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Wednesday, July 6th 2011, 4:00 AM — A Brooklyn judge has ordered the head of HSBC to appear in court and explain why it should not be penalized for submitting false documents in a foreclosure case.
WASHINGTON (Reuters) – An HSBC India client living in Wisconsin was indicted on Tuesday for hiding more than $8.7 million in offshore accounts and filing false U.S. income tax returns, the Justice Department said.
HSBC said it aimed to slash up to $3.5 billion in costs and cut back in retail banking, to lift its return on equity. As part of this it is deciding whether to keep its U.S. card business, where its customer base is not linked to the rest of the group. HSBC’s credit card business may prove to be another liability instead.
Passage of increased regulation and scrutiny of United States banks resulted in apparent moves away from free checking on the part of Bank of America, Wells Fargo, and HSBC, according to recent reports. The move by Bank of America, Wells Fargo, and HSBC does not come as a big surprise. Any excuse is a good excuse in the minds of some.
Do you think violence and drug wars will spread to U.S. soil? A recent television report showed how Colombian cartels now sell their drugs to Mexican drug runners, thus the Mexican drug trade has more product to push. Not all drug runners are unsuspecting truck drivers, or people driving across the border. For instance a DC-9 jet carrying 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million, was purchased with funds laundered through Wachovia Corp. and Bank of America Corp.