Target: Janet Yellen, Chair of the U.S. Federal Reserve
Goal: Demand HSBC be banned from operating in the U.S.
The international banking giant, HSBC (Hong Kong and Shanghai Banking Corporation) has been advising its clients on how to hide money from their domestic governments in order to avoid paying taxes on it, according to reports. The private Swiss arm of HSBC has reportedly been responsible for hiding over $129 billion in assets since 2008, and has admitted to wrongdoing and violating international banking regulations. HSBC has been investigated a number of times by the U.S. Department of Justice and the Federal Reserve for other breaches of international banking regulations, and the time has come to revoke its banking license in the United States.
It’s estimated that the United States has missed out on well over $3 trillion in tax revenue over the last decade due to tax avoidance. Any company, big or small, that aids wealthy clients in hiding their money from the government should not be allowed to operate within the United States. Tax dollars pay for schools, roads, clean water, social services, and just about everything that people have come to expect from the government. If HSBC is allowing people to skimp out on their responsibilities to their country, it must be barred from it.
Furthermore, HSBC was also caught laundering money for Mexican drug cartels. Any company that openly admits to aiding murderous criminals become rich and hiding money on behalf of the wealthy can not be allowed to operate in the United States. It would seem that this is obvious, but the last time HSBC was investigated, it was only forced to pay a fine. No one was tried, no one was sent to jail, and HSBC was allowed to continue its operations. Something must be done about this truly despicable bank and the time to do it is now. Please sign the petition below to ensure that these criminals are stopped.
Dear Ms. Yellen,
It has come to my attention that the U.S. Federal Reserve is currently investigating the international bank HSBC. A recent leak revealed that a Swiss arm of HSBC has been aiding its wealthiest clients in dodging taxes by hiding money for them. I am writing to demand that you begin the process of revoking HSBC’s banking license immediately.
The bank has admitted to hiding money from the U.S. Government and admitted to laundering money for Mexican drug cartels. This bank is toxic and has no regard for law, banking regulation, or common people. It cares only about money and people that have it.
It is estimated that the United States has lost over $3 trillion in revenue due to tax evasion in the last decade alone. Perhaps that money would be better spent investing schools, aid programs, or fixing the crumbling infrastructure across the country? Once again, I demand you force this bank out of the United States entirely and force it to repay the billions, if not trillions, of dollars that it helped the wealthy keep from their nation.
[Your Name Here]
Photo Credit: Andrevruas via Wikimedia Commons