HSBC unit to pay $2.46-billion fine
A division of HSBC has been ordered to pay about $2.46 billion US in a class-action lawsuit claiming it violated federal securities laws.
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#1 Oct 21, 2013
HSBC another shocking response:
HSBC Holdings PLC, Europe's biggest bank by market value, said in a statement on Friday that it will appeal, noting that it was "the next step in an 11-year-old case and we believe we have a strong argument (Is there a stronger argument to jail any Board Director of HSBC Holdings Plc??)."
HSBC states: HSBC takes compliance with the law, wherever it operates, very seriously. Is HSBC telling the truth?
Please remember how Senator's in the US described HSBC's behaviour
US Senator Carl Levin describes the Bank as "perversely polluted for sometime".
The Senate investigation concluded that HSBC provided a, "gateway for terrorists to gain access to U.S. dollars and the U.S. financial system."
The arrogance of the Board of Directors of HSBC Holdings Plc was and is remarkable.
Chairman state’s about “maintaining our reputation and our integrity. He also states,“Everything we do is governed by the imperative of upholding HSBC’s corporate reputation and character at the highest level”?
MICHAEL GEOGHEGAN CEO of HSBC Holdings Plc and his BOOK OF WISDOM
Now to the wisdom of Michael Geoghegan
IN 2007 when questioned about Household and should we be in this business.
Mr Geoghegan stated we paid $14.8 billion in 2003 it has generated profits of $9 billion, In my book this is a good business for us.
He went go on to state: There have been opportunities when implemented will demonstrate the Wisdom of this acquisition.
I stated Mr Chairman (Mr S Green now Lord Green) I personally do not like his book or his WISDOM.
Again when questioning Mr Green the Chairman, Mr Chairman you have stated in writing that you do not accept my suggestion that there was a failure in properly assessing the risks in the purchasing Household (HSBC Finance).
Then lets us look at the facts.
Green stated With the benefit of hindsight this is a purchase we wish we had not undertaken.
My response: Well Mr Chairman a little research would have revealed how unpopular Household was with many State Attorneys and Household customers.
Mr Flint was the Finance Director for seventeen years, while sitting on the Board,he received ten's of millions of £££ in bonuses. Would Mr Flint now the Chairman of HSBC Holdings Plc, like to state what was his involvement in the purchasing of Household??????????
Please do not expect them to tell you the truth.
It is amazing that no Director is sitting in prison for the illegal and criminal behaviour committed by the HSBC Group around the world for over ten years.
Why did the Board of Director of HSBC Holdings Plc agree to pay Mr Aldingers dental care for life? This was after paying him over £36,000,000, was this in case people in the USA was going to keep knocking his teeth out for what he has done to them.
Then is it true that in an interview in February 2010 Mr Geoghegan admits "We chased volume instead of quality" Further Mr Geoghegan states HSBC are embarrassed that they did not Identify the Risks that went along with the sub prime market (what was the Board of Director doing???).
If Mr Geoghegan was speaking the truth "There was a failure in properly assessing the risks in purchasing HSBC Finance", would this not make the Board of Directors Negligent in their duty, if they did not know the risks of what they were purchasing?
You may like Google: How much longer can the FM, RBI ignore HSBC in India?- Moneylife
People should go to youtube: 1) How HSBC Chairman Mr Flint lied to shareholders. 2) Protest against HSBC in Mumbai. 3) Help Stop Bankers Cheating.
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