The suit alleges HSBC was instrumental in "engineering a labyrinth" of international sources of funding for the fraudster. "At the core of this architecture was a remarkably small group of individuals and the bank on which they all relied to help project an air of credibility: HSBC," said Oren Warshavsky, a partner at Baker Hostetler, the court-appointed lawyers for Picard.
http://www.guardian.co.uk/business/2010/dec/06/hsbc-bernard-madoff-lawsuit
Comments
Hi Sabre TT
Banks under performing XLF or KRE/BKX is very negative omen. True state of Chinese economy not being reported according to Jim Chanos and Hugh Hendry. But a country that is raising rates as china is, implies strength in economy.
Heya Levin
Been shorting HSBC in dec on and off. Things like this help the case, see also the state of the chinese indexes also where hsbc is dual listed
XLF has been up recently but hsbc underperforming that