Wednesday 18th December 2013 at 04:15 By David Icke
‘In the summer of 2012 the British multinational bank HSBC was exposed for laundering money for drug cartels, Iran, and moving money for an al-Qaida linked Saudi bank. A report presented to the Senate’s Permanent Subcommittee on Investigation in July 2012 detailed HSBC subsidiaries transporting billions of dollars in armoured vehicles, clearing suspicious checks, and assisting drug cartels in buying planes through Cayman Island accounts.
At the hearing David Bagley, HSBC’s head of compliance, resigned in front of the committee stating that, “Despite the best efforts and intentions of many dedicated professionals, HSBC has fallen short of our own expectations and the expectations of our regulators.” In the wake of the investigation and 335 page report HSBC was fined $1.9 billion.
In July 2012 the news broke that HSBC, along with RBS, JP Morgan, Deutsche Bank and other banks were involved with manipulating the London Interbank Offered Rate (LIBOR)giving off a false impression of credit and providing them with a hefty profit. The European Commission launched an investigation into the claims and now the banks have begun to receive fines for their role in the theft. As of this article eight banks have been fined a total of $2.3 billion dollars, including American banks CitiGroup $95 million and JP Morgan for $107 million. HSBC has not been fined yet but may face fines soon.’