US report accuses UK officials of hampering HSBC probe

By: | Published: July 12, 2016 6:17 PM

A US report is accusing British officials of hampering a probe into HSBC, one of the world's largest banks.

The US House Financial Services Committee said yesterday it released the report to “shed light” on whether the Department of Justice made prosecutorial decisions based on the size of the institution under investigation. ( Source: Reuters)

A US report is accusing British officials of hampering a probe into HSBC, one of the world’s largest banks.

The US House Financial Services Committee said yesterday it released the report to “shed light” on whether the Department of Justice made prosecutorial decisions based on the size of the institution under investigation. It argued that HSBC was not prosecuted because of fears for the global economy.

The report called, “Too Big to Jail: Inside the Obama Justice Department’s Decision Not to hold Wall Street Accountable,” accuses Britain’s Treasury chief George Osborne of intervening in the investigation into the London-based bank.

The report says that Osborne “insinuated” that the US was unfairly targeting UK banks by seeking settlements higher than those for US banks and takes issue with UK financial regulators.

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