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HSBC

AsleepInYorkshire
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HSBC

#433139

Postby AsleepInYorkshire » August 7th, 2021, 4:38 pm

Netflix have a new documentary series called Dirty Money. One of the programmes is about the HSBC money laundering scandal involving $881m. A sizeable amount of the money was drug money in Mexico. HSBC was fined $1.9m and prevented from owning a dog for 6 months.

From 2007 to 2014 164,000 people were killed in Mexico due to drug related crime. I'd prefer to call it murder. I don't know if any of my pension funds contain HSBC. I'll check.

AiY

Itsallaguess
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Re: HSBC

#433141

Postby Itsallaguess » August 7th, 2021, 4:43 pm

AsleepInYorkshire wrote:
HSBC was fined $1.9m and prevented from owning a dog for 6 months.


Did it have to sell all it's own shares that it held in treasury?

https://i.imgur.com/ekQpV59.gif

Cheers!

Itsallaguess

scrumpyjack
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Re: HSBC

#433143

Postby scrumpyjack » August 7th, 2021, 4:53 pm

AsleepInYorkshire wrote:Netflix have a new documentary series called Dirty Money. One of the programmes is about the HSBC money laundering scandal involving $881m. A sizeable amount of the money was drug money in Mexico. HSBC was fined $1.9m and prevented from owning a dog for 6 months.

From 2007 to 2014 164,000 people were killed in Mexico due to drug related crime. I'd prefer to call it murder. I don't know if any of my pension funds contain HSBC. I'll check.

AiY


Er, I think you are out by a factor of 1,000! It was $1.9 BILLION. They would not have noticed $1.9 million.
Thinking about it $1.9 billion isn't that large on the scale of bank penalties or write offs.

BobbyD
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Re: HSBC

#438325

Postby BobbyD » August 30th, 2021, 8:20 am

AsleepInYorkshire wrote:Netflix have a new documentary series called Dirty Money. One of the programmes is about the HSBC money laundering scandal involving $881m.


The HSBC episode has been kicking around on Netflix forever, it's atleast 3 years old.

Dod101
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Re: HSBC

#438351

Postby Dod101 » August 30th, 2021, 9:57 am

Yes this is sadly now ancient history. Apart from the large company fine, their CEO for Mexico was forced into early retirement (not that it seemed to do him any harm, financially or otherwise)

Dod


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