The threat of U.S. prosecution looms over HSBC Holdings PLC like the sword of Damocles after a groundbreaking report revealed that it helped clients hide cash from various tax authorities. These reports cast HSBC, HSBC’s Holding’s parent bank, in an unsavory light and is the latest round of negative publicity to besmirch the British bank’s reputation. As such, it sent shockwaves through the foundation of HSBC.
The basis for these reports are documents provided by Herve Falciani, a former employee of HSBC.
These documents reveal how mid-level HSBC bankers assisted European clients do an end-run around a European Union tax on bank deposits. Specifically, the clients were Read More