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

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

People walk past an HSBC Bank branch at 550 Fashion Avenue in New York City. Photograph: Getty Images

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.