Reply to: HSBC Money Laundering Scandal

[lilelvis2000]

What else is new and surprising?

The execs of the top companies have been fleecing the shareholders for decades now. Nothing new here.

I suppose one can consol themselves that at least HSBC was dealing in cash and not made up investments called derivatives.

[vetran]

Time to refresh the tree of liberty. SOX is a damp squib until they start locking people up.

I imagine the CIA etc knew about this and preferred the drug dealers were in the tent.

[AtW]

Didn't those happen before SOX

Yes and SOX made it easier to directors put in jail if necessary.

[centurian]

Some execs are doing long time in jail, ie - Enron, WorldCom chaps.

Didn't those happen before SOX

[Sysman]

Drug kingpins deny lowering themselves to do business with ‘bankers’

Then news comes amid reports that the villain in new James Bond movie ‘Skyfall’ is a ‘leading hedge fund manager’, with Bond tasked to understand what exactly it is that he does, and why everyone around him is losing their house.

An insider from the set told us, “It’s definitely Bond’s toughest test yet – he’s thwarted at every turn by morally bankrupt behaviour that on the surface is completely legal.”

“Though I have to say that it’s one of cinema’s most satisfying moments when he smashes the banker’s face into a dirty toilet.”

Classic.

[Sysman]

Fat lot of good that's done.

From the comments I've had from contacts in the US Sarbanes Oxley was a real pain in the neck to implement.

No doubt it allowed the big consultancies to generate some nice fat invoices, so that's alright then.

[kingcook]

Drug kingpins deny lowering themselves to do business with ‘bankers’

We all have to lower ourselves sometimes. As an IT contractor, i've had to deal with agents

[NickFitz]

Drug kingpins deny lowering themselves to do business with ‘bankers’

[AtW]

Fat lot of good that's done.

Some execs are doing long time in jail, ie - Enron, WorldCom chaps.

Plus lots of work to professionals in compliance

[Mich the Tester]

Two words - Sarbanes Oxley

Fat lot of good that's done.

[moggy]

The obvious course of action now is to slap a big fine on the company, so that they have to save money by sacking a bunch of innocents and replacing them with Bobs.

Never hold the directors or managers personally responsible; that would be wrong!

who gets these fines..

[vetran]

not sure why anyone is surprised money has no morals, of course how do you think they became so rich in the first case?

[AtW]

Never hold the directors or managers personally responsible; that would be wrong!

Two words - Sarbanes Oxley

[alreadypacked]

The obvious course of action now is to slap a big fine on the company, so that they have to save money by sacking a bunch of innocents and replacing them with Bobs.

Never hold the directors or managers personally responsible; that would be wrong!

There was a story on one of the Irish sites today, that 2 of the people named in the HSBC reoprt were now heading up one of the crashed Irish banks and the other heading up NAMA.

The story has been taken down now

[Mich the Tester]

The obvious course of action now is to slap a big fine on the company, so that they have to save money by sacking a bunch of innocents and replacing them with Bobs.

Never hold the directors or managers personally responsible; that would be wrong!