From the filmmaker behind 'Goldman Sachs: The Bank that Rules the World' comes a compelling new exposé delving into corruption within one of the globe's premier financial institutions - HSBC.
If HSBC were a sovereign entity, it would rank as the fifth-largest economic power worldwide. Originating during the heyday of the Opium trade to facilitate the British Empire's access to the Chinese market, HSBC has forged an unparalleled network for facilitating the movement of illicit funds across the globe. From engaging in tax evasion to laundering money for criminal syndicates and manipulating currency, this bank has been involved in a spectrum of illicit activities, embodying the epitome of misconduct for a financial institution.
In 2012, HSBC faced the imminent threat of losing its operating license in the United States due to its involvement in laundering money for Mexican and Colombian drug cartels. Criminal charges were brought forth, and HSBC's top executives were summoned before a Senate committee. However, a pivotal turn of events occurred when George Osborne, the then Chancellor of the Exchequer in the UK, reached out to his American counterpart and the Chairman of the Federal Reserve, urging leniency. Osborne argued that severe consequences for HSBC could adversely impact global financial and economic stability. His persuasive letter succeeded, leading to a 2 billion euro fine for HSBC - an amount equivalent to a single month's profits.
As the epicenter of international finance shifts towards Asia, HSBC finds itself in a strategic position. Functioning as the most Chinese of Western banks and the most European of Chinese banks, HSBC enjoys protection from London and endorsement from Beijing. The question looms large: who would dare challenge it?
Directors: Jerome Fritel, Marc Roche