Politics 12 December 2012 Business quote of the day: "Stunning failures of oversight" HSBC aren't in the US Government's good books. Sign up for our weekly email * Print HTML 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. › Will Maria Miller be stripped of her Leveson role? People walk past an HSBC Bank branch at 550 Fashion Avenue in New York City. Photograph: Getty Images Subscribe from just £1 per issue More Related articles Jeremy Corbyn has found a vulnerable spot on Theresa May and trade Politicians are worried that their pensions are destroying the planet. Is yours? Nap Store: Where did all these new mattress start-ups come from?