HSBC and Standard Chartered Behaving Badly

Thursday, August 09, 2012

Carrick Mollenkamp, reporter for Reuters, discusses the money laundering scandals at two UK banks.


Carrick Mollenkamp

Comments [13]

Edward from Washington Heights AKA pretentious Hudson Heights

Charles Norrie from Islington, More wickedness from your friends, in this case the Soviet Socialists.

The 1983 shooting down of Korean passenger plane KAL 007.

Korean Air Lines Flight 007 (KAL 007, KE 007[Notes 2]) was a Korean Air Lines civilian airliner that was shot down by a Soviet interceptor Su-15 which was piloted by Major Gennadi Osipovich on Thursday, 1 September 1983, over the Sea of Japan, near Moneron Island just west of Sakhalin Island. All 269 passengers and crew aboard were killed, including Lawrence McDonald, a sitting member of the United States Congress. The aircraft was en route from New York City to Seoul via Anchorage when it strayed into prohibited Soviet airspace around the time of a US reconnaissance mission.

The Soviet Union initially denied knowledge of the incident,[2] but later admitted shooting the aircraft down, claiming that it was on a spy mission.[3] The Politburo said it was a deliberate provocation by the United States,[4] to test the Soviet Union's military preparedness, or even to provoke a war. The United States accused the Soviet Union of obstructing search and rescue operations.[5] The Soviet military suppressed evidence sought by the International Civil Aviation Organization (ICAO) investigation, notably the flight data recorders,[6] which were eventually released eight years later after the collapse of the Soviet Union.[7]

Aug. 10 2012 10:38 AM
Charles Norrie from Islington

I have rearely red auch a contrived piece of "Brits are wicked" and are the villians in Lockerbie piece. The fact is the US Government treated with the Iranian one to destroy Pan Am 103 to giv Iran its one and only one revenge for the deliberate shooting down for IR655, the Iranian Airbus on a day that will live in US infamy 3rd July 1988. The shoot down was deliberate and designed to kill the head of the Iranian end of the I_C operation, Mr Ahmad Beladi Behbehani, but failed as he was not on the flight but a kniswoman of his a three-year old girl Leila Behbehani was. Iranian traditional revenge law called qesas takes no account of the size or age of the victim and so 254 US protected lives - civil passengers on a US carrier had to be killed by a device placed by an Iranian to match the 254 Iranians on IR655, which is what happened.

The oil nonsense was the CIA's and the US media's response to the British desire to return the innocent Nagrahi (sic) to Libya after he had been falsely convicted, but the British did not have the courage to say that the whole of the Lockerbie prosecution had been faked by the CIA.

Far from being condemned for what they did the British should be cogratulated on trying to bring some sanity in Libyan- Western relations, but thie couragaeous act.

Eventually the truth will come out and more importantly will be acknowledged by the US, and what effect that will have on the US hyperpower terrorist, the CIA, remains to be seen.

Aug. 09 2012 10:56 PM
Edward from Washington Heights AKA pretentious Hudson Heights

Speaking of the UK.

Never forget that the UK released the convicted bomber of Pan Am 103, on "compassionate" grounds, that he was dying, and would be dead within 3 months, and out of British "compassion" he would be returned to his home in Libya, to die in Lybia - He died on 20 May 2012 nearly three YEARS after his release.

On a side note, BP, British Petroleum, was awarded contracts to drill in Lybia.

A clear case of Blood for Oil - British style.

Pan Am Flight 103 - Fatalities: 270 (259 in aircraft, 11 on ground)

Abdelbaset al-Megrahi

Aug. 09 2012 12:03 PM
Beth from Murray Hill

jgarbuz, you make a good point. But this is where the US has shot itself in the foot. Many of the countries we have exported our labor to do business with these "rogue" states. China is the biggest business partner of countries like Syria, Iran and Nigeria. Do you think US corporations are going to stop doing business with China?

Aug. 09 2012 10:53 AM

I'm sorry - but the journalistic standards of public radio have gone down severely over the last few years. Your guests refused to correct the terribly erroneous caller who said that HSBC is a Chinese bank?!?!?!? I have no idea where that caller gets that idea... but to allow that comment to pass without correcting it is a sad day for journalism. HSBC is firmly rooted and headquartered in the US greatest friend...and former colonial master - England!

Aug. 09 2012 10:50 AM
gary from queens

YES, "CBJ from CT", this scandal may have preceded Obama taking office. And multilateralism and anti nationalism had as well.

And THAT was the point.

Hey, why don't you mention Israel? I'm sure you think Israel is at the bottom of this scandal!

Aug. 09 2012 10:46 AM
Hugh Sansom

Why didn't Mollenkamp let the caller's China-bashing go unchallenged? That caller was just wrong on the facts. HSBC started as Hong Kong and Shanghai Banking Corporation — Hong Kong when it was under the control of the British, which is why HSBC started a holding corporation headquartered in Britain.

WNYC hosts really need to be better-informed when guests take part in misrepresentation of basic facts.

Aug. 09 2012 10:42 AM
Jefferson Brick

HSBC... Iran funding.... LIBOR.... the London Whale...

What up with banks in the UK????

Aug. 09 2012 10:42 AM
jgarbuz from Queens

Many businesses have "two sets of books" and banks are just businesses. They are in the business of lending money, charging interest and fees, and lately speculative trading. But dealing with enemy states is something I thought we learned not to do since Hitler times, when we were doing business with Germany right up to the day of the war. Iran is a self-declared enemy state, and doing business with an enemy state has to be dealt with the way we would have dealt with businesses doing business with the USSR or Red China back in the day when they were mortal enemies.

Iran is a self-declared enemy state, and has to be clearly understood that dealing with it is a serious breach of US national security.

Aug. 09 2012 10:40 AM
CBJ from CT

Gary, this has been going on before you even heard of Obama. The only difference is that its been publicized now.

Aug. 09 2012 10:39 AM
Chris from Conspiracy?

There may be a connection in the Colorado shooting if it can be confirmed. Although there are plenty of connections already to the "Industrial Military Complex" and psychiatry. Experiments were also carried out in the department James Holmes was attending school. His father, whether he is a witness or not in the LIBOR scandal, he is still working for a company with software that tracks banking fraud.

Aug. 09 2012 10:38 AM
Sheldon from Brooklyn

Banks behaving like banks..I'm sure Liverpool soccer fans are just over the moon to have "standard chartered" as shirt sponsors.

Aug. 09 2012 09:36 AM
gary from queens

I hope Mollenkamp doesn't overlook the national security security setbacks. The Senate's Permanent Subcommittee on Investigations found that HSBC worked extensively with Saudi Arabia's Al Rajhi Bank, some owners of which have been linked to terrorism financing, according to a CIA report quoted by the subcommittee. Some evidence suggests Al Rajhi's "key founder" was "an early financial benefactor of al Qaeda," the report says.

HSBC's U.S. affiliate supplied Al Rajhi with nearly $1 billion worth of U.S. banknotes up to 2010, and also worked with two banks in Bangladesh that some evidence links to terrorism financing as well. The report also said HSBC's U.S. affiliate handled nearly 25,000 transactions involving Iran between 2001 and 2007, despite U.S. sanctions against the country. Other HSBC affiliates making transfers to the U.S. frequently stripped information from the transactions that linked them to Iran in order to evade scrutiny.

I also hope the multilateralist, liberal, Obamians on this list would pay attention to this news story. Because it belies Obama's naive presumptions that assumes other nations have benevolent intentions towards us. They don't. They want to take us down and they always promote their own interests, and no one elses. (unless that someone else is our enemy, like Iran or N Korea.)

When the US becomes weaker, YOU become weaker. You have less power over your lives. Certainly less economic power. And poor people, for whom you claim to care so much for, are not better off anywhere in the world either.

So your anti-nationalism is unproductive for yourselves and others. You should be outraged at Obama's national security leaks that make him look good, and at the same time accomplishes his aim to make the US "a nation among many", as he says, and no longer the indispensible super power we once were.

Aug. 09 2012 09:30 AM

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