HSBC to pay $1.9 billion to settle money-laundering case

By Pan Pylas and Pete Yost, Associated Press

Tuesday, Dec. 11, 2012 | 8:26 a.m.

LONDON — HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe. Europe's largest bank by market value will pay the biggest penalty ever imposed on a bank after facing accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions. "We accept responsibility for our past mistakes," said HSBC Chief Executive Stuart Gulliver. "We have said we are profoundly sorry for them, and we ...

Marcy Gordon in Washington, D.C. and Kelvin Chan in Hong Kong contributed to this report. Yost reported from Washington, D.C.

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Discussion: 2 comments so far…

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By lvfacts101 (Jerry Fink)

Dec. 12, 2012

7:18 a.m.

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Okay all you "Commie-Lites," let's hear your condemnation of the Osama Obama administration's handling of this outrageous case by one of your hated institutions: a big bank. I don't know about you, but I am outrageed that the big shots at HSBC could engage in such blatant criminality and not be charged, prosecuted and, if convicted, be sent away for a long, long time. I guess this proves that if you steal enough, under Osama Obama's Justice Department, you will be immune from criminal charges. Steal a pork chop - go to jail! Aid & abet terrorists and drug lords to the tune of $1.9 billion - get a pass! UGH!!!
By sounddude (Clinton Hermann)

Dec. 15, 2012

10:47 p.m.

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Jerry, this won't happen too often i believe, but i completely agree with you. Ill take it one step further though. This has been the MO of the Obama DoJ. Eric holder has let every and any major case go without criminal charges of those who perpetrated the crimes. Settling instead for some money.

THIS is what corruption looks like. Take a big whiff, you smell it?