James Moore: How did top brass fail to spot these scandals?
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook Banks can't seem to help dominating the headlines right now, and they're all bad. Which brings us neatly to HSBC. It is likely to escape the worst of the Libor fixing scandal but has troubles of its own to deal with in the form of a US Senate investigation that has unearthed some very unflattering facts.
The Americans are none too happy about the bank's Mexican business, which they feel has been used to push drug money around the world, among other sins.
To be fair, HSBC has, in contrast to Barclays, recognised that there is a cultural problem, and has taken action. In its case, this has involved a shake-up that will ensure its various businesses are no longer run like semi-independent fiefdoms. There's a new strategy, new risk management procedures, new standards.
Is it enough, though? That remains to be seen. Over the last few days, we have had Libor fixing at Barclays, crazy trading at JPMorgan and yesterday's Mexican malarkey at HSBC.
All very different, you may think. But with one common feature: At each bank, the top executives have supposedly been drawn from the brightest and the best. They have been paid extravagant sums in recognition of the "unique" skills they possess. Yet none of them picked up on the various scandals taking place under their noses.
Not just too big too fail, then, but too big to manage? That's a question that needs asking.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments