Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
few things here;
1; The banking crisis and allowing things to go as they were i think lost the confidence of most people struggling to
make ends meet
2; HSBC making big big profits may not have got public money like some banks, but it did get itself wrapped up in
bad practice in dealing with drug gangs.
Realy we need to get public confidence back, and unless we move soon we are heading more and into crisis
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Keith - HSBC are a massive international bank and they fell foul of highly complex money laundering laws. I have only to comply with the UK/EU ML laws but HSBC have to do so in many different jurisdictions, something incredibly complex. That is not to excuse them but only to show that it is a complex issue. If anyone broke the law then they will and should go to prison for it.
But -
1/ Their profits were actually lower than expected disappointing the markets. What might seem to us a lot of profit may not be if you relate that profit to capital and the scale of activities it reflects.
2/ HSBC were not involved in the PPI scandal to their credit.
3/ HSBC did not require any kind of bail-out.
As far as banks go they are well run. Personally I am not a fan of how banks operate, particularly their advisory side, but let us at least keep them in perspective.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
cant remember which country they got fined for the type of people they were using
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Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
the usa kieth,you know where where all the idiots live.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Im sure there are some fine American geezers
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Guest 698- Registered: 28 May 2010
- Posts: 8,664
They were fined in the US for the activities of rogue staff in Mexico.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Thats the one Peter
very underhand stuff which a bank that size maybe shouldf check better where the money goes and through who
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Guest 698- Registered: 28 May 2010
- Posts: 8,664
Keith you talk as if it was as simple as checking the till at the corner shop.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
They should know who they are dealing with
thus the hefyty fine
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Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
HSBC, Libor and the cynical ethos of international banking
Regulators need to adjust their mindset to financial skullduggery committed by untethered actors in cut-throat global
competition
The HSBC logo, in Hong Kong, 2011. The bank has admitted enabling money laundering operations by Mexican drug cartels.
The City of London and Wall Street are vying for the not-so-envious position of most disliked and least trusted financial centre.
HSBC in London is charged with money laundering, the big banks in London of rigging Libor, and JP Morgan in New York of
having traders behaving badly to the tune of a potential $9bn. Is it something in the air?
Clearly, London is getting the most attention, at least this month. The City at one time had the motto "my word is my bond"
and proclaimed itself to live by that when it came to honoring commitments, mostly in share dealings and the money market. In
today's fast-paced, cynical climate, uttering that motto would only invite predatory behaviour from others.
The financial world has grown so dramatically that the idea of doing unto others as you would be done by has no more meaning
- but it never actually did. What has changed is the spirit of competition: the stakes have changed. Britain's economy is
measured by comparing GDP to the value of transactions in the City on an annual basis. Wall Street does not do that, for good
reason.
The City is dominated by traders, and has been ever since the market existed on Exchange Alley in the early 18th century.
Wall Street is also now dominated by traders, but the ethos is different: it is less dominated by international banks than is the
City of London.
Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
cor blimey reg your on a right downer about hsbc arnt you,chill and take a happy pill.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
HSBC were not implicated in the LIBOR scandal but then truth and vericity are less important to Reg than his prejudices.
Hatred of an industry that is massive earner for Britain and is a major employer is what drives him.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
Libor scandal: Seven banks face US questioning
"Seven banks, including HSBC and Royal Bank of Scotland, are to be questioned in the US for alleged manipulation of the Libor inter-bank lending rate...."
http://www.bbc.co.uk/news/business-19276506 Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
oh dear tom you have opened a whole new can of worms, with hsbc involved it puts a new slant on things.
Jan Higgins
- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,883
Which is worse loosing millions of pounds through poor practice and relying on state funding to bail you out or money laundering, I know who I would rather trust and I do.
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I try to be neutral and polite but it is hard and getting even more difficult at times.
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Guest 698- Registered: 28 May 2010
- Posts: 8,664
Or killing the people who trust you: State owned NHS: 2000 plus; HSBC nil. )-:(
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#2393 - Tom,a August 2012 report, about questioning only. One of the 'feeds' I get said earlier this week HSBC were not involved in LIBOR, if I can find it later and if it is one not requiring a password I will publish a link.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Seven banks, including HSBC and Royal Bank of Scotland, are to be questioned in the US for alleged manipulation of the Libor inter-bank lending rate.
# 2395.......``poor practice``.............?
# 2396......desperately stuff..............?
Jan Higgins- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,883
I would call running a bank to breaking point with the result that the Government has to bail it out 'poor practice'.
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I try to be neutral and polite but it is hard and getting even more difficult at times.
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Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Correct Jan, but its worse than that. Govt at the time was busy knighting bankers for their sterling work, read Gordon Brown's Mansion House speeches and how he encouraged them.