....too big to fail...

HSBC to pay $1.9 billion U.S. fine in money-laundering case


(Reuters) - HSBC has agreed to pay a record $1.92 billion fine to settle
a multi-year probe by U.S. prosecutors, who accused Europe's biggest
bank of failing to enforce rules designed to prevent the laundering of
criminal cash.

The U.S. Justice Department on Tuesday charged the bank with failing to
maintain an effective program against money laundering and conduct due
diligence on certain accounts.

In documents filed in federal court in Brooklyn, it also charged the
bank with violating sanctions laws by doing business with Iran, Libya,
Sudan, Burma and Cuba.

HSBC Holdings Plc admitted to a breakdown of controls and apologized for
its conduct.
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A breakdown of controls? Funny.