HSBC: Helping People Who Want to Kill You Since 1991

  • Aired:  07/19/12
  •  | Views: 52,863

HSBC compliance chief David Bagley testifies amid a government investigation revealing his bank laundered billions of dollars for Mexican cartels and Al Qaeda moneymen. (3:12)

>> Jon: LAD EYES AND GENTLEMEN, WELCOME TO THE DAILY SHOW.

MY NAME IS JON STEWART.

WE HAVE A VERY NICE SHOW,

TONIGHT'S GUEST EJ DIONNE,

HIS NEW BOOK OUR DIVIDED POLITICAL HEART, THE FOLLOWUP TO HIS PREVIOUS BEST-SELLER, OUR SWOLLEN

POLITICAL PROSTATE.

(LAUGHTER) I'M SITTING ON IT RIGHT NOW.

IF YOU SAW THE SHOW YESTERDAY YOU KNOW WE TALKED ABOUT A SCANDAL THAT HAD

SOMETHING TO DO WITH LIBOR,

THE WORD DOESN'T REALLY SHED ANY LIGHT ON THAT, DOES IT.

BUT IT'S THE ALL-IMPORTANT INTERBANK LENDING RATE WHICH,

FUNNY STORY, TURNED OUT MAJOR FINANCIAL INSTITUTIONS HAVE BEEN COLLUDING TO RIG.

IT'S REALLY QUITE-- IT WAS A FASCINATING OBJECT LESSON IN FINANCIAL-- (LAUGHTER)

OH, IF ONLY THERE WERE A NEW PREFERABLY SIMPLER BANKING SCANDAL TOWARDS WHICH TO TURN OUR IRE.

>> A MONEY LAUNDERING SCANDAL INVOLVING ONE OF THE WORLD'S LARGEST BANKS, HSBC.

>> Jon: WOW!

MONEY LAUNDERING!, NOW THERE'S A BANK SCANDAL EVERYBODY CAN UNDERSTAND.

EXCEPT A MEDIA BADELIA, OH,

AMELIA, THAT'S NOT MONEY LAUNDERING.

YOU-- (LAUGHTER) BUT MY POINT IS THIS, WHILE THERE ARE SOME VERY DIFFICULT TO UNDERSTAND

COMPLEX BANKING SCANDALS,

THERE ARE ALSO SOME GOOD OLD-FASHIONED VISCERAL STRAIGHT UP MALFEASANCE TYPE BANK SCANDALS.

YOUR MONEY LAUNDERING.

SO LET'S GUESS THIS IS SOME TYPE OF HSBC AIDED TAX AVOIDANCE MONEY LAUNDERING

THING FOR FAT K59S.

>> AMONG THOSE WHO HAVE MADE IT THEIR BANK OF CHOICE ARE THE RUTHLESS LEADERS OF

MEXICAN DRUG CARTELS,

EXPECTED AL QAEDA MONEYMEN AND THE IRANIAN GOVERNMENT TRYING TO GET AROUND U.S.

EMBARGOS.

(LAUGHTER)

>> Jon: HSBC IS LAUNDERING MONEY FOR TERRORISTS AND DRUG CARTELS, I GUESS THAT

EXPLAINS THEIR SLOGAN, HSBC,

HELPING PEOPLE WITHOUT WANT TO KILL YOU SINCE 1991.

(LAUGHTER) OR HSBC, THE HOOD MONEY, YOU HAD MA ME AT MONEY.

OR HSBC, THE S STANDS FOR-- (LAUGHTER) GOT A LOT OF THOSE.

ANYWAY I GIVE YOU THE SENATE TESTIMONY OF THE HEAD OF HSBC DAVID BAGLEY, THIS SHOULD BE GOOD.

>> I HAVE SAID BEFORE AND I WILL SAY AGAIN, DESPITE THE BEST EFFORTS AND INTENTIONS

OF MANY DEDICATED PROFESSIONALS, HSBC HAS FALLEN SHORT OF OUR OWN EXPECTATIONS AND THE

EXPECTATIONS OF OUR REGULATORS.

>> Jon: REALLY, FALLEN SHORT?

FALLEN SHORT OF THE EXPECTATIONS OF REGULATORS.

THAT'S SOMETHING YOU SAY WHEN YOU WERE SUPPOSED TO SUBMIT A FORM BY THE 12th

AND DIDN'T GET IT IN UNTIL THE 15th.

(LAUGHTER) THE EXPECTATION YOU FELL SHORT OF IS THE ONE THAT THE BANK MY SON'S LEMONADE STAND

PASSPORT ACCOUNT MONEY IN IS ALSO HELPING

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