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HSBC Too Big For Jail?millions of american families rely on the bank hsbc for everything from checking accounts to wanted to hide their money, they went to hsbc . So did terror groups including hamas of a bank known well around the world. Hsbc , the world's local bank. Reporter
millions of american families rely on the bank hsbc for everything from checking accounts to mortgages. But today, the bank agreed to pay a record amount to the united states government,the mexican drug cartels wanted to hide their money, they went to hsbc . So did terror groups including hamas and al qaeda, along with iran and other countries on a u.S. Financial blacklist. All customers of a bank known well around the world. Hsbc , the world's local bank. Reporter: Today, u.S. Authorities said they were finally holding the british-based bank accountable. Hsbc had agreed to pay a record $1.92 billion dollars in fines and forfeitures. The largest forfeiture amount ever. Reporter: But give much less prominence in the announcement was a "deferred prosecution agreement" with hsbc , in effect meaning there will be no prosecution of the bank or its top executives, despite more than a decade of dealing with criminals and terrorists. This is a very just, very real and very powerful result. Reporter: You don't think the bank got off easy? No, and I don't think the bank thinks it got off easy. Reporter: But with $38 billion in profit over just the last two years alone, hsbc says it can easily afford its $1.92 billion fine. This is a signal to other banks that if you do this kind of stuff, you'll get a parking ticket, you'll pay the fine and you'll move on. Reporter: Since this summer when hsbc executives ducked questions from abc news, the bank's lawyers have argued that a successful prosecution of hsbc could have put the bank out of business in the u.S., Costing lots of jobs and disrupting financial markets. And in the end, u.S. Officials apparently agreed that in many ways, hsbc became simply too big to prosecute. The bank said today it is profoundly sorry, but for a small percentage of its yearly profits, hsbc has demonstrated how big banks can get away with crimes that would send others to prison for years and years. Diane? Brian -
HSBC Answers Cartel, Terror Cash Allegationsoperating in america, the british bank, hsbc was under fire for using their bank to known banks. And in its commercials, hsbc boasts of being the bank of choice for Reporter: And internal documents show hsbc executives knew exactly what they were
One of the ten biggest banks operating in america, the british bank, hsbc was under fire for using their bank to enable drug lords, even suspected terrorists. Abc's chief investigative correspondent brian ross tracks down the men at the top. Reporter: It is one of the world's best known banks. And in its commercials, hsbc boasts of being the bank of choice for everyone. Hs, world bank. Reporter: According to today's senate report, among those who haveare bad and you're in illegal activity. Reporter: And internal documents show hsbc executives knew exactly what they were doing. "We are allowing organized criminals to lauder their money" wrote one executive. Today, executives sheepishly admitted there have been cover-ups and accounts were left open for years. Is there any way that should have been allowed to happen at the time? No, senator. Reporter: One hsbc executive admitted he made the decision to move money for a saudi bank. And the cia report says helped finance al qaeda around the time of the 9/11 attacks. Did you believe what you wrote at that time? At that moment, yes. Reporter: As to whether hsbc should lose its u.S. Banking license, its senior executive today did not want to talk. Do you think in this country you're -
World News 12/11: Gunman Opens Fire at Oregon MallMichigan Protesters Storm State Capitol as 'Right to Work' Bill Passes; HSBC Too Big For Jail?
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World News (07.17.12)known thing. And in his commercials when HSBC both from the scene that bank of choice illegal life. And internal documents show HSBC executives knew exactly what they were been allowed to happen at the time. One HSBC executive admitted he made the decision
one of the world's best known thing. And in his commercials when HSBC both from the scene that bank of choice for every once -- schools -- cynical -- According to today's senate report amongrelationships your band and -- in illegal life. And internal documents show HSBC executives knew exactly what they were doing. We are allowing organized criminals to launder their money wrote one executives. Today bank executives sheepishly admitted. There had been cover ups of the relationships and suspect accounts were left open for years as -- anyway that that should have been allowed to happen at the time. -- -- One HSBC executive admitted he made the decision to move money for -- Saudi bank. The CIA report says helped finance al-Qaeda around the time of the 9/11 attacks did you believe what you wrote that -- There -- moments yes. As to whether HSBC should lose its US banking license its senior executive here today did not want to talk questions here -- This country and -
Cyprus Bailout's Impact on U.S., European Marketsand and it might just be business as usual. As crucial latency HSBC . British bank there cutting 5000. Jobs and it's up for eyewitness There's a big one there are some problems and you need to US HSBC but. Really we've seen a lot of cuts in the financial sector
-- and it might just be business as usual. As crucial latency HSBC . British bank there cutting 5000. Jobs and it's up for eyewitness -- -- -- that this is a pretty significant. There's a big one there are some problems and you need to US HSBC but. Really we've seen a lot of cuts in the financial sector -- that has been absolutely no part. Of the employment -
'Getting a Grip' With Monica Selesof Rockefeller Center. And fellow grand some champion Jim I got to play BC hands them out on the streets. And really HSBC bank has done is brought the Wimbledon experienced in New York it's going on all week long. All the events are free you
play BC hands them out on the streets. And really -- -- HSBC bank has done is brought the Wimbledon experienced in New York it's going on all week long. All the events are free you -
Tale of Two Cities' EconomiesThere's the you know on everything here in the news you know it is bad. Linda Parker was the senior account executive at HSBC bank . And killed just two days before we matters. You know the thing that I can't say to my kids as they look. You know
know it is bad. Linda Parker was the senior account executive at HSBC bank . And killed just two days before we matters. You know the thing that I can't say to my kids as they look. -
Dow Surges For Third Straight Dayabout And in that case were look at Barkley is facing huge fines HSBC and other foreign bank is recently. Been kicked around so you previous big scandal. Didn't seem to have much traction mention HSBC had its find their stock has been doing very very well this year
And in that case were look at Barkley is facing huge fines HSBC and other foreign bank is recently. Been kicked around so you know it it happens. But you know why it took sothe previous big -- scandal. Didn't seem to have much traction mention HSBC had its -- find their stock has been doing very very well this year so this sort of a disconnect. Between what -
Overseas Markets Rally on Tentative Debt Dealmight really catch 22 over there. We think have the British bank HSBC . That there are announcing some major job cuts 25000. Jobs problems and losses. That's gonna be going up globally so HSBC is saying we're trying to position. For these changes that
catch 22 over there. We think -- -- have the British bank HSBC . That there are announcing some major job cuts 25000. Jobs and that's despite beating earnings -- estimates so what prompted this. Rightwith potential problems and losses. That's gonna be going up globally so HSBC is saying we're trying to position. For these changes that are going to be kicking in over the next few years IC. -
Global Markets Down Despite U.S. Debt DealPhyllis and what's happening there. yesterday we talked about HSBC cutting 30000 jobs by the end of 2013. It's percentage about have been a number of them lately in addition to Goldman and HSBC cutting jobs. Okay over to Sony what is preparing to do to try
jobs Phyllis and -- what's happening there. -- yesterday we talked about HSBC cutting 30000 jobs by the end of 2013. It's percentage about a fraction of that over -- 3000 jobs are being cut. And it's reflecting here what we've heard from other companies like Goldman Sachs in recent weeks it's especially a slow down on the investment banking side of the business. That's behind Nat so Barclays is the latest bank there have been a number of them lately in addition to Goldman and HSBC cutting jobs. Okay -- over to Sony what is preparing to do to try to overhaul its struggling TV business. Yet top -
Bad News Mix Causes Markets to Dropyou said He you know it started in China I mean stocks are at the lowest levels since April 2009. It's basically driven. By HSBC 's reading on manufacturing data which is under the fifty level growth area official read a manufacturing over the weekend and
are at the lowest levels since April 2009. It's basically driven. By HSBC's reading on manufacturing data which is under the fifty level growth area -- -- official read a manufacturing over the weekend and -
Economic Indicators to Watchsocial media like FaceBook and Twitter these absolutely Nancy keeping and I and I understand HSBC Europe's largest day hitting a bit of a rough patch. HSBC they Begin these guys standard chartered a lot of these British banks get a lot of their income
-- absolutely -- Nancy -- -- keeping and I and I understand HSBC Europe's largest day hitting a bit of a rough patch. HSBC they Begin these guys standard chartered a lot of these British banks get a lot of their income from places like Asia -
American and Chinese Officials' Annual DialogueMicrosoft Yahoo! also a little bit. On search but they are rising albeit slowly from a record lot of people not quite being yet HSBC Europe's biggest bank and a nation under US credit card division in an effort to cut costs Phyllis and there. eight species
slowly from a record lot of people not quite being -- yet HSBC Europe's biggest bank -- -- and a nation under US credit card division in an effort to cut costs Phyllis and there. -
Stock Market Moversmorning good morning a couple of banks with some strong earnings reports That's right you have the and he about a French France HSBC . Out of England. They had strong earnings reports and this is key because sovereign debt worries are really all about Europe
That's right you have the and he -- about a French France HSBC . Out of England. They had strong earnings reports and this is key because sovereign debt worries are really all about Europe European -
Avoiding High ATM Feescustomers you get rebate towards the end of the month but there's no. AT&T there's no surcharge fee no whatsoever additionally HSBC direct they'll give you up to 33 every month. In other cases online banks fee free ATM. Deals as long did you keep a minimum
but there's no. AT&T there's no surcharge fee no -- whatsoever additionally HSBC direct they'll give you up to 33 -- -- every month. In other cases online banks -- -- fee free ATM. Deals -
Monica Seles Serves up Wimbledon in NYCWhere she is kicking off a campaign with HSBC . To bring a taste of Wimbledon to New popping up and there's an as we look at HSBC locate cents. And bringing the flavor sweepstakes everyone can access on www. US dot HSBC . Dot com. Back tennis and a chance to
New York Stock Exchange. Where she is kicking off a campaign with HSBC . To bring a taste of Wimbledon to New York not a get thanks for joining us today thanks for having me on. Should tell -- you -- the stock exchange. While. And I went Jim -- we're popping up and there's an -- as we look at HSBC locate cents. And bringing the flavor at Wimbledon -- York city. With that grass course of strawberries and cream and cons ofofficer running a sweepstakes -- everyone can access on www. US dot HSBC . Dot com. Back -- tennis and -- a chance to go. Go to Wimbledon next it was too -- first class airline -
Wimbledon in the Big Appleof feeling of continuity with the game. To win on the and ten well that's the highest honor and again. Wimbledon sponsor HSBC brought tennis greats like Monica Seles and Jim Courier to New York recently to. tennis balls around with us mere mortal intimidating
-- and ten well that's the highest honor and again. Wimbledon sponsor HSBC brought tennis greats like Monica Seles and Jim Courier to New York recently to. -- tennis balls around with us mere mortal -
Nightline Online: Guerrilla Ads Gone Wrongbecause it got a lot of publicity. Any touch people it turns out the owners thought was great. Renegades clients also include HSBC double click big companies obviously think they need to find new ways to reach their audience. Advertisers really treat the
turns out the -- owners thought was great. Renegades clients also include HSBC double click big companies -- obviously think they need to find new ways to reach their audience. Advertisers really treat the media
