Tuesday, December 11, 2012

HSBC to pay $1.9B to settle money-laundering case

This leads to the obvious question: If corporations are people why isn't anyone going to jail?

HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe.

Europe's largest bank by market value will pay the biggest penalty ever imposed on a bank after facing accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.

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