As seen at Aljazeera Last Modified: 11 Dec 2012 08:32
Europe's biggest bank, HSBC, will pay $1.92bn to settle a money-laundering probe by authorities in the United States, the bank has confirmed.
The probe of the British bank has focused on the transfer of billions of dollars on behalf of nations like Iran, which are under international sanctions, and the transfer of money through the US financial system from Mexican drug cartels.
HSBC admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice.
"We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes," said Stuart Gulliver, the bank's chief executive, in a statement on Tuesday.
COMMENTARY: ALTHOUGH THIS IS NOT A FULL ADMISSION OF RESPONSIBILITY IT IS A STEP IN THE RIGHT DIRECTION.
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Comments
Who Goes to Jail?
Really? HSBC is sorry? Oh the poor dears. How they have suffered. Looking the other way while Iran and Mexico off-loaded their illegal gotten gains. Oh the problems these multinationals have just getting good help. This whole fiasco was finally explained as "not enough staff" - Or - Was It Deliberate Looking the Other Way while the HSBC cash register rang Cha Ching, Cha Ching, Cha Ching, like those machines in Las Vegas.
Just like the Australian DJ's who apologized for contributing to a nurse's death, these poor folks are suffering too. And of course, they deserve all our sympathy. But in the case here of HSBC that was Intentional Stupidity, not Adolescent Stupidity like the 2 Aussie DJs. Oh you kids! What are we gonna do with you?
Where can I send a donation to HSBC to help them through these tough times?
Fortunately for HSBC their bought and paid for justice has prevailed and no one has to go to jail. Isn't that nice?
Love & Blessings,
Dr Moe
Justice!!
The Truth will set you free! This is Divine Truth in action, and the people who should be responsible are being made so. What a Miracle!! We can now breathe a collective sigh of relief that things are CHANGING!!!
Woohoo!!
Belinda