According to a new Senate report, HSBC worked with companies with ties to Mexican drug cartels, terrorists, and other criminals and failed to prevent money-laundering violations. "HSBC sets up a U.S. bank affiliate as its gateway into the U.S. financial system and lets its global network of affiliates abuse that gateway," says Sen. Carl Levin (D-Mich.), the head of the subcommittee behind the investigation. "The failure of accountability here is dramatic."
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