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1.Market Observations

14 July 2012 (AFR) – HSBC faces control issues

(14 July 2012, AFR, p15, Landon Thomas, London, and New York Times)

HSBC Reveals Problems With Internal Controls

‘LONDON — HSBC, the largest financial institution in Europe, has become the latest British bank to reveal major internal-control problems, saying that senior officials would apologize to United States lawmakers next week for not cracking down soon enough on money-laundering activities in America.’

‘The money laundering, which a United States Senate subcommittee indicates was linked to terrorism and drug deals, could result in HSBC paying fines of up to $1 billion, according to analysts.’

Read more at NYTimes.com

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Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

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