Establishment bang to rights over HSBC Swiss bank leaks

The revelations of greed and cynical immorality, with the ex-clergyman Lord Green topping the bill, keep pouring out of this HSBC Swiss bank scandal, one of the biggest of the last few decades since this is probably only the tip of the iceberg on bank wrongdoing in this no-holds-barred era of crooked capitalism.   The facts are now indisputable.   After the French IT specialist who hacked into the accounts of 130,000 wealthy clients, fled with the evidence and handed it over to French tax investigators in December 2008, the French then handed a reconstructed UK version of the data to HMRC in May 2010, precisely the month when power changed hands to the Tories.   Green, who had been chief executive of HSBC from 2003-6 and  then its chairman till 2010, was almost immediately given a peerage and then persuaded by Cameron to become a Tory trade minister.   This leaves several questions to be answered.

Why did Cameron go ahead with the promotion of Green when there was abundant evidence known to the government that an orgy of wrongdoing had polluted HSBC during precisely the years when Green was at its helm?   This does cast serious doubt on Cameron’s judgement and integrity.   He appointed Andy Coulson to Downing Street when there was strong suspicion he had presided over widespread hacking when he was editor of the News of the World, and now we know he appointed Green as a Minister when a huge cache of information implicated him in an enormous financial scandal.

Of course Cameron is now saying that neither he nor any other Minister, including Lord Green, knew about this scandal till this week.   It is extremely difficult to believe this.   Information as explosive as this about Britain’s biggest bank would undoubtedly be passed by HMRC to its Minister, Osborne, and given the gravity of the charges copied on to the Prime Minister.   It is equally difficult to believe that Green was not fully conversant with the scandal when he himself was at the helm of HSBC when the bank tried to use the French courts to prevent the transfer of data revealing alleged tax evasion by its wealthy clients to HMRC.   It is just not credible that Green as the chief executive of the bank would not know about such a legal intervention with such high stakes as well as the reasons behind it.

The last thread in this Establishment cover-up and closing of ranks between Downing Street and the banks is that HMRC received the information about the massive tax avoidance activities at the HSBC Swiss private bank on condition that it could only use it for tackling tax evasion, and it could not pass it to the law enforcement authorities.    This is preposterous.   What conceivable motive could the French tax collection agency have for imposing such a perverse restriction?


5 thoughts on “Establishment bang to rights over HSBC Swiss bank leaks

  1. This is indeed a shabby affair. PMQs has demonstrated what a waste of time it is, bringing this government to account. HSBC were fined in 2012 by the SEC for its money laundering operations and was revealed to be a criminal organisation, alongside Standard Chartered.
    Without regurgitating the points, we are now seeing a stream of news that exposes the dangers and risks HSBC were actively engaged in. It is quite clear that the government will attempt to smear Labour in order to divert the government’s own casual behaviour in getting to grips with both HSBC and its inept appointments system.
    Cameron (by his behaviour) does not get it! Labour should be doing everything it can to raise the stakes.
    For example, Milliband should’ve asked, will the Prime Minister ensure that the government will co-operate fully with the United States or any other foreign Nation, if an arrest warrant is issued for Lord Green & any other British based associate Director?
    Also, mention the necessity of breaking up the HSBC bank, due to the severity of charges, accusations and its own admittance in criminal conduct.

  2. you see leaving greedie people run the world doesn’t get us very far its the 99percent who aint rich get to bail em out so stop prancing about with blairs babies and lets take back control were sanity rules not the one percent but then r and r put her foot in it again hasn’t she another blair baby jeff3

  3. Oh well, at least it gave Ed Miliband an excellent opportunity to make mince meat out of Cameron at PMQs! – and he took full advantage of it. Good timing, so near to the General Election!

    It would seem that the list includes seven Tory donors who have given almost £5m to the party, including Lord Fink who gave £3m, was appointed Treasurer and given a peerage.

    This makes good reading:

  4. Wasnt r and r brill shes gone and done it again lets get one thing straight it wasn’t the
    Benefits claiments fault it wasnt the ninty nine percent who aint rich fault but the
    banksters who swindled the monies yet they are rewarded with knighthood or the like more bonuses while the ninty nine percent who aint rich feel the austerity when are we to see these criminals locked up has making the poor pay isnt right for your lots mistakes
    off opening that do for the banksters jeff3

  5. This was all over Financial Times about 4, (actually about 6 years ago; it’s that long since I’ve been able to afford to buy the FT,) ) when a disgruntled employee of HSBC did a bunk with data stick containing details of many of these, “Pirate,” bank accounts that they were administering and passed it on to, I think it was the Spanish authorities.

    As for Miliband scoring trivial points at PM question time?

    That’s on par with a recent debacle of a debate I watched briefly where many MPs, all of them now on about 100K were debating littering, (for gods sake; talk about a waste of everyone’s time and public money,) but a nice excuse to claim more expenses I assume, for I can find no other sane rational for that, (increasingly typical,) complete farce of a debate.

    So big deal, (not,) who really cares, (not me,) the Miliband’s a Right Wing Tory and is just as much in bed, (or is trying to be,) with your precious, “establishment,” (stressing his own and his colleagues family connections to banking is by now wholly redundant,) as Blair and all his place-men and cronies are, (too many of whom now are, “the establishment.”)

    I’d be far more impressed if Milband were to take a stand on something important and pertinent to the real lives of most people, (it’s interesting, if dispiriting to note, although I can’t currently find the exact quote, that even Adolf Hitler deployed exactly the same rhetoric about the, “evil,” bankers exploiting and preying upon the working man whilst being similarly complicit in that very same exploitation.)

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