Business quote of the day: "Stunning failures of oversight"

HSBC aren't in the US Government's good books.

HSBC is being held accountable for stunning failures of oversight – and worse – that led the bank to permit narcotics traffickers and others to launder hundreds of millions of dollars through HSBC subsidiaries.

US Assistant Attorney General Lanny Breuer explains why HSBC was forced to settle over allegations of money laundering offences.

People walk past an HSBC Bank branch at 550 Fashion Avenue in New York City. Photograph: Getty Images
Photo: Getty
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Theresa May takes early lead in the Conservative leadership race

The first poll of the Tory contest puts the Home Secretary well out in front

Theresa May, the Home Secretary is well ahead among Conservative members according to a new YouGov poll for the Times

She is both the preferred first choice of a plurality of members from an open field (she secures 37 per cent of the vote, with her nearest rival, Boris Johnson, 10 points behind) and roundly trounces Johnson with 55 per cent to 38 per cent. In all other head-to-heads, Johnson wins comfortably.

Although YouGov have a patchy recent record in national contests - they predicted the London mayoral victory but failed to foresee the Conservative majority or the Brexit vote - they are four for four as far as internal party contests are concerned, having accurately predicted both the result and the final vote share of the 2015 and 2010 Labour leadership contests and the 2005 and 2001 Conservative contests. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.