In The Media
Dirty Money is a thrilling investigative series from Oscar Award-winning director Alex Gibney, which provides an up-close and personal view into untold stories of scandal and corruption in the world of business. Using first-hand accounts from perpetrators and their victims, combined with rarely-seen video footage, this addictive series keeps viewers on the edge of their seats.
CARTEL BANK (Directed by Kristi Jacobson) – For decades, HSBC, one of the world’s largest banks, laundered hundreds of millions of dollars for Mexican drug cartels. Senator Elizabeth Warren, dogged journalists and prosecutors try to hold the bankers to account. But will they be judged “too big to jail?”
Gangster Bankers: Too Big to Jail
How HSBC hooked up with drug traffickers and terrorists. And got away with it
By Matt Taibbi, February 14, 2013
“Soon enough, though, out of boredom and also maybe a little bit of patriotism, [Everett] Stern started to sift through some of the backlogged alerts and tried to make sense of them. Almost immediately, he found a series of deeply concerning transactions. There was an exchange company wiring large sums of money to untraceable destinations in the Middle East. A Saudi fruit company was sending millions, Stern found with a simple Internet search, to a high-ranking figure in the Yemeni wing of the Muslim Brotherhood. Stern even learned that HSBC was allowing millions of dollars to be moved from the Karaiba chain of supermarkets in Africa to a firm called Tajco, run by the Tajideen brothers, who had been singled out by the Treasury Department as major financiers of Hezbollah.”
Every time Stern brought one of these discoveries to his bosses, they rolled their eyes at him, if not worse…” [Read more]
crackdown riddled with lapses
Special Report: HSBC’s money-laundering crackdown riddled with lapses
By Carrick Mollenkamp, Brett Wolf. July 13, 2012
At one point, [Everett] Stern said, he decided to take action on transactions linked to Palestine that he and some of his colleagues had noticed.
Stern sent an email to two superiors with the subject line, “Compliance error.” In the email, Stern wrote: “I believe investigators in the department are unknowingly making a major compliance error. Over the last couple of months investigators have approached me about cases in the Middle East, especially in Palestine.… It appears that most investigators do not understand that the government of Palestine is the terrorist organization Hamas.” [Read more]