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HSBC Executives Either ‘Incompetent’ or ‘Naďve,’ British Lawmaker Says
By Irene Madongo
printBritish lawmakers Monday sharply criticized HSBC's leadership for failing to prevent widespread tax evasion by clients and take responsibility for the institution's compliance lapses. In a hearing held by the Public Accounts Committee, Chairwoman Margaret Hodge accused HSBC's former risk committee chairman, Rona Fairhead, of potentially misleading lawmakers by suggesting that the lion's share of blame lay with tax-dodging customers and the bank's managers in Switzerland. As a result of the infractions, Fairhead should lose her current role as chairwoman of BBC Trust, Hodge said. "Either you knew or you didn't know, and in that case I think you were...
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