Prosecutors weigh criminal charges against HSBC as Elizabeth Warren turns up the heat

[eridani]

http://www.rawstory.com/rs/2015/02/prosecutors-weigh-criminal-charges-against-hsbc-as-elizabeth-warren-turns-up-the-heat/

The US Department of Justice is considering bringing criminal charges against HSBC and its executives as part of its investigation into whether the bank’s Swiss subsidiary helped US clients evade taxes.

Democratic senator Elizabeth Warren called on prosecutors to “come down hard” on HSBC if the bank is found to have colluded with tax evaders on Tuesday.

Her intervention came as US government officials with knowledge of the DoJ’s investigation provided the Guardian with new details about the inquiry.

Renewed focus has been placed on the long-running investigation into HSBC Switzerland by the department, after a huge leak of secret bank data – passed to the DOJ’s tax division almost five years ago – was obtained by the Guardian and other media.

It shows that HSBC Switzerland helped some clients conceal millions of undeclared assets, and has immediately raised questions on Capitol Hill about the response from prosecutors and tax authorities.

[nikto]

1. Let's hope this is substantive, and not just for show

Banks are the new Gods.