Recently the bank has agreed to pay the equivalent of US $43 million for an out of court settlement regarding money laundering.
They have had to pay fines to US and UK regulators over allegations of rigging foreign market exchange rates. The hearings in Britain over the Swiss situation have dragged the Conservative Lord Green, into the fray when, as Trade Minister, he refused to answer questions put to him by the Treasury committee.
Some of the misconduct being investigated by the Treasury committee is as follows:
“interest rate derivative selling, Libor manipulation, Eurobor manipulation, mis-selling mortgages to Fannie Mae and Freddie Mac, Forex rigging, weakness in money laundering, credit default swaps … rigging precious metals” and was involved in “various class action lawsuits over the Bernie Madoff fraud”. The Guardian
Bloomberg Financial Post
HSBC Home Page
Blogger, gardener, farmer. Working toward food security and a 30 foot
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on Vancouver Island, Canada