HSBC is one of the largest banking and financial services organisations in the world. It has around 89 million customers throughout its four global businesses. It consists of 7,200 offices in over 80 countries. HSBC first opened for business in Hong Kong in 1865.
The current Chairman was Finance Director and on the board when all this was going on by the way. Check out Matt Taibi's excellent article in Rolling Stone on the whole thing...btw 1.9 Billion might look like chump change if others jump on the bandwagon with litigation.
I think Stephen Green has a lot to answer to, whether it be about the cartels in Mexico or the Swiss tax evasion scandal ...HSBC were too big to control and they all feared toppling it would cause too much damage to the whole banking system ...they did pay a fine though of $1.9bn I think for the Mexico mess....
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