18 July 2012

So it goes

Another day, another banking scandal.  This time it is HSBC which has admitted to laundering money for assorted Mexican drug lords, pariah states and terrorists and which will consequently face severe sanctions.  After a while, this sort of thing becomes boring.

Interestingly, HSBC's share price declined yesterday by a mere 1.69%.  Expect that price to decline rather more sharply today.

Embarrassingly for the coalition government, Lord Green - the man in charge of HSBC when the evil-doings occurred - is now a Government Minister.

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