zlacker

>>eswat+(OP)
HSBC funneled $1B (that we know about) for cartels, it came out as 100% knowingly committed, and no one went to jail. Basically the government asked for their cut. Why wouldn't do they this again and again? They are above the law, they are the law.

>>user39+Mc
"The government asked for their cut" actually means that for laundering that $881 million in cartel money - they were fined $1.9 billion and then had to pay an additional $665 million in other civil penalties.

They wouldn't do it again and again because they don't earn $880 million when accepting $880 million in dirty money - remember that bank deposits are liabilities to the bank - they only earn money from interest on that -- and it cost them billions in fines to do so...

>>mikeyo+hf
Also, HSBC is selling off all of its consumer banking in Canada largely as a result of the gov't fines and tattered reputation among Canadians.

>>jszymb+Hg
> tattered reputation among Canadians

Hardly just Canadians; I first started hearing tales of huge HSBC corruption 20 years ago.

FTR: I bank with First Direct, which is an online banking service of HSBC in the UK.