Thank you to Everett A. Stern for his due diligence and persistence with the Hong Kong Shanghai Banking Corporation (HSBC) situation.
The whistle was blown and now fines have been issued. A couple billion US$ in total with no criminal charges.
As we mentioned here before on PreciousMetalNews.com back in July;
As hedge fund managers sit in jail for ponzi schemes, and others get looked at for rubbing political ties the wrong way to near shut down, HSBC only gets fined.
They knowingly funneled money to groups that have been responsible for the lives of American soldiers and law enforcement over the years. And we are allowing them to stay in business in exchange for money.
Yes, there is a lot of wrong in the world today. More and more everyday it seems we are hard pressed to find good in the political and financial realms. No wonder, when all you get is fined and forced to apologize for funding terrorists, extremists and drug lords.
They should be forced to give up their gold reserves for this. That statement is out there and extreme, I know, but it’s so disheartening to see such an unfitting punishment.
Now, coincidentally US$ funds totaling over $4Bil which are supposed to be heading to Egypt via the IMF are being held up by the request of the Egyptian Finance Minister Minister Mumtaz al-Said. This according to Reuters. Read the article here;
HSBC is one of the first to comment;
“Given the current policy environment, it’s hardly a surprise that there’s been a delay, but it is imperative that the delay is brief,” said Simon Williams, HSBC economist in Dubai. “Egypt urgently needs that IMF accord, both for the funding it brings and the policy anchor it affords.”
There are a lot of holes here, please do some research on this topic. We are not going in to great detail due to the fact that it does not have a foundation on precious metals, but we did feel it need to be posted.