Articles by Ben Protess
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HSBC to Pay $1.92 Billion to Settle Charges of Money Laundering
Ben Protess and Jessica Silver-Greenberg – The New York Times,
17 Dec 2012
US authorities decided against indicting HSBC in a money-laundering case over concerns that it could jeopardize one of the world’s largest banks and destabilize the global financial system. Instead, HSBC announced on Tuesday [11 Dec 2012] that it had agreed to a record $1.92 billion settlement over accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.
→ read full articleRating Agencies Face Crackdown
Ben Protess – The New York Times,
23 May 2011
The Securities and Exchange Commission proposed sweeping new rules on Wednesday (18 May 2011] to overhaul the rating business — regulations that would force tougher internal controls, potentially curb conflicts of interest and even mandate that the agencies periodically test the competence of their employees. The rating agencies in recent years became a target in Washington, as regulators and lawmakers blamed them for feeding the mortgage bubble by awarding top grades to bonds backed by subprime mortgages. The investments later soured, driving the economy to the brink.
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