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"Too big to prosecute"

StoneHappyMonday

Bluelighter
Joined
May 10, 2001
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18,084
Ok, let's nick threads from DITM. Tl;dr? Go for the bits in bold.

HSBC laundered drug millions - nobody prosecuted

Britain's biggest bank was forced to pay $1.9bn (£1.17bn) fine to settle allegations by US regulators that it allowed itself to be used to launder billions of dollars for drug barons and potential terrorists for nearly a decade until 2010.

The US department of justice said HSBC had moved $881m for two drug cartels in Mexico and Colombia and accepted $15bn in unexplained "bulk cash", across the bank's counters in Mexico, Russia and other countries. In some branches the boxes of cash being deposited were so big the tellers' windows had to be enlarged.

Chief executive Stuart Gulliver insists the bank is now under new management and will not make the same mistakes again – although both he and chairman Douglas Flint were in top roles while the money laundering activities were still going on. Gulliver and Flint are now giving more responsibility to group business heads – ending the policy that country heads of the bank's outposts around the world should be "kings" of their businesses.

The US authorities said HSBC did not face criminal charges because the bank was too big to prosecute and no individuals were implicated. So where are the bosses who presided over HSBC's years as banker to drug lords, terrorists and rogue states ?

1. Sir John Bond

Left HSBC in 2006 after 45 years. He was chairman of the bank between 1998 to 2006 and chief executive before that from 1998. After quitting the bank he became chairman of other major companies, including telecoms company Vodafone (until 2011) and mining company Xstrata. Last month he promised to step down from that role when shareholders rebelled against his plan to reward Xstrata's top bosses with special bonuses totalling £170m as part of a plan to merge with rival Glencore.

2. Stephen Green

Left HSBC at the end of 2010 to take up a seat in the Lords and become a trade minister for the coalition government.
He was chief executive of HSBC between 2003 and 2006 when he was promoted to chairman, the role he held until he joined the government. He is also a lay preacher and retains his role as a trade minister

3. Michael Geoghegan

Left HSBC as a result of Green's decision to enter government. He was chief executive from 2006 and hoped to step up to chairman. But he lost out in an internal battle and quit after 37 years. In 2010, amid a row about bankers' bonuses, Geoghegan diverted his £4m bonus to charity - one run by his wife Jania. He has since advised the Irish government on its "bad bank" Nama.

4. Sandy Flockhart

Spent four decades at HSBC before retiring in July this year, just before the US Senate levelled its first accusations about the bank's operations in Mexico helping to facilitate drug barons. He had been head of the Mexican business from 2002 until 2006, then took on a job in Asia. He is now unwell.


5. David Bagley

The head of compliance dramatically resigned before the July Senate committee hearing although did not actually leave the bank until November.
The register of individuals maintained by the Financial Services Authority now describes him as "inactive".

Too big to prosecute. So there's a tip for future Ross Ulbricht's and Silk Road v4.7. Go bigger, really big. Get the Mexican cartels onside. You may end up a government minister.

Too big to prosecute.

Too big to prosecute.

Too big to prosecute.
 
from what i have gathered if there are sudden large deposits made into your account where its not clear where the money has come from, you will get a phone call or letter asking to declare where the money had come from. They also phoned me to enquire what that withdrawal was for when i withdrew a large ammount in cash, i was buying my next second hand car, honestly. It did strike me as snoop type activity.

Shit. That reminds me my car insurance is due to be renewed soon. The bastards are gonna rip me off again. Fuckin extortion racket this insurance game.
 
Unless your a Mexican drug cartel.

You're not doing this right MDB. Ask for more cash. Get a bigger car.

But yes, I just made the same point at the same time in the DITM thread. While some are getting letters for trying to cash a few Bitcoins, Pancho Gonzalez is getting the tellers' windows enlarged to pay in his drug cash.
 
capitalism is pure evil, i wish we could live in some kind of socialist utopia
 
Banks above the law. Fantastic.

Horrible organisation, is HSBC. More and more evil since they first took over the Midland Bank all those years ago.
 
capitalism is pure evil, i wish we could live in some kind of socialist utopia

Capitalism with socially responsible governance like Denmark, Swtizerland these kinds of places that have capitalist economies but society has a conscience and government look after it's citizens, these countries have the right idea
 
i havent got much available cash at the moment. 8 months out of work has taken a very heavy toll. Despite my £3,500 bitcoin gift. Id be bankrupt/having to remortgage my house if it wasnt for that.

I spent/wasted hundreds of pounds on a new pc that has had constant faults. Mostly my own fault, though i believe there is a fault with the main hard disk, my security was shite, it kept locking me out, i didnt even change the router password or create a password rescue disk until i emerged from my befuggled state. I was genuinely being hacked, and someone was really fucking up my PC, they were intervening in my facebook conversations and stuff. Its had about 5 rebuilds, a new mother board, and is still fucked. It needs yet another rebuild still. I can do that easily enough its just a fuckin bore so its been sitting gathering dust for 6 months. I went back to using my old pc although all the hard drives are full, at least it doesnt keep gobbling up money.

One of the hackers actually had a heart, they took over my current pc, and fixed it for me. Ive got all those network neigbourhood local network settings got locked right down now. I had no idea i was making it so easy for hackers.
 
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If the US was serious about fighting a War on Drugs don't you think it might have considered shock and awe-ing the country right next door to them? At least in some form? Or should they enlarge the windows of its smaller branches in Cartelsville and then take a cut fine the bank?

Hmmmmmmmmm.
 
I know you like this clip SHM

[video=youtube_share;K0mGwCTI9T0]http://youtu.be/K0mGwCTI9T0[/video]

Yeah just skip the bit at the start .

Anyone who hasn't watched this really should too. It explains how drug money was basically the only money keeping the global cash economy going during the financial crash of 2008/9.
 
See also Ragged Trousered Philanthropist for more Marxist indoctrination magical explanations of capitalism and the money trick.
 
Too big to prosecute?

NSFW:
Eric-Pickles-PA.jpg



edit: fucking hell that is a bit big. Google images said 300x400! nsfw'd for size.
 
Anyone who hasn't watched this really should too. It explains how drug money was basically the only money keeping the global cash economy going during the financial crash of 2008/9.

Got to 8:45 and turned it off. Not quite sure if I buy it. I've seen that Max Keiser spouting some nonsense before. I'm not calling bullshit though, I don't know nearly enough about it, just saying that I'm not convinced.

I'd like to see the figures, fact checked (as anyone can write a number somewhere, doesn't make it real), in writing as oppose to a guy on the telly saying it so it must be true.
 
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