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HSBC

Posted: August 7th, 2021, 4:38 pm
by AsleepInYorkshire
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

Re: HSBC

Posted: August 7th, 2021, 4:43 pm
by Itsallaguess
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

Re: HSBC

Posted: August 7th, 2021, 4:53 pm
by scrumpyjack
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.

Re: HSBC

Posted: August 30th, 2021, 8:20 am
by BobbyD
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.

Re: HSBC

Posted: August 30th, 2021, 9:57 am
by Dod101
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