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Get this industry cleaned up!


jondf 8 2.7k
11 Dec 2012 10:18AM
He's profoundly sorry......but isn't the sin to be found out? Why did it happen at all?

http://www.guardian.co.uk/business/2012/dec/11/hsbc-bank-us-money-laundering

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lobsterboy e2
11 14.2k 13 United Kingdom
11 Dec 2012 10:27AM
Well no one actually walks into a bank and says "hello I would like to launder some money"...
The bank may well have failed to follow the correct KYC procedures, but they are dealig woth people who are trying to hide their activities.
mikehit e2
5 7.1k 11 United Kingdom
11 Dec 2012 11:04AM
If I recall correctly one of the reports at the start of this case, HSBC were at best exhibiting wilful blindness (where the money was coming from etc) and at worst complicit, and the scale of the fines reflects their lack of due diligence. So it would seem they deserve everything they get.

From the BBC website:

Quote:The report alleged that:

HSBC in the US had not treated its Mexican affiliate as high risk, despite the country's money laundering and drug trafficking challenges
The Mexican bank had transported $7bn in US bank notes to HSBC in the US, more than any other Mexican bank, but had not considered that to be suspicious
It had circumvented US safeguards designed to block transactions involving terrorists drug lords and rogue states, including allowing 25,000 transactions over seven years without disclosing their links to Iran
Providing US dollars and banking services to some banks in Saudi Arabia despite their links to terrorist financing
In less than four years it had cleared $290m in "obviously suspicious" US travellers' cheques for a Japanese bank, benefiting Russians who claimed to be in the used car business

lemmy 7 2.0k United Kingdom
11 Dec 2012 12:23PM
Somewhere along the line all morality was thrown out of the window by many industries and professionals. HSBC's executives are on fabulous salaries and bonuses based on bank profits so it is in their personal interests to not look too closely at the provenance of those profits.

They have a big fine but if you or I were caught laundering drugs money, we'd go to prison. If you are a banker, your bank, ie the shareholders and customers pay a fine for you and you continue to collect bonuses as usual.

Until some personal responsibility goes with these top jobs nothing will change radically.

Interesting, for example, that after the complete and utter fiasco over the Virgin Rail contracts with a cost to the taxpayer of many millions, three civil servants were suspended. Now the public outcry has died down, they have been re-instated. Millions wasted by highly paid officials but no-one is to blame, no-one is responsible, no-one carries the can and at the end of the year no doubt their fat bonuses are still intact. Nice work if you can get it.

Someone said that there are two kinds of money in the world, mine and other people's. It has never been more apparent.
jondf 8 2.7k
11 Dec 2012 12:23PM
It's of concern when you consider what might have happened had they not been found out. Business as usual?

As the world becomes smaller, communication faster and moral principal looks to be faltering at a steady and sustained rate, we need leaders in all fields to set an example. But power and wealth are intervening in this process to the point where it appears to be acceptable to take money from criminals in the name of profit.
thewilliam 6 4.8k
11 Dec 2012 12:25PM
It's one way for the US government to reduce its budget deficit!

The $1.9billion would buy a lot of social care.
mikehit e2
5 7.1k 11 United Kingdom
11 Dec 2012 12:39PM

Quote:Interesting, for example, that after the complete and utter fiasco over the Virgin Rail contracts with a cost to the taxpayer of many millions, three civil servants were suspended. Now the public outcry has died down, they have been re-instated.


Isn't that the idea of 'suspension'? They are not sacked but removed from the picture until the evidence is collected to see where it went wrong, and if no blame can be aimed at them they are returned to their jobs. Exactly the same process that you or I would (should) go through.


Quote:no-one carries the can and at the end of the year

From what I heard of the report the ****-up was at ministerial level - but you are right in that no-one seems to be accountable
jondf 8 2.7k
11 Dec 2012 1:04PM

Quote:....but you are right in that no-one seems to be accountable


I bl00dy well am! (tax-payer) Tongue
lemmy 7 2.0k United Kingdom
11 Dec 2012 1:11PM

Quote: evidence is collected to see where it went wrong, and if no blame can be aimed at them they are returned to their jobs. Exactly the same process that you or I would (should) go through.


Yes, that's how it should be. But look at other fiascos like the NHS computer system. Again, no-one to blame. So hundreds of millions can be wasted and lost and no-one is to blame. It was just one of those things, then?

What seems to happen is that the 'suspension' is long enough for the outcry to die down. Then the people are re-instated. I have no confidence at all that any investigation is done and even if it was and someone found to blame, that any sanctions would be taken against them. In the case of the trains fiasco, it seems that some civil servants were unable to interpret contracts or do their sums properly and that the minister was acting on inadequate advice. But hey, why should anyone tell us anything? It's only our money they are tipping down a pit.

Top jobs now seem to carry more money and more privilege than ever before but responsibility is handed downwards - the top people seem to get away with 'I wasn't told' as an excuse.
crookymonsta e2
6 704 10 England
11 Dec 2012 2:00PM
I find it interesting that the banks never ask where the money is coming from when it is paid in but give you the third degree when you try to take it out. I few years ago I wanted to withdraw a little over 1000 to take on holiday and was asked numerous questions as to where it had come from - they only had to check my account to see it was my salary! The final straw was when they asked what I was going to spend it on in front of a whole load of people, so I said 'male prostitutes'. I got my money in no time from a very red faced cashier and left a bank full of laughter!
Sandra
cathal 10 492 4 Ireland
12 Dec 2012 12:29PM
Why do people still look at banks as some sort of revered institution?

Banks are a business, pure and simple. Their key skill has been wrapping society around their own ways such that when they get it wrong the ordinary Joe bails them out. When you get it wrong, they clean you out! Just look at how the Irish taxpayer has been taken to the cleaners due to the (most likely ill-advised) decision to bail out the Irish bank failures. All down to the actions of a few greedy and criminally irresponsible individuals. Banks will do anything to make money. Don't expect the greed behind that to mean they will always remain inside the law.

Banks are their to serve their own purposes pure and simple. That one bank has been caught out cleaning dirty money is no surprise. I bet more are at it too!
jondf 8 2.7k
14 Dec 2012 10:32PM

Quote:I find it interesting that the banks never ask where the money is coming from when it is paid in


Lately I've found the staff at my bank to be over friendly to the point of being bloody nosey -

Cashier (gushing): "And how are you today?"
Me: "All right.....why, do I look ill?"
Cashier:"No, not at all. And what are you doing today?"
Me: "Taking you for lunch"

.....being an ugly bu*ger, didn't hear another word Wink
gcarth e2
10 2.3k 1 United Kingdom
16 Dec 2012 3:30PM

Quote:Lately I've found the staff at my bank to be over friendly to the point of being bloody nosey -

Cashier (gushing): "And how are you today?"
Me: "All right.....why, do I look ill?"
Cashier:"No, not at all. And what are you doing today?"
Me: "Taking you for lunch"

.....being an ugly bu*ger, didn't hear another word Wink

LOL!


Quote:Top jobs now seem to carry more money and more privilege than ever before but responsibility is handed downwards - the top people seem to get away with 'I wasn't told' as an excuse
Absolutely! Top jobs also seem to carry more ****s than ever before!

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