Tag Archives: hsbc

HSBC headquarters raided in Argentina

HSBC

Call it “the Mother of the Vultures.” HSBC, the Crown Jewel of the British monarchy’s Opium Wars, then and now, found its Buenos Aires headquarters and two other offices raided Wednesday by agents of Argentina’s AFIP tax bureau, in search of documents for the tax-evasion and money-laundering case opened against the empire’s bank last February. Argentine authorities are charging HSBC ... Read More »

HSBC closes UK bank accounts held by Syrians

HSBC

HSBC has been accused of “shamelessly profiling” its customers by ethnicity after it closed bank accounts belonging to Syrian refugees and students in the UK just days after it was accused of discriminating against Muslim clients. Documents and email correspondence obtained by The Independent show that HSBC, which styles itself as the “world’s local bank”, sent letters to Syrian clients living in ... Read More »

UK’s top 4 banks under major investigation

Barclays bank

Barclays, Royal Bank of Scotland, HSBC and Lloyds may be forced to break up following a finance watchdog’s inquiry. The watchdog claims Britain’s banking sector is characterized by anti-competitiveness and a failure to meet ordinary citizens and small business’ needs. Outlining its proposals for a sweeping 18-month investigation into Britain’s major banks, the newly-established Competition and Markets Authority (CMA) has ... Read More »

HSBC whistleblower to run for Congress

Everett Stern

HSBC whistleblower and political hopeful Everett Stern. A bank whistle-blower is seeking a more powerful position from which to hold too-big-to-fail companies accountable. Everett Stern, a former HSBC employee who last summer called for fresh investigations into the company’s money-laundering controls, has launched a bid for Congress. Stern is campaigning to be the Republican nominee for the seat in Pennsylvania’s ... Read More »

HSBC is broke; restricts large cash withdrawals

HSBC sign

Following research last week suggesting that HSBC has a major capital shortfall, the fact that several farmer’s co-ops were unable to pay back depositors in China, and, of course, the liquidity crisis in China itself, news from the BBC that HSBC is imposing restrictions on large cash withdrawals raising a number of red flags. The BBC reports that some HSBC ... Read More »

Whistleblower: HSBC still laundering money for terrorists, drug cartels

HSBC drugs and terrorism financing

Big banks are apparently too big to jail, even when they bankroll terrorists and drug cartels, while regular people fill the prisons in the world’s largest drug population for mostly non-violent drug offences. As a former Anti-Money Laundering Officer at HSBC, Everett Stern was arguably never actually supposed to catch money laundering activity. Instead, with little training but an inclination to ... Read More »

Three arrested in UK over Libor rate fixing scandal

hang the bankers

The UK anti-fraud agency has arrested three men in connection with the Libor interest rate manipulation scandal that broke earlier this year. According to Britain’s Serious Fraud Office, the three British men are aged 33, 41 and 47 and are all currently living in the United Kingdom. They have been taken to a London police station for questioning. The arrests ... Read More »