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

kinobestew123 said:
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
Click to expand...

You didn't read the link did you, since it is talking about the vunerable in society.

eg :
One man with learning difficulties was existing on part-time wages of around £300 per month, said the CAB. He had debts of over £1,400, as well as an overdraft, compounded by being sold a packaged account with benefits he was unlikely to use. As a result, the customer was paying around 20pc of his income on bank charges and getting still further into debt.
Click to expand...

And unticking an option on an online insurance form is not even comparable to face to face pressure selling.

And why should we be in a position of not trusting what the people at the bank are advising us of to the extent that we should have to take legal advice? :confused: They are in positions of responsibility and as such should act appropriately.
 
Freakbro said:
You didn't read the link did you, since it is talking about the vunerable in society.
Click to expand...

You didn't read what I said before, did you, "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."

Freakbro said:
And unticking an option on an online insurance form is not even comparable to face to face pressure selling.

And why should we be in a position of not trusting what the people at the bank are advising us of to the extent that we should have to take legal advice? :confused: They are in positions of responsibility and as such should act appropriately.
Click to expand...

You should never just rely on what somebody else tells you without thinking it through yourself first. That's how people get into these situations to begin with. To what extent are banks in a position of responsibility? We invest in them as we see fit. There are plenty of banks out there to invest in and consider which provides competition. They pay us an interest rate for our investment which is the "reward" for taking the "risk". And at the end of the day, they are a profit making entity, they're not there to provide a service for the greater good of the public even if that is what they end up doing and what people perceive them (rightly or wrongly) to be doing.

I'm not standing up for banks here, I realise things need to change, but I believe things need to change on both sides of the table. The general public need to be a bit more aware of their financial situation.
 
MrMoonX said:
LOL they have pretty much robbed the world economy so yeah they have
Click to expand...

They, are the economy.

I find this amusing, as much as i wish it was anything but nefarious with the US involved, i really doubt it, I can only imagine someone in the CIA made a mistake and wanted to cover it up and blame it on the bank.

I also find it rather funny that the US are moaning about the Drug cartels that they basically give weapons to.

Nothing but useless information, something the US public (the moronic side anyway) cant help be suck up their rectum.
 
StriderX said:
They, are the economy.

I find this amusing, as much as i wish it was anything but nefarious with the US involved, i really doubt it, I can only imagine someone in the CIA made a mistake and wanted to cover it up and blame it on the bank.

I also find it rather funny that the US are moaning about the Drug cartels that they basically give weapons to.

Nothing but useless information, something the US public (the moronic side anyway) cant help be suck up their rectum.
Click to expand...

Banks are the economy? No, not even close.

A bit more of how they have helped the general public:

http://www.bloomberg.com/news/2012-...ion-investigated-by-new-york-connecticut.html
 
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:
Click to expand...

Funny, since i was a teenager and got myself my first bank account in the mid-90's I've learnt to say no to any form of PPI without issues. People only and only have themselves to blame for financial situations they find themselves in. And i speak as someone who's had debt problems too, i didn't blame anyone else but myself for my overspending.
 
robgmun said:
Funny, since i was a teenager and got myself my first bank account in the mid-90's I've learnt to say no to any form of PPI without issues. People only and only have themselves to blame for financial situations they find themselves in. And i speak as someone who's had debt problems too, i didn't blame anyone else but myself for my overspending.
Click to expand...

Yet blame was apportioned to the banks.
 
robgmun said:
Funny, since i was a teenager and got myself my first bank account in the mid-90's I've learnt to say no to any form of PPI without issues. People only and only have themselves to blame for financial situations they find themselves in. And i speak as someone who's had debt problems too, i didn't blame anyone else but myself for my overspending.
Click to expand...

That wasn't what the banks got hammered for.

It was selling it to people without their consent, implying the lending was dependent on it, or selling it to people when it was clear they did not qualify.

The reality is that if you bought PPI prior to ~2008 the financial institution will find it difficult to contest a claim that it was mis-sold. Around 2008 things became tighter at some institutions, and they made it much harder for people to retrospectively makes up a lie for a refund.
 
Ah, this is getting to be quite entertaining. It's almost as if every week, some new shady banking business practice is revealed for all to see.
 
While the banks have done some dodgy dealings recently, I find it hard to believe HSBC actively saught out drug dealers and terrorists. These people want to hid their actions remember.

The governments are just hiding their own inadequacies with attacks on the banks now, as we are all angry with them allready it just makes it easy. Why aren't they going after Tesco and Asda, they are knowingly feeding the drug dealers!
 
Woden said:
While the banks have done some dodgy dealings recently, I find it hard to believe HSBC actively saught out drug dealers and terrorists. These people want to hid their actions remember.

The governments are just hiding their own inadequacies with attacks on the banks now, as we are all angry with them allready it just makes it easy. Why aren't they going after Tesco and Asda, they are knowingly feeding the drug dealers!
Click to expand...

By my understanding, if correct procedures had been followed, then money launderers would not have been able to do business with them. What they're taking heat for is cutting corners on those procedures when the customers waved wads of cash under their noses.
 
SlyReaper said:
By my understanding, if correct procedures had been followed, then money launderers would not have been able to do business with them. What they're taking heat for is cutting corners on those procedures when the customers waved wads of cash under their noses.
Click to expand...

What company doesn't do that though?
 
Last edited:
Woden said:
What company doesn't do that though?
Click to expand...

The very fact that this is unsurprising and tacitly accepted is exactly what's wrong with our economy. Corruption and shady business dealings are not acceptable, and banks in particular have gotten away with it for far too long.
 
sanaxe1 said:
Say your HSBC and you get caught , your not going to openly admit it are you? Its not hard to think why people at HSBC would do it. High Profits , Bigger bonuses , promotions etc. After all its only made up of people and people are greedy.
Click to expand...

Even though HSBC have openly admitted it and assisted the investigation?
 
The Halk said:
Even though HSBC have openly admitted it and assisted the investigation?
Click to expand...

From what i can tell they didn't randomly come forward and go " Hey somethings amiss we may have been making millions/Billions in profit from Cartels ". The Senate did a report/investigation to find these answers. HSBC then go into damage control and assist and say sorry and will no doubt get stung with a smaller fine then the profits made.
 
Last edited:
sanaxe1 said:
From what i can tell they didn't randomly come forward and go " Hey we've been making millions/Billions in profit from Cartels". The Senate did a report/investigation to find these answers. HSBC then go into damage control and assist and say sorry and will no doubt get stung with a smaller fine then the profits made.
Click to expand...

Which is different to the News International approach which appears to have been to obfuscate.
 
You must log in or register to reply here.
Back
Top Bottom