HSBC Tax Scandal Ensnares the Rich and Powerful

It was another bad week for British bank, HSBC.

On Wed, 2/18, Reuters reported, Swiss Prosecutor Raids HSBC Office, Opens Criminal Inquiry

Geneva’s public prosecutor searched HSBC’s lakeside Swiss office on Wednesday after opening a criminal inquiry into allegations of aggravated money laundering, the second probe to hit the bank this week.

Then on Sunday, 2/22, The Guardian reported, Revealed: Swiss account secret of HSBC chief Stuart Gulliver

Stuart Gulliver, the HSBC chief executive who has vowed to reform the crisis-hit bank, sheltered millions of pounds in a Swiss account through a Panamanian company and remains tax domiciled in Hong Kong.

Many high profile public figures are now facing tax evasion allegations in connection with HSBC in Switzerland, including: King Abdullah II of Jordan, King Mohammed VI of Morocco, members of the Saudi, Bahrain and Omani royal families; musicians David Bowie, Tina Turner and Phil Collins; actors Christian Slater, Joan Collins and John Malkovich; several Formula One drivers, tennis player Marat Safin, model Elle MacPherson; and numerous business moguls including Italian businessman, Flavio Briatore and the late Australian media tycoon Kerry Packer.

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