Federal and state authorities have received criticism after deciding not to indict HSBC on accusations that it laundered money for Mexican drug cartels and conducted prohibited transactions on behalf of countries like Iran and Sudan. Instead, they entered into a $1.9 billion settlement this week with the bank.
There's no question that HSBC is a massive, sprawling operation. It markets itself as the world's local bank. But watchdogs of the banking industry say mere size should never insulate an organization from the law.
Originally published on Thu December 13, 2012 12:25 pm
President Obama examines a K'NEX roller coaster on Nov. 30 at a Hatfield, Pa., factory that makes the toys. During the visit, Obama spoke about the economy, the middle class and his plan to raise taxes on top wage earners.
CALM is an acronym for a new law that takes effect Thursday. It stands for the Commercial Advertisement Loudness Mitigation Act, and it means you won't have to jump for your TV remote the second commercials air. The law says the volume of commercials needs to be the same as the programs they're coming out of.
Of the 535 members of Congress, not many appear to be in the loop about the "fiscal cliff" negotiations. That makes the rest nervous about having to vote on a bill on short notice despite misgivings about what's in it. But this is often how major deals get accomplished in Washington.
In these budget negotiations, the names Boehner and Obama come up most often — and virtually all the rest are on the outside looking in.
In the U.S., the Federal Reserve now says it intends to keep its benchmark interest rate exceptionally low until the unemployment rate reaches six and a half percent. It's the first time the Fed has named a specific thresh-hold for when it would begin raising interest rates.
We continue with our series: The 12 Days of Tax Deductions. It's Morning Edition's way of making sense of the jungle of tax deductions, credits and breaks that political leaders are sorting through as they try to wrestle more revenue out of the tax code.