Tag: Money Laundering

Jul 19

HSBC: Money Laundering for Drug Dealers & Terrorists

Cross posted from The Stars Hollow Gazette

As if rate fixing wasn’t bad enough, HSBC, Europe’s largest bank, has been caught laundering money for Mexico, Iran and Syria:

The bank failed to monitor a staggering £38trillion of money moving across borders from places that could have posed a risk, including the Cayman Islands and Switzerland. The failures stretched to dealings with Saudi Arabian bank Al Rajhi, which was linked to the financing of terrorism following 9/11.

HSBC’s American arm, HBUS, initially severed all ties with Al Rajhi. But it later agreed to supply the Saudi bank with US banknotes after it threatened to pull all of its business with HSBC worldwide.

According to the report, HBUS also accepted £9.6billion in cash over two years from subsidiaries without checking where the money came from.

In one instance, Mexican and US authorities warned HSBC that £4.5billion sent to the US from its Mexican subsidiary ‘could reach that volume only if they included illegal drug proceeds’. [..]

The Senate probe also examined banking HSBC did in Saudi Arabia with Al Rajhi Bank, which the report said has links to financing terrorism.

Evidence of those links emerged after the Sept 11, 2001 attacks on the United States, the Senate report said, citing U.S. government reports, criminal and civil legal proceedings and media reports. [..]

Some of the money that moved through HSBC was tied to Iran, the report said, which would violate U.S. prohibitions on transactions tied to it and other sanctioned countries.

To conceal the transactions, HSBC affiliates used a method called ‘stripping,’ where references to Iran are deleted from records. HSBC affiliates also characterized the transactions as transfers between banks without disclosing the tie to Iran in what the Senate report called a ‘cover payment.’ [..]

So just how embarrassing is this? Obviously enough that HSBC’s chief compliance officer, David Bagley tendered his resignation during his Senate hearing testimony:

David Bagley, the head of compliance for the British bank since 2002, broke from his prepared testimony to tell the Senate Permanent Subcommittee on Investigations that “now is the appropriate time for me and for the bank for someone new to serve as the head of group compliance.”

They don’t need no stinking regulation, that might hurt those “job creators.”  

Nov 25

Thanksgiving Delayed

Jury finds Tom DeLay guilty on all counts

AP via RawStory, November 24th, 2010

The heavy-handed style that made Tom DeLay one of the nation’s most powerful and feared members of Congress also proved to be his downfall Wednesday when a jury determined he went too far in trying to influence elections, convicting the former House majority leader on two felonies that could send him to prison for decades.

Jurors deliberated for 19 hours before returning guilty verdicts on charges of money laundering and conspiracy to commit money laundering in a scheme to illegally funnel corporate money to Texas candidates in 2002. He faces up to life in prison on the money laundering charge, although prosecutors haven’t yet recommended a sentence.


DeLay’s lead attorney, Dick DeGuerin, said they planned to appeal the verdict.


“This was about holding public officials accountable, that no one is above the law and all persons have to abide by the law, no matter how powerful or lofty the position he or she might hold,” [Travis County District Attorney Rosemary Lehmberg] said.

Craig McDonald, the director of Texans for Public Justice, a liberal watchdog group whose complaints with the Travis County District Attorney’s Office helped lead to the investigation of DeLay’s PAC, said he was pleased by the verdict.

“We can’t undo the 2002 election, but a jury wisely acted to hold DeLay accountable for conspiring to steal it.”

more gravy…

Jun 30

What must they think of us?

The sacking of US commander General Stanley McChrystal, the commander of U.S. forces in Afghanistan, received an immense amount of media coverage last week. The narrative basically focused on the disrespectful ways McChrystal talked about the Obama Administration.

Unfortunately the news media never got around to asking what the Afghanistan people thought of McChrystal being sacked. It turns out that their take on the event wasn’t just different, it didn’t even resemble the story that the American media was selling us.

 Head of Press TV’s office in Kabul, Mohammad Ruhi, says US commander General Stanley McChrystal was sacked for acknowledging NATO’s connection with the executed leader of the Pakistan-based Jundallah terrorist group, Abdolmalek Rigi.

Whoa! That certainly changes things.

Oct 17

Friday: Schubert Flint & Prop 8 Money Goes to Maine

(This started out as a reply comment in a recommended diary over at GOS by Bill in Portland, Maine, to somebody who said the Veto 1 sure looked like Prop 8, and it sort of took on a life of its own as I started putting in the links.)

The PR on “Yes on People’s Veto # 1” in Maine- It’s being run by Schubert Flint,  http://www.schubertpa.com/who_…  the exact same Sacramento- based Republican PR firm that ran the Prop 8 campaign here in CA last year, to drag Republicans across the finish line, with laundered tax free donation money.

This is just another job for people like this, altho they won’t put it up on their Schubert Flint website under the “past successes” category.

There is still LOTS of out of state money going east towards Maine-  as I have said in several other comments, it’s just not going to be obvious unless one knows where to look.

Let’s take a peek:

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