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Rotten Core of Banking Exposed: Global Outrage Follows HSBC Revelations

Rotten Core of Banking’ Exposed: Global Outrage Follows HSBC Revelations

‘These bankers are too big to fail and too big to jail, so they just keep engaging in illegal activity.’

New details about how HSBC bank helped tax evaders and money-launderers—from political figures to celebrities to arms dealers—conceal billions of dollars in assets have sparked international condemnation, from elected officials as well as public interest groups around the world.

Documents leaked by whistleblower Hervé Falciani, who worked for HSBC, show how a Swiss division of the U.K.-headquartered bank routinely allowed clients to withdraw bricks of cash, often in foreign currencies of little use in Switzerland; aggressively marketed schemes likely to enable wealthy clients to avoid European and U.S. taxes; colluded with some clients to conceal undeclared “black” accounts from their domestic tax authorities; and provided accounts to international criminals, corrupt businessmen, and other high-risk individuals.

“This exposes once again the rotten core of banking—it would be shocking if it weren’t for the frequency with which we hear of such scandals,” said David Hillman, spokesperson for the U.K.-based Robin Hood Tax campaign. “It shows a sector not content with dodging its own obligations, but also conniving to help the richest people shirk their responsibilities to society as well.”

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