In case anyone needed more proof of how systemic the problems with our financial institutions are (reality check: banking is broken), HSBC is this week's latest disaster (via The Guardian):
"HSBC's subsidiaries transported billions of dollars of cash in armoured vehicles, cleared suspicious travellers' cheques worth billions, and allowed Mexican drug lords buy to planes with money laundered through Cayman Islands accounts."
And in case anyone needed more proof that the banks themselves still don't get it, here's how HSBC describes the issue at hand:
"Structural problems with the bank's compliance function"
Right.
"HSBC's subsidiaries transported billions of dollars of cash in armoured vehicles, cleared suspicious travellers' cheques worth billions, and allowed Mexican drug lords buy to planes with money laundered through Cayman Islands accounts."
And in case anyone needed more proof that the banks themselves still don't get it, here's how HSBC describes the issue at hand:
"Structural problems with the bank's compliance function"
Right.
No comments:
Post a Comment