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HSBC faces money-laundering investigation in Senate

A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source

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“The main mark of modern governments is that we do not know who governs, de facto any more than de jure. We see the politician and not his backer; still less the backer of the backer; or, what is most important of all, the banker of the backer.” - J.R.R. Tolkien

“Talking to politicians is fine, but with a little money they hear you better.” - Justin Dart

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.” - James Madison

“There are two things you need for success in politics. Money and I can’t think of the other.” - Senator Mark Hannah (R-OH), 1903