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Keyword: hsbc

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  • HSBC looks at moving HQ from Britain as tax and regulations bite (also “Don’t leave EU!”)

    04/25/2015 8:46:51 AM PDT · by Olog-hai · 2 replies
    Reuters ^ | Fri Apr 24, 2015 11:34pm BST | Steve Slater and Sinéad Cruise
    HSBC, Europe’s biggest bank, has ordered a review into whether it should move its headquarters out of Britain and potentially back to its former home in Hong Kong, threatening London’s reputation as a global hub for finance and investment. The announcement from HSBC, founded in Asia but a key part of the British establishment, prompted a warm response from Hong Kong, where it is revered as “The Bank”, and silence from the British government. The commitment to the review comes less than two weeks before British parliamentary elections on May 7 and poses challenges for both Prime Minister David Cameron...
  • Lynch admits she had whistleblower's evidence on banksters

    03/27/2015 11:44:06 AM PDT · by Nachum · 8 replies
    wnd ^ | 3/27/15 | Jerome R. Corsi
    NEW YORK – President Obama’s attorney-general nominee, Loretta Lynch, admitted to the Senate Judiciary Committee that her investigators in the money-laundering probe of HSBC were aware of evidence compiled by whistleblower John Cruz but she chose, nevertheless, not to bring criminal charges. Lynch provided written answers to questions submitted by committee chairman Sen. Charles Grassley, R-Iowa, in a document posted on the panel’s website dated Feb. 18. As WND reported, Lynch’s confirmation vote in the Senate initially was postponed after Sen. David Vitter, R-La., a member of the Senate Judiciary Committee, opened the investigation of Lynch’s role in the HSBC...
  • ‘A Conspiracy Of Silence’ – HSBC, The Guardian And The Defrauded British Public

    03/08/2015 11:34:31 AM PDT · by Lorianne · 1 replies
    Media Lens ^ | 05 March 2015 | ???
    The corporate media have swiftly moved on from Peter Oborne's resignation as chief political commentator at the Telegraph and his revelations that the paper had committed 'a form of fraud' on its readers over its coverage of HSBC tax evasion. But investigative journalist Nafeez Ahmed has delved deeper into the HSBC scandal, reporting the testimony of a whistleblower that reveals a 'conspiracy of silence' encompassing the media, regulators and law-enforcement agencies. Not least, Ahmed's work exposes the vanity of the Guardian's boast to be the world's 'leading liberal voice'. Last month, the corporate media, with one notable exception, devoted extensive...
  • ('Profound f****** socialist') Emma Thompson to evade paying tax until other evaders are jailed

    03/01/2015 6:55:19 AM PST · by Libloather · 17 replies
    3 News ^ | 2/26/15
    **SNIP** The British couple is hoping to launch a protest movement in the aftermath of a recent tax scandal in the UK, during which it was alleged staff at the Swiss arm of the bank HSBC helped clients avoid hefty bills in Britain. Thompson and Wise hope a mass tax boycott will convince bosses at Her Majesty's Revenue and Customs (HMRC), the government department responsible for collecting the money, to penalise wealthy citizens and companies who avoid paying their fair share. Wise tells London's Evening Standard newspaper, "I want to stop paying tax, until everyone pays tax... I have actively...
  • Big Banks Face Scrutiny Over Pricing of Metals

    02/23/2015 7:13:49 PM PST · by Theoria · 6 replies
    WSJ ^ | 23 Feb 2015 | Jean Eaglesham and Christopher M. Matthews
    U.S. Justice Department investigates price-setting process for gold, silver, platinum and palladium U.S. officials are investigating at least 10 major banks for possible rigging of precious-metals markets, even though European regulators dropped a similar probe after finding no evidence of wrongdoing, according to people close to the inquiries. Prosecutors in the Justice Department’s antitrust division are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the Commodity Futures Trading Commission has opened a civil investigation, these people said. The agencies have made initial requests for information, including a subpoena from the CFTC to HSBC Holdings PLC...
  • The Telegraph's promise to our readers

    02/19/2015 5:28:44 PM PST · by Labour-Watch · 11 replies
    Telegraph ^ | 02/19/2015 | Editorial
    Telegraph View: We are proud to combine journalistic excellence with commercial success and we will continue to do so. This newspaper makes no apology for the way in which it has covered the HSBC group and the allegations of wrongdoing by its Swiss subsidiary, allegations that have been so enthusiastically promoted by the BBC, the Guardian and their ideological soulmates in the Labour Party. We have covered this matter as we do all others, according to our editorial judgment and informed by our values. Foremost among those values is a belief in free enterprise and free markets. We are proud...
  • HSBC whistleblower spills Lynch evidence to Senate (Massive drug, terrorism scandal)

    02/19/2015 6:12:19 AM PST · by cotton1706 · 15 replies ^ | 2/18/15 | Jerome Corsi
    NEW YORK – The Senate Judiciary Committee on Wednesday conducted a two-hour session with HSBC whistleblower John Cruz in its investigation of attorney general nominee Loretta Lynch’s role in the Obama administration’s decision not to prosecute the banking giant for laundering funds for Mexican drug cartels and Middle Eastern terrorists, WND sources have confirmed. WND was first to report in a series of articles beginning in 2012 charges by Cruz, a former HSBC vice president and relationship manager, based on his more than 1,000 pages of evidence and secret audio recordings. The staff of the Senate Judiciary Committee focused Wednesday...
  • More Evidence Against Loretta Lynch

    02/19/2015 6:08:16 AM PST · by cotton1706 · 6 replies ^ | 2/19/15
    NEW YORK – The Senate Judiciary Committee on Wednesday conducted a two-hour session with HSBC whistleblower John Cruz in its investigation of attorney general nominee Loretta Lynch’s role in the Obama administration’s decision not to prosecute the banking giant for laundering funds for Mexican drug cartels and Middle Eastern terrorists, WND sources have confirmed. WND was first to report in a series of articles beginning in 2012 charges by Cruz, a former HSBC vice president and relationship manager, based on his more than 1,000 pages of evidence and secret audio recordings. The staff of the Senate Judiciary Committee focused Wednesday...
  • Why I have resigned from the Telegraph

    02/18/2015 12:54:17 PM PST · by servo1969 · 36 replies ^ | 2-17-2015 | Peter Oborne
    Five years ago I was invited to become the chief political commentator of the Telegraph. It was a job I was very proud to accept. The Telegraph has long been the most important conservative-leaning newspaper in Britain, admired as much for its integrity as for its superb news coverage. When I joined the Telegraph had just broken the MPs’ expenses scandal, the most important political scoop of the 21st century. I was very conscious that I was joining a formidable tradition of political commentary. I spent my summer holiday before taking up my duties as columnist reading the essays of...
  • Tories open four point lead over Labour

    02/16/2015 10:02:06 AM PST · by NRx · 20 replies
    The Telegraph ^ | 16 Feb 2015 | Steven Swinford
    The Conservatives have opened up a four-point lead over Labour after the biggest surge in their support for two years, a poll has suggested. A Guardian/ ICM poll showed that the Tories are six points up to 36 per cent, only one point short of their result in the 2010 General Election. Labour support fell one point to 32 per cent, while the Liberal Democrats were also down a point to 10 per cent.
  • GOP cools on Loretta Lynch

    02/16/2015 9:06:29 AM PST · by jazusamo · 45 replies
    The Hill ^ | February 16, 2015 | Tim Devaney
    President Obama’s pick to serve as the next attorney general is having a hard time finding Republican supporters. To be confirmed by the Senate, Attorney General nominee Loretta Lynch only needs four Republicans to support her nomination. But it is unclear where those votes will come from. Sen. Orrin Hatch (Utah) is the only Republican so far who has signaled his intention to vote for Lynch, though several others have spoken favorably about her. But many Republicans are expressing concerns about Lynch's stance on immigration and what they suggest is a lack of “independence" from the White House. Lynch’s confirmation...
  • HSBC Bank: Secret Origins To Laundering The World's Drug Money

    02/16/2015 9:30:43 AM PST · by Nachum · 11 replies
    zero hedge ^ | 2/16/15 | Tyler Durden
    Submitted by the Drug Trafficking & Narco-Terrorism Department of GreatGameIndia HSBC Bank : Secret Origins To 26/11 Mumbai Attacks#SwissLeaks what the media has termed it is a trove of secret documents from HSBC’s Swiss private banking arm that reveals names of account holders and their balances for the year 2006-07. They come from over 200 countries, the total balance over $100 billion. But nowhere has the HSBC Swiss list touched off a more raging political debate than in India.That’s why to obtain and investigate the Indian names, The Indian Express partnered in a three-month-long global project with the Washington-based International...
  • Senator probes Obama's Launder-gate 'cover-up'

    02/12/2015 7:32:33 AM PST · by yoe · 9 replies
    WND ^ | February 11, 2015 | Jerome R. Corsi
    A member of the Senate Judiciary Committee has opened an investigation he believes could threaten the confirmation of Obama’s nominee to replace Eric Holder as attorney general, Loretta Lynch. After his staff quizzed (a whistleblower) provided by WND, the office of Sen. David Vitter, R-La., announced it is investigating why Lynch, in her capacity as U.S. Attorney for the Eastern District of New York, allowed banking giant HSBC to avoid criminal prosecution of bank officers and other employees. HSBC paid a hefty fine, instead, for laundering uncounted billions of dollars of illegal drug and terrorist money through its U.S. bank...
  • HSBC Leak Exposes Shady Clinton Associates

    02/11/2015 7:01:55 AM PST · by lbryce · 27 replies
    Washington Free Beacon ^ | February 9, 2015 | Andrew Stiles
    A massive leak of documents from HSBC’s Swiss banking arm has revealed an array of sketchy dealings with wealthy individuals, including dictators and arms traffickers, through which the bank helped unsavory characters dodge taxes and avoid government scrutiny. Among the unsavory characters exposed in the leak are a number of prominent donors to the Clinton Foundation. For example, the leaked documents detailed a five million Swiss franc cash transaction to British business mogul Richard Caring: HSBC staff explained handing Caring the huge sum of cash by quoting a statement by him that he planned to deposit the cash with another...
  • Clinton foundation received up to $81m from clients of controversial HSBC bank

    02/10/2015 9:54:52 AM PST · by COUNTrecount · 25 replies
    The Guardian ^ | February 10, 2015 | Paul Lewis in New York and James Ball in London
    The charitable foundation run by Hillary Clinton and her family has received as much as $81m from wealthy international donors who were clients of HSBC’s controversial Swiss bank. Leaked files from HSBC’s Swiss banking division reveal the identities of seven donors to the Bill, Hillary and Chelsea Clinton Foundation with accounts in Geneva. They include Frank Giustra, Canadian mining magnate and one of the foundation’s biggest financial backers, and Richard Caring, the British retail magnate who, the bank’s internal records show, used his tax-free Geneva account to transfer $1m into the New York-based foundation. Hillary Clinton has expressed concern over...
  • HSBC files show how Swiss bank helped clients dodge taxes and hide millions

    02/09/2015 2:14:08 AM PST · by 9thLife · 8 replies
    The Guardian ^ | Sunday 8 February 2015 16.00 EST | David Leigh, James Ball, Juliette Garside and David Pegg
    HSBC’s Swiss banking arm helped wealthy customers dodge taxes and conceal millions of dollars of assets, doling out bundles of untraceable cash and advising clients on how to circumvent domestic tax authorities, according to a huge cache of leaked secret bank account files. The files – obtained through an international collaboration of news outlets, including the Guardian, the French daily Le Monde, BBC Panorama and the Washington-based International Consortium of Investigative Journalists – reveal that HSBC’s Swiss private bank: • Routinely allowed clients to withdraw bricks of cash, often in foreign currencies of little use in Switzerland. • Aggressively marketed...
  • Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit

    01/27/2014 8:47:39 AM PST · by catnipman · 13 replies
    Zero Hedge, New York Times ^ | 1/26/2014 | "Tyler Durden"
    The bank issued a statement (below) this morning defending their actions - it's for your own good - but rescinding the decision - "following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals."
  • HSBC imposes restrictions on large cash withdrawals (Bank Run Fears in UK)

    01/26/2014 9:33:19 AM PST · by SkyPilot · 49 replies
    BBC News ^ | 24 January 2014 Last updated at 14:59 ET | Bob Howard
    Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt. Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000. HSBC admitted it has not informed customers of the change in policy, which was implemented in November. The bank says it has now changed its guidance to staff. New rules Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from...
  • Bank Run Fears: Customers Being Forced to Provide Evidence For Why They Need Cash

    01/25/2014 4:29:20 PM PST · by Kartographer · 98 replies
    SHTF Plan ^ | 1/25/14 | Mac Slavo
    HSBC is imposing restrictions on large cash withdrawals raising a number of red flags. The BBC reports that some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it. HSBC admitted it has not informed customers of the change in policy, which was implemented in November for their own good: “We ask our customers about the purpose of large cash withdrawals when they are unusual… the reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime.” As one customer responded:...
  • Too Big to Jail - How HSBC hooked up with drug traffickers and terrorists. And got away with it

    02/15/2013 1:38:33 PM PST · by Wolfie · 10 replies
    Rolling Stone ^ | Feb. 14, 2013 | Matt Taibbi
    Too Big to Jail How HSBC hooked up with drug traffickers and terrorists. And got away with it The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one...
  • Wide spread corruption in the banking system (TruNews Broadcast)

    12/14/2012 8:22:54 PM PST · by Errant · 7 replies
    TruNews. ^ | 14 December, 2012 | Rick Wiles
    Rick discusses the events that led to the record fine levied against HSBC with guest Dr. Jerome Corsi. This is an eye opening, revealing broadcast about worldwide banking corruption and a MSM ignored whistle blower whose heroic efforts forced the government to prosecute HSBC for illegal money laundering. Streaming Audio: MP3 File Download: Interview with Dr. Corsi begins at approximately the 18 minute mark.
  • HSBC to Pay Record Fine in Money Laundering Case ($1.92bn)

    12/12/2012 5:05:37 AM PST · by TigerLikesRooster · 15 replies
    Chosun Ilbo ^ | Dec. 12, 2012
    HSBC to Pay Record Fine in Money Laundering Case The U.S. Justice Department has filed court papers alleging felony criminal offenses against one of the world's largest banks, HSBC, in a New York federal court. HSBC announced earlier in the day that it has agreed to pay a record $1.92 billion fine to settle charges connected to a money laundering scheme in the United States. A U.S. Senate investigation published in July said HSBC had poor anti-money laundering controls in place and had shifted billions of dollars for Mexican drug lords, terrorists and governments under sanctions, including Iran and North...
  • Govt outlines HSBC ties to drug money laundering

    12/11/2012 9:50:59 AM PST · by Wolfie · 7 replies
    Govt outlines HSBC ties to drug money laundering WASHINGTON (AP) — British bank HSBC violated the Bank Secrecy Act in connection with the laundering of money from narcotics drug traffickers in Mexico and intentionally allowed prohibited transactions with Iran and other nations that have been under sanctions, the Justice Department alleged Tuesday. In court papers filed in federal court in Brooklyn, the federal government said the case against HSBC is related to the laundering of proceeds from narcotics trafficking via the Black Market Peso Exchange — a method by which money launderers convert cash narcotics dollars into Colombian pesos by...
  • Obama may levy carbon tax to cut U.S. deficit, HSBC says

    11/08/2012 2:07:04 PM PST · by ExxonPatrolUs · 29 replies
    Washington Post ^ | 11-7-2012 | Mathew Carr and Bloomberg News
    Barack Obama may consider introducing a tax on carbon emissions to help cut the U.S. budget deficit after winning a second term as president, according to HSBC Holdings Plc. A tax starting at $20 a metric ton of carbon dioxide equivalent and rising at about 6 percent a year could raise $154 billion by 2021, Nick Robins, an analyst at the bank in London, said today in an e-mailed research note, citing Congressional Research Service estimates. “Applied to the Congressional Budget Office’s 2012 baseline, this would halve the fiscal deficit by 2022,” Cap-and-trade legislation stalled in the U.S. Senate after...
  • Scandal-plagued HSBC shopped Congress for favors

    07/29/2012 4:05:09 PM PDT · by Steve Peacock · 7 replies
    WND ^ | July 29, 2012 | Steve Peacock
    No officials offer to return bank's blood moneyThe fallout from the HSBC money laundering scandal continues to reverberate around the globe, but U.S. Congress members apparently are in no hurry to return millions of dollars they have received from the scandal-plagued bank. WND, which originally broke the story on the HSBC debacle, conducted an analysis of Federal Election Commission records specific to the company political action committee’s generosity toward Congress. The investigation centered upon two congressional panels with primary oversight of the industry: The Senate Committee on Banking, Housing & Urban Affairs, and the House Committee on Financial Services. Since...
  • Federal Lawmakers Silent on Tainted HSBC Funds - Will Menendez, Garrett return "blood money"?

    07/27/2012 1:41:08 PM PDT · by Steve Peacock
    The Revered Review ^ | July 27, 2012 | Steve Peacock
    Two New Jersey lawmakers tasked with federal oversight of the banking industry are keeping quiet about whether they will return “blood money” donated to their campaign war chests. HSBC executives already have appeared before the U.S. Senate for the bank’s global role in a drug-gang and terrorist money laundering scandal. However, The Revered Review is now pressing Sen. Robert Menendez (D-N.J) and Rep. Scott Garrett (R-N.J./5th District) about what they plan on doing with the tens of thousands of combined dollars that the scandal-plagued bank’s political action committee has given them... TRR analyzed Federal Election Commission records specific to the...
  • HSBC apologizes for lax controls on transactions with N. Korea, others

    07/17/2012 5:28:34 PM PDT · by TigerLikesRooster · 6 replies
    Yonhap News ^ | 07/18/12
    2012/07/18 03:59 KST HSBC apologizes for lax controls on transactions with N. Korea, others WASHINGTON, July 17 (Yonhap) -- Executives from HSBC Holdings admitted Tuesday that the largest European bank had some loopholes in controlling transactions involving North Korea and other "rogue states." A group of top HSBC officials appeared at a U.S. Senate hearing a day after the Senate released a 330-page report accusing the London-based bank of exposing the U.S. financial system to North Korea, Iran, and Cuba as well as terrorists groups and Mexican drug cartels. HSBC had transactions with North Korea in breach of U.S. sanctions...
  • Bank regulators to face tough questions over HSBC money laundering

    07/17/2012 5:02:30 AM PDT · by TigerLikesRooster · 7 replies
    Reuters ^ | 07/16/12
    Bank regulators to face tough questions over HSBC money laundering Mon Jul 16, 2012 9:57am IST * Connections to Iran, Mexico under the spotlight * HSBC crackdown on money laundering riddled with lapses * Senate investigation expected to guide Treasury, Justice By Carrick Mollenkamp July 16 (Reuters) - Current and former bank regulators are likely to face tough questions by a U.S. Senate panel Tuesday about their agency's oversight of HSBC Holdings Plc's efforts to stop illegal money flows between its U.S. and international offices, according to people familiar with the situation. The Senate investigation is expected to be a...
  • Barclays Chairman Agius Resigns

    07/02/2012 5:48:13 AM PDT · by Kartographer · 7 replies
    WSJ Online ^ | 7/2/12 | JESSICA HODGSON
    Libor rates are calculated for different currencies each day under the auspices of the British Bankers' Association, using quotes that are submitted by banks on a panel, based on the banks' estimated borrowing costs. More than $800 trillion in securities and loans are linked to Libor, including $350 trillion in swaps and $10 trillion in loans, including auto and home loans, according to the CFTC. No other banks or individuals have been charged with wrongdoing. Banks that have disclosed they are being investigated include Citigroup Inc., C +3.72% Deutsche Bank AG, DBK.XE +2.02% HSBC Holdings HBC +1.00% PLC, J.P. Morgan...
  • PayPal implicated in criminal activity

    02/07/2012 7:24:56 AM PST · by juliosevero · 17 replies
    Last Days Watchman ^ | Julio Severo
    PayPal implicated in criminal activity By Julio Severo WND, which I consider the best conservative newssite in the world, ran an explosive headline yesterday: PayPal implicated in bank fraud. Who could imagine: PayPal, which moved to exterminate my account, has now become the focus of a money-laundering scandal. Don Hank, the owner of Laigle’s Forum, had this to say about the WND headline: “Now link this story with the way PayPal heavy-handedly refused service to Julio Severo because his web site opposes gay marriage, and you can see how radical social agendas and their implementation are actually a symptom of a...
  • HSBC Accused of Laundering Billions of Dollars

    02/02/2012 6:12:58 AM PST · by Dr. Thorne · 7 replies ^ | 2/2/2012 | Dr. Jerome Corsi
    NEW YORK – A former employee of HSBC in New York has 1,000 pages of customer account records he claims are evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant, which reportedly is under investigation by a U.S. Senate committee. John Cruz has delivered to WND customer account records he says he pulled from the HSBC computer system before he was fired. Cruz was terminated Feb. 17, 2010, after two years at HSBC for “poor performance,” but he contends he was let go because senior management didn’t want to him to pursue...
  • HSBC WILL CUT 30,000 JOBS (Biggest of all the Banks that have been cutting thus far!)

    08/01/2011 9:23:15 AM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 08/01/2011 | Gus Lubin
    HSBC said on a conference call this morning it would cut 30,000 by the end of 2013. "There will be further job cuts," Chief Executive Stuart Gulliver told Reuters. "Another 25,000 roles will be eliminated in addition to the 5,000 already announced." The London-based financial company reported flat first half revenue of $35.7 billion, with weakness in Europe offsetting growth in emerging markets. Naturally job cuts will be focused on Europe and the U.S., with the possibility of hiring in emerging markets. Laying off 30,000 amounts to a 10% workforce reduction.
  • HSBC chief faces US court sanctions

    07/07/2011 10:27:33 PM PDT · by Kartographer · 4 replies
    The Telegraph ^ | 7/8/11 | Graham Ruddick
    The chief executive of HSBC in the US has been threatened with sanctions by a New York judge because of a row over a foreclosured home. A judge has issued an order claiming HSBC and a law firm deliberately misled the court by filing false and “robo-signed” documents in an attempt to foreclose on the house of a Brooklyn resident
  • J.P. Morgan, HSBC sued for silver manipulation ( by "amassing enormous short positions.")

    10/28/2010 8:00:36 AM PDT · by WebFocus · 11 replies
    Marketwatch ^ | 10/28/2010 | David Benoit
    Two separate lawsuits filed in federal court in Manhattan Wednesday allege that banks J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 37.60, +0.06, +0.16%) and HSBC Holdings Inc. /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 52.36, +0.37, +0.71%) manipulate the price of silver futures by "amassing enormous short positions." The suits allege that by managing giant positions in silver futures and options, the banks have influenced the prices of silver on the New York Stock Exchanges' Comex Exchange since early 2008. The Commodity Futures Trading Commission has been in the midst of a high-profile, two-year-old investigation of the silver market. J.P. Morgan declined to comment on...
  • UPDATE 2-JPMorgan, HSBC sued for alleged silver conspiracy

    10/27/2010 3:56:11 PM PDT · by FromLori · 12 replies
    Reuters ^ | 10/27/1- | Jonathan Stempel
    NEW YORK, Oct 27 (Reuters) - JPMorgan Chase & Co (JPM.N) and HSBC Holdings Plc (HSBA.L) were hit with two lawsuits on Wednesday by investors who accused them of conspiring to drive down silver prices, and reaping an estimated hundreds of millions of dollars of illegal profits. The banks, among the world's largest, were accused of manipulating the market for COMEX silver futures and options contracts from the first half of 2008 by amassing huge "short" positions in silver futures contracts that are designed to profit when prices fall. "Defendants reaped hundreds of millions of dollars, if not billions of...
  • Ex-Goldman trader blows whistle on silver and gold market manipulation by JP Morgan (Done for Fed)

    04/11/2010 8:17:32 AM PDT · by JustTheTruth · 151 replies · 8,105+ views
    New York Post ^ | April 11, 2010 | Michael Gray
    Metal$ are in the pits Posted: 2:10 AM, April 11, 2010 There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits. The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association. Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the...
  • Obama, Clinton Money Man Guilty Of Major Fraud Scheme

    03/22/2010 4:26:27 PM PDT · by Conservative Coulter Fan · 39 replies · 1,028+ views
    Judicial Watch ^ | 03/19/2010
    The shady Iranian fundraiser who for years donated lucrative sums to top Democrats—including the president, vice president and secretary of state—has pleaded guilty to a major bank-fraud scheme that could land him in jail for nearly two decades.Disgraced Democratic money man Hassan Nemazee admitted this week that he defrauded three financial institutions out of nearly $300 million in loan proceeds by falsifying documents and signatures to show he had hundreds of millions of dollars worth of collateral. The Ivy League-educated crook then used the proceeds to donate big bucks to the campaigns of federal, state and local candidates. Among them...
  • Democratic (and Obama) Fund-Raiser Nemazee Indicted In $292 Million Fraud

    09/21/2009 3:33:07 PM PDT · by pissant · 86 replies · 4,048+ views
    NasDaq ^ | 9/21/09 | Chad Bray
    NEW YORK -(Dow Jones)- New York businessman and prominent Democratic fund- raiser Hassan Nemazee was indicted Monday for allegedly defrauding three banks out of $292 million in loans. Nemazee, 59 years old, was charged with aggravated identity theft and three counts of bank fraud in the indictment. Each bank fraud count carries a term of up to 30 years in prison. A lawyer for Nemazee didn't immediately respond to a request for comment. Nemazee, who was involved in various presidential campaigns and once served as finance chairman of the Democratic Senatorial Campaign Committee, was initially charged criminally in August related...
  • Hassan Nemazee Pleads Guilty in Manhattan Federal Court to $292 Million Bank Fraud

    03/19/2010 5:09:25 PM PDT · by Cindy · 25 replies · 662+ views
    Note: The following text is a quote: Hassan Nemazee Pleads Guilty in Manhattan Federal Court to $292 Million Bank Fraud PREET BHARARA, the United States Attorney for the Southern District of New York, announced that HASSAN NEMAZEE pleaded guilty today to charges of defrauding Bank of America, N.A. ("BofA"), Citibank, N.A. ("Citibank"), HSBC Bank USA, N.A. ("HSBC"), and a longtime friend and business associate of a total of more than $290 million in loan proceeds. NEMAZEE entered his guilty plea before United States District Judge SIDNEY H. STEIN in Manhattan federal court. According to the superseding Information, filed today, to...
  • HSBC: data on 24,000 Swiss account holders stolen

    03/11/2010 4:56:05 AM PST · by TigerLikesRooster · 8 replies · 414+ views
    AP ^ | 03/11/10 | FRANK JORDANS
    HSBC: data on 24,000 Swiss account holders stolen By FRANK JORDANS, Associated Press Writer GENEVA – Information on 24,000 HSBC customers with Swiss accounts has been stolen, the British bank said Thursday, potentially exposing large numbers of international clients to prosecution by tax authorities in their home countries. A former IT employee of Swiss subsidiary HSBC Private Bank (Suisse) SA, identified by French authorities as Herve Falciani, stole the information between late 2006 and early 2007, the bank said. The accounts, held by individuals worldwide, were all opened before October 2006 and some 9,000 have since been closed. "We deeply...
  • HSBC Bank posts no guns allowed signs on front doors of branches in New York

    11/03/2009 4:49:54 PM PST · by gimmebackmyconstitution · 29 replies · 941+ views
    personal observations | 11/03/2009 | Gimmebackmyconstitution
    Another sign of the incessant creeping in of eurosocialist attitudes here in the United States thanks to Obama, Pelosi & Reid.
  • HSBC chief Michael Geoghegan fears second downturn

    10/07/2009 6:40:44 AM PDT · by grey_whiskers · 9 replies · 589+ views
    The Telegraph (U.K.) ^ | October 5, 2009 | (staff)
    Michael Geoghegan, the chief executive of HSBC, has said he fears the global economy faces a second downturn. The comments from Mr Geoghegan, who leads one of the world’s largest banks, helped to push the FTSE 100 down in early trading by six points, or 0.1pc. In an interview with the Financial Times, Mr Geoghegan. who is moving his office from London to Hong Kong, said that HSBC was likely to delay expansion plans because of the economic outlook. “Is this a V recovery or a W? [I think] it’s the latter. [If I’m right], we have to be very...
  • U.S. Charges Accomplice Of Democratic Fund - Raiser (Worth saying again "Democratic Fund - Raiser")

    09/25/2009 2:12:29 PM PDT · by tobyhill · 13 replies · 1,041+ views
    ny times ^ | 9/25/2009 | reuters
    Many of the fake documents used by a leading Democratic Party fund-raiser to defraud HSBC and Citigroup Inc were made by his brother-in-law, U.S. prosecutors said on Friday. Authorities arrested and charged Shahin Kashanchi, brother-in-law of indicted fund-raiser Hassan Nemazee, who donated to the presidential campaigns of Barack Obama, Hillary Clinton and other leading Democrats over the years. Nemazee pleaded not guilty on Wednesday in Manhattan federal court to defrauding a total of three banks -- Bank of America was the other -- out of $292 million in loan proceeds. "Based on e-mail traffic between Kashanchi and Nemazee, Kashanchi was...
  • HSBC Bids Farewell to Dollar Supremacy

    09/24/2009 4:54:59 AM PDT · by Travis McGee · 10 replies · 799+ views ^ | 20 Sep 2009 | Ambrose Evans-Pritchard
    The sun is setting on the US dollar as the ultra-loose monetary policy of the US Federal Reserve forces China and the vibrant economies of the emerging world to forge a new global currency order, according to a new report by HSBC. The dollar looks awfully like sterling after the First World War," said David Bloom, the bank's currency chief. Crucially, China and rising Asia have reached the point where they can no longer keep holding down their currencies to boost exports because this is causing mayhem to their own economies, stoking asset bubbles. Asia's "mercantilist mindset" of recent decades...
  • U.S. charges Obama fund-raiser in $290 million fraud

    09/21/2009 4:25:18 PM PDT · by South40 · 23 replies · 1,486+ views
    Reuters ^ | Grant McCool
    NEW YORK (Reuters) - Hassan Nemazee, a fund-raiser for Barack Obama, Hillary Clinton and other Democrats, has been indicted for defrauding Bank of America, HSBC and Citigroup Inc out of more than $290 million in loan proceeds, U.S. prosecutors said on Monday. The announcement follows last month's indictment of Nemazee, head of a private equity firm and an Iranian American Political Action Committee board member, on one count of defrauding Citigroup's Citibank. The new indictment adds allegations that he defrauded two other banks, Bank of America and HSBC Bank USA, in a similar fashion by falsifying documents and signatures to...
  • HSBC sues accused Democratic fund-raiser in New York

    09/19/2009 9:26:42 PM PDT · by grey_whiskers · 21 replies · 767+ views
    Al-Reuters ^ | 09-18-2009 | Reporting by Grant McCool; Editing by Ted Kerr
    NEW YORK (Reuters) - A fund-raiser for Barack Obama, Hillary Clinton and other Democrats who was charged last month with defrauding Citigroup Inc is being sued by HSBC for deceiving it into lending him $100 million. The lawsuit filed in New York State Supreme Court in early September accused private equity firm head Hassan Nemazee, 59, of engaging in an elaborate scheme to make HSBC Bank USA believe that its loan was secured by collateral in the form of U.S. Treasury Notes when it was not.
  • US tax dollars at work - AIG Total paid to foreign institutions = 58 Billion!!!

    03/21/2009 9:13:30 PM PDT · by Milagros · 33 replies · 1,164+ views
    European banks among top beneficiaries of AIG bailout ... and French banks got $36 billion from AIG Bailout ...[US tax dollars at work] Societe General (FRANCE) - $11.9 Billion Deutsche Bank (GERMANY) - $11.8 Billion Calyon (FRANCE) - $2.3 Billion Barclays (U.K.) - $8.5 Billion UBS (Switzerland) - $5.0 Billion DZ Bank (GERMANY) - $700 Million Wachovia - $1.5 Billion Rabobank (HOLLAND) - $800 Million KFW (GERMANY) - $500 Million Banco Santander (SPAIN) - $300 Million Danske (DENMARK) - $200 Million HSBC Bank (U.K.) - $3.5 Billion Bank of Montreal (CANADA) - $1.1 Billion Royal Bank of Scotland (U.K.) -...
  • Investor puts pressure on HSBC to let US sub-prime unit go bankrupt

    01/18/2009 4:23:36 PM PST · by BGHater · 2 replies · 532+ views
    Times Online ^ | 19 Jan 2009 | Helen Power and Lilly Peel
    HSBC came under pressure to let Household, its American sub-prime bank, go bankrupt yesterday, in order to avoid an expensive rights issue or government bailout. The proposal was dismissed by HSBC, although the bank is to consider making a cash call in the coming months that some analysts believe could involve it asking for £13.5billion from shareholders. Knight Vinke, the activist investor, told The Times last night that HSBC should refuse to pay the bondholders that fund Household's business, which it estimated would save the bank an estimated $35 billion. (£23.6 billion). Eric Knight, Knight Vinke's chief executive, said: “Why...
  • Would You Pay $103,000 for This Arizona Fixer-Upper?

    01/03/2009 9:21:57 AM PST · by Para-Ord.45 · 89 replies · 4,136+ views ^ | JANUARY 3, 2009, | MICHAEL M. PHILLIPS
    he story of the two-bedroom, one-bath shack on West Hopi Street, is the story of this year's financial panic, told in 576 square feet. It helps explain how a series of bad decisions can add up to the worst financial crisis since the Great Depression. Less than two years ago, Integrity Funding LLC, a local lender, gave a $103,000 mortgage to the owner, Marvene Halterman, an unemployed woman with a long list of creditors and, by her own account, a long history of drug and alcohol abuse. For a $350 fee, an appraiser hired by Integrity, Michael T. Asher, valued...
  • British banks losing billions to ‘one big lie’ in biggest ever fraud

    12/15/2008 5:41:51 PM PST · by TigerLikesRooster · 30 replies · 1,970+ views
    Times of London ^ | 12/16/08 | Suzy Jagger, Christine Seib and Patrick Hosking
    December 16, 2008 British banks losing billions to ‘one big lie’ in biggest ever fraud Wall Street investors struggle to understand how they fell for simple fraud Suzy Jagger, Christine Seib and Patrick Hosking The eye-popping scale of what is being billed as the world’s largest swindle became apparent yesterday as wealthy investors and banks around the world emerged as the victims of Bernard L. Madoff. The Royal Bank of Scotland admitted that it stood to lose £400 million, and HSBC warned its shareholders that its losses could be $1 billion (£675 million), making it Britain’s largest victim so far...