Stuart Gulliver Salary

HSBC Holdings PLC
Compensation for 2011
Salary $1,250,000
Bonus $4,559,000
All other compensation $793,000
Total Compensation $6,602,000


[link to www.forbes.com]

They probably made 10 billion....profitable business no?

so this is like a pre trial diversion?

a paid get out of jail free card?

Nope for their UK operation. But Indian media is ignoring the News as they are also having their account in their Bank :D

This amounts to legalizing laundering money from illegal drug/slave/organ/etc trade with the government merely taking a small cut of the profits.

With this on top of the rest, the world as we know it may indeed end this month...

disgusting



Like their 'royal' predators, the crimes and perversities of these elite, exploiting nd even murdering children, to cover up their viperish habits



nauseating

#1 pay a fine for illegal activities...
#2 profit??

What no jail ? Everybody who accepts this as sufficient is duped.

So are they saying drug money from Mexico was laundered thru the US to Iran? Not quite, they say "nations such as Iran" which might not even include Iran.

In fact it's hard to believe that money went from the US to Iran, so if I were trying to launder money into Iran, the LAST place I'd probably send it would be through the US. But hey what do I know?

Sorry the link to the story doesn't work for me. What did they actually admit to doing, is there a more detailed story about that part of it?

Haha! I took a loan out for 3 grand from HSBC before I skipped to Japan. Sayonara fuckers:)

The $9.99 Bank Processing Fee will make back the "loss"

lately BP fined 4 billion

US is hard on UK cos

For laundering money for Mexican cartels, dealing with rogue states, including Iran, etc.

Not surprisingly, this fine is less than 10% of their annual profit. For them, it's just the cost of doing business and fits right into their financial planning.

complete bullshit. Oldsters should be in orange jumpsuits in Federal white collar resort prisons for shit like this.

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.

------------

Well for God's sake, don't destabilize the fucking Global Financial System

Forgot to post the link.

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.



But the threat of criminal prosecution acts as a powerful deterrent. If authorities signal such actions are remote for big banks, the threat could lose its sting.

Behind the scenes, authorities debated for months the advantages and perils of a criminal indictment against HSBC.

[link to dealbook.nytimes.com]

Someone needs to pin this for a fucking year.

One set of rules for the rich, one set for everyone else.

9/11 Commission, on page 172 of their report, stated that the question of who bankrolled the September 11th attacks was “of little practical significance.”

Yea, just like this is business as usual.