While the bank’s senior leaders are committed to bolstering controls, the bank has to do more to fix its corporate culture and technology for keeping out dirty money, the monitor said. The report follows a review that included different lines of business and a number of countries. [WSJ]
This is a thing that literally happened.
New CEO John "Mack the Knife" McFarlane has is machete out and is ready to hack through not only employees but all the red tape gumming up the works at the British bank.
So, HSBC is going to have to cough up almost $2 billion for, in effect, running a massive money-laundering operation that helped fund such luminary do-gooders as the Iranian government and Mexican drug gangs. But the U.S. has decided not to throw the cuffs on the British bank because, well, that would be pretty hard. And could create an awful lot of collateral damage that no one needs as the country careens off the fiscal cliff.
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.
It doesn’t stop the money laundering, of course, but that’s not really the goal, is it?
Layoffs - money laundering legal fees = profit!
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