HSBC Holdings plc
- Homepage: http://www.hsbc.com/hsbc/about_hsbc
November 2004: "Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises about 10,000 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by nearly 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.
Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities."
<p>February 2013: 'But the Occupy Wall Street crowd, among others, has been critical. When the Justice Department stopped short of indicting HSBC on money laundering charges, choosing instead to press a record fine against the bank, it prompted a tirade in Rolling Stone magazine. A recent “Frontline” documentary featuring Mr. Breuer took aim at his decision not to charge banks that sold toxic mortgage securities before the crisis.'</p>
<p><p>July 2012: "In other words, one doesn’t necessarily have to fly to the Channel Islands with a bag of cash to stash ill-gotten gains or evade the taxman anymore. The past 30 years have seen the evolution of a mainstream financial system that is global in scope and that through secrecy and complexity has enabled itself to profit handsomely off of the tax evasion of the world’s richest citizens. Evidence of this sort of behavior was illustrated earlier this month, when London-based HSBC was sanctioned for aiding terrorists, drug cartels and other criminals in money laundering schemes."</p></p>
<p><a href="http://business.time.com/2012/07/26/the-real-problem-with-offshore-tax-havens/"><a href="http://business.time.com/2012/07/26/the-real-problem-with-offshore-tax-havens/">http://business.time.com/2012/07/26/the-real-problem-with-offshore-tax-havens/</a></a><br />
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<p><p>July 2012: 'In the New York Times business section, we read that the HSBC banking group is being fined up to $1bn, for not preventing money-laundering (a highly profitable activity not to prevent) between 2004 and 2010 – a six years' long "oops". In another article that day, Republican Senator Charles Grassley says of the financial group Peregrine capital: "This is a company that is on top of things." The article goes onto explain that at Peregrine Financial, "regulators discovered about $215m in customer money was missing." Its founder now faces criminal charges. Later, the article mentions that this revelation comes a few months after MF Global "lost" more than $1bn in clients' money.'</p></p><br />
<p><a href="http://www.guardian.co.uk/commentisfree/2012/jul/14/global-financial-fraud-gatekeepers"><a href="http://www.guardian.co.uk/commentisfree/2012/jul/14/global-financial-fraud-gatekeepers"><a href="http://www.guardian.co.uk/commentisfree/2012/jul/14/global-financial-fraud-gatekeepers">http://www.guardian.co.uk/commentisfree/2012/jul/14/global-financial-fraud-gatekeepers</a></a></a><br /><br />
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<p><p>June 2008: "The industry has changed significantly since the antitrust ruling. Bank of America and Citigroup, two of the largest three credit card issuers, signed a deal to offer their customers American Express-branded cards, and HSBC and General Electric’s financial service arms reached agreements with Discover."</p></p><br /><br />
<p><a href="http://www.nytimes.com/2008/06/26/business/26credit.html"><a href="http://www.nytimes.com/2008/06/26/business/26credit.html"><a href="http://www.nytimes.com/2008/06/26/business/26credit.html"><a href="http://www.nytimes.com/2008/06/26/business/26credit.html">http://www.nytimes.com/2008/06/26/business/26credit.html</a></a></a></a><br /><br /><br />
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Role Name Type Last Updated Owner of (partial or full, past or present) Household International Organization Nov 12, 2004 Opponent (past or present) Inner City Press (ICP) Organization Feb 24, 2008 Status/Name Change from Metris Companies Organization Sep 8, 2006
Articles and Resources
Date Fairness.com Resource Read it at: Feb 28, 2013 Breuer Reflects on Prosecutions That Were, and Weren’t
QUOTE: The 54-year-old prosecutor, with a Rolodex as thick as his Queens dialect, will leave the Justice Department on Friday, emboldened after mounting recent cases against banking giants. But Mr. Breuer, the department’s criminal division chief, also leaves somewhat bruised, having taken criticism for not throwing Wall Street executives behind bars after the financial crisis.
New York Times Jul 26, 2012 The Real Problem With Offshore Tax Havens
QUOTE: one doesn’t necessarily have to fly to the Channel Islands with a bag of cash to stash ill-gotten gains or evade the taxman anymore. The past 30 years have seen the evolution of a mainstream financial system that is global in scope and that through secrecy and complexity has enabled itself to profit handsomely off of the tax evasion of the world’s richest citizens.
Time Magazine Jul 14, 2012 This global financial fraud and its gatekeepers: The media's 'bad apple' thesis no longer works. We're seeing systemic corruption in banking – and systemic collusion
QUOTE: The notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers, but this week's headlines make such a conclusion, sadly, inevitable.
Guardian Unlimited Apr 01, 2010 Pay Garnishments Rise as Debtors Fall Behind
QUOTE: One of the worst economic downturns of modern history has produced a big increase in the number of delinquent borrowers, and creditors are suing them by the millions. Concern is mounting in government and among consumer advocates that the debtors are not always getting a fair shake in these cases.
New York Times Sep 27, 2009 As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking (Banking on the Fed)
QUOTE: Under a policy quietly formalized in 1998, the Fed refused to police lenders' compliance with federal laws protecting borrowers, despite repeated urging by consumer advocates across the country and even by other government agencies.
Washington Post Aug 11, 2009 Bankruptcy Judges, Justice Dept. Rip Mortgage Companies
QUOTE: Judges have found that major mortgages servicers regularly mess up basic accounting, improperly credit payments and charge unwarranted fees.
May 12, 2009 What Does Your Credit-Card Company Know About You?
QUOTE: credit-card companies are becoming much more interested in understanding their customers’ lives and psyches, because, the theory goes, knowing what makes cardholders tick will help firms determine who is a good bet and who should be shown the door as quickly as possible.
New York Times Jun 25, 2008 MasterCard Pays $1.8 Billion to American Express
QUOTE: The settlement comes about seven months after Visa paid more than $2.1 billion to American Express to put similar claims behind as it as raced ahead with plans for an initial public offering in March. MasterCard, which went public two years ago, had been under pressure to resolve the suit since uncertainty surrounding the litigation was one of the few clouds hanging over the rapidly rising stock.
New York Times Jun 02, 2008 Student Loans Start to Bypass 2-Year Colleges
QUOTE: The practice suggests that if the credit crisis and the ensuing turmoil in the student loan business persist, some of the nation’s neediest students will be hurt the most. The difficulty borrowing may deter them from attending school or prompt them to take a semester off. When they get student loans, they will wind up with less attractive terms and may run a greater risk of default if they have to switch lenders in the middle of their college years.
New York Times May 27, 2007 A Highly Charged Relationship: Americans Can't Do Without Their Credit Cards, But the Card Companies Are Another Matter
QUOTE: The avalanche of gripes generally boils down to objections about a half-dozen practices, according to congressional staff and consumer groups. The complaints mostly center on what consumers see as unfairly high interest rates and penalty fees; confusing policies that constantly change, almost always in the lender's favor; and near-insurmountable hurdles to getting help when a consumer falls into trouble or when a company makes a billing mistake.
Washington Post Apr 13, 2007 Five Sneaky Bank Fees
QUOTE: You may have free checking with your bank, but that doesn't mean you aren't paying fees elsewhere. Here are five sneaky fees to watch out for: overdraft shell game fees, paper fees, courtesy-overdraft fees, point-of-sale fees, and last-minute bill pay fees.
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