money laundering

Why It's Really Time to Break Up the Too Big to Fail Banks

When the financial crisis hit, Washington chose to rescue America's biggest banks, lest their failure crush the economy. Now, "too big to fail" has morphed into "too big to jail," and letting them remain that way isn't good for the economy -- or the banking industry.

A Look at Back at Bank Scandals Since the Financial Crisis

Even before the LIBOR scandal hit, the financial industry's image was already badly tarnished by its leading role in causing the global financial crisis and recession. Here's a look at some of the low points for banking and bankers since the start of the financial crisis.

HSBC to Pay $1.9 Billion to Settle Money-Laundering Case

HSBC agreed Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe. Europe's largest bank will pay the biggest penalty ever imposed on a bank after facing accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.

Entrepreneur of the Year Allegedly Stole $40 Million From Investors

A Miami businessman whom Ernst & Young once named "Entrepreneur of the Year" has been accused of swindling $40 million from investors, including some NBA stars, to support a lavish lifestyle. Venezuelan-born Claudio Osorio, 54, was arrested Friday and charged with 23 counts of fraud and money laundering .

French Police Detain Four People Close to L'Oreal Heiress

French police detained four people close to L%u2019Oreal heiress Liliane Bettencourt in a scandal that has embarrassed the French government. Bettencourt%u2019s wealth manager, tax lawyer, property manager and a close friend were all detained in an investigation into alleged tax evasion and money laundering, Reuters reported. Bettencourt is France%u2019s richest woman.

Report: U.S. Banks Laundered Mexican Drug Money

A Bloomberg Markets magazine article follows the trail of cocaine and drug money through the Mexican cartels and finds millions of dollars flowed through major U.S. banks, such as Wachovia and Bank of America.