As the FT notes this morning:
HSBC is to apologise to US lawmakers for failing to have appropriate controls in place to ensure it did not facilitate the financing of terrorism and other criminal activities, transgressions that analysts estimate may cost it up to $1bn in fines.
As HSBC admit:
Between 2004 and 2010, our anti-money laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behaviour.
Which all takes me back to an old friend of mine, the Rev Lord Stephen Green:
Who's he? He's a Church of England vicar. That's who he is.
Oh, and since 2011 he's been a Lord and current Minister of State for Trade and Investment.
But before that? Well before that he Chairman of the HSBC Group form 2006 to 2010 and CEO of the same group (I know that shouldn't happen, but hey, why worry about rules on ethics?) from 2003 to 2006.
So on whose block did the $1 billion fine arise. On the Rev's of course! Good old Steve.
Oh, and just in case you thought that was the limit of his sins, he was also chair of HSBC;'s private bank in Switzerland - you know the one from which a CD with 6,000 names of alleged tax evaders is being investigated in many countries.
But I'm sure he's a darned good vicar and a great minister.Suggest a correction