Leaked documents show HSBC laundered and hid upwards of $100 billion, some of which was very dirty money indeed. HSBC is of course shocked it could have done such a thing. Brit politicians blame scalliwags in the other party for not enforcing laws but really it’s pot, kettle, black. Both parties are equally at fault for allowing it. Oh, your favorite pop star or celeb might be among those who hid money from the tax man, along with drug cartels and other assorted low life.
In a world where laws were actually enforced and corruption not permitted, HSBC would be shattered into pieces and those responsible for money-laundering would be imprisoned.
Secret documents reveal that global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws.
In marvelously weasel-worded legalese, HSBC neither fully admits to previous wrongdoing nor says it has completely stopped doing so.
“We acknowledge that the compliance culture and standards of due diligence in HSBC’s Swiss private bank, as well as the industry in general, were significantly lower than they are today.”
The written statement said the bank had “taken significant steps over the past several years to implement reforms and exit clients who did not meet strict new HSBC standards, including those where we had concerns in relation to tax compliance.
When it comes to defending class interests of the wealthy, both parties act in lockstep. The same is of course true here in the States too.
Labour leader Ed Miliband said the government had “some serious questions to answer” and accused HM Revenue & Customs of failing to act on details it was given in 2010 about the claims.
But the government has hit back at Labour, accusing it of failing to act on tax evasion when it was in power.
You will note neither party is demanding existing laws be enforced. Instead we have the usual circus of blaming the other side for something both are doing.