Skip to main content

HSBC Executive: Three Things Are Certain: Death, Taxes, And Us Running Afoul of Regulators Again

You've all be warned.
  • Author:
  • Updated:

Over the course of the last year or so HSBC has taken heat for engaging in a number of practices viewed as not exactly legal by law enforcement types, including "industrial-scale tax avoidance" and working with rogue states and drug cartels. The bank has said previously that it is going to take a good long while before it can entirely get out of the money laundering business but in case a more explicit message is necessary, Lee Hale, whose title, amazingly, is "Global head of sanctions," has offered one up:

During a long exchange about HSBC’s new policy on sanctions and internal breaches of company rules, Hale told the regulator that “given the size and scale of HSBC”, in his view “it is a cast-iron certain[ty] this will happen, at some point in the future we’re going to have some big breach, some regulatory breach." He added: “I hope it doesn’t happen, but it is likely.”

So, y'know, FYI.

HSBC is 'cast-iron certain' to breach banking rules again, executive admits [Guardian via Matt Levine]

RelatedHSBC Told To Get Its Sh*t Together On Compliance


HSBC Chief Can't Believe The Unreasonably High "Standard" Banks Are Held To These Days

The CEO-- whose bank is in a lot of trouble for tax evasion-- is sick of always having to be so perfect, when other industries are allowed to do exactly as they please with zero accountability. And you want to know another thing? He's not going to promise the tax evasion stuff won't happen again.

Stu Gulliver The Right Man For The HSBC CEO Job: Stu Gulliver

He's looked at the other candidates and decided that he is uniquely qualified to "fix" the mess that HSBC is in that took place while he was a senior executive at the bank.

By Formulax at zh.wikipedia (Transferred from zh.wikipedia) [CC BY-SA 1.0, GFDL or CC-BY-SA-3.0], from Wikimedia Commons

HSBC Executive Arrested At JFK For Front Running Pretty Sure Feds Are Just Wasting Their Time

Mark Johnson's pretty sure Mark Johnson should've been allowed to get on that plane.

HSBC Told To Get Its Sh*t Together On Compliance

The bank is reportedly not doing enough to avoid money laundering types, among other things.