Now HSBC found to be money laundering for drug cartels and terrorist groups

JonJ678 said:
Oh ffs. Leave the banks be. This endless whining is old, tired and self destructive.

edit: The spin that HSBC have been going in search of money laundering opportunities is absurd. They didn't check thoroughly enough to avoid it, but then neither did their competition. They'll be fined and we'll all get on with out lives. Eventually even yourself will realise that wishing harm on the financial sector, while living in the UK, is wishing harm on yourself.
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Agreed.

I'm sure far worse has been done by all sorts of companies, people and politicians.

It's time people gave it a rest!
 
DAIR said:
Agreed.

I'm sure far worse has been done by all sorts of companies, people and politicians.

It's time people gave it a rest!
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So let's leave the thieves alone because there are rapist and murderers out there? I can see that working very well in front of a judge :p
 
*yawn*

Another misleading thread.

HSBC ignored warnings that its activities may have exposed the US financial system to drug money from Mexico and inadvertently provided banking services to lenders suspected of links to terrorist organisations, Senate investigators have claimed in a new report [...] HSBC has overhauled its compliance procedures since the alleged breaches, recruiting a former top antiterrorism official from the Treasury department, and pledged that the activities it has been accused of are no longer occurring..
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http://www.ft.com/cms/s/0/b04754d0-cf71-11e1-a1d2-00144feabdc0.html#axzz20rrbludS
 
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Freakbro said:
http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims



http://www.un.org/apps/news/story.asp?NewsID=40189

Criminals saved our Banks:
The Effect of Money Laundering during the Financial Crisis
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So basically the sources you have provided show that your claim that a UN report showed that "the worlds financial institutions were only kept afloat by the major players seeking out Drug Cartels and using their cash to keep the economic wheels turning" is a lie.

All the sources show is that ~£200bn of drug money was thought to have been laundered (with an estimated £1 trillion+ of laundered money in total) in 2009. This extra money probably (though it is a relatively small amount in global banking terms) had a positive effect on liquidity.

There is no suggestion whatsoever that major banks sought out drug cartels to provide liquidity, this is something you (or your similarly anti-bank sources) have conjured out of thin air.
 
Skull said:
So basically the sources you have provided show that your claim that a UN report showed that "the worlds financial institutions were only kept afloat by the major players seeking out Drug Cartels and using their cash to keep the economic wheels turning" is a lie.
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Well it is the guardian, at least they're consistent.
 
Freakbro said:
I see another customer for my amazing Snake Oil Panacea, the wonder cure for all ills, only $100 / bottle...message in trust ;)
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Sounds like a money laundering scheme to me. He buy's your none existant "oils" with his flakey USD's, you push it through HSBC and wallah, everyone's rich.

Seriously though, i'm quite sure there is a bit more to it than "OMG HSBC have been laundering money and they knew all about it". Otherwise it wouldn't take a 335page report to set it out.
 
Freakbro said:
http://www.telegraph.co.uk/finance/.../Banks-are-mis-selling-to-the-vulnerable.html

No, the banks would never try to acquire people's money through false representation at all... :rolleyes:
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If people can't make decisions for themselves on what is a good financial move then they should seek proper legal advice rather than just going for it. I think there is too much of this "whine whine i've paid for PPI for the past 40 years and now I want it back, the banks have mis-sold it to me".
 
kinobestew123 said:
If people can't make decisions for themselves on what is a good financial move then they should seek proper legal advice rather than just going for it. I think there is too much of this "whine whine i've paid for PPI for the past 40 years and now I want it back, the banks have mis-sold it to me".
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This was an exercise, for most cases, ordered from the top. People trusted that their local bank staff were not out to con them. In many instances they were wrong, the only reason why banks are returning money is because they know they acted in bad faith from the start.
 
kinobestew123 said:
If people can't make decisions for themselves on what is a good financial move then they should seek proper legal advice rather than just going for it. I think there is too much of this "whine whine i've paid for PPI for the past 40 years and now I want it back, the banks have mis-sold it to me".
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Yeah because they are in a position to afford that :rolleyes:
 
kinobestew123 said:
If people can't make decisions for themselves on what is a good financial move then they should seek proper legal advice rather than just going for it. I think there is too much of this "whine whine i've paid for PPI for the past 40 years and now I want it back, the banks have mis-sold it to me".
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The PPI thing is different, people were mis-sold it, been explained benefits that wouldn't have applied to them, but many people jumped on the bandwagon to get some money back.

However the whole bank bundle thing is quite stupid, I applied for an overdraft at my bank a few months back and most of the time I was sat there with them trying to sell me that, when all I asked was for an overdraft. I don't mind them offering the product to me but when you pester and force it then it get's fustrating. Everytime I go in my bank now for anything they ask me everytime if I want it, I don't know how many times I have to say no. This is bad sales practice because some people would just say 'yes' to free the annoyance.
 
If the money is in the banks instead of on the streets its going to be harder to steal, meaning safer streets, and keeps the bank afloat to protect your money.


Banks, committing crimes to keep you safe.
 
C.R.A.Z.Y said:
Yeah because they are in a position to afford that :rolleyes:
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It doesn't even need to be expensive professional advice. There are plenty of websites out there for example that can tell you all about how different schemes and bank offerings work and then you can assess whether you need them or not. Or even talking to friends about the deal you're getting rather than being all secretive about your proceedings can help.

It seems to me that a lot of people are just not careful enough when it comes to their dealings with banks and that's what needs to change. Edit: As spaceskunked said also.

When i'm buying car insurance for example, I weigh up whether I really want a courtesy car option, a mis-fuel cover, legal cover, etc. Nobody kicks up a fuss when the car insurance companies tick the boxes on all these things to begin with and then we untick them as required. Why arn't people doing the same with banking facilities?

Anyway, this is going off the HSBC money laundering conversation. :o
 
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