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Showing posts from December 12, 2012

Bank Pays Bribe To Avoid Prosecution

Bank Pays Bribe To Avoid Prosecution
HSBC fine: what does it take for a bank to get prosecuted? By Nils Pratley December 11, 2012 "The Guardian" - -  Is HSBC's $1.9bn (£1.2bn) fine enormous or a drop in the ocean? Well, it's a record for the offence of money laundering and breaking sanctions, which could be said to underline the gravity of the bank's actions. On the other hand, the sum represents about four weeks' earnings given the bank's pre-tax profits of $21.9bn last year. The financial pain is easily bearable. Indeed, the steady upward progress of HSBC's share price since the scandal exploded in July was unaffected on Tuesday morning. Shareholders like the idea the affair is settled and they trust that chief executive Stuart Gulliver's new-broom regime won't fall foul of the US department of justic…