As Bitcoin Becomes Billion Dollar Market America Moves For Crackdown

By: Friday March 29, 2013 1:16 pm

The bitcoin market has officially crossed the billion dollar mark. It was a mere two years ago that bitcoins were introduced as an alternative currency to those controlled by States. Bitcoins are decentralized and digital using peer to peer technology – a truly free market. Hang around in the tech industry long enough and you [...]

Obama Plans For Spy Agencies To Have Total Access To American’s Financial Information

By: Thursday March 14, 2013 5:41 am

As the Obama Administration continues to expand the policies of the Bush Administration the newest theater of the War on Terror is your checking account. The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank [...]

Elizabeth Warren Wants HSBC Bankers Jailed, Regulators Have Ties To Bank

By: Friday March 8, 2013 9:39 am

In a nation that has imprisoned millions (mostly poor, mostly minorities) of people for minor drug offenses a bank that laundered billions of dollars in drug money, HSBC, has walked away with a small fine. No jail time, no charter removal, just a few weeks profit and on the game goes. Senator Elizabeth Warren is [...]

British Might End Too Big To Fail Banking

By: Monday February 4, 2013 6:59 am

After a global financial crisis, an epic price fixing scandal, and embarrassing criminal conduct British regulators are considering ending Too Big To Fail Banking. British Finance Minister George Osborne has proposed legislation that if banks do not shield their riskier investment activities from day to day banking they will face restructuring. Britain is shaking up [...]

Predators: HSBC Faces Lawsuit For Targeting Minorities

By: Wednesday December 26, 2012 7:02 am

Admitted Drug Money Launders HSBC are going back to court. This time the firm will not be apologizing for helping Mexican Drug Cartels or 9/11 Hijackers evade the law but for predatory lending targeted at minorities. From the Associated Press: Three Atlanta-area counties have filed a lawsuit claiming that British bank HSBC cost them hundreds [...]

Republicans and Democrats Speak Out Against “Too Big to Jail” HSBC Case

By: Monday December 17, 2012 8:30 am

We now have bipartisan anger at the decision to hold HSBC and its executives harmlessfor years of money laundering and facilitating the culture of Mexican drug cartels. In fact, only the shareholders will pay, and not all that much, what amounts to five weeks’ worth of profits for the bank. The certainty of not being [...]

Felix Salmon’s Unpersuasive Argument to Hold HSBC and Its Executives Harmless

By: Friday December 14, 2012 8:30 am

It would be irresponsible for me to say that Felix Salmon probably cashed a nice check from the banking industry when he produced this defense of the US declining to prosecute HSBC for money laundering. I think a couple elements of his piece wind up being self-negating, so I don’t have to do much work. [...]

The HSBC Money Laundering Case as a Perfect Symbol of Too Big to Fail

By: Thursday December 13, 2012 6:19 am

Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for [...]

First Libor Arrests Net Three Former Low-Level Traders

By: Wednesday December 12, 2012 8:30 am

Everyone expects UBS, the Royal Bank of Scotland and several others to face some sort of sanction. But we’ve been hearing about imminent charges for months now, with nothing to show for it.

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 7:02 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know.

HSBC Executive Resigns During Senate Hearing

By: Tuesday July 17, 2012 4:19 pm

We got something that looks suspiciously like accountability today in a Senate Permanent Subcommittee on Investigations hearing. Earlier today I previewed this hearing, based on a damning report detailing HSBC’s propensity to allow money laundering to occur on its watch on a mass scale. The report showed pretty clearly that HSBC enabled Mexican drug lords [...]

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