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Monday, July 16, 2012

HSBC: A Bad Corporate Citizen

In a report issued by the Permanent Subcommittee on Investigations in the U.S. Senate on July 16, 2012, HSBC stands accused of helping Mexican drug cartels looking to get cash back into the United States, Saudi Arabian banks that needed access to dollars despite their terrorist ties, and Iranians who wanted to circumvent United States sanctions. These lapses by the largest financial institution in the E.U. are indicators of a broader problem, according to The New York Times, “of illegal money flowing through international financial institutions into the United States.” 

The full essay is in Cases of Unethical Business, available in print and as an ebook at Amazon.com.