HSBC agrees $1.9bn US penalties

[Jimbuna]

The heaviest penalty imposed yet but will it act as a deterrent to others in the future?


HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case.
A US Senate investigation said the UK-based bank had been a conduit for "drug kingpins and rogue nations".
Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing.
HSBC admitted having poor money laundering controls and apologised.


http://www.bbc.co.uk/news/business-20673466

[STEED]

It will not stop these greedy pigs from breaking all the rules, after all they are changing all the rules.

Forget bloody Starbucks who have not broken the rules the bloody banks are still breaking the rules, only over the weekend I was reading that banks were still miss selling this and that to the public!

PONZI IS THE NAME OF THE GAME THEY WIN WE LOOSE!

Bigger the bank more corrupt they are.

[eddie]

When it comes to banks, rules are made to be broken.

[BossMark]

Bloody bankers wouldn't piss on them if they was on fire

[Armistead]

Any of us do that, we would be in jail.....

Corps can do something illegal, make a few billion, get caught, pay a fine and keep on going...

[Jimbuna]

Money will always look after money...simple as.

[Tribesman]

Unbelievable, massive criminal activity going on for decades and they decide to let it go as if they prosecute the bank will not be able to get a licence anymore as it would be labelled as a criminal, which it is.

So they pay 4 up weeks profits and get decades of criminal activity forgotten about.
Bloody hell even their bribery is criminal, how do they get away with such a cheap bribe over such a huge crime?

[Jimbuna]

That depends who you focus the money on.

[soopaman2]

I would be willing to bet they made 3 times as much when they were manipulating the interest rates.

In America (I know this don't apply in this case) corps are people.

Since they are people, maybe they can see jailtime, If I had a joint, or a drove drunk I would rightfully see a jail cell. How come all these jokers get is a fine, that they dump the costs on the customers anyways...

They lose nothing, fees will just go up to fund this settlement.

Government wins, company loses nothing, consumers suffer. Ahhh, how that Ayn Rand capitalism thingy workin out for ya?

[robhalford88]

I would be willing to bet they made 3 times as much when they were manipulating the interest rates.

In America (I know this don't apply in this case) corps are people.

Since they are people, maybe they can see jailtime, If I had a joint, or a drove drunk I would rightfully see a jail cell. How come all these jokers get is a fine, that they dump the costs on the customers anyways...

They lose nothing, fees will just go up to fund this settlement.

Government wins, company loses nothing, consumers suffer. Ahhh, how that Ayn Rand capitalism thingy workin out for ya?

Corporations are persons with the rights of people in the area of donations for election campaigns.
That is the extent of how they are considered people.
The plural of person is persons in law, that should tell you that they are not real.

[Jimbuna]

I would be willing to bet they made 3 times as much when they were manipulating the interest rates.

In America (I know this don't apply in this case) corps are people.

Since they are people, maybe they can see jailtime, If I had a joint, or a drove drunk I would rightfully see a jail cell. How come all these jokers get is a fine, that they dump the costs on the customers anyways...

They lose nothing, fees will just go up to fund this settlement.

Government wins, company loses nothing, consumers suffer. Ahhh, how that Ayn Rand capitalism thingy workin out for ya?

Barclays Bank and a few others were involved in manipulating the LIBOR system and admitted as such, the fines on Barclays were so paltry they amounted to something like four days profits :nope: