HSBC’s accused of tax evasion and money laundering

Guest: Gerard Ryle

A recently released report sheds new light on HSBC’s alleged role in tax evasion and money laundering. The report by International Consortium of Investigative Journalists details how HSBC’s Swiss division from 1998-2007 helped wealthy customers hide billions in assets from tax authorities. These customers included politicians, arms dealers, actors, rock stars, and drug traffickers. A few weeks ago, Swiss authorities also raided bank offices looking for evidence of “aggravated money laundering.” HSBC, one of the largest banks in the world, is under investigation by tax authorities in multiple countries but so far there have been few prosecutions of employees or bank clients. This hour, Marty digs into the new revelations about HSBC and the business of overseas and offshore tax shelters with GERARD RYLE, director of the International Consortium of Investigative Journalists.

(AP Photo/Matt Dunham)