U.S. gets bank apology
Unit of global HSBC: Laxity let drug cash flow
Posted: July 18, 2012 at 3:58 a.m.
HSBC compliance officer David Bagley, telling senators Tuesday that he is stepping down from his post, said that bank officials weren’t fully aware of the illegal transactions.
The chief executive officer of international bank HSBC’s U.S. division and other bank leaders apologized Tuesday for lax controls that lawmakers say allowed Mexican drug cartels to launder at least $7 billion in cash.
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Front Section, Pages 1 on 07/18/2012
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