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

 
Anonymous Coward
User ID: 29610701
United Kingdom
12/11/2012 01:59 AM
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HSBC agrees to pay fine £1.2bil for money laundering!!!!!
on sky news breaking
Anonymous Coward
User ID: 29611017
India
12/11/2012 02:18 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
For their India operations.
Anonymous Coward
User ID: 9968554
United States
12/11/2012 02:19 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
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.
Anonymous Coward
User ID: 1328514
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12/11/2012 08:35 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
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]
Cosmic Traveler

User ID: 7047508
United States
12/11/2012 08:36 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
They probably made 10 billion....profitable business no?
Hard tell'in not know'in
Anonymous Coward
User ID: 1328514
United States
12/11/2012 08:38 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
PhennommennonnModerator
Senior Forum Moderator

12/11/2012 08:44 AM

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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
so this is like a pre trial diversion?

a paid get out of jail free card?
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Anonymous Coward
User ID: 29624227
India
12/11/2012 09:06 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
For their India operations.
 Quoting: Anonymous Coward 29611017


Nope for their UK operation. But Indian media is ignoring the News as they are also having their account in their Bank :D
Anonymous Coward
User ID: 7115732
United Kingdom
12/11/2012 09:15 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
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...
Anonymous Coward
User ID: 24522527
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12/11/2012 09:21 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
lmao

FARCE PLANET
Anonymous Coward
User ID: 27249705
United States
12/11/2012 09:30 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
disgusting



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



nauseating
Anonymous Coward
User ID: 9927807
United States
12/11/2012 09:34 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
#1 pay a fine for illegal activities...
#2 profit??
Omniscient1

User ID: 25801142
United States
12/11/2012 11:39 AM

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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
What no jail ? Everybody who accepts this as sufficient is duped.
Anonymous Coward
User ID: 28008747
United States
12/11/2012 11:50 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
...
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.
...
 Quoting: Anonymous Coward 1328514

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?
Anonymous Coward
User ID: 28146542
Japan
12/11/2012 11:53 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
Haha! I took a loan out for 3 grand from HSBC before I skipped to Japan. Sayonara fuckers:)
Anonymous Coward
User ID: 15846147
United States
12/11/2012 11:54 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
The $9.99 Bank Processing Fee will make back the "loss"
Anonymous Coward
User ID: 29637955
India
12/11/2012 01:17 PM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
lately BP fined 4 billion

US is hard on UK cos
ogrrr
Mycelium

User ID: 17882166
United States
12/11/2012 01:21 PM

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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
For their India operations.
 Quoting: Anonymous Coward 29611017


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.
Anonymous Coward
User ID: 1328514
United States
12/11/2012 02:37 PM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
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

skulburn
Anonymous Coward
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12/11/2012 02:42 PM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
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

skulburn
 Quoting: Anonymous Coward 1328514


Forgot to post the link.

While the settlement with HSBC is a major victory for the government,
whatever
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]

skulburnskulburnskulburnskulburnskulburn
Anonymous Coward
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United States
12/11/2012 02:45 PM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
Someone needs to pin this for a fucking year.bump

One set of rules for the rich, one set for everyone else.
Anonymous Coward
User ID: 1328514
United States
12/12/2012 06:59 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
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.
Anonymous Coward
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United States
12/13/2012 08:27 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
Idol1
Anonymous Coward
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United States
12/16/2012 07:11 AM
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Re: HSBC agrees to pay fine £1.2bil for money laundering!!!!!
bump