More evidence that HSBC is now too big to regulate
THERE'S nothing necessarily illegal about setting up a company in Panama into which you channel your bonus payments. There's similarly nothing inherently dubious about living in Hong Kong, having Hong Kong citizenship, and opening a Swiss bank account to store some of your wealth. But when you're the chief executive of a British bank embroiled in a scandal about helping customers dodge taxes by hiding money in the bank's Swiss private wealth unit, it sure looks bad.
HSBC chief executive Stuart Gulliver oversees Europe's biggest bank by market value, a global behemoth that's celebrating its 150th birthday this year. There was not much cause for celebration in the bank's results published on Monday, however, or in the various wrongdoings regulators around the world have found it guilty of. And the timing of the latest revelations about Mr Gulliver's …
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