JP Morgan, Citigroup, HSBC setting aside millions for legal fees for ongoing investigations.
|By: DSWright Tuesday November 4, 2014 1:30 pm|
|By: DSWright Friday March 29, 2013 3:32 pm|
The bitcon market has officially crossed the billion dollar mark. It was a mere two years ago that bitcoins were introduced as an alternative currency to those controlled by States. Bitcoins are decentralized and digital using peer to peer technology – a truly free market.
|By: DSWright Thursday March 14, 2013 5:56 am|
As the Obama Administration continues to expand the policies of the Bush Administration the newest theater of the War on Terror is your checking account.
|By: DSWright Friday March 8, 2013 10:45 am|
In a nation that has imprisoned millions (mostly poor, mostly minorities) of people for minor drug offenses a bank that laundered billions of dollars in drug money, HSBC, has walked away with a small fine. No jail time, no charter removal, just a few weeks profit and on the game goes.
Senator Elizabeth Warren is irritated by this clear double standard for the rich and decided to let the regulators know of her displeasure in a Senate hearing.
|By: DSWright Monday February 4, 2013 7:38 am|
After a global financial crisis, an epic price fixing scandal, and embarrassing criminal conduct British regulators are considering ending Too Big To Fail Banking. British Finance Minister George Osborne has proposed legislation that if banks do not shield their riskier investment activities from day to day banking they will face restructuring.
|By: DSWright Wednesday December 26, 2012 12:40 pm|
Admitted Drug Money Launders HSBC are going back to court. This time the firm will not be apologizing for helping Mexican Drug Cartels or 9/11 Hijackers evade the law but for predatory lending targeted at minorities.
|By: David Dayen Monday December 17, 2012 9:05 am|
Where is Patrick Leahy on this? He has made no public statement on the HSBC case, despite being the co-author of the Fraud Enforcement and Recovery Act, which was supposed to deliver funds toward prosecuting fraudulent big bank activity (it never actually did). Grassley, a co-author, has spoken out. Why not Leahy?
|By: Kevin Gosztola Sunday December 16, 2012 12:55 pm|
This past week, the Justice Department announced that HSBC Bank had agreed to forfeit $1.256 billion and “enter a deferred prosecution agreement” for engaging in money laundering that involved the financing of drug cartels and groups with ties to terrorism. The agreement indicated there would be no criminal prosecution. Not one bank executive or lower-level banker would be put on trial and possibly sentenced to jail for his or her role in allowing money to be transferred to drug cartels or terrorists.
Meanwhile, that same day, Nima Ali Yusuf, 26, a Somali woman who fled war-torn Somalia when she was a child, was sentenced to eight years in prison for sending $1,450 to “members of a terrorist organization in her native country.”
|By: David Dayen Friday December 14, 2012 9:25 am|
You don’t have to be a big fan of the drug war to suggest that extending a helping hand to murderous gangs is probably not activity an allegedly reputable bank should be involved in.
|By: masaccio Thursday December 13, 2012 9:40 am|
The utterly incompetent prosecutors at the Department of Justice politely decline to indict HBSC or any of its present or former employees. Because, you know, things like this just happen and besides some of the responsible people don’t live here, and some of them got fired and others lost their bonuses, which is punishment enough. And anyway, we can’t indict unless we find evidence that someone specifically intended to aid money laundering.