HSBC Executive Resigns at Senate Money Laundering Hearing

[Tony_FLADEM]

HSBC Holdings Plc (HSBA)'s head of group compliance, David Bagley, told a Senate hearing he will step down amid charges the bank gave terrorists, drug cartels and criminals access to the U.S. financial system by failing to guard against money laundering.


Bagley was among at least six HSBC executives who testified before the Senate’s Permanent Subcommittee on Investigations today after the panel released a 335-page report describing a decade of compliance failures by Europe’s biggest bank. London- based HSBC enabled drug lords to launder money in Mexico, did business with firms linked to terrorism and concealed transactions that bypassed U.S. sanctions against Iran, Senate investigators said in the report.

http://www.bloomberg.com/news/2012-07-16/hsbc-aided-money-laundering-by-iran-drug-cartels-probe-shows.html

[Scuba]

1. Resign? Can he be charged?

[rfranklin]

2. His golden parachute has already been deployed...this is just for the cameras...

His landing will be cushioned by a big pile of money. I don't think you will see him at the unemployment office.

[freshwest]

3. +1

[zazen]

4. wait--didn't Wachovia aid in Mexican drug laundering?

and settled out of court? I'm confused.

[n2doc]

5. So if Corporations are 'people', can we give RSBC the death penalty? n/t