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What is money laundering?

Financial Reform: What is the best way to punish HSBC for illegal money laundering operations outside of government and justice processes?

  • Governmental (SEC) and justice processes to punish HSBC for ongoing illegal money laundering operations fell short for the abuses committed.  How can the people influence a punishment fitting the crime, such as a boycott of all businesses in the US that do business with HSBC?

  • Answer:

    The same way the entire world punished Standard chartered, UBS, CITI, Goldman Sachs, AIG etc for the libor scandal, the mortgage crisis .... The average consumer never cares enough to go after the banks because they think 'how does manipulation of interest rate swaps affect me?' . Your senators count on the same bankers for campaign contributions, so they won't act. Calls for more regulation and more federal control will be deemed as un american and creeping socialism. :-)

Nikhil Fotedar at Quora Visit the source

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Wow, do I have news for you! HSBC is no longer in US. In April they sold off what appears to be the last piece of business (insurance services division), so there's nothing that can be done within US to affect their business. However, the worst thing has already taken place: their reputation is tarnished and their brand has been devalued as a result. Investors have taken notice on business consolidation as published in the news, and are steering clear of HSBC since the strategy plan is murky.

Margaret Weiss

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