Thursday, December 20, 2012
Criticism or CYA?
The Judge in the HSBC money laundering case has made a request of the parties before he rules on it.
HSBC Holdings Plc (HSBA) and U.S. prosecutors were asked by a judge to submit a brief giving reasons he should approve the bank’s $1.9 billion settlement of money-laundering charges over drug cartel-related transfers.Is the judge asking them to cover his ass? Or will he helpfully point out the flaws in their reasoning? We wait to see what happens.
“My suggestion is you present to the court a document that demonstrates why I should accept the agreement,” U.S. District Judge John Gleeson said today at a court hearing in Brooklyn, New York. “There’s been some publicized criticism of this. I think you should feel free to address it.”
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