23 Feb

News and Analyses, A Foreign Perspective



Stuart Gulliver

Stuart Gulliver in Hong Kong in 2012: leaked files show that the HSBC chief executive was a client of the bank’s Swiss subsidiary at the centre of the scandal. Photograph: Bloomberg via Getty Images

Leaked files covering 2005-2007 show bank chief executive sheltered £5m of his own money at Panamanian company with Swiss HSBC account

Stuart Gulliver, the HSBC chief executive who has vowed to reform the crisis-hit bank, sheltered millions of pounds in a Swiss account through a Panamanian company and remains tax domiciled in Hong Kong.

Leaked files show that the Derby-born Gulliver, who is due to present HSBC’s annual report on Monday in the wake of the international controversy over its Geneva-based private bank, was also one of its clients, holding about £5m in a Swiss account.

The bank executive was listed as the beneficial owner of an account in the name of Worcester Equities Inc, an anonymous company registered in Panama, containing a balance in 2007 of $7.6m. It was through this entity that Gulliver’s HSBC bonuses were paid until 2003. He also held a second account in the name of Worcester Foundation, which had been closed before 2007.

Although now based in the UK, where HSBC has its headquarters, Gulliver is domiciled in Hong Kong for legal and tax purposes……………………..



Immigration rally

A woman holds a sign that says in Spanish, “you, me, we are America!” during a rally in support of President Barack Obama’?s plan to protect undocumented immigrants from deportation. Photograph: Gregory Bull/AP

  • Administration seeks emergency legal stay to reverse Texas court ruling

  • Lawmakers have until Friday to agree on funding for homeland security

Undocumented immigrants are being urged not to panic this week, as a perfect storm of legal and political challenges threatens to sink White House efforts to grant them relief from deportation.

The Obama administration will on Monday seek an emergency legal stay to temporarily reverse a Texas court ruling that last week forced it to put its controversial new relief program on hold.

But this threat to re-open the program while waiting for the lengthy appeal process to reach the US supreme court appears to be hardening opinions among Republicans on Capitol Hill, where a separate battle with the president will also reach a climax this week.

Lawmakers have until Friday to agree on funding for the Department of Homeland Security, which is currently stalled because some Republicans want to use the budget legislation to force the president to back down on his proposed executive action on immigration.

On Sunday the Homeland Security Secretary, Jeh Johnson, toured the political talk shows to call for Congress to avoid a shutdown of his the department.

“It’s absurd that we’re even having this conversation about Congress’s inability to fund homeland security in these challenging times,” he said, while discussing a video posted online by the Somalia-based militant group al-Shabaab, which called for attacks on shopping malls in the US, Canada and UK.

John Boehner, the House Speaker, has said he is prepared to let……………..



Darrien hunt

Darrien Hunt, an anime enthusiast, was shot repeatedly from behind at a strip mall after police and two witnesses say Hunt swung the sword at an officer after being told to drop it. Photograph: Facebook

Although officers were cleared of wrongdoing in Darrien Hunt death, his family insists he was shot because he was black and posed no threat to the officers

The US Department of Justice is investigating the fatal police shooting of Darrien Hunt, a young black man who was carrying a replica Samurai-style sword, after the officers involved were cleared of wrongdoing by local prosecutors in Utah.

A “federal review into the circumstances” that led to Hunt’s shooting in September last year is being conducted by the FBI and the justice department’s civil rights division, prosecutors told an attorney representing Hunt’s family in a letter this week.

The prosecutors asked for the family and their attorney, Robert Sykes, to provide them with “any evidence they believe is relevant for our consideration” by 25 March.

Hunt was shot repeatedly from behind after fleeing a confrontation with Corporal Matthew Schauerhamer and officer Nicholas Judson at a strip mall in Saratoga Springs. Police and two witnesses say Hunt swung the sword at an officer after being told to drop it.

Hunt’s family has consistently alleged that he was shot despite posing no threat to the officers – and had been the subject of a 911 call from a passerby despite legally carrying the replica sword – because of his race. Hunt’s father is black and his mother is white………….


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