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Finance Opinion

HSBC Bank accused of money laundering

This post was published 9 years ago. Please, read this page keeping in mind that this home may have sold by now. You can always check current status by calling or texting (530) 356 4500 The Address Realty DRE # 01710206

So what’s that have to do with homes in Redding California? HSBC Bank is Owner of Record of about a dozen homes around here:
HSBC bank holdings in Shasta county

“By Steve Slater and Matt Scuffham
LONDON | Mon Nov 5, 2012 7:12am EST
(Reuters) – A U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than $1.5 billion and is likely to lead to criminal charges, Europe’s biggest bank said on Monday.
HSBC said the U.S. investigation had damaged the bank’s reputation and forced it to set aside a further $800 million to cover a potential fine for breaches in anti-money laundering controls in Mexico, adding to $700 million put aside in July.”

Here’s a link to the Reuters article, of which the quote above was an excerpt.

So why is that important to Shasta County? The rampant methamphetamine scourge has affected everyone. Most of the supply now comes from Mexico. The biggest logistical problem facing meth producers and distributors is not production or smuggling. It’s money laundering. Where to put all that cash? Any institution that enables laundering, enables meth production.

So will the U.S. punish HSBC behavior with a pittance fine, and maybe throw a few sacrificial goats in jail? Phooey. That’s nothing to them. The money will disappear into the open maw of the federal government, serving nobody directly impacted by the bank’s actions.

Breaking Bad cash
Scene from AMC channel show Breaking Bad. One of the biggest problems facing meth producers is laundering cash.

What if instead, our government seized all their U.S. real estate holdings? Locally, they could then give these dozen holdings directly to the communities harmed. Shasta County could sell these properties and put the money to use for rehab, or to expand the jail. Whatever the localcommunity decides. Hey, D.A. Carlton. Can you not seize these properties under the RICO act? I think it’s a valid question. Where is justice for Shasta County?

872 Springer Redding 96002
HSBC is listed as owner of this foreclosed home in Quail Ridge, currently listed for sale at $164,900. Is this a candidate for asset forfeiture?
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