1. BIG BUCKS

    HSBC to Pay $1.9 Billion

    People walk past a logo of HSBC headquarters in Hong Kong Monday, July 30, 2012. HSBC PLC is to take a $700 million charge to cover the cost of U.S. fines arising from its failure to stamp out money-laundering at the bank. The provision was announced as the bank reported an 11 percent gain in pretax profit in the first half of the year, boosted by $4.3 billion in gains from asset sales. (AP Photo/Vincent Yu)

    Vincent Yu / AP Photo

    Would you like that in jacksons or benjamins? HSBC will be forced to pay an astounding $1.9 billion to settle a money-laundering probe by federal and state authorities in the U.S., sources revealed Monday. The probe stemmed from the transfer of billions of dollars by HSBC on behalf of countries like Iran, which were under economic sanctions. Also involved was the transfer of money through U.S. financial systems by Mexican drug cartels. The breakdown of the settlement includes $1.25 billion in forfeiture, the largest ever in a case involving a bank, and an additional $655 million in civil penalties. HSBC was accused of violating the Bank Secrecy Act and the Trading With the Enemy Act.

    Read it at Associated Press