Banksters: The Untouchable Bank (Global Finance Scandal Documentary) | Real Stories

Millions of foreign records shed light on how dark money flows through the

global

financial system. These types of extraterritorial entities have been used to engage with terrorist organizations over the past decade. The largest international

bank

s have been involved in multiple

scandal

s. One name embodies the excesses of this Renegade Finance HSBC no matter where you live, no matter what type of business you are in, if you want to get into the offshore system HSBC is likely to be your

bank

from Geneva to Hong Kong, from New York to Paris , this financial empire has created a unique network. to move dirty money around the world SBC is considered one of the best money laundering institutions in the world from tax evasion to money laundering for the mafia and currency manipulation HSBC has a variety of illicit activities in its hands The affiliates of the drug cartels were literally walking into bank branches with hundreds of thousands, sometimes millions of dollars in US cash, today we are here to announce the filing of criminal charges against HSBC bank.

This bank had done everything bad that a bank can do. often persecuted never convicted. thousands of dollars do you have to wander around drug lords before someone says we are going to close them HSBC enjoys incredible impunity and continues to make more profits normally this bank would have been closed they would have lost their license to operate from London HSBC The bankers they have left governments powerless I am responsible for cleaning it up do the banks still get away with it so to speak? they do it is capitalism and the big banks have a lot of influence.

Ashesbian Developer Scandal um Foreign HSBC means Hong Kong and Shanghai Banking Corporation in Hong Kong, it is simply called the bank it is. This is where HSBC was born and where it makes most of its profits. Hong Kong is the new El Dorado of

global

finance

. Every year this city becomes richer with hundreds of billions of euros accumulated by new Chinese fortunes. Hong Kong is probably the only city in the world. Who understands China better than anyone else? He wants to trade in China. He has never set foot in China. It is not an easy place to understand, but we, because we are so close and culturally so close, we understand what China is. wants or what the Chinese businessman or the Chinese people want, we are intermediaries specialized in dealing with China.

I'll like you at the same time. I think most people in China don't understand how the Western world works and therefore if I'm rich Chinese people who want to invest in the world are probably the first thing I do is call my friends in Hong Kong and tell them with who should speak Hong Kong symbolizes the great shift of wealth from the West to Asia and HSBC benefits from its unique position. the more Chinese western banks or the more European Chinese banks foreigners in China when they come to Hong Kong they immediately feel comfortable or familiar with HSBC what you often see is that those Chinese tourists arrive at their bank branch with a basket where you have a photo of cash, okay, those are the early days, it's not a secret, but it happened when you saw the changes that went from being a communist-driven country to now being a semi-capitalist, more capitalist than most countries in the world, the success of China being there is like living in a living history book and HSBC is part of that.

I have been at HSBC for so many years. I can honestly say that HSBC has made most of the tycoons in Hong Kong that you see today, the billionaires in Hong Kong, most of them. left HSBC Hong Kong is the Switzerland of Asia for the new Chinese billionaires serves as a center to invest their fortunes in the rest of the world offers a wide range of top-of-the-line financial services this place is likely to attract a lot of dirty money, this is a jurisdiction highly secretive, but it is also a huge financial entrepreneur, obviously with such a large Chinese market, etc., it is a very large offshore financial center, whose combination of scale of operation and scale of secrecy makes it one of the largest in the world .

The biggest and, in our opinion, one of the biggest threats to global financial markets. It's very easy, sitting in Hong Kong, to contact your counterparts in the British Virgin Islands in Tortola and say, can you set up a company for us? They can do it instantly. They will have it. In 24 hours in April 2016, a handful of investigative journalists uncovered a trove of 11 million confidential documents revealing the operations of a law firm specializing in tax evasion. This became the Panama Paper

scandal

. From this black box of money laundering emerge two key players Hong Kong and At HSBC bank we knew that it was an important bank that was used by individuals and companies who wanted to benefit from the secrecy provided by the offshore system, so one of my colleagues or I We searched the Panama Papers database for the term HSBC and saw thousands. of results thousands of emails thousands of Excel documents thousands of Word documents that somehow discussed hobc's role in this offshore system Hong Kong has traditionally turned a blind eye to where newspaper money in Hong Kong might come from the impact has been less than almost anywhere else, even though the largest volume of offshore companies were created by people from Hong Kong and in the middle of this type of offshore bank or treasury is one of the largest banks in the world , which was the only reason it was established to do exactly this kind of thing Hong Kong is a safe haven for HSBC a safe haven with two faces: one is represented by dozens of branches that

finance

people and companies, the other is invisible and creates shell companies to launder money from crime, corruption and tax evasion.

It is interesting that the HSBC bank that you and I know and walk past every day on the way to work or school seems to be a world away from the kind of HSBC whose activities and whose clients emerge in the Panama Papers. We certainly saw an incredible number of businessmen and women resident in China and, of course, many family members associated with leading figures in the Communist Party who appeared in Panamanian newspapers and who often used Hong Kong as a conduit to the offshore world. They are not the type of person. of customers arriving on a bright Tuesday morning to write a check or make a deposit abroad.

I just shake my head at much of what I see. Hong Kong does not have currency controls on its border. Do you know if you can get the money? Outside of China you can fill up an 18-wheeler and carry the cash. No one will ask you to declare that this floating agent works within the money laundering networks of the drug cartels. Bill Mosher now works for the Chinese government. He tracks the flow. of illegal money leaving the country the two largest acts of money laundering that I know of in Hong Kong in the last eight nine years led to the conviction of a 65-year-old illiterate woman who laundered around $1 billion in cash. a huge amount for a little illiterate old lady to come around all the time leaving 30 million dollars in physical cash and soon after that the next notable person to bring in 13 billion dollars in physical cash was a high school dropout who used to cross a truck to cross the border from Guangdong every day with around 50 million, how is it possible that so much money enters a system and that no one but the straw man, the two dumbest ones, go to jail?

Sure, 40 years ago maybe Hong Kong was the wild west, but we've come a long way and I don't think it's fair to say that Hong Kong is a tax haven country, no matter where the money comes from. I have no idea how much money comes out of China. Not tracking where money comes from in Hong Kong, whether it's China, whether it's India, whether it's Singapore, whether it's Japan, that has always been the case and will continue to be that way. Laura Shaw is the face of Asia's Manhattan, she also embodies the darkness of this financial center close to the Chinese leaders with whom she once worked as a stock market control agent.

She now advises the Hong Kong government while serving on the board of directors of HSBC. What was the impact of the Panama Papers in Hong Kong? an article a headline for a few days I don't think anyone was talking more about Panama's role today are days of morality it is quite immoral to have tax evasion there is no problem for Hong Kong companies to establish companies in the BVI or the Cayman Islands or the Bermuda and some of these are listed on our market and there is no problem with that, there is no problem, yes, in Hong Kong, HSBC is

untouchable

, the favorite bank of the Chinese is protected by the highest authorities, it has always been one of the pillars of local power.

HSBC is It is a very important part of the structure of Hong Kong and you know a lot of people have an HSBC account, people don't think twice about it, it

real

ly is a very important part of life, maybe that is the success of HSBC . The history of HSBC is deeply linked. In the history of Hong Kong, the bank and the former Colony were born at the same time more than 150 years ago, when the British crown dreamed of conquering the Chinese market closed to Westerners, the first settlers chose the fishing port of Hong Kong as a base for their commercial offensive it was a place known for piracy known for disease known for prostitution and it was a place where you had to be careful when investing in the United Kingdom or England there was a song that people sang in pubs it was called you go a Hong Kong for me, I don't want to go there, so you go for me, the British began to trade in opium destined for the Chinese market, given the success of the drug, the emperor burns the traffickers' shipment that London sends. military fleet and triggers the Opium War the Chinese capitulate and the British took possession of Hong Kong for 99 years the British controlled large parts of India where opium was grown and basically the British

real

ized that opium was something that the people wanted it and they realized they had a lot of opium to offer, so before opium really took off the balance of trade was in favor of the Chinese, once opium becomes such a big commodity the balance of trade actually heading towards the British side, the opium trade has its golden point. age and the settlers need a bank, they create HSBC, the banking corporation of Hong Kong and Shanghai, the city's most notorious dealers, mostly Scots, are part of the first board of directors.

I would say that HSBC was not necessarily created by opium traders, but rather by HSBC opium traders who are involved in opium, but much of its culture is derived from those Scottish origins, so what people really mean is a polite way of saying they tend to be thrifty and take care of their money and also hardworking and conscientious, the sort of classic Scottish qualities, they really were practical men, they weren't intellectuals, in fact it was a bit like a regiment, had its own code, its own culture, looked at the outside world often with some suspicion in Hong Kong HSBC takes power prints the local currency finances the construction of the city and serves His Majesty's interests in the Far East There were three or four great powers in that very small place and one, of course, was the governor appointed by the British government and one was the president of the Jockey Club, which was responsible for horse racing, but a third great power always He was the president of HSBC.

HSBC was there at the top, yes, Hong Kong is still the biggest. source of profits and profitability for HSBC if Hong Kong does well HSBC does well if HSBC does well HSBC Hong Kong does well HSBC has never changed its DNA before the pirate bank continues to operate on the dark side In finance, the only difference is that it no longer only operates in Hong Kong, the bank has become a global empire. HSBC was on the verge of closing the bank's fate in the United States in 2012. Four years after the outbreak of the financial crisis, today we are here to announce the filing of criminal charges against HSBC Bank for its sustained and systemic failure to protect against the corruption of our financial system by drug traffickers and other criminals and for evading the US sanctions law.

US Justice Minister accuses HSBC of laundering money from Mexican and Colombian cartels that controlled the It was said that nearly one billion euros of cocaine trafficking had passed through its Mexican subsidiary before being recycled into the economy US. Drug cartel affiliates would literally walk into Bank branches with hundreds of thousands, sometimes millions of dollars, of U.S. cash in Mexico and swipe them. the teller window sometimes in boxes that were specially designed to pass through the teller window and the hspc employees took them, deposited them and gave the person a receipt and never reported the conduct and neverthey stopped her and that didn't happen once it happened.

It didn't happen twice, it happened systematically over the course of about a decade, there was one occasion where an individual walked into the bank with maybe three or four million dollars and the bank employees spent a full day counting them, so it's just a few few million, imagine that multiplied by several. a hundred times and that is what 881 million represents. The investigation is overwhelming. Not only did the Bank's employees work hand in hand with criminal organizations responsible for thousands of murders, but its managers ignored all the warning signs that the bank had been warned about repeatedly and consistently by US authorities and by Mexican authorities were also told they had recordings of drug traffickers saying that HSBC was the place to launder money well London knew everything and they just didn't care the accusations are serious the bank is at risk of losing its license in the United States The case could precipitate the fall of a company that employs 300,000 people on five continents and manages a sum of three billion dollars.

If HSBC were a country, it would be the fifth largest economic power in the world. The bank's leaders travel to Washington to be auditioned by the Senate. Please stand up raise your right hand HSBC must be rescued you swear that the testimony you are about to give will be the truth the whole truth and nothing but the truth so I God help us do it I recognize that there have been some major areas of failure that I have said before and I will repeat it despite the best efforts and intentions of many dedicated professionals, HSBC has not met our own expectations and the expectations of our regulators, so who appear before these audiences and are very contrite and try to deflect responsibility and then send us more questions and are more restrictive, deflect more responsibility than other things and talk to the media for a minute and then it all happens and then it gets to an agreement o Not so, the group has always had a central element in its compliance policy: focusing on both the letter and the spirit of the laws and regulations, not only on what is permissible but on what is prudent and responsible.

Most of the executives who have been called before the Senate investigative committees have effectively dodged all the questions quite significantly, so from that perspective, in all eras, we see that the executives are almost reading the same script directed by the same director as a senior executive. American bank executives, thank you for your time. I welcome you. this opportunity to answer any questions we will recess now until two o'clock we thank our Witnesses and you are discharged the Obama administration is divided the Justice Department wants to set an example while the Treasury Department advocates for an amicable agreement HSBC involves The rising star of British politics, Chancellor of the Exchequer, George Osborne, writes a letter to his counterpart Timothy Geithner and the Chairman of the Federal Reserve, Ben Bernanke, in which he defends the cause of HSBC.

Dear Ben, questions about HSBC's continued ability to liquidate the US dollar risk destabilizing the bank globally with serious implications for financial and economic stability, particularly in Europe and Asia. He copied this letter to Treasury Secretary Geithner, with whom I have also discussed this issue. Best wishes, George Osborne. The Chancellor of the Exchequer, George Osborne, put enormous political pressure on the US. The George Osborne government saw this as a key part of protecting the City of London. Normally, this bank would have been closed, they would have lost their license to operate in the United States. Remember in 2012 they just came out of the 2009 crisis.

There's a lot of concern about not restarting that and it's George Osborne saying, listen, this is a very powerful global bank and if you get indicted it's going to put the financial system under pressure, that kind of thing. power says something about the power that banks have in the foreign international system two months later the United States government gives in to pressure from George Osborne and the business community HSBC escapes trial its leaders are saved and the top officials of the Department of Justice they keep a discreet look our goal here is not to bring down HSBC it's not to cause a systemic effect on the economy it's not to make people lose thousands of jobs it's to I wouldn't say it's too big to prosecute I'm not going to say that the line crime I do not think anyone will be charged the bank finally receives a fine of 2 billion euros, the equivalent of a month's profits for an average person who listens to the number the fine is extraordinary for the global bank that is earning a huge amount of money the fine is a kind of parking fine at the end of the day, the fine is not paid by the officers and directors of the company, the fine is paid by the shareholders, so in effect it is a fine of Parking given to the wrong people.

Did I feel cheated into paying the huge fines I didn't? I felt angry at the regulators, I think so, because the amount was obscene, come on Alan, this is not the regulator being tough, it's the banker doing things that are abominable, ah, listen, uh, when you're negotiating in Mexico to discuss, yes, there is a lot. of drug money and uh, it was just part of the banking, you know, and the money just got transferred around the world, you know. I think everyone realizes that maybe they were naive. HSBC saved its skin, the bank gives rise to a new privilege, namely that of being too big to go to jail, that is, above the law, but the refusal to send bankers to jail causes public anger, Treasury Department officials are attacked, thank you, Mr.

President, and thank you three for being here today. Do you know how many billions of dollars you have to launder for drug traffickers and how many economic sanctions you have to violate before anyone would consider shutting down a financial institution like this? Mr. Cohen. Can we start with you? For our part, we imposed on HSBC the largest sanctions we have ever imposed on any financial institution. Let me ask how many billions of dollars have to be laundered for drug traffickers before someone says we're going to shut it down. Senator, the actions and I'm sure the regulators can do it. address this issue the actions that we took in the HSBC case we thought were appropriate in that case uh Governor Pelham maybe you can help me here sure we do not do criminal investigations and in the HSBC case we gave essentially the maximum legal monetary sanctions and we gave him, he We gave very strict, experienced assistance orders, and we did what we had the legal authority to do and I'll just say here, you know, if jail time for cocaine happens repeatedly, you can go to jail for the rest of your life, but obviously If you launder almost a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your own bed at night, every individual associated with this, I just think that's fundamentally You could say that it is wrong, well, the banks are benefiting much less than the criminals who are individuals and my response to that would be good, of course, because the criminals cannot bring down the system and HSBC cannot.

HSBC bought its impunity by being big. and thus, by virtue of being great, the bankers, the gangsters, can effectively continue to operate with impunity. The bankers made the world's leading economic power withdraw, all in the name of so-called international financial stability. You have to ask yourself if these people are not prosecuted, who the hell are they going to prosecute who has jurisdiction over an institution that operates in a hundred countries that has the responsibility of assuming that type of criminal enterprise HSBC is already More Than A Bank has grown in magnitude and Now just as powerful as some claim, this is the culmination of a strategy launched 20 years ago and beginning in 1997.

Britain officially hands Hong Kong over to the People's Republic of China, marking the end of the British Empire in the Far East. After a century and a half of domination, history and the years of success that will surely follow, the bank has to choose to move with the crown or stay and be in the clutches of China. Their main concern was that after 1997 the Chinese authorities might insist that the management of HSBC be more Chinese in character, that the senior managers be Chinese and for that generation of Britons who ran HSBC, that was really unacceptable at the time. , many people in Hong Kong felt that their Hong Kong was being abandoned. a little betrayed, they felt like someone was turning their back on them, a lot of people thought, well, this is the end of the bank.

HSBC decides to have it both ways, moving its headquarters to London but keeping the heart of its business in Hong Kong. China just opened. its borders and promises to be a fabulous market the priority is to flatter Beijing's new masters they describe their mandate as creating the best Bank building in the world the building was a statement of trust it was about stability it was about permanence it was a gesture of confidence in a future beyond the transition from a colony to part of China, it was also a statement about ambition. HSBC at that time was a local bank and has become one of the full-fledged global players. to later become a pioneer of globalization HSBC aims to spread its Chinese DNA in the early 2000s it is the first foreign bank to be established in China Chairman Stephen Green serves as ambassador of capitalism to Communist Party leaders, says People in London not so good about China, they spent their time or 20 of their time, if not more, in Hong Kong.

He traveled to China constantly as the Chinese economy emerges as the engine of global growth. HSBC executives strategize their position initially, we were actually advisors. to today's capital of the Bank of China Shanghai, so during the process the president of the Bank of Shanghai asked me what's wrong with his own back. We love that HSB is part of our investor groups so I will report it to Stigma Gray and actually Stephen went quite well Steven took a flight went to Shanghai along with me at dinner with the president of Shanghai Bank after the Dinner came out to say I like this bank and I also trusted that in the video we will make the investment and of course the reward.

It was also good. HSBC triples its investment and pockets nearly 300 million euros. The bank extends its honeymoon with Beijing, exploiting its own history under Mao's dictatorship. It was the only bank that maintained a presence in China when the giant woke up. HSBC was already there. firmly in place, it was a great message that HSBC was able to give to say that we were always there, we never, never left and it has always strived to compare itself with the American banks and you need to blow up these American banks, they come and go, already You know. We Brits stay and stay, you know, it's because of Chinese philosophy, isn't it?

Once again, history will accelerate the fate of HSBC in September 2007, the financial crisis hits the streets of London for its customers. Panic grips Northern Rock customers and threatens to spread to other banks British government proposes lending them money as emergency response HSBC rejects meeting and rejects any public aid being bailed out by government receiving capital from government means government has influence over you and HSBC wanted to be able to say uh, you don't have this influence over us, we are independent, we are fine, we can recapitalize and if you try to force us, as one interlocutor told me, if you try to force us to take your money, we will accept it. go to court and sue, you might well ask, isn't this really arrogant?

It's arrogant, but it's also the bank's ability to signal to a government that we're a global bank, you're a single government, and therefore think about the relative consequences. power among us The HSBC bankers prefer to turn to their business friends in Hong Kong who made their fortune thanks to trade with China the bank offers to sell them 18 billion euros in shares that we knew when the bank was facing some problems we have to help and and and and you know, the share price was very very low at that time and for most businessmen the best thing was why not take a part of the rights issue and the people who did that did very very well did you make a lot money?

I made a lot of money on that deal. I think uh um yes uh normally we don't give figures, but it was a good profit since that transaction, the price of each share has tripled as always HSBC enriched its shareholders but history will remember that for the first time Chinese money rescued a British bank From now on it is Beijing that maintains the Reigns as the champion of foreign globalization. The whole idea of ​​HSBC was to link businesses around the world and, therefore, without companies like HSBC, globalization would not have been possible. You really need that framework, that financial architecture to drive a global economy.

Think in very practical terms: you knowa company in China that wants to trade with a company in America HSBC is very well positioned because they have larger operations in both markets they can follow all that trade driven by their Chinese business HSBC is taking advantage of the crisis while its competitors suffer losses is crowned in Westminster its President Stephen Green enters the House of Lords Stephen Lord queens his spit point to swear by God almighty that I will be faithful and upon true loyalty to her majesty Queen Elizabeth her heirs and successors according to the law so help me God the banker who is also a deacon, preaches the good word of Sunday in the church where he criticizes the influence of money.

Lord Green was a respectable member of society, as well as being a moral banker, if you will, so he was the acceptable face of banking at a time when most bankers were not acceptable immediately after Stephen Green will join the government as Minister of State for Trade and Investment. Prime Minister David Cameron adopts HSBC's strategy. He also dreams of becoming a hero of globalization to celebrate it as a destiny. I think with the change we are seeing in the world. The economy had quite slow growth in Europe, but incredibly rapid growth in India, in China, in Brazil, in Turkey, it was probably a dream come true for him and, of course, it was a time when the Cameron government and George Osborne, the then Chancellor, were very keen to build.

Britain's links with Asia and with China in particular the promotion of Stephen Green is the work of the pro-China lobby led by chancellor George Osborne, you know, who saved HSBC from the US justice system an informal pact unites the two actors Stephen Green opens the doors of the Chinese market to British companies and in return George Osborne undertakes to defend the interests of the bank and its former president around the world. George Osborne's fascination with China is quite simple, it's almost the same as mine. He realizes how important 1.3 billion Chinese are to the future of the world economy and he wanted to put the UK right in the middle of that relationship and the Chinese appreciated that hand of friendship in a really dramatic way and it helped cement this, which What we now call this golden relationship, obviously HSBC takes its story directly from China.

So they believe that China nothing seems to be able to derail the banking giant protected by London blessed by Beijing HSBC serves as an intermediary for the two capitals that would dare to attack it in Paris a senior official from the Ministry of Finance awaits his opportunity to go on the offensive he has achieved the hsbc's best kept secret the list of 100,000 clients who have accounts in Switzerland these documents were given to it by a former bank computer scientist reveal in detail the clandestine circuits that make it possible to clean dirty money there is talk of 180 billion euros more that the budget of the external European Union is under this name that the world media reveals the scandal and publishes the names of fraudsters, mafia heads of state, dictators or ordinary citizens to all its clients HSBC offers anonymous numbered accounts and provides turnkey shell companies to evade laws.

The only condition is that the ERS deposits at least 1 million euros. of the world responsible for attracting clients and repatriating funds to Switzerland abroad is organized methodically clandestine operations are the subject of internal reports filed in the safe deposit boxes of the Swiss bank this client prohibits us from contacting him in Belgium it is always he who calls us he is under control the name of a footballer zidan or kreif for example who wants to know the price of caviar that is to say the total amount of his assets in Europe the federal advances abroad after the case of drug money laundering in the United States the revelations about evasion VIP prosecutor More undesirable than ever HSBC becomes public enemy number one Even the Swiss feel obliged to intervene A raid is organized in front of the cameras Foreigners are pushed The judiciary closed the investigation three months later in exchange for their commitment to purge unwanted clients HSBC is fined 40 million euros after the fine imposed by The Americans the Swiss settled for some foreign currencies there will be no lawsuit against HSBC or against the bankers before the courts in France and Belgium for example The justice ministers prefer to negotiate as for the Parisian official who had come too close to the fire is expelled from the investigation HSBC has been saved once again the bank is no longer simply too big to imprison it its influence goes beyond the financial sphere and guarantees its total impunity the only concession that Former president Stephen Green disappears from the image.

You know, when you were in charge of HSBC. No comment, your bankers were helping people dodge taxes. Why did you allow them to do that? I think I've already explained it. I am not prepared to make any comment. about the partial presence of the hsbc business, but in a way you have to because at that time you were in the former model banker who had to reconcile finances and morals now he is tracked as a fugitive before, after everything that had happened in HSBC, then you got promoted to government, you must have been shocked, you need to talk to HSBC Sorry, one word, any word, anything you can say that defends what happened.

No words, reverent, Stephen Green. Sir, reference. Stephen Green, and you know, a pillar of the UK establishment. I met him a couple of times ago and on both occasions he gave me the impression of a man who was not happy to be in the spotlight, preferring to lurk in the shadows, a little manipulative, maybe even Machiavellian in his character, how much Did you know about the secret bank accounts at HSBC? I think the country demands an answer that not only the people of this church, Lord Green, had chaired HSBC when they acquired the Swiss branch, he knew all that and what was particularly terrible about Lord Green was, of course, that he had been appointed by David.

Cameron to be Trade Secretary I thought this was absolutely shocking and I thought he should come and give an account to my committee, but this is one of the few occasions where politics has triumphed. The issue is political. Stephen Green, the former Secretary of State, can bring. down with David Cameron's government, does the Prime Minister expect us to believe that if Stephen Grieves for three years as a minister never had a conversation with him about what was happening at HSBC, my responsibility is the tax laws of this country and no one has been harder this? The government has been tougher than any previous government, that is why they are desperate, that is why they are losing.

It's the Burns color. Some parliamentarians refused to bury the case and prosecute the bank, but neither the tax authorities nor the British will launch any investigation. In court, elected officials will have to be content with listening to HSBC leaders and it's new boss Stuart Gulliver's turn to begin this series of auditions, so I've made substantial changes that I hope all three will have a chance to explain to you. Years after Washington, this same scenario with the same script is repeated in London and I have just put on record an apology from me and Douglas for the unacceptable events that took place at our private bank in Switzerland in the mid-2000s, which which is Clearly, we would like to apologize to all of you, to our clients, to our shareholders, to the general public.

You understand what this looks like today. The example comes from above. The manager himself received the bonuses from him in an account in Switzerland managed by a ghost. company based in Panama structure that at one particular time Swiss Private Bank had family here was born here sent his children to stay here worked from here sailed here and yet because he claimed his residence was in Hong Kong, he did not made him pay British taxes and when we asked him why he doesn't pay the proper tax his answer was quite interesting because he said he didn't want other people in the bank to know how much he earned so it was created for privacy reasons. and without any nefarious reason, how much did you put in the Panama account?

Seven and a half million US dollars. um Stuart Gulliver was one of the highest paid investment bankers in the world. I think that tells you that he really cares about the money that the Governor will receive. much faster if he gives a direct answer to a direct question, he agrees with me, he causes damage to the bank's reputation. Yes, are you the right person in those circumstances to remain as chief executive of HSBC? I think I am because my taxes are in order. He said he couldn't understand why the question was so aggressive. Yeah, it just shows that I guess bankers of your generation who grew up as investment bankers in the pre-crisis world were living in a bubble when they hit it.

When facing parliamentarians, they are sometimes exposed for living in these changed bubbles. I do not believe that Stuart Gulliver can fundamentally change HSBC and its leaders are forever

untouchable

the largest employer in the city the pillar of the British economy the bank imposes its own rules on the At the time of the first revelations of the Swiss League scandal he could tell with the censorship imposed by the conservative newspaper The Daily Telegraph its editor-in-chief resigns and publicly denounces the influence of HSBC the recent coverage of HSBC by the Telegraph amounts to a form of fraud on its readers it has placed itself in what it perceives as the interest of a major international bank going above and beyond its duty to bring the news to Telegraph readers there is only one word to describe this terrible situation HSBC is exploiting its advantage threatening to break free from London control and repatriate its headquarters to Hong Kong its protector George Osborne is still Chancellor of the Exchequer and as well as granting tax breaks he is offering to fire Martin Wheatley, chief executive of the Financial Services Authority and a long-time opponent of the bank's backing of moving, one of the ministers once told me in a corridor in the middle of these hearings, do you realize that what you're doing is stopping them from coming to the UK and I laughed because I thought he was joking and then I told him?

He realized that he was serious. The Swiss League scandal was the last opportunity to sanction HSBC's practices. The authorities preferred to delegate the power to control themselves to the bank. Since then, it has hired 9,000 people in charge of identifying suspicious transactions and reporting them internally. The closed case of the bankers. They say they have changed, so I have been involved in financial market regulation for decades. I heard this ah, that was in the past, that was 10 years ago, now 10 years ago, I heard HSB say that that was in the past and yet scandals. that have emerged show that what their claims 10 years ago were empty at this stage I don't think so I don't think they have cleaned up their act people talk about it as if it were a huge oil tanker that can't change direction very easily we are able to regulate properly to the banks of course we do want to do it is uh the really important question the British government has turned the page has other priorities at HSBC has other ambitions China needs your services Beijing wants to set up to conquer the world can you imagine that China could become the main shareholder of HSBC?

Yes, I would be surprised if some Chinese entities did not have attribution today they are probably fine by the end of 2015 Chinese President Xi Jinping arrives in London UK rolls out the red carpet and celebrates Sino-British friendship with great fanfare his visit to the UK marks a milestone in this unprecedented year of cooperation and friendship between the UK and China as we celebrate the links between our two countries and prepare to take to ambitious new heights this new golden age makes London the base for Chinese investment in Europe nhsbc Beijing's armed wing to acquire Western high-tech technology the bank marks a great success by sponsoring the signing of the Hinckley nuclear contract point two of the most modern reactors built on English soil by French EDF engineers a third of the project was financed by China this contract of the century is estimated at more than 20 billion euros the foreigners forced the UK to accept Hinckley clearly its arm has been, you know, twisted very, very strongly by the Chinese financial weight that threatens to withdraw significant investments in the United Kingdom.

If the deal does not go through, the UK has agreed to a deal that no one else would agree to. Essentially, this was a political decision to underpin the UK's economic ties with China as an almost symbolic decision by handing over its applied energy to the Chinese. British leaders have given up part of their national sovereignty and behind the scenes HSBC is omnipresent, advises EDF, defends the interests of Chinese shareholders and passes billions of euros from Beijing through its accounts HSBC helps because a bank is needed in the land to facilitate transactions, there are financing agreements, it is collectedmoney, there are bonds and there are ways to do it that must be incorporated through a permanent major bank and that has been HSBC for China, nuclear energy.

The Hinckley Point stations are part of the great Chinese projects called the new Silk Road, a kind of Marshall Plan launched to multiply trade between Beijing and the rest of the world. Construction of roads, railways, ports. Nothing is overlooked to promote products made in China and increase. the force of the new emperor Xi Jinping has foreign objectives but there is a key problem here nuclear energy is different nuclear energy is different from others Market forces other forms of energy and other financial agreements there is no country in the world, including the United States , which would allow China to enter its key nuclear energy infrastructure, so it is surprising that China is allowed access to this key and sensitive network.

China's century has begun. Changes at nhsbc Masters, the former opium merchants' bank formerly serving Her Majesty, now operates under China. It must help the The communist regime has realized its current to become a giant in the financial world. Executives in Beijing learned a lesson from the 2008 financial crisis. They no longer want to rely on the dollar and the crazy bets of Wall Street traders. China is not yet an economic superpower for the simple reason that it does not have a financial sector and does not have a currency that reflects this influence and deserves the distance in the world, so it is essential to somehow close the gap and for China to have a currency that can be used in their trade and that can then also be used in their investments abroad.

What they really want is a world in which the dollar is not so dominant and in that sense London can play as it does. It is playing an important role in trading the Chinese currency, the RMB, and an important role for Chinese participation in international finance to dethrone the dollar. The Chinese king must make his currency, the Yuan, accepted as a reference currency in international trade. Beijing lags behind others in its currency. of people is virtually unknown in the markets HSBC is one of the world's leading exchange houses and HSBC has a very strong position in the Hong Kong and London currency markets and, as a result, HSBC is a very natural bridge between China and the City HSBC is the first foreign bank to convert the Chinese currency the great works of financing the Silk Road and the Yuan serve as a Trojan horse to impose its currency on the international stage HSBC is taking its next step to become in the pipeline of Chinese capital invested In London, 40 years after the Gulf oil dollars, it is the billions coming from Beijing that make the city's mouth water and is the best friend of the Minister of Finance, George Osborne, HSBC, who is still exercising the controls More trade and more investment with China means more business and more jobs for Britain The minister has especially relaxed its regulations to accommodate Chinese capital It is the latest stage in a high policy risk that opens the doors of international markets to a financial crisis The world led by Beijing Chinese money is the black hole of black holes within the global financial system.

We have an idea of ​​how much Chinese money could be out there. We have an idea of ​​how much could come out of China, but we've only seen small fragments. Despite the Swiss leaks and the Panama Papers, the foreign nebula, there is an enormous amount of work to be done in China to make the financial system and the banks more robust and when I say robust I mean a system that is capable of resist the movement then the government does not know how to manage this flow and they are not regulated and that is the fundamental problem and that could even lead to some type of crisis, since there are companies of this size. and the size of HSBC marrying up-and-coming Chinese banks that are now so big, yes, it's a recipe for potential disaster overseas.

Foreign stability is an illusion in helping China become the world's banker. HSBC has created a new threat so far. Beijing has always managed to contain its financial crises within its borders, but today the bankers have torn down the firewalls and with the first spark the fire will spread to the West and given the impotence of the States, it will once again be the people who will pay the consequences. foreign foreign invoice