The HSBC Interview

Publish Date

July 26, 2012, 11:53 a.m.

Show

WHTC in the Morning with Red Kingman

Author

Red Kingman

RSS

Subscribe

Download

The HSBC Interview (10.0 MB)

Summary

The Senate Permanent Subcommittee on Investigations brought HSBC executives in for a pony show hearing on July 17, 2012. Executives apologized and promised to improve Anti-Money Laundering controls within HSBC. The Senate committee is all about "oversight" and does not issue criminal charges or fines. The investigation is neglecting the nuts and bolts of identity theft, fraud and money laundering participation by the executives themselves. Bank Secrecy Act and Anti-Money Laundering Laws are already on the books. This is an example of ignoring laws to gain profits greater then the penalties and fines. In this episode Red interviews John Cruz who worked in Long Island, NY as a Vice President of HSBC and who witnessed suspicious activities, later identified as money laundering. Upper management told him to ignore it and he was eventually fired. Listen to his story and hear what it was like to be on the "inside" of one of the largest banks in the world.

Play