Netflix's 'Dirty Money' exposes HSBC's former New Castle office - Technical.ly Delaware

Creative

Jan. 30, 2018 9:28 am

Netflix’s ‘Dirty Money’ exposes HSBC’s former New Castle office

Delaware comes up more than once in the documentary series about seriously shady companies.

HSBC whistleblower Everett Stern.

(Screenshot via Netflix)

If you use Netflix, you’ve probably seen previews of the streaming service’s new documentary series by Alex Gibney, Dirty Money. Like a lot of what Netflix puts out, it’s highly addictive — and the depths of corporate greed it exposes, complete with court records and documents, are staggering. Real stories of corporations making big profits without regard to the suffering it causes real, often financially struggling, people, from predatory payday loans to money laundering to, in its finale, the Trump Organization.

Delaware comes up more than once; the corrupt pharmaceutical company Valeant is incorporated in Delaware, which is really nothing shocking. Some 64 percent of Fortune 500 companies were incorporated in Delaware as of 2014, including Facebook (hi, Mark!), Amazon and Disney. We all know that large companies incorporate here for tax reasons, for the Delaware Chancery Court and because it seems easier to find corporate loopholes.

HSBC Bank, the subject of Dirty Money Episode 4, doesn’t have that particular tie to Delaware. But it has had a presence in Delaware, including an office in the Penn Mart Shopping Center in New Castle, which has since shut down. (In May 2017, the impending closure of a different New Castle HSBC made news.)

Dirty Money looks what was going on in that office, home of an anti-money laundering division created to comply to an order after a previous case. It exposes practices that helped lead to a $1.9 billion fine in 2012, including an interview with whistleblower Everett Stern, a former anti–money laundering compliance officer with dreams of working for the CIA. Stern ultimately became a key player in the 2012 case after reporting that digital HSBC documents showing business dealings with terrorist organizations and drug cartels were being hidden using ridiculously basic search engine tricks (among other things).

Advertisement

The most shocking part is that HSBC executives who admitted to laundering money for some of the most brutal cartels and organizations in the world were never prosecuted in criminal court, and were not personally responsible for any of the fine.

There’s a lot more to the episode, and all of the episodes are pretty jaw-dropping. Check it out on Netflix.

You must appreciate accurate, relevant and productive community journalism.  Support this sort of work from professional reporters with seasoned editors.  Become a Technical.ly member for $12 per month -30-
LEAVE A COMMENT

Advertisement

How Wilmington and CompassRed are fighting gun violence with data analysis

How Wilmington’s Best Egg became a leader in personal lending

How do you land a contract with the banks? Ask them at #DIW17

SPONSORED

Delaware

10 Delaware brands totally crushing it on social media

NY, PA, DC, Virtual

SAP

Senior Account Executive, SAP SuccessFactors

Apply Now
Towson, Maryland

Stanley Black and Decker (GTS)

Software Engineer – Breakthrough Innovation

Apply Now

This JPMorgan Chase accelerator aims to improve the financial lives of Americans

Wilmington Police are using drones to investigate crimes

10 ways New Castle County PD is using Facebook to show another side of police

SPONSORED

Delaware

13 innovative technologies being developed in Delaware

Towson, Maryland or Atlanta, GA

Stanley Black and Decker (GTS)

IoT Digital Architect – Breakthrough Innovation

Apply Now
Market St., Wilmington, DE

DelawareIQ

Marketing Intern

Apply Now
Gurgaon

Mobi India

iOS Application Development

Apply Now

Sign-up for regular updates from Technical.ly

Do NOT follow this link or you will be banned from the site!