Have you asked yourself what’s going on lately?
Our President appointed AG, Eric Holder caught in an arms scandal, President appointed Treasury Sect. Tim Gietner not catching a manipulation of the libor, and Ben Bernanke and crew openly admitting from the latest FOMC minutes that they are unsure of how bad things may get…
and now…drum roll please!!
HSBC caught allowing tens of billions in illicit transactions within the US financial system which benefited Iran, terrorists and drug cartels.
The worst part about it all is, executives of “the worlds local bank” were well aware of what was going on, as it’s being reported that the transactions were deliberately concealed so they could pass through HSBC’s US affiliate unchallenged. According to news feeds, Iran alone received almost twenty billion as a result of thousands of transactions between 2001 and 2007. Documents were purposely stripped of any Iranian identifying data with complete disregard to any OFAC ( Office of Foriegn Assets Control ) filters that were in place.
HSBC Holding Plc head of Group Compliance, David Bagley has already announced he would be stepping down. As hedge fund managers, and ponzi scheme operators sit in prison for insider trading and duping investors, bank executives are getting caught allowing financial transactions which lead to world altering events that ultimately cost the lives of civilians and military personal from not only the United States, but numerous countries, don’t even get fired…they are just forced to step down, and still stick around to guide their replacement on how to do the job.
“In 2005 and 2006, HSBC processed about 1,800 U-turn transactions through a correspondent account at JPMorgan Chase & Co.” cant wait to hear Jaime Dimons response to this!
Things are getting really interesting folks…especially with the fact that metals have been flat during each and every one of the breaking news topics mentioned in this writing. Everything that has been going on are catalysts that should be pushing precious metals higher, but they are being held back…the longer they are restrained, the bigger the explosion to the upside will be. Could be why sentiment has been changing to the long side made evident in recent COT reports issued by the CFTC.
What can one expect from an entity that began as the Hong Kong Shanghai Banking Corporation.