“HSBC is one of the world’s largest banking and financial services organisations. With around 3,900 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.”
Let’s make a simple google search “drug+cartel+kill” and have a look a the images results… or click HERE.
The key question then becomes: “how and why would educated & sensible Managers would support this?” because this is what those bankers do each time they take in money without doing or bypassing any Compliance check (You dont even need the OFAC list to figure out dodgy transfers). Hard to comprehend.
>>> Youtube intro // Context is probably 99% indeed…Not an excuse tho…Important to keep it in mind and recognize the bias when it occurs, look yourself in the mirror, consider the facts with a moral compass and not only a bottom-line view.
Now what? Looking around it seems like a non-event for largest banks to turn a blind eye. The classic “corporations are amoral by definition” x “let’s look at costs vs benefits analysis”
(+) Take dirty money = higher profits = higher stocks = shareholders happy = higher bonus = everybody happy except the 80,000 deads and their families, people in Mexico and other places where you support the barbarity.
(-) Get caught by Justice = Too big to fail anyway (i.e. Financial Crisis 2008) = We will say sorry we will do better in the future (this has worked for years and keeps working for some weird reasons…) = too big to jail
HSBC got a speeding ticket for laundering 880m$ between 2006 and 2010…is does not even look like a penalty. Same management, no changes, business as usual.
Faithful to my strong belief that transparency and morality will prevail in the end, with the informed customer making the right decision. I thought Oh well, time to close bank accounts and ties with HSBC. At least until they prove their good faith with renewed management with strong credentials with ethical values and long term vision, sustainability & integrity values, enforced AML measures…
Now many problems: the barrier to switch is heavy (it will be a pain in the a** to close the accounts…I’ve got a retirement plan that will barely break even on my deposits made in past 10 years if I stop it now: bummer! I guess there is a price to pay to live by your values anyway. Fair enough.) Next major problem is that where do you go!? Most other global retail banks are tarnished with similar money laundering issues. They get caught, they pay a fine and start again until the next fine…(Working out settlements behind closed doors is the way to go apparently these days for too big to fail corporations). Rabobank was fined $369m recently. Danske is now being investigated, and so many others… Pity this website http://www.switchyourbank.org is down as I was eager to read more about more socially responsible retail banking options (if such Alien thing exists). Yet, for sure, there is a STRONG DEMAND!
TO BE CONTINUED