Which one of you ATSers called into the radio show this morning?

I was listening to the Power Hour with Joyce Riley this morning. My antennae went up listening to an interview with a whistleblower from a huge bank.

So which ATSer called into the show and asked if the Bank Resignations we've all been following are related to this? That was a good question and you seemed to catch the guy by surprise!

Here's a few snippets of the conversation:

"First clue of money laundering was the transactions were all even denominations."

"If the bank knew you were here (at the DA's office) you'd be a dead man."

"Over 70% of the accounts were fraud!"

I don't know how or if I can even post the interview; but it's at The Power Hour website, May 2, 2012, Hour 2, guest John Cruz

This was fascinating listening to John Cruz tell about all the fake accounts at the bank he worked at. He said that money even transfered through Pay Pal and American Express. He talked about blatant fraud and identity theft going on using bank customer's social security numbers--without the customer even knowing!

He wrote a book, but no one would publish it--so he took it to Amazon. It's mentioned in the interview, World Banking World Fraud.com.

HSBC bank is a huge international bank that handles international wire transfers for other banks. I looked them up; I've never seen this bank around here.

www.hsbc.com...

Reuters story from Jan. 2012

Is this how money laundering really works? SARs, Suspicious Activity Reports are usually filed by financial institutions watching out for suspicious activity from customers. Who is watching the banks for money laundering? Does the government really care or is this how "black ops" get their money?

Or is this the real reason behind so many international bank resignations? Will the radio show caller please stand up?

(This is my first official thread; please move it or even post that radio interview if it's allowed)

HSBC backs credit cards... I used to have one but have since got rid of it. I don't believe they are a brick and mortar establishment, but I could be wrong I'm not sure.

reply to post by SilverStarGazer


HSBC is mostly a bank for business' and credit cards but they are also available for consumers with brick and mortar branch locations;

Canadian;
www.hsbc.ca...

USA;
www.us.hsbc.com...

That being said they haven't had much success in the consumer sector and are diminishing their presence in that sector as of this year.


Couldn't find the interview mentioned in the thread but found this interview that talks about it;

Here's the podcast link

archives2012.gcnlive.com...

reply to post by IpsissimusMagus


Thank you for posting the podcast interview!!

So back to the questions on topic . . . . is this the real reason for the bank resignations? It sounded like most of the banking management was involved.

I'm telling you there is a conspiracy here. I don't know what or who, but today a story from Reuters appears.

The extent of that failure is laid out in confidential documents reviewed by Reuters that originate from investigations of HSBC's U.S. operations by two U.S. Attorneys' offices.

These documents allege that from 2005, the bank violated the Bank Secrecy Act and other anti-money laundering laws on a massive scale. HSBC did so, they say, by not adequately reviewing hundreds of billions of dollars in transactions for any that might have links to drug trafficking, terrorist financing and other criminal activity.

In some of the documents, prosecutors allege that HSBC intentionally flouted the law. The bank created an operation that was a "systemically flawed sham paper-product designed solely to make it appear that the Bank has complied" with the Bank Secrecy Act and is able to detect money laundering, wrote William J. Ihlenfeld II, U.S. Attorney for the Northern District of West Virginia, in a draft of a 2010 letter addressed to Justice Department officials.

full story here:
Special Report: U.S. documents allege HSBC money-laundering lapses



Coincidence? After I just heard about this yesterday? I think something is going to POP and they are softening the blow. What do you think?