Published on Jul 18, 2012 by freespeechtv
A top executive at the banking giant HSBC has resigned in the wake of a report linking the firm to money laundering for Mexican drug cartels. A Senate probe also found loose protections at HSBC?s U.S. unit provided a "gateway for terrorists to gain access to U.S. dollars and the U.S. financial system." On Tuesday, David Bagley, the head of compliance at HSBC, announced his resignation and apologized in testimony before a Senate hearing.
The Justice Department has confirmed it is investigating HSBC for criminal wrongdoing. Also speaking on Tuesday, Michigan Democratic Senator Carl Levin noted that the alleged improprieties at HSBC have been ongoing for years.
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