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HSBC CEO, Chairman Testify Over Tax Evasion, Facilitating Global Money Laundering - Live Webcast
Following recent leaked files confirming yet again that HSBC had helped over a hundred thousand individuals evade taxes and/or engage in outright international money laundering, evasion which may have involved the CEO Stuart Gulliver himself, leading to a scandal which has caught some of the most prominent names in UK media, with allegations flying that the Telegraph was biased in its coverage of the HSBC scandal due to a loan made to its owners, all of which is nothing surprising per se, but merely the culmination of decades of HSBC enabling criminal activity around the globe (and collecting a hefty fee for its help), it is time for another song and dance to appease the angry mob, if only for the next week or so until the popular attention span shifts over to the next scandal du jour.
Which for today means that two top HSBC execs will appear briefly in UK parliament to testify before the Treasury committee, in a televized webcast set to start momentarily.
As the Guardian summarizes, CEO Stuart Gulliver and Chairman Douglas Flint will be grilled about the revelations that HSBC’s Swiss arm helped wealthy customers avoid taxes and conceal millions of dollars of assets. They’ll also face questions on how the division was able to advise clients on how to circumvent domestic tax authorities, as exposed by leaked files from 2005 to 2007.
The committee extended the session from 45 minutes to 2 hours last night, and announced that Gulliver would be attending; originally Flint was due to be alone. Both men can expect tough scrutiny over Swiss tax revelations, and the wider culture at one of the world’s largest banks.
However, that is about all they can expect, because if there is anything the New Normal, and Eric Holder, have taught us is that aside from the occasional slap on the wrist, no banker will go to prison for any crimes. Ever.
Gulliver, who said on Monday that the revelations were a “source of shame and reputational damage”, will probably also be asked why he used a Swiss bank account himself. He will deny that this was in order to avoid paying taxes himself.
Live webcast of the hearing below:
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10 to 1 bet they blame it all on one or two 'rouge' traders/executives.
"I see nothing. I was not here. I did not even get up this morning." - The Sgt Schultz defense
Exactly and then the Board will raise his bonus to a gazillion dollars, and he will win the Noble price on Banking!
Man, I wish I had a gig like that!
"too big to swallow"
E. Holder
The CEO was just doing market research. It's called innovation.
They'll just say they add liquidity and the questioners eyes will glaze over
"same old song and dance"
Maybe a few bankers dancing on the end of a rope will bring about change.
It's ALWAYS London. New York has a lot of catching up to do yet to equal the criminal banking activity in London.
Different arms of the same creature, operating as the locale best suits them.
The thieves in New York know how to avoid publicity and pay off the politicians. U.S. Attorney for the Southern District Preet Bharara was formerly U.S. Senator Chuck Schumer's legal counsel. Schumer must be worth $200 million in Cayman Island hidden funds.
NY will never catch London.
The one-word reason is FATCA (even though the related legal parts are over 30 years old).
The more explicit reason is the legal distinction between Residence and Domicile. As wrong/immoral/illegal/imperialistic as the US is with FATCA, London goes the other way because a foreigner can be resident but elect to be taxed on the basis of their domicile instead, which is as "unique" a standard as the US has with its worldwide taxation based on any one of citizenship, a residence permit, or ownership.
For example, as I am resident and domiciled in Switzerland, I could move my residency to London and make billions at some TBTFF bank and as long as I elect to maintain Switzerland as my domicile- I would pay basically no taxes, since Switzerland (and the rest of the civilized & uncivilized world) taxes resident persons and corporate persons. Whereas, if I work here in Switzerland for myself, I pay a combined 20-something % Federal, State, Local, and Church taxes on far less income. Of course since I'm also a US citizen, Uncle Sam thinks I'm his slave and he is entitled to over 50% of my income. Fortunately for me, Uncle Sam hires a strange combination of affirmative action retards and oligarch puppets to write his tax decrees... so Fuck Uncle Sam, I do.
His name is Gulliver. Classic!
He looks like he may be suffering from hypertension in that photo?
Please tell the Lilliputians what you think happened????
We have to deal with this in Committee. We have to keep a lid on this and deal with it quickly. The feeling is that this is large enough for National Security Ramifications if it gets out of control and there is too much testimony and too much evidence.
Like what the Yanks did in 2009, we have to prevent panic, anguish, and keep the masses quiet and content.
Now we all know how upset people are about things like flat wages, and Income Taxes not being paid by Corporations and after all that is what this is about.
It is about Tax Policy. And I don't have to tell you fine Gentlemen that we are not about to open up the questions about needed a new Tax Policy.
The Tax Policy is fine. Do we all agree here Gentlemen and Lady??
Yes we are criminals here is your check senator good day.
end of the story
What a waste of time. Slap them on the wrist and pack it up.
what aapl et al do is perfectly legal so this is just a clown show
Policiticians the world over love to be seen to be 'tough' on the nasty bankers when the media are around.
Behind closed doors they suck up to them like they're giving out money, which of course they do!
"when the media are around???"
The banksters take the media and politicians on lavish vacations, give them repo'd houses and write copy for them. What's the fear?
Tools and fools
All kinds o tools, for all kinds o fools.
All lies, all the time.
It's a good thing he's white and wearing a suit, else he'd be disappeared into some illegal detention center.
Q: Did you, as a chairman of HSBC, suffered some reputational damage?
A: Yes, but private, but, blabla, but. We are the most transparant bank with regard to renumeration. We pay our staff directly into their bankaccount. WE PAY OUR STAFF DIRECTLY INTO THEIR BANK ACCOUNT. WE PAY OUR STAFF DIRECTLY INTO THEIR BANKACCOUNT.
(no you don't, bet you pay your traders and senior staff outside the uk in order to avoid paying uk taxes)
The question really is, "Which intelligence agency was he working for in order to launder drug money into secret government accounts."And how are those billions being used and for what purposes?We certainly don't see the money going into 40 square miles of run down industrial waste land surrouding Detroit.Better cut the hydro and water off from those dirt poor black folk Obama.
"But, but, Jon Corzine did it and he didn't go to jail...."
Corzine is Squid. Squid don't do no time.
This guy should kill himself by being pushed out the 33rd floor window...
The drug cartels will save HSBC's CEO - they owe HSBC a lot for laundering all their cash.
Come on http://www.icij.org/, where are the names of those 100.000's HSBC accounts?
I want to see the names of judges, politicians, bankers...
Here are the Names of the UK Treasury Committee:
- No One From UKIP Listed
Andrew Tyrie MP (Chair), Conservative
Mark Garnier MP, Conservative
Stewart Hosie MP, Scottish National Party
Andrea Leadsom MP, Conservative
Andy Love MP, Labour Co-op
John Mann MP, Labour
Pat McFadden MP, Labour
George Mudie MP, Labour
Alok Sharma MP, Conservative
Jesse Norman MP, Conservative
Teresa Pearce MP, Labour
David Ruffley MP, Conservative
John Thurso MP, Liberal Democrat
I love how they call themselves "Conservative". They're about as conservative as Obama's ghey condom collection.
We Bonused Some Folks.
It wasn't the best course of action, but these employees were fulfilling their organization's Mission Statement & Vision.
Collectively we regret that those employees were encouraged to shade the letters of the law...and we are sorry. S/
At No Time At All was HSBC engaged in RICO Violations no matter how it looks to you now or that we provided Incentives for the employees to break the Law.
- Anyone want a Fall Guy, a Stooge??
- Will the Public in the UK have time to Provide Feedback and Messages to the House of Commons and others??
House of Commons Treasury Committee (often referred to as the 'Treasury Select Committee') is a select committee of the House of Commons in the Parliament of the United Kingdom. The remit of the committee is to examine the expenditure, administration and policy of HM Treasury, with all of its agencies and associated bodies, including HM Revenue and Customs, the Bank of England, the Financial Services Authority, the Royal Mint, and so on.
Like another Brit, Pete Townshend, he was simply doing research on the thing he wanted to battle. By engaging in tax evasion, he was collecting critical data for his next book.
Fucking silverlight, doesn't work on Linux. is this stream payed by tax?
Have to say, my view is that Gulliver should be Travelling to jail. Do not pass go. No accountability breeds more corruption.
If funneling the cartel's money keeps the price of drugs down can HSBC's actions be considered an heroic act in the interest of consumers? s/c
Remember the fat pig Loretta Lardass Lynch was a facilitator for these sewer roaches... that might be a point in her FAVOR when the crooked politician scum vote on her...
"Install Microsoft Silverlight" LOL!
HSBC's big crime is not being in lockstep with the government in the War On Drugs.
Wait till they look at Credit Suisse.
DUKE NUKEM !!!!!!!!!
The Swiss bank scandal already went away when all the crooks pointed to Delaware USA as the primary facilitator of all global tax fraud.......that's where the investigation ended, with Deleware state sovereignty which is far more secure than silly Swiss banks.
Freaking A... I mean...
If I want to keep my money in my pocket... I call it being FRUGAL and the IRS calls it Tax Evasion
but...
If a Rich Guy wants to keep his Billions in his pocket... He calls it OFFSHORING and the IRS calls it a Tax Strategy