Does the number of HSBC Lawsuits put Deutsche Bank’s corruption to shame?
Today is Tuesday 19th April 2016 and we are taking a look at the various lawsuits levelled against HSBC. Yesterday we dealt with Deutsche Bank and its involvement in Share price rigging, Libor and Euribor rigging, Breaking US sanctions, and Gold and silver price manipulation.
Today we are looking at HSBC and in fact our research is assisted by their own annual report and accounts which reveals a fair amount of their wrong doing, however our research goes further than that document.
Interestingly it’s Report and Accounts reveal that it has the following law suits and legal cases pending against it:
• In Italy 640
• In Germany 231
• In France 100
• In Turkey 91
• In Spain 1003
And many more in other countries.
By far the most serious of HSBC’s legal violations is its involvement in money laundering and sanctions breaking, in which it has a long and disreputable history.
In February 2016 families of Americans murdered by Mexican drug cartels filed a lawsuit against HSBC bank for allegedly providing “continuous and systematic material support” to Mexico’s Sinaloa, Juárez, and Los Zetas cartels by laundering billions of dollars.
Of particular interest to our listeners is the revelation by HSBC in early 2015 that the CFTC had issued their U.S. branch with a subpoena in January, demanding documents and details regarding their precious metal trading operations. In November 2014, the DoJ also requested HSBC issue documents as part of an antitrust investigation regarding precious metals. We heard in our last video that Deutsche Bank may indeed reveal the identities of those also involved and we wait to see whether HSBC is mentioned.
We are aware that there are many more cases that could be covered. We are also very much aware that few if any bank Executives have gone to prison for the actions of their Organisations, as it seems acceptable that the payment of a fine is sufficient to remedy all ills. Is this because no proof can be provided beyond reasonable doubt against an individual, or is it because these banks and Governments collude in many of such operations for the benefit of those Governments of the day?
What do you think?
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