Tag Archives: HSBC

‘Incredible’ News as Banking Giant HSBC Ditches New Coal, Tar Sands, and Offshore Arctic Drilling Projects

The development is “yet another signal to Donald Trump and the rest of the world that, despite their worst laid plans, the era of fossil fuels is coming to a close.”

By for Common Dreams, Published 4-20-2018.

Climate groups applauded HSBC’s announcement that it is moving away from fossil fuels. (Photo: ItzaFineDay/flickr/cc)

In another signal that “the era of fossil fuels is coming to a close,” Europe’s biggest bank, HSBC, announced Friday that it will no longer fund oil or gas projects in the Arctic, tar sands projects, or most coal projects.

The move was cheered by climate campaigners on social media, who said, “This is huge,” and called it “incredible news.”

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Why whistleblowers are essential to democracy

In a functioning democracy, it is absolutely crucial for power to be held to account. For this we need whistleblowers.

By Rebecca Sentance. Published 2-3-2017 by openDemocracy

Free Chelsea Manning.Grafitti in Vienna, Austria, 2014. Wikicommons/smuconlaw.

On January 17, 2017, whistleblower Chelsea Manning’s 35-year prison sentence was commuted to seven years from her date of arrest, in one of President Obama’s last acts before leaving office. At the time of her commutation, Private Manning had spent more time behind bars than any other person in US history who had disclosed information considered to be in the public interest.

The information leaked by Chelsea Manning – videos, diplomatic cables and reports relating to the Iraq War and the War in Afghanistan – exposed corruption and human rights abuses, and is widely regarded to have been a catalyst for the Arab Spring that began in December 2010. Continue reading

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Feds Helped Hide Investigation into Big Bank’s Money Laundering for Drug Cartels

By Carey Wedler. Published 2-2-2016 by The Anti-Media

Photo: Wikimedia Commons

Photo: Wikimedia Commons

A federal judge ruled last week that the Hong Kong and Shanghai Banking Corporation (HSBC) will be forced to share a report on its business practices with the public — a decision both the bank and the Department of Justice (DOJ) fought in court to prevent. The report is based on the findings of an ongoing government audit of the bank initiated amid revelations in 2012, that it laundered money for drug cartels and terrorist organizations.

When HSBC’s sordid dealings were discovered in 2012, the DOJ declined to press charges, arguing the bank was too important to prosecute. As the Guardian reported at the time, Assistant Attorney General Larry Breuer argued “the Justice Department had looked at the ‘collateral consequences’ to prosecuting the HSBC or taking away its US banking license. Such a move could have cost thousands of jobs, he said.” Continue reading

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