HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering


HSBC to Pay $1.92 Billion to Settle

Charges of Money Laundering

                                            By BEN PROTESS and JESSICA SILVER-GREENBERG
HSBC's headquarters in London.Facundo Arrizabalaga/European Pressphoto AgencyHSBC’s headquarters in London.

State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.

Instead, HSBC announced on Tuesday that it had agreed to a record $1.92 billion settlement with authorities. The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.

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Keiser Report: Too Big To Jail (E379)


Keiser Report: Too Big To Jail (E379)

In this episode, Max Keiser and Stacy Herbert look at HSBC being fined rather than criminally charged in order to avoid destabilizing the system, while JP Morgan and others are being sued for about a trillion in bad mortgages investors were duped into buying. They also look at “1001″ under which bankers who lied to the federal housing authorities could be criminally tried for lying to a federal official. In the second half, Max Keiser talks to Kyra Maya Phillips of MisfitEconomy.com about democracy aboard pirate ships of the 18th century on which No Plunder, No Pay was the name of the game and innovation happened on the fringe. Max proposes banksters walk the plank in a specially built platform in Trafalgar Square.

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