Hsbc

HSBC Holdings plc is a British multinational banking and financial services company headquartered in London, United Kingdom. It is one of the world's largest banks. It was founded in London in 1991 by the Hongkong and Shanghai Banking Corporation to act as a new group holding company. The origins of the bank lie in Hong Kong and Shanghai, where branches were first opened in 1865. The HSBC name is derived from the initials of the Hongkong and Shanghai Banking Corporation. As such, the company refers to both the United Kingdom and Hong Kong as its "home markets".
Posts about Hsbc
  • Service Members Civil Relief Act (SCRA)

    … importantly, the ability to vacate a default judgment if one was entered against a service member while he or she is on active duty military orders. Recently, the U.S. Department of Justice took action against a company that violated the SCRA. The Justice Department announced that it had reached a $434,500 settlement with HSBC Finance Corp. over…

    Ron Sykstus/ Bond and Botes- 24 readers -
  • Home Affordable Modification Program: Assistance for Homeowners

    … a client can afford as a result of reduced income due to layoffs or loss of job altogether. What options are available? One option is the HAMP program. What is HAMP? HAMP stands for Home Affordable Modification Program. This program was started to help borrowers and investors. It is a component of making homes affordable initiative. The uniform…

    Gail Donaldson/ Bond and Botes- 35 readers -
  • Law Firm Responsible for Ponzi Scheme Losses

    …, Stanford built up a financial empire by selling certificates of deposit through a group of companies and banks led by the Stanford Financial Group. In its heyday, Stanford purportedly had $50 billion in his investment funds and served over 30,000 clients in 140 countries. Unfortunately for his investors, his financial empire was really a Ponzi scheme…

    Due Diligence- 20 readers -
  • The Panama Papers – Looking for Whistleblowers

    … tax havens where they do business is Monaco. Representatives from all these countries will howl and claim they are OECD compliant and not tax havens. In fact, Mossack Fonseca is already saying the same thing to the press! We don’t believe it. So how does all this work for would be whistleblowers? Glad you asked. According to the ICIJ, the ten top…

    Due Diligence- 36 readers -
  • Small Banks and Punitive Damage Awards

    … punitive damage award of almost $17 million. The case deserves some discussion. The findings of the court should resonate with anyone who has been victimized by a bank, big or small. Punitive damage awards are not the norm. They can be imposed, however, when a jury believes they are necessary to deter future bad conduct. The U.S. Supreme Court said…

    Due Diligence- 36 readers -
  • Swiss Convict Tax Whistleblower in Absentia

    … remaining in France, a federal court in Switzerland convicted him late last year of industrial espionage. His crime? Being a tax whistleblower. Falciani once worked at HSBC Private Bank in Geneva. As an IT expert, he had wide access to HSBC’s customer accounts. In 2008, he took over 100,000 accounts and gave the information to the French…

    Due Diligence- 17 readers -
  • Putin, Money Laundering and Whistleblower Awards

    … Paribas, HSBC) have been sanctioned for doing a poor job on enforcing money laundering regulations and OFAC regulations. Short for Office of Foreign Asset Control, OFAC enforces trade sanctions. Unfortunately, we suspect that this is the norm and not an exception. The title of this post is “Putin, Money Laundering and Whistleblower Awards…

    Due Diligence- 10 readers -
  • Are Banks Liable to the Victims of Ponzi Schemes?

    … JPMorgan Chase, HSBC, TD Bank and M&T Bank. They claim the banks should be held liable for their losses. According to the lawsuit, between 2004 and 2009, Barry bounced over 1000 checks. They say that and large repetitive transactions should have served as a red flag. Had the banks done their due diligence, the scheme would have been uncovered. We…

    Due Diligence- 24 readers -
  • Big Banks Sued for FOREX Manipulation – AGAIN

    … action status was filed in San Francisco claiming the banks are back to their old tricks. Actually, the suit says they never stopped. John Nytl filed a lawsuit on behalf of himself and other investors claiming the banks “rigged” foreign exchange rates. The banks named in his lawsuit include Bank of America, HSBC, JPMorgan Chase, Citigroup, UBS…

    Due Diligence- 41 readers -
  • Would You Give Your Money To A Convicted Felon?

    … to the Federal Reserve. HSBC and Standard Chartered Bank are also implicated in the mess. The charges involve a conspiracy to manipulate foreign exchange rates. The feds were already investigating a similar conspiracy to rig the so-called LIBOR rate, a common benchmark that affects interest rates worldwide. Whether civil or criminal, banks have…

    Due Diligence- 11 readers -
  • Mahany Speaks With IRS About New FBAR Initiatives

    … issued John Doe summonses against Bank of New York (Mellon), Citibank, JPMorgan Chase, HSBC and Bank of America seeking information about Bank of Butterfield (Bermuda). The IRS was fishing for Americans with unreported accounts in the Bahamas, Barbados, Cayman Islands, Switzerland, Guernsey, Hong Kong and the United Kingdom. They also issued subpoenas…

    Due Diligence- 14 readers -
  • Big Pharma and Corporate Arrogance – Baxter International

    … the whistleblower from UBS who turned a criminal conviction into a $104 million payment from the government. Unfortunately, behind many successful whistleblower cases are innocent victims of fraud. Worse, many times the corporations and people responsible for these tragedies never apologize for their misconduct and crimes. We thought HSBC and Bank of America…

    Due Diligence- 21 readers -
  • The Rise of “Nonbanks” – Whistleblower Post

    … We have not been kind to the “too big to fail” banks and large mortgage companies in this blog. Companies like Allied Home Mortgage, HSBC and Bank of America are frequent targets of our anger and frustration. Yet when one of our whistleblower clients helped tag Bank of America for $16.65 billion last year, the bank was able to write the check…

    Due Diligence- 13 readers -
  • Russian Mob, Big Banks and Whistleblowers

    … At first blush, it’s hard to imagine what whistleblowers, big banks and the Russian mob could have in common. A bank in the tiny country of Andorra, a country that measures just 180 square miles, holds the answer to that question. The U.S. Justice Department announced that Citibank, Bank of America and the U.S. subsidiaries of HSBC…

    Due Diligence- 15 readers -
  • When It Rains, It Pours… HSBC Drowning in Troubles

    … For over a year, Bank of America seemed to make headline news every day. Unfortunately, none of those headlines were good. Now top honors goes to HSBC. This time it is Argentina claiming that the British banking giant helped clients evade taxes. According to published reports, the Argentine tax authority, Afip, has raided HSBC. Argentinian…

    Due Diligence- 19 readers -
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