UK bank HSBC fined $1.9 billion for money laundering .

Discussion in 'Current Events' started by 8236, Dec 10, 2012.

  1. 8236
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    8236 VIP Member

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    BBC News - HSBC 'to pay $1.9bn' in US money laundering settlement
    My question is, who exactly pays this fine. I can imagine the following discussion being carried on between the US authorities and the bank executives:

    1: FBI to executives: "You broke the law and you're all going to go to jail for 20 years".

    2: US treasury to FBI: "*Ahum!*"

    3: FBI to executives: "You broke the law and you're all going to jail for 10 years and paying fines totalling exactly what you personally made from these illegal activities."

    4: Bank executives to FBI via US treasury: "No Sir, please NO! We will pay a huge, far greater fine financed by our shareholder's dividends and pension funds and not go to jail at all."

    5: All smile, nod in agreement and slap each other on the back.

    OK, maybe that was a bit pathetic.... or was it?

    PS: Strange that a bank called "Hong Kong and Shanghai Banking Corporation" with its main activities in Asia is based in the UK... Wonder why that is...
     
    Last edited: Dec 10, 2012
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    HSBC antes up for mortgage market malpractice...

    HSBC pays $470m for mortgage misconduct
    5 February 2016 - HSBC has reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices that contributed to the financial crisis.
     

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