French give us a lesson in getting tough with banks
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook The French authorities have launched another volley of punches at HSBC, placing the bank under formal investigation with bail set at €1bn (£730m) and expanding their inquiry into the way the Swiss business handled its clients’ tax affairs. This is a slugfest that is moving towards a potentially brutal final round.
While fighting the case is clearly costly, and with the bank saying it will “vigorously “ defend itself, probably time consuming and difficult, the French prosecutors show no signs of giving up in the absence of a settlement that might make even the Americans blanch.
The contrast between their behaviour and that of the authorities in HSBC’s home country could hardly be more stark. The bank keeps saying that it’s staying put, for now, whenever it is asked about the possibility of deserting these shores.
Perhaps now we know why.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments