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Blod

Hsbc To Be Held To Account For Their Money Laundering

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http://www.legalcheek.com/lc-journal-posts/the-curious-case-of-zapata-v-hsbc-holdings-plc-what-happens-when-mexican-drug-cartel-victims-take-on-the-banks/#comment-968524

HSBC are being sued in the US for laundering money from drug cartels and embargoed states.

It might lead others to follow a similar route, in the UK RBS are already being tackled on how one of their divisions, GRG Global Restructuring Group profited from their hardship and loss.

http://www.channel4.com/news/rbs-whistleblower-grg-business-destroy-video

The results of this case could have wide ranging consequences for the banking sector. If they win then the wider effects of fractional reserve banking could be curtailed.

Edited by Blod

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Now that is absolutely fascinating.

Not only could this change the face of global banking but who will star and direct the inevitable Hollywood adaptation?

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If I started manufacturing and to cut corners polluted the environment around my plant I would be held to account. I might even go to prison if it was proved that I had knowingly intended to pollute and people had been harmed. The same morality is devoid in Banking. The wider effects of their actions being so widespread are the elephant in the room. How often did we hear the phrase 'no one die'. In truth their profits derived from the interest charged and certain bank charges have impoverished and fundamentally changed society. To me it appears that nations thrive until the Bankers start their financialization then in almost one generation they begin to fade as the toxicity chokes the organic entrepreneurship.

I see this going one of two ways. They will try everything to prevent the case progressing and that delay will allow them to buy off the defendant or they will quickly settle with watertight non-disclosure agreements. They will obviously wish to do everything to close this with as little media coverage as possible.

Whatever the outcome the mere fact that the US judicial system has accepted that their financial actions have effects that are not benign is a turning point.

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Reckon the US will throw the book at them, and tell everyone that’s what they’re gonna do. If it were a US company/bank....different story but it’s from over the pond so could get very messy.....I hope.

(maybe)

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They already settled with the American authorities. The point is that ordinary citizens are tackling them and that means others could consider similar actions against other banks using other legislation. Americans love class actions.

Australia appears to be starting to come to terms with its own sub-prime in a spectacularly fashion, quashing loans and forcing banks to handle the complete losses.

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these are the guys who flagged my account and shut it down after I made a big transfer of my own money. Clowns.

Whilst at the same time as aiding crime. In America, if you lost out financially you could be a plaintiff in a class action.

The coming months and years will be very interesting as the sector begins to be held more to account for their actions.

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HSBC has said it intends to “vigorously” defend itself against the legal claims and is committed to combating financial crime.

Typical empty words taken from their massive archive of empty words.

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