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International Viewpoint, the monthly English-language magazine of the Fourth International, is a window to radical alternatives world-wide, carrying reports, analysis and debates from all corners of the globe. Correspondents in over 50 countries report on popular struggles, and the debates that are shaping the left of tomorrow.

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  • Series: The banks and the “Too Big to Jail” doctrine (Part 7)

    The Big Banks Organise Massive Tax Evasion on an International Scale

    31 August 2014, by Éric Toussaint

    Another example of the “Too Big to Jail” doctrine: International tax evasion and fraud organised by UBS, Switzerland’s biggest bank.
    UBS, which had to be saved from failure in October 2008 by massive injections of Swiss public money, was involved in the LIBOR manipulation scandal, the currency markets manipulation scandal (UBS is the subject of several inquiries by controlling authorities in Hong Kong, US, the UK, and in Switzerland) and the abusive sale of structured Mortgage-Backed (…)

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  • Series : The banks and the “too big to jail” doctrine (Part 5)

    Big banks’ tampering with interest rates

    31 August 2014, by Éric Toussaint

    The extremely tolerant approach to the manipulation of interest rates by the governments of the main industrialised countries shows the extent to which the ’Too Big to Jail’ principle is applied. In 2010 the media revealed that a group of eighteen banks had been manipulating the London Interbank Offered Rate (LIBOR) from 2005 to 2010. LIBOR is a benchmark rate used for a market of $350 trillion, in assets and financial derivatives, which means it is the second most important benchmark rate in the world after the dollar exchange rate. The rate is based on information provided by eighteen banks about their funding costs in interbank markets. In 2012 evidence was provided of collusion among big banks such as UBS, Barclays, Rabobank, or Royal Bank of Scotland in order to manipulate LIBOR in their own interests.

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  • Series : The banks and the “too big to jail” doctrine (Part 4)

    HSBC: the bank with a shameful past and scandalous present

    31 August 2014, by Éric Toussaint

    The British bank HSBC (Hong Kong and Shanghai Banking Corporation) employs 260, 000 people, has offices in 75 countries, and 54 million customers. [2]
    From its earliest days, it has been involved in the international narcotics trade. It was founded in the wake of the British victories in the Opium Wars (1839-1842 and 1856-1860) against China. These two wars were very important to the strengthening of the British Empire and the century and a half waning of China. Through the Opium Wars, the British Empire forced China to accept opium importations coming from British India. China tried to oppose this commerce, but British arms, backed by Washington, proved stronger. London established a colony in Hong Kong in 1865, where HSBC was created by a Scottish merchant specializing in the opium trade— the basis of 70% of Hong Kong trade with the Indies.

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  • Series: The banks and the “too big to jail” doctrine (Part 3)

    Drug and Bank Lords

    30 August 2014, by Éric Toussaint

    The British bank HSBC, which employs 260, 000 people worldwide, is present in 75 countries, and claims to have 54 million customers [3] is another example of the “Too Big to Jail” phenomenon. [4] Over the last ten years, HSBC has laundered $881 million [5] for Mexican and Columbian drug cartels that are responsible for tens of thousands of firearm related assassinations. These relations continue in spite of dozens of warnings from different US government agencies including the Office of the Comptroller of the Currency. The profits from this business are so important that not only does HSBC continue, but it has also opened specialized services in its Mexico offices where drug dealers may simply hand in stocks of cash for cleaning. [6]

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International Viewpoint is published under the responsibility of the Bureau of the Fourth International. Signed articles do not necessarily reflect editorial policy. Articles can be reprinted with acknowledgement, and a live link if possible.

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