Hsbc Scandal free essay sample

The HSBC scandal shook Europe as a whole! Britain’s largest institutional bank was accused of a â€Å"drugs and gun-running† scandal. The bank failed to monitor a staggering ? 38trillion of money moving across borders from places that could have posed a risk, including the Cayman Islands, Switzerland, Iran, and Mexico. One of the highest noted disregards by the bank was their financial dealings with Al Rajhi, the Saudi Arabian bank that was linked with funding the 9/11 terrorist scheme. Another report showed that the bank accepted ? 9. 6billion in cash over two years from subsidiaries without checking where the money came from, showing blunt disregard for the obviousness of the transactions. Mexican and US authorities warning HSBC that there was a volume limit (? 4. 5billion) in money sent to the US from its Mexican subsidiary that would exemplify â€Å"illegal drug proceeds†. A HSBC officer admitted that the accounts in the Cayman Islands were abused by â€Å"organized crime†, ? 1. We will write a custom essay sample on Hsbc Scandal or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 3billion total. The bank became the subject of a US senate investigation, and they dropped a 335 page report that accused the bank of ignoring all of the warning and safeguards that should have stopped the laundering of money from Mexico, Iran and Syria. In December they agreed on a settlement to pay a penalty of ? 1. 2 billion that would further scorch their already diminished reputation. With the settlement of the fee, comes the bank admitting to violating US laws meant to prohibit money laundering including the Bank Secrecy Act and the Trading with the Enemy Act. When presented with the 335 page senate report, the head of HSBC’s compliance division, David Bagley, quit in front of the Senate committee. Being at his post since 2002, one can understand why he resigned when pressed with these concerns. He felt guilty being with the bank for so long and did not want to take responsibility for the actions and accusations of the bank. The affair is also an embarrassment for David Cameron, because his trade envoy Stephen Green chaired HSBC during the period covered by the allegations. Lord (Barron) Green is probably the person most to blame for these disregards for policy on money laundering and regulations. He was the chief executive and the executive chairman of HSBC. Being a trade minister, it was his duty to ensure that the issues brought to the senate’s attention would be regulated for legality concerns. In failing to successfully do so, the fault of the accusations falls on his lap. The regulators of money laundering actively, domestically, and internationally are the countries of the FATF. Forming in 1989, the FATF has 3 primary functions with regard to money laundering. These 3 functions are monitoring member’s implementation of anit-money laundering measures, review and report trends and techniques of laundering, and promote standards globally. Combined with a unified effort within these countries, the US being one of the main ones, money laundering activities will be noted quickly before large scale transactions may go through unnoticed and through the means of illegal activities. The US promotes the most laws against these sorts of offensives. HSBC needs to come to a complete â€Å"retake†. All historical transactions, accounts, and services need to be reviewed and mended to meet the golden standard of banking that they have held themselves to ever since becoming the primary bank of Europe. With the removal and replacement of key executive level positions, they may bring in new, fresh minds and with that comes a new approach to the regulating of the activities of the bank. In short, re-staffing the bank with new executives over the previous ones shows the public that the bank takes serious note to what has happened and a serious effort to mend and fix it. Shipman, T. amp; Davies, R. (2012, July 7). Hsbc let drug gangs launder millions: First barclays, now britain. Retrieved from http://www. dailymail. co. uk/news/article-2174785/HSBC-scandal-Britains-biggest-bank-let-drug-gangs-launder-millionsfaces-640million-fine. html (n. d. ). Retrieved from http://www. guardian. co. uk/business/2012/dec/10/standard-chartered-settle-iran-sanctions Yost, P. , amp; Pylas, P. (2012, De cember 11). Hsbc to pay $1. 9 billion to settle money-laundering scandal. Retrieved from http://www. salon. com/2012/12/11/hsbc_to_pay_1_9bn_to_settle_money_laundering_scandal/

Robert Gould Shaw Led Unions First Black Regiment

Robert Gould Shaw Led Unions First Black Regiment The son of prominent Boston abolitionists, Robert Gould Shaw was born October 10, 1837, to Francis and Sara Shaw. The heir to a large fortune, Francis Shaw advocated for a variety of causes and Robert was raised in an environment that included notable personalities such as William Lloyd Garrison, Charles Sumner, Nathaniel Hawthorne, and Ralph Waldo Emerson. In 1846, the family moved to Staten Island, NY and, despite being Unitarian, Robert  enrolled in St. Johns College Roman Catholic School. Five years later, the Shaws traveled to Europe and Robert continued his studies abroad. Education and First Job Returning home in 1855, he enrolled at Harvard the following year. After three years of university, Shaw withdrew from Harvard in order to take a position in his uncles, Henry P. Sturgis, mercantile firm in New York. Though he was fond of the city, he found that he was ill-suited for business. While his interest in his work waned, he developed a passion for politics. A supporter of Abraham Lincoln, Shaw hoped that the ensuing secession crisis would see the Southern states brought back by force or cut loose from the United States. Early Civil War With the secession crisis peaking, Shaw enlisted in the 7th New York State Militia with the hope that he would see action if war broke out. Following the attack on Fort Sumter, the 7th NYS responded to Lincolns call for 75,000 volunteers to put down the rebellion. Traveling to Washington, the regiment was quartered in the Capitol. While in the city, Shaw had the opportunity to meet both Secretary of State William Seward and President Lincoln. As the 7th NYS was only a short-term regiment, Shaw, who wished to remain in the service, applied for a permanent commission in a Massachusetts regiment. On May 11, 1861, his request was granted and he was commissioned as a second lieutenant in the 2nd Massachusetts Infantry. Returning north, Shaw joined the regiment at Camp Andrew in West Roxbury for training. In July, the regiment was sent to Martinsburg, VA, and soon joined Major General Nathaniel Banks corps. Over the next year, Shaw served in western Maryland and Virginia, with the regiment taking part in attempts to stop Major General Thomas Stonewall Jacksons campaign in the Shenandoah Valley. During the First Battle of Winchester, Shaw luckily avoided being wounded when a bullet hit his pocket watch. A short time later, Shaw was offered a position on Brigadier General George H. Gordons staff which he accepted. After taking part in the Battle of Cedar Mountain on August 9, 1862, Shaw was promoted to captain. While the 2nd Massachusetts brigade was present at the Battle of Second Manassas later that month, it was held in reserve and did not see action. On September 17, Gordons brigade saw heavy combat in the East Woods during the Battle of Antietam. The 54th Massachusetts Regiment On February 2, 1863, Shaws father received a letter from Massachusetts governor John A. Andrew offering Robert command of the first black regiment raised in the North, the 54th Massachusetts. Francis traveled to Virginia and presented the offer to his son. While initially reluctant, Robert was ultimately persuaded by his family to accept. Arriving in Boston on February 15, Shaw began recruiting in earnest. Assisted by Lt. Colonel Norwood Hallowell, the regiment began training at Camp Meigs. Though originally skeptical about the fighting qualities of the regiment, the mens dedication and devotion impressed him. Officially promoted to colonel on April 17, 1863, Shaw married his sweetheart Anna Kneeland Haggerty in New York on May 2. On May 28, the regiment marched through Boston, to the cheers of a massive crowd, and began their voyage south. Arriving at Hilton Head, SC on June 3, the regiment began service in Major General David Hunters Department of the South. A week after landing, the 54th took part in Colonel James Montgomerys attack on Darien, GA. The raid angered Shaw as Montgomery ordered the town looted and burned. Unwilling to take part, Shaw and the 54th largely stood and watched as events unfolded. Angered by Montgomerys actions, Shaw wrote to Gov. Andrew and the adjutant general of the department. On June 30, Shaw learned that his troops were to be paid less than white soldiers. Displeased by this, Shaw inspired his men to boycott their pay until the situation was resolved (it took 18 months). Following Shaws letters of complaint regarding the Darien raid, Hunter was relieved and replaced with Major General Quincy Gillmore. Seeking to attack Charleston, Gillmore began operations against Morris Island. These initially went well, however the 54th was excluded much to Shaws chagrin. Finally on July 16, the 54th saw action on nearby James Island when it aided in repulsing a Confederate attack. The regiment fought well and proved that black soldiers were the equals of whites. Following this action, Gillmore planned an attack on Fort Wagner on Morris Island. The honor of the lead position in the assault was given to the 54th. On the evening of July 18, believing that he would not survive the attack, Shaw sought out Edward L. Pierce, a reporter with the New York Daily Tribune, and gave him several letters and personal papers. He then returned to the regiment which was formed up for the assault. Marching over open beach, the 54th came under heavy fire from the Confederate defenders as it approached the fort. With the regiment wavering, Shaw sprung to the front yelling Forward 54th! and led his men as they charged. Surging through ditch surrounding the fort, the 54th scaled the walls. Reaching the top of the parapet, Shaw stood and waved his men forward. As he urged them on he was shot through the heart and killed. Despite the regiments valor the attack was repulsed with the 54th suffering 272 casualties (45% of its total strength). Angered by the use of black soldiers, the Confederates stripped Shaws body and buried it with his men, believing that it would humiliate his memory. After attempts by Gillmore to recover Shaws body failed, Francis Shaw asked him to stop, believing his son would prefer to rest with his men.

HBR article Coursework Example | Topics and Well Written Essays - 750 words

HBR article - Coursework Example In this way, much of the waste in time and money that is often associated with new product development is ameliorated. The article goes on to detail how Eli Lilly created a special team which was named â€Å"Chorus† whose sole purpose was to guide and direct research and development of new product lines based up on the metrics that have been previously related. Due to a strict adherence to the previous rubric, Eli Lilly was able to nearly double the amount of drug compounds that they developed between both 12 and 24 month periods. The article continues to describe the pitfalls that not employing such logic can provide to the overall process. Furthermore, the authors detail the situation that often arises where key leaders and shareholders ignore the obvious signs that a product line displays during development regarding its ability to succeed in the marketplace and yield a profit. Oftentimes, this is the result of the fact that management and/or key leaders have strong beliefs with respect to the overall viability of a given product and are therefore reticent to accept any proof that the line may result in eventual failure. Specific examples of such blind faith are given by the authors with relation to Ely Lilly’s drug tests that continued to send red flags to the development team; however, management continued to pour money down the rabbit hole with respect to continuing to fund the research. The authors discuss a secondary pitfall that many would-be product development teams suffer from. This secondary pitfall centers upon the fact that many product development teams terminate projects/products prematurely due to lack of evidence that the project/product has an overall likelihood to succeed. Although this can result from a number of factors, the authors note that the main reason results from an unclear and undifferentiated research process. For purposes of the analysis, the authors define one of the key components of success to relate to the con cept of POC (Proof of Concept). This relates the process that a firm can employ that provides a highly focused fast track path of research to determine whether or not the product has likelihood of overall success. In this way, targeted experiments can be rapidly employed to prove whether or not a product has an overall likelihood of success. Likewise, the authors note that determining overall project/product profitability is also a likely determinate that should be used in order to determine what level of time and funding should be provided to ensure that the project maintains the highest ability to produce a net profit. Similarly, the authors argue that product success can further be maximized by dividing the stages of product testing and development into early and late stages. By further defining the metrics with respect to what goals and tasks should be accomplished in the early and late stages, it is abundantly clear for product development where the product lies in terms of ove rall viability at any particular juncture of the process. In this way, the guess work is taken out of the process and long-term product developments that can turn into a multimillion dollar mistake are effectively weeded out. This novel approach is simplistic; however, it nonetheless works. Many firms have followed in