Democratic presidential candidate Hillary Clinton criticized Clinton Global Initiative donor HSBC saying “There can be no justification or tolerance” for their behavior in a speech on Monday.
“Stories of misconduct by individuals and institutions in the financial industry are shocking. HSBC allowing drug cartels to launder money [for which, along with sanctions violations, they paid a settlement of $1.92 billion in 2012]. Five major banks pleading guilty to felony charges for conspiring to manipulate currency exchange and interest rates. There can be no justification or tolerance for this kind of criminal behavior.”
According to CNN, HSBC was listed as a “convening sponsor,” the “highest level of support” of the Clinton Global Initiative’s 2014 meeting. The Guardian also reports the Clinton Foundation “received as much as $81m from wealthy international donors who were clients of HSBC’s controversial Swiss bank.”
CNN’s story from March 3 of this year says that “Clinton Foundation officials defended the contributions from the banks, which it says represent less than one percent of CGI’s total membership, but are ‘also some of the organizations with the capacity to make the biggest impact.’ Those officials noted that many organizations with checkered pasts have contributed to the greater good. ‘Many major institutions — financial, media, industrial or otherwise — have been subject to investigation at some point, and that alone shouldn’t preclude these organizations, which are capable of significant and positive impact, from contributing to improving lives.'”
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