HBSC warns money - laundering fines could top $1.5 billion (click here)
Bank braces for 'significantly higher' fines from the US authorities as it sets aside further $800m to cover money-laundering fines
Jill Treanor
Monday 5 November 2012 07.02 EST
..."We deeply regret our past failings and we must work individually and as an industry to rebuild trust," said Gulliver, who was appointed 20 months ago during a boardroom reshuffle caused by Stephen Green's decision to resign as chairman, accept peerage and become a government trade minister. He conceded the money laundering allegations, which date back to 2002, had "undoubtedly damaged" the HSBC brand....
They always regret it AFTER the fact and once they've been caught. Amazing. It starts with little things. It starts with infractions of ethical standards and it grows in permission to commit major crimes against the consumer. Once the snowball gets rolling there is no stopping it.
There is far too much permission for unethical practices in the private sector.
Bank braces for 'significantly higher' fines from the US authorities as it sets aside further $800m to cover money-laundering fines
Jill Treanor
Monday 5 November 2012 07.02 EST
..."We deeply regret our past failings and we must work individually and as an industry to rebuild trust," said Gulliver, who was appointed 20 months ago during a boardroom reshuffle caused by Stephen Green's decision to resign as chairman, accept peerage and become a government trade minister. He conceded the money laundering allegations, which date back to 2002, had "undoubtedly damaged" the HSBC brand....
They always regret it AFTER the fact and once they've been caught. Amazing. It starts with little things. It starts with infractions of ethical standards and it grows in permission to commit major crimes against the consumer. Once the snowball gets rolling there is no stopping it.
There is far too much permission for unethical practices in the private sector.
