Report Charges HSBC With Illicit Transactions: Hot Trends

NEW YORK ( TheStreet) -- Popular searches on the Internet include HSBC ( HBC) after a Senate report alleged the London-based bank engaged in possibly illicit transactions.

The report charges that HSBC sent thousands of transactions through its U.S. affiliate, HBUS, without disclosing "links to Iran." Without going through safeguards, the report said the transactions could have been connected to "terrorists, drug traffickers or other wrongdoers." According to the report, HSBC's U.S. division did provide money and services to banks in Middle Eastern countries that are believed to have ties to al Qaeda and other terrorist groups, and also participated in transactions involving Burma, Cuba, North Korea and Sudan, which were potentially prohibited. The report also found that drug cartels laundered money through the U.S. division from 2002 through 2009.

HSBC ignored warning signs that the potentially illicit transactions were taking place, according to the report, allowing them to go on for years.

HSBC said in a statement that it has taken steps to prevent money laundering in the future and changed its senior management last year. The bank also said it plans to offer its apology at a hearing on Capitol Hill Tuesday.

The U.S. Justice Department has launched a criminal investigation into HSBC and the allegations. HSBC could face significant fines and criminal penalties. The bank acknowledged that it is the subject of multiple federal and state investigations.

With operations in 80 countries around the globe, HSBC is Europe's largest bank. It has assets of about $210 billion in its U.S. operations alone.


TiVo ( TIVO) is trending as the company said it will buy advertising research company TRA for about $20 million.

TiVo is making the move in an effort to further its presence within television analytics. TRA, which measures the effectiveness of television advertisements, actually matches what viewers watch on television with what they buy. The new unit will be known as TiVo Research and Analytics.

TiVo expects the deal to close this month.


Barton Biggs is another popular search. The former chief global strategist at Morgan Stanley died rom complications from a bacterial infection. He was 79.

Biggs' career at Morgan Stanley lasted 30 years, from 1973 to 2003. He famously predicted many turns in the market over the years, including proclaiming that technology stocks were climbing too high in the late 1990s, telling investors to sell those stocks until the dot-com bubble burst. He was one of the first global investment strategists at Morgan Stanley.

At 70, he started Traxis Partners hedge fund after leaving Morgan Stanley. In 2006, his memoir Hedgehogging was released, while in 2008, Wealth, War, and Wisdom was published.

He is survived by three children and nine grandchildren.


The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.

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