FROM THE ARCHIVES: David Cameron, Lord Green, and a scandal waiting to happen.

From The Slog, January 2014:

IT’S A CAMERONATHON: 3-in-a-row at The Slog as Dave’s mate Baron Green gets a tad twitchy about Dark Stars

camfiresmokefinalHSBCers at Davos have been heard to mutter “pensions need bailing out”, while Asian bankers (whose tongues have been loosened by Saki) talk about balance sheets suggesting HSBC has a current capital shortfall of $45.1bn, probable litigation costs at around $10bn, and at least twenty clients either already charged (or about to be charged) with global mega-fraud….several of whom were raided during a Belgian police operation recently.

Last week, Forensic Asia began its coverage of Britain’s largest banking group with a ‘sell’ recommendation, warning the lender had between $63.6bn (£38.7bn) and $92.3bn of “questionable assets” on its balance sheet. Others say the bank’s eccentrically wide balance sheet is not toxic at all, and in fact holds half a trillion bucks worth of assets which, once rates go up, will deliver unto shareholders wealth at roughly the dreams of avarice, if not more. Others still say it is a BCCI waiting to happen. Either way, the bloke that used to run this drug-laundering den of anti-humanity criminals fine global bank is now running David Cameron’s export programme, thus adding yet more rich sauce to the viscerally viscous circle that is the PM’s network.

In July 2012, The Slog reported how the Senate Permanent sub-committee on Investigations under Senator Carl Levin expounded in detail on the “extensive money laundering activities” of HSBC, and how these were still taking place on a global scale that vastly surpasses other banks”.

Certain extracts from the Levin Report are of especial interest:

“HSBC’s Mexico bank, HBMX, was treated by HSBC headquarters in London as a low-risk correspondent bank with HBUS, despite the fact that Mexico is a hub of drug money laundering for all of South America. HBMX provided services to other Mexican banks and casas de cambio, as well as to Cayman Island banks that maintain secrecy jurisdictions. In 2007-2008 alone, Levin told the reporters, $7 billion in physical dollars were transported from HBMX to HBUS. An official of HSBC’s Mexico bank, HBMX, conceded that he believes that 60-70% of all of the drug money laundered from Mexico into the U.S. comes through HSBC.”

But Baron Green – only a small step up from Jeremy Hunt – chose the Chinese Walls defence, as opposed to the “I’ve done nothing wrong” snowjob favoured by our Health Secretary.

From Newscorp psychos via bullying mothers in law and bankster hoodlums to unconvicted Tory donors coughing up £34m to break bread with Cammers, there must surely come a point when even the odd Home Counties Conservative might start to question the motives and morals of the Prime Minister. Yes? No?

Earlier at The Slog: Red is blue is green is black and white, says Grant Shapps