Monday, September 26, 2011

Band of Rebels Civic Action

Rally in solidarity with the Occupy Wall Street Protest September 26th HSBC bank 3225 Monroe Ave. – Pittsford Plaza Since September 17th, hundreds have held a continuous protest at Liberty Plaza in NYC against the Wall Street bankers and fat cats who have driven our economy into the ground with their greed and have so far escaped any legal or financial consequences.
Why is HSBC being targeted? HSBC is one of the banks most responsible for the economic meltdown in 2008. It issued hundreds of thousands of subprime mortgages, sold mortgage-backed securities to unwitting investors, and engaged in fraudulent foreclosure practices that have helped destroy our economy and contribute to increasing foreclosures, the ongoing recession, unemployment, and growing homelessness, especially in low-income communities.
HSBC together with JP Morgan controlled over 85 percent of the commercial net short positions and a market share in excess of 90 percent of all precious metals derivative contracts, excluding gold. An article in the New York Times alleged the two companies have earned billions of dollars from what could be a gigantic market manipulation. A class action suit has been filed and HSBC is being investigated by the Commodities Futures Trading Commission for manipulating the value of precious metals, particularly silver, since 2008.
Although HSBC did not receive a bailout from the Federal government, HSBC USA profited from the bailout of AIG, receiving $3.5 billion. In 2009, the executives received enormous bonuses, yet the US employees received no pay raise. The U.S. Justice Department is seeking to fine HSBC USA as much as $500 million for anti-money laundering compliance problems, an amount that would be the largest-ever penalty for such violations.

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