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Valley Public Radio Staff
Tue July 17, 2012
Investigation: HSBC Laundered Drug Money
Originally published on Tue July 17, 2012 9:17 am
STEVE INSKEEP, HOST:
An apology from a giant bank is at the top of NPR's business news.
(SOUNDBITE OF MUSIC)
INSKEEP: The bank is HSBC. It's the biggest bank in Europe, also has a U.S. division. And a top official from that U.S. division is apologizing to lawmakers on Capitol Hill this morning for lax controls at the bank. Another senior official is stepping down. The lapses allowed drug cartels to launder billions of dollars through HSBC. That's according to a Senate investigation that says the company also helped clients skirt American law and route money to places like Iran and Syria. The bank is also being investigated by the Justice Department. Transcript provided by NPR, Copyright NPR.