Swiss Police Search HSBC In Geneva

Swiss police are searching offices of the Geneva subsidiary of HSBC bank in an inquiry into alleged money-laundering.

I wonder if The Telegraph will report it ?

Why I Resigned From The Telegraph by Peter Oborne

Winning back the HSBC advertising account became an urgent priority. It was eventually restored after approximately 12 months. Executives say that Murdoch MacLennan was determined not to allow any criticism of the international bank. “He would express concern about headlines even on minor stories,” says one former Telegraph journalist. “Anything that mentioned money-laundering was just banned, even though the bank was on a final warning from the US authorities. This interference was happening on an industrial scale.

“An editorial operation that is clearly influenced by advertising is classic appeasement. Once a very powerful body know they can exert influence they know they can come back and threaten you. It totally changes the relationship you have with them. You know that even if you are robust you won’t be supported and will be undermined.”

When I sent detailed questions to the Telegraph this afternoon about its connections with advertisers, the paper gave the following response. “Your questions are full of inaccuracies, and we do not therefore intend to respond to them. More generally, like any other business, we never comment on individual commercial relationships, but our policy is absolutely clear. We aim to provide all our commercial partners with a range of advertising solutions, but the distinction between advertising and our award-winning editorial operation has always been fundamental to our business. We utterly refute any allegation to the contrary.”

The evidence suggests otherwise, and the consequences of the Telegraph’srecent soft coverage of HSBC may have been profound. Would Her Majesty’s Revenue and Customs have been much more energetic in its own recent investigations into wide-scale tax avoidance, had the Telegraph continued to hold HSBC to account after its 2012 investigation? There are great issues here. They go to the heart of our democracy, and can no longer be ignored.

Full article at Open Democracy

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11 Comments

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11 responses to “Swiss Police Search HSBC In Geneva

  1. The Count of Monte Cristo

    Political editor of the Daily Telegraph resigns. Lots of establishment figures worried secret accounts will be published…..HMRC worried about being found out helping their mate evade tax!
    Less than a hundred days to the election . Don’t be surprised if HSBC ( money laundering Bank of Hong Kong ) loose files……surely not……

    Stand by for unpresidented amounts of bullshit from Her Majesties Finest.

  2. Pingback: Swiss Police Search HSBC In Geneva | Alternative News Network

  3. dpack

    a bit of tax avoidance seems quite harmless compared to the activities of some swiss banks.
    other jurisdictions are also rather useful to those who would minimize tax,avoid inconvenient laws ,avoid being seen owning something ,avoid being seen doing some thing etc etc etc .
    some of these places are mentioned here
    http://en.wikipedia.org/wiki/Tax_haven

    there is also the method of owning your bank or jurisdiction which is a level up on using the facilities.

  4. There is one law for the 1 percent a different law applies to the rest it has always been so the times report was also minute. Rupert had the big stick out to protect his friends

  5. dpack

    potential defamatory smears or genuine suspicions or a combination of those whichever way it requires clarification and appropriate action .

  6. eviltorypervert

    good old daily telegraph they’ve been covering up for me for ages you know.

  7. tdf

    It it’s just the stuff about certain Labour people acting for organisations which had associations with the P.I.E. many years ago, there’s not a lot in it, has been ventilated thoroughly in the Mail months ago (though personally, I thought Ed should have made Harmann step down, but possibly he did not want to give the right wing media their pound of flesh as they would have seen him as weak) , if as dpack says its either potential defamatory smears or genuine suspicions, that’s a different matter.

    But tbh, Tom Watson, who I generally have time for, runs the risk of being accused of helping to kick off an environment where all political figures are speculated about as being guilty of paedophiliac tendencies until proven otherwise. He himself – whether fairly or otherwise – could be, and indeed has been, accused of setting off a febrile environment with his question to Cameron in October 2012.

    He still hasn’t named the former Tory/Downing Street aide who he claimed boasted of being able to smuggle in indecent images from abroad, incidentally. Peter Morrison seemed the likely candidate but I think I am correct in saying Watson said it wasn’t him. By not naming the person – under parliamentary privilege if necessary – Watson can be accused by the Tories of encouraging smears against innocent parties and these accusations would seem to have some validity to them.

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