+++ 18. Juli 2012 +++
HSBC Under Investigation for Drug Money Laundering
The British HSBC bank, formerly known as the infamous Hongkong and Shanghai Bank, was founded in the 19th Century to finance the opium trade and invest its proceeds. That role has never ended. Today, the bank finds itself under multiple investigations for laundering money from drug traffic. Prior to a U.S. Senate investigative hearing on July 17, HSBC CEO Stuart Gulliver released an internal memo to staff saying: "Between 2004 and 2010, our anti-money laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behavior." He said it was "right that we be held accountable and that we take responsibility for fixing what went wrong," while noting that HSBC was likely to face further action from other U.S. authorities in coming months. The fines involved could amount to $1 billion.
The hearing mentioned is scheduled by the Senate Committee on Homeland Security and Government Affairs' Permanent Subcommittee on Investigations, under the title "U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History." It plans to investigate what happens “when a global bank uses its U.S. affiliate to provide U.S. dollars, U.S. dollar services, and access to the U.S. financial system to high-risk affiliates, high-risk correspondent banks, and high-risk clients, using HSBC as a case study."
In addition, the former HongShang is under investigation by the U.S. Security and Exchange Commission and the U.S. Treasury Department. Another probe by the U.S. Federal Reserve and Office of the Comptroller of the Currency found that there was significant potential for unreported money laundering or terrorist financing.
The money laundering from Mexico has direct implications for the Obama Administration. The House Committee, which is investigating the gunwalking operation to the Mexican Sinaloa drug cartel (“Operation Fast and Furious”), announced it would include drug money laundering, but the Department of Justice refuses to cooperate.
The same Lanny Breuer who is implicated in the gunwalking was also involved in letting Wachovia Bank off with a slap on the wrist after it had been established that it was laundering drug money for the same Sinaloa cartel. HSBC then moved in to take over the money laundering activity of the cartel under the watchful eye of the Obama Administration.
Lyndon LaRouche has asked how much of the drug money was funneled into the 2008 Obama Presidential campaign. Indeed, a serious investigation would have to explore the relationship between gunwalking and drug money laundering, and whether there was a deal between the Obama campaign and the drug cartel.
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+++ 24. Mai 2013 +++
Pope Francis Calls for Financial Reform
Two months after his election, Pope Francis has spoken out forcefully against the dictatorship of the financial markets, which is reducing humanity to misery. Speaking in front of the ambassadors of K...
+++ 24. Mai 2013 +++
Bundestag Passes Phoney "Bank Separation" Law
On May 17, the German Bundestag passed a bank restructuring bill touted by the government as the "first bank separation law passed in Europe." In fact, the law is a far cry from what the government cl...