How The Most Corrupt Bank In The World Got Away With Everything
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Published 2023-07-31
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HSBC wasn't just an unwitting vector. They were proactively implicit in the schemes their clients were accused of. The bank developed several methods to help their clients hide their assets. HSBC actively used strict Swiss secrecy laws to reassure their clients that their assets were safe from the jurisdiction of their local authorities. But this wouldn't be enough for clients with not so legitimate intentions. So the bank came up with a scheme they called "hold mail" accounts. A hold mail account was a service offered to wealthy customers that would function without any correspondence of any kind going between clients and the bank. HSBC was very successful at attracting the highest value clientele from around the world. The list didn't contain just some random millionaires and businessmen. The Swiss bank accommodated the very top of the world's ruling elites. From royalty, through oligarchs to dictators.
Sources (references available in the official transcript)
[0] www.theguardian.com/business/2001/sep/13/3
[1] www.theguardian.com/business/2004/may/31/1
[2] www.telegraph.co.uk/finance/2733877/Ex-HSBC-office…
[3] www.newyorker.com/magazine/2016/05/30/herve-falcia…
[4] www.nytimes.com/2013/08/09/business/global/a-whist…
[5] en.wikipedia.org/wiki/Swiss_Leaks
[6] www.lemonde.fr/en/archives/article/2022/03/14/swis…
[7] web.archive.org/web/20150218004301/http://www.lemo…
[8] www.theguardian.com/business/2010/mar/11/hsbc-inqu…
[9] www.scmp.com/news/world/article/1933624/panama-pap…
[10] indianexpress.com/article/world/world-news/panama-…
[11] www.reuters.com/article/us-panama-tax-banks-idUSKC…
[12] www.theguardian.com/news/2016/apr/07/ex-hsbc-boss-…
[13] www.icij.org/investigations/swiss-leaks/banking-gi…
[14] www.lexpress.fr/economie/georgina-mikhael-manipule…
[15] www.theguardian.com/business/2015/feb/09/hsbc-file…
[16] www.nytimes.com/2008/01/31/us/politics/31donor.htm…
[17] www.securitycouncilreport.org/atf/cf/%7B65BFCF9B-6…
[18] www.spiegel.de/international/europe/corruption-con…
[19] www.nytimes.com/2012/10/28/world/europe/list-of-sw…
[20] www.theguardian.com/world/2012/oct/28/greek-editor…
[21] www.bbc.co.uk/news/world-europe-20116548
[22] www.nytimes.com/2012/10/05/world/europe/greece-for…
[23] www.independent.co.uk/news/world/europe/mysterious…
[24] www.hsgac.senate.gov/imo/media/doc/PSI%20REPORT-HS…
[25] qz.com/35590/hsbcs-record-1-9-billion-money-launde…
[26] www.buzzfeednews.com/article/jasonleopold/fincen-f…
[27] www.ft.com/content/28c5744a-b03f-11e4-92b6-00144fe…
[28] www.icij.org/investigations/fincen-files/hsbc-move…
[29] www.reuters.com/article/hsbc/rpt-insight-u-s-probe…
[30] www.buzzfeednews.com/article/jsvine/fincen-files-e…
[31] www.buzzfeednews.com/article/jasonleopold/fincen-f…
[32] www.icij.org/investigations/fincen-files/mining-sa…
[33] www.buzzfeednews.com/article/anthonycormier/hsbc-m…
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All Comments (21)
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“Steal $20, you’re a thief. Steal $20,000, you’re an embezzler. Steal $20,000,000? Now, you’re a financier!” Want a good laugh? Walk into any HSBC branch and ask how the bank got started.
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"Be rich, and don't get caught" Or get caught and get away with it anyways, is not like the law applies to the rich
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I love how executives "grilled" by governments, just have to say is "we're so sowwy" and then nothing changes.
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"Money doesn't change people, It only magnifies who they really are"
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The more money you steal, the less likely you are to go to prison. Weird how that works.
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Amazing video! Most rich people are fucking with us until they see some feedback when the angry feedback comes they'll say sorry but won't stop doing it or they'll move on some other shit.
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Every bank in the world should offer Hold Mail services to all customers.
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Your content is getting better and better. And it's already effing amazing
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moral of the story, get so rich that you're literally untouchable.
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Dude I just adore your videos thank you for making them possible and publicly available
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All the while they tell us were only poor because we're lazy 😅
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You crushed it once again Bro. Keep it up!
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When you have all the money… you can make anything disappear. Really sad this is a reality
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Its not a swiss bank tho, they only have one branch there. Its main branch is in london and it was originally from hongkong
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The best video of yours that I have watched. This right here is what the masses need to understand. If only people could end their silly squabbles and unite against this cancerous corruption. This shit needs to end. When will people wake up?
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Just wanted to say that while I'm considering moving away from YouTube/videos as a source of information, in any case I am going to be keeping a few channels subbed and keep checking in on them, because they are still producing what I consider specifically important work that makes use of the format. You are on that short list. This video (and it's transcript) are going in my critical references file. And I'm hopping over to Patreon to do what I little can to help. Seriously, thank you.
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HSBC wasn't put out of business b/c they hold so many mortgages shutting them down would destroy national economies. They figured out how to skirt money laundering controls by slightly changing the names/entities of those blocked by international money transfer systems. And just as you said no one was punished and no real substantial fines were paid.
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It’s good to see you are back
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it is so frustrating that the working class currently is not taking any decisive action to dismantle the current broken system favoring the rich
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ah, thats why they say some companies are "too big to fall"
