Tag: HSBC

Who Runs The World,Banks Caught in Frauds?
Of these banks which fix Price of Gold listed below,HSBC was caught laundering drug money and despite Public Show of anger by the US it is being let off.

Goldman Sachs was bailed out, the Executives had Bonus paid out to them even after bail out and stinging comment of President Obama was met by severe criticism by The Finance Industry!

Societe Genearale

Deutsche Bank AG (DBK), JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Depfa Bank Plc were convicted by a Milan judge for their role in overseeing fraud by their bankers in the sale of derivatives to the city of Milan.(Bloomberg .com)

“Barclays boss Bob Diamond has been shamed into giving up his bonus after his bank was fined £290million for trying to rig money markets.

The massive fine was imposed by the UK Financial Services Authority and US watchdogs after Barclays was found to be deliberately manipulating the rate at which banks lend to each other.

The bank knowingly fed false information into the system used to calculate the Libor rate for British banks and Euribor rate for European banks so its traders could make profits by speculating on rates.(The mirror UK)

Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA’s Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty!

http://www.zerohedge.com/article/latest-gold-fraud-bombshell-canadas-only-bullion-bank-gold-vault-practically-empty

The multi-million pound loss occurred within weeks of the investment bank uncovering the much larger multi-billion fraud by rogue trader Jerome Kerviel. On top of the €4bn hit Mr Kerviel’s actions caused, the bank suffered a dramatic blow to its reputation.

Although smaller, the Sfr182m hole uncovered in 2007 led to lawsuits and the liquidation of the Swiss subsidiary in which it took place. SocGen did not refer to the problems in any of its annual reports published at the time.

The alleged fraud took place in December 2007. It happened at Rosbank Switzerland, the Swiss branch of SocGen’s Russian subsidiary Rosbank.

The loss is detailed in Rosbank’s 2007 annual report in which it is described as a “fraud”. In its 2008 update Rosbank gave more details including how the situation had been remedied – through the injection of Sfr174.7m of shareholder fund.(telegraph UK).

Members who fix Gold Prices.
- Scotia-Mocatta — successor to Mocatta & Goldsmid and part of Bank of Nova Scotia
- Barclays Capital — Replaced N M Rothschild & Sons when they abdicated
- Deutsche Bank — Owner of Sharps Pixley, itself the merger of Sharps Wilkinswith Pixley & Abell
- HSBC — Owner of Samuel Montagu & Co.
- Société Générale — Replaced Johnson Matthey and CSFB as fifth seat.
- These are the banks that Fix Gold Prices?
You expect them be honest?

The purport of this post(second part) has something else to bring out altogether

As the post is getting too long I will conclude in the next post and explain who really runs the World and Economy, definitely not the Governments!

Related;

There are a couple of things which defy Logic and common sense.

For instance,

The ever Increasing price of Gold.

The Price of Petroleum Products.

Gold;

http://ramanisblog.in/2013/02/10/who-controls-the-worldeconomy-gold-petroleum/
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10 Feb 2013
Linked Connecticut Shooting Libor Banks Rate Fixing Hearing?
Connecting Shooting which killed children among others is now rumored to be linked to the Libor Scandal by The Banks.

There is a hearing in the US Senate and the father of the killer of the innocent is reportedly linked to the Libor Scandal and the Testimony.

Robert Holmes ,father of the killer James Holmes, is a high level executive of the Financial Rating Company Figo

The Father of another killer is an executive of a Bank.’GE Financial‘

There are the other theories such as Drug Addiction and broken homes.

Most importantly Gun Control issue in the United States.

Either the Libor scandal or the Anti Gun Control Lobby might have been the main reason.

Truth is yet to emerge.

If it is proved that Libor is the root cause, rest assured that nothing may come out of the investigation

Financial Institutions, of late are found to have been indulging in skullduggery, from manipulation of markets to laundering Drug money.

One remembers Goldman Sachs and HSBC, the latter has been filed heavily for laundering drug money and curiously no executive was arrested(please read my blogs on Goldman Sachs and HSBC money laundering, its escape, filed under Banks.

At times like these I am tempted to believe the presence of a killer Cartel that is manipulating the World Governments(my blogs on this subject will give some inputs)

What is The Libor Scandal?

Bank Of America

‘The Libor scandal is a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were.^[3] Libor underpins approximately $350 trillion in derivatives. It is controlled by the British Bankers’ Association (BBA).^[4]..

The Wall Street Journal reported in March 2011 that regulators were focusing on Bank of America Corp., Citigroup Inc. and UBS AG in their probe of Libor rate manipulation.^[33] A year later, it was reported in February 2012 that the U.S. Department of Justice was conducting a criminal investigation into Libor abuse.^[34] Among the abuses being investigated were the possibility that traders were in direct communication with bankers before the rates were set, thus allowing them an unprecedented amount of insider knowledge into global instruments.^[35] In court documents, a trader from the Royal Bank of Scotland claimed that it was common practice among senior employees at his bank to make requests to the bank’s rate setters as to the appropriate Libor rate, and that the bank also made on occasions rate requests for some hedge funds.^[36] One trader’s messages from Barclays Bank indicated that for each basis point (0.01%) that Libor was moved, those involved could net “about a couple of million dollars”.^[35

On 27 June 2012, Barclays Bank was fined $200 million by the Commodity Futures Trading Commission,^[5] $160 million by the United States Department of Justice^[6] and £59.5 million by the Financial Services Authority^[7] for attempted manipulation of the Libor and Euribor rates.^[38] The United States Department of Justice and Barclays officially agreed that “the manipulation of the submissions affected the fixed rates on some occasions”.^[39]^[40]^[41]

Barclays manipulated rates for at least two reasons. Routinely, from at least as early as 2005, traders sought particular rate submissions to benefit their financial positions. Later, during the 2007–2012 global financial crisis, they artificially lowered rate submissions to make their bank seem healthy.^[6]…..

By 4 July 2012 the breadth of the scandal was evident and became the topic of analysis on news and financial programs that attempted to explain the importance of the scandal.^[47] Two days later, it was announced that the U.K. Serious Fraud Office had also opened a criminal investigation into manipulation of interest rates. The investigation was not limited to Barclays.^[48]^[49] It has been reported since then that regulators in at least seven countries are investigating the rigging of the Libor and other interest rates.^[50] Around 20 major banks have been named in investigations and court cases.^[51]…

Early estimates are that the rate manipulation scandal cost U.S. states, counties, and local governments at least $6 billion in fraudulent interest payments, above $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation.^[52] An increasingly smaller set of banks are participating in setting the LIBOR, calling into question its future as a benchmark standard, but without any viable alternative to replace it.^[53]9Wiki)

List of Banks involved in the Libor Scandal.

The American banks included in the panel surveyed by the BBA for U.S. dollar fixing are:
- The Bank of America
- JP Morgan Chase
- Citibank, NA
There are 16 non-U.S. banks surveyed for U.S. dollar fixing in London. These banks are:
- Bank of Nova Scotia
- Bank of Tokyo-Mitsubishi UFJ Ltd
- Barclays Bank plc
- BNP Paribas
- Credit Agricole CIB
- Credit Suisse
- Deutsche Bank AG
- HSBC
- Lloyds TSB Bank plc
- Rabobank
- Royal Bank of Canada
- Société Générale
- Sumitomo Mitsui Banking Corporation
- The Norinchukin Bank
- The Royal Bank of Scotland Group
- UBS AG
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18 Dec 2012
HSBC Drug Money Laundering Escape How- Video,Transcript
I blogged in July 2012 on how HSBC laundered Colombian Drug money and later how it is being used by the tainted politicians to salt away their ill-gotten gains.

‘When I read Frederick Forsyth,’s Book ‘The Cobra‘ the money laundering operations were so vivid,as in the case of acquiring a False Passport in ‘The Day of The Jackal‘, I. suspectedHSBC.

Please read the book , you will know what I mean.

All International banks which appear to be perfectly legitimate regularly indulge in these activities.

Despite sound bites nothing may come of this investigation

.http://ramanisblog.in/2012/07/13/hsbc-launders-colombian-drug-money/

HSBC

–HSBC Geneva is involved money laundering operations in India.

-Government of India has the list.

In July 2011, Indian Government received a list of roughly 700 people having bank accounts in HSBC, Geneva. The list contains bank balances of these people in 2006,” Kejriwal said.

Some names from the list.

Mukesh Dhirubhai Ambai – Rs 100 crores
Anil Dhirubhai Ambani – Rs 100 crores
Motech Software Private Ltd (Reliance Group company) – Rs 2,100 crores
Reliance Industries Ltd – Rs 500 crores
Sandeep Tandon – Rs 125 crores
Anu Tandon – Rs 125 crores
Kokila Dhirubhai Ambani – She has an account but there was no balance on that date
Naresh Kumar Goyal – Rs 80 crores
Burmans (3 family members) – Rs 25 crores
Yashovardhan Birla – no balance.(ramanan50.wordpress.)

(Reuters) – HSBC Holdings Plc agreed to pay a record $1.92 billion in fines to U.S. authorities for allowing itself to be used to launder a river of drug money flowing out of Mexico and other banking lapses.

Mexico’s Sinaloa cartel and Colombia’s Norte del Valle cartel between them laundered $881 million through HSBC and a Mexican unit, the U.S. Justice Department said on Tuesday.(Reuters)

How is it that HSBC has escaped with out a single Executive being arrested?

In India there is not even a whimper on the allegation of its money laundering?

Story:

The New Wave of Bank Scandals: Money Laundering, Drug Cartels and Li

“The banking giant HSBC has escaped indictment for laundering billions of dollars for Mexican drug cartels and groups linked to al-Qaeda. Despite evidence of wrongdoing, the U.S. Department of Justice has allowed the bank to avoid prosecution and pay a $1.9 billion fine. No top HSBC officials will face charges, either. We’re joined by Rolling Stone contributing editor Matt Taibbi, author of “Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History.” “You can do real time in jail in America for all kinds of ridiculous offenses,” Taibbi says. “Here we have a bank that laundered $800 million of drug money, and they can’t find a way to put anybody in jail for that. That sends an incredible message, not just to the financial sector but to everybody. It’s an obvious, clear double standard, where one set of people gets to break the rules as much as they want and another set of people can’t break any rules at all without going to jail.” [includes rush transcript]

http://www.democracynow.org/2012/12/13/matt_taibbi_after_laundering_800_million

Related articles
- HSBC: The drug world’s local bank
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14 Dec 2012
Kejriwal Swiss Bank HSBC Details. Nothing New,Yet..?
Powerhouse: HSBC headquarters in the City of London. The bank has been accused of laundering money for the Mexican mob

Arvind Kejriwal has come out with his latest expose on Corruption-Chapter 4.

The earlier expose on Robert Vadra and Nitin Gadkati raised political storm.

Robert Vadra made Congress to go on the back-foot unable to drive,pull, hook or get under cover, with DigVijay Singh as the lone cheer leader!

Ntiin Gadkari affair,more than any body else made LK Advani stutter in defending Gadkari,demanding Gadkari’s resignation by proxy later and BJP is yet tor recover and is in total confusion.

Godavari Basin died without a whimper.

Now the expose on Swiss Bank accounts Indians and Indian Companies.

What is the expose?

-A source from the Congress gave Kejriwal a list that contains the names of Indians and Indian Companies who have stashed money abroad.

-The list contains 700 names.

Companies like Reliance Industries,Jet Airways and Dabur find their Role of Honor.

-Names include the suspected benamis of Reliance and Rahul Gandhi and Sonia Gandhi.

–HSBC Geneva is involved money laundering operations in India.

-Government of India has the list.

In July 2011, Indian Government received a list of roughly 700 people having bank accounts in HSBC, Geneva. The list contains bank balances of these people in 2006,” Kejriwal said.

Some names from the list.

Mukesh Dhirubhai Ambai – Rs 100 crores
Anil Dhirubhai Ambani – Rs 100 crores
Motech Software Private Ltd (Reliance Group company) – Rs 2,100 crores
Reliance Industries Ltd – Rs 500 crores
Sandeep Tandon – Rs 125 crores
Anu Tandon – Rs 125 crores
Kokila Dhirubhai Ambani – She has an account but there was no balance on that date
Naresh Kumar Goyal – Rs 80 crores
Burmans (3 family members) – Rs 25 crores
Yashovardhan Birla – no balance.

Anu Tandon and Sandeep Tandon – former IRS, ED official – who raided Reliance has 125 crores .

H and his kin are reported to be close to Rahul Gandi and Sonia Gandi.

-Kejriwal has produced statements given to CBI/IT by two businessmen who were raided by the IT Department.

That Indian Black Money is in Swiss Banks is nothing new.

Please read my blog on Rajiv Gandhi2.5 Billion Francs under corruption.

Figures in the story,does it include Rajiv’s?

I can not count the zeroes.

Story:

The revised Tax treaty between India and Switzerland which will be placed before the Swiss Parliament for final approval is creating nightmares to those tax evaders who have cheated tax to the tune of Billions of Rupees.

(Weak heart people may skip the below paragraphJ)

It is believed that an astonishing sum of around 1400 Billion dollars of black money is deposited in Swiss banks by the Indian Tax evaders. This amount is equivalent to 6300000,00,00,000 INR which is about 13 times larger than the country’s foreign debt!!!!.

http://ramanisblog.in/2011/01/23/indian-black-money-in-swiss-banks1400-billion-dollars-inr-63000000000000/

Nor is the fact that HSBC launders dirty money .

“When I read Frederick Forsyth,’s Book ‘The Cobra‘ the money laundering operations were so vivid,as in the case of acquiring a False Passport in ‘The Day of The Jackal‘, I. suspectedHSBC.

Please read the book , you will know what I mean.

All International banks which appear to be perfectly legitimate regularly indulge in these activities.

Despite sound bites nothing may come of this investigation .”

http://ramanisblog.in/2012/07/13/hsbc-launders-colombian-drug-money/

(As I said, nothing came of the investigation as yet.)

The media which went over drive for the other stories are not so loud now as it was For Godavari basin issue.

Why?

Pay masters?

What is known to those who are literate has now come out to ordinary people who may not be exposed to English Media and Internet.

The Government needs to answer.

Some questions.

Reliance says that HSBC apologized to Mukesh Amnani that it had ‘inadvertently inserted Mukesh Ambani’s Name in the list.

The Government earlier stated that it colud not divulge the names in the CD given by France because of Double Taxation Clause between the Governments.

This does not wash well for the Supreme Court in an earlier case relating to the disclosure of Names from Lichtenstein observed that the said agreement does not proscribe the disclosure of names and ordered for the disclosure of names.

-Those who are now pointed by Kejriwal-none of them deny having an account in a Swiss Bank.

It it is honest money they should divulge it, at least to clear their names for holding a Foreign bank account including Swiss Banks is no offence.

(note the usage of the term Swiss bank, it means any Bank, not necessarily Credit Suisee or any bank that launders Dirty money only)

HSBC comments ?(provided at the end of the blog).

HSBC issued an apology that it had ‘inadvertently’ let Mukesh Ambani’s name in the list.

If so in which other list is Ambani?

What list?

Would the Government publish it?

Detailed statement explains the modus operandi of HSBC hawala transactions in India to the authorities.

Why there is no action against HSBC?

That the nexus of corporate and Politician is bleeding the Country is a fact.

Let the Government prove it wrong.

“Neither Reliance Industries Limited nor Mr. Mukesh Ambani have or had any illegitimate accounts anywhere in the world,” the energy conglomerate said on Friday in response to Kejriwal’s latest claim.

Reliance added the company deals with several global banks, including HSBC.

“These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India,” the company said.

A spokesman for Anil Ambani, who is the chairman of Reliance Capital (RLCP.NS) and Reliance Infrastructure (RLIN.NS), said in an email: “Mr. Anil D. Ambani had no bank accounts with HSBC in Geneva.”

Jet Airways, India’s biggest airline, called Kejriwal’s accusation against its chairman “entirely false.”

Kejriwal also accused three people affiliated with personal care and food products maker Dabur India (DABU.NS) who he did not identify, of holding such accounts. The company declined to comment.

HSBC declined to comment on the allegations, but said it “takes compliance with the law, wherever it operates, very seriously.

http://timesofindia.indiatimes.com/india/Reliance-Jet-Airways-deny-Kejriwals-blackmoney-claims/articleshow/17160377.cms

Related articles
- Kejriwal now targets alleged Swiss bank account holders
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10 Nov 2012
List Of Swiss Account Holders,Greece Editor Arrested
Indian Government has the List of Indians who have stashed money in Swiss Banks, no action.

One redeeming feature is , no one has been arrested..as yet!

ATHENS — A former Greek culture minister, several employees of the Finance Ministry and a number of business leaders are on a list of more than 2,000 Greeks said to have accounts in a Swiss bank, according to a respected investigative magazine. The Greek magazine, Hot Doc, published the list on Saturday, raising the stakes in a heated battle over which current and former government officials had seen the original list passed on by France two years ago — and whether they had used it to check for possible tax evasion….

Hot Doc said its version of the list matches the one that Christine Lagarde, then the French finance minister and now the head of the International Monetary Fund, had given her Greek counterpart in 2010 to help Greece crack down on rampant tax evasion as it was trying to steady its economy. The 2,059 people on the list are said to have had accounts in a Geneva branch of HSBC.

Questions about the handling of the original list reached a near frenzy in Athens last week as two former finance ministers were pressed to explain why the government appeared to have taken no action on the list. The subject has touched a nerve among average Greeks at a time when the Parliament is expected to vote on a new 13.5 billion euro austerity package that could further reduce their standards of living.

The publication of the list is likely to exacerbate Greeks’ anger that their political leaders might have been reluctant to investigate the business elite, with whom they often have close ties, even as middle- and lower-class Greeks have struggled with higher taxes and increasingly ardent tax collectors.

Hours after the magazine hit newsstands, Athens prosecutors issued a warrant for the arrest of Kostas Vaxevanis, the owner and editor of Hot Doc, “where names from the Lagarde list have been published,” the Athens police said in a statement on their Web site. They said he was sought on misdemeanor charges; the Greek media reported that the charges were related to violating the privacy of those on the list.

http://www.nytimes.com/2012/10/28/world/europe/list-of-swiss-accounts-turns-up-the-heat-in-greece.html

The following is a list of 2,059 names of Greek citizens that have bank accounts with HSBC’s branch in Geneva, Switzerland. The list was originally published by a Greek magazine called Hot Doc on October 27, 2012 resulting in the arrest of its editor Kostas Vaxevanis for “breach of privacy”. These scanned images of the magazine were originally posted on the website of the Greek television program Zougla. We have taken the images and converted them into a PDF file for easier viewing. The original scanned images of the magazine are also available in a ZIP archive. Thanks toDarker Net for pointing out the scanned images.

Swiss Account Holders’ List, Greece.

http://publicintelligence.net/lagarde-list/
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29 Oct 2012