HSBC Excuse
Chief Executive Officer Staurt Gulliver and HSBC Chairman Douglas Flint apologized for the way the bank had facilitated tax evasion and money laundering in the past, Bloomberg reports. They justified their excuse by stating that the wrongdoing for which Flint and Gulliver had a responsibility all happened some time ago and it was some distance away - meaning the time when the bank was based in Hong Kong.
They added that the bank had cut his compositions by 1.75 million pounds one year following scandals including that over foreign-exchange manipulation, Bloomberg reports.
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