Emin Gün Sirer

Every now and then, something happens to remind me that HSBC is still around. To recap:

1. HSBC laundered money for the Mexican cartel. They were so brazen that the cartel got special bags manufactured to fit through HSBC teller windows.
2. Not a single exec went to jail.

  • 10 months ago
  • 709
  • 1503
  • 1771.8

3. The prosecutor who "pursued" the case joined HSBC after the case was over.

A shameful episode that just illustrates that the fiat world is full of moral hazard.

  • 10 months ago
  • 60
  • 338
  • 192.6

I was an HSBC customer at the time. They rolled into our upstate NY town, completely outspent the competition, treated me like royalty. And I thoroughly enjoyed the slick cards and having a banker on call. We didn't know that it was all blood money.

  • 10 months ago
  • 24
  • 162
  • 84.6

Evidently, the whole thing was being subsidized by the Mexican cartel. *I still feel dirty about being involved inadvertently*. But somehow, not a single exec was punished. If someone used crypto for 1/1000th of that, they'd be in jail now.

  • 10 months ago
  • 34
  • 256
  • 127.5

[email protected]_io got called out for around $9M that supposedly touched their system. The amount that went through HSBC, just on behalf of Iran and not even Russia or the Mexican cartel, was $19.4B. B for billion.

  • 10 months ago
  • 83
  • 352
  • 228.6

This isn't whatabout-ism. It's about total systemic breakdown, stemming from selective enforcement and deep-seated corruption.

  • 10 months ago
  • 45
  • 411
  • 187.8

Add comment

Please Sign in to be able to leave comments.