This Isn’t Satire: Hsbc To “apologize” At U.S. Senate Hearing For Terrorist Money LaunderingSubmitted by ralph hornsby on Wed, 07/11/2012 - 15:52
Anyone remember how many billions, HSBC, Europe’s largest beggar bank, borrowed secretly from The Bernank at 0% during 2008-2009… ?
Or as an AIG counterparty via Goldman…
And that’s not counting their U.K. bailout.
This is nothing new for HSBC, which has a sordid history in money-laundering, or global banking in general, which relies on hundreds of billions in illicit accounts as a regular and sometimes requisite (think crisis of 2008) staple of business.
HSBC will apologize at a July 17 U.S. Senate hearing for anti-money laundering controls that weren’t effective enough, according to an internal memo obtained by Bloomberg News.
“We failed to spot and deal with unacceptable behavior,” Chief Executive Officer Stuart Gulliver said in the note sent to employees yesterday, referring to the period between 2004 and 2010. “It is right that we be held accountable and that we take responsibility for fixing what went wrong.”