Search Results for: hsbc

How Dare DOJ Insult HSBC’s Crooks as Less “Professional” than Liberty Reserve’s Crooks?

By William K. Black Standard Chartered and HSBC’s leaders must be doubly humiliated by the description by Mythili Raman, the acting head of the U.S. Department of Justice’s (DOJ) Criminal Division, of Liberty Reserve’s money laundering operation.  UK laws are, … Continue reading

Did Obama and Cameron require HSBC to aid the prosecution of Tax Frauds?

By William K. Black (Cross posted at Benzinga.com) I have explained in prior columns that HSBC is not only a criminal enterprise, but also a recidivist of epic proportions.  The U.S. and the U.K. have refused to prosecute not only … Continue reading

Why did Obama and Cameron save a Criminal Enterprise like HSBC?

By William K. Black Why is HSBC still in operation?  On the same day (December 10, 2012) that the Obama administration leaked the story of the HSBC settlement a story ran in the New York Times that was full of … Continue reading

TRUSTEE BANKS SUED FOR $250 BILLION

By L. Randall Wray Here’s another story in the continuing saga of Bankster fraud. As I’ve argued since 2008, it is likely that all—or nearly all–of the residential mortgage backed securities (RMBSs) are fraudulent. The Banksters engaged in fraud at … Continue reading

Kenneth Rogoff is an Even Worse Criminologist than Economist

By William K. Black Kenneth Rogoff, the creator of the fictional 90% budget deficit cliff, is back spreading new myths.  He has now ventured into white-collar criminology, without the benefit of any study of criminology.  The results are yet another … Continue reading

Why Does Refusing to Put Fraudulent Banks into Receivership Help the Economy?

By William K. Black Conservative economists love “creative destruction.” They can’t wait to “get their Schumpeter on” when a business fails and thousands of workers lose their jobs. There is no more “creative destruction” conceivable than when we put a … Continue reading

The Most Dishonest Number in the World: LIBOR

By William K. Black The FDIC has sued 16 of the largest banks in the world plus the British Bankers Association (BBA) alleging that they engaged in fraud and collusion to manipulate the London Inter-bank Offered Rate (LIBOR).  BBA called … Continue reading

Essays in Monetary Theory and Policy: On the Nature of Money (10)

By Brian Hartley* Modern banks are professional arbiters of financial IOUs secondary to that of the state or issuing authority. Central bank liabilities – reserves – form the most liquid and foundational instrument in the hierarchy of money, with intermediate … Continue reading

Assad Reveals He’s a Bank CEO: Obama Ends Threats, Bails Out Syria & Grants Immunity

By William K. Black I do not think the twin epidemics of mortgage loan origination fraud (appraisal and “liar’s” loans) and the various epidemics of post-origination fraud by financial institutions are comparable crimes to the use of chemical weapons.  The … Continue reading

Mueller: I Crippled FBI Effort v. White-Collar Crime, My Successor Will Make it Worse

By William K. Black (Cross posted at Benzinga.com) FBI Director Robert Mueller is taking his victory lap as he steps down after 12 years of service.  I have done three articles in a series that explains how the Mortgage Bankers … Continue reading