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Household names in trouble with the SEC

The Securities and Exchange Commission has been kind enough to publish the US Secretary of State's list of state sponsors of terrorism, and it contains the usual suspects: Cuba, Iran, North Korea, Sudan and Syria. Not enormously interesting in itself, but what is rather more notable is the list of British companies which have disclosed dealings with the odious five:

The Honkers & Shankers and Unilever have dealings with Syria. Imperial Tobacco also operates there, although perhaps it could argue it is trying to kill Assad by passive smoking.

HSBC, Shell and Unilever have connections with Sudan and HSBC obviously believes that pecunia non odet as it is prepared to deal with Pyongyang.

The HSBC is perhaps behaving less disgracefully than on might think, and here is what the regulatory filing has to say: "As part of its continuing evaluation of risk, HSBC monitors activities relating to Cuba, Iran, Myanmar, North Korea, Sudan and Syria. HSBC’s business activities include correspondent banking services to banks located in some of these countries and private banking services for nationals of, and clients domiciled in, some of the above countries. The Group has a small representative office in Tehran, Iran". Under the circumstances it is is surprising that Credit Suisse is the only other bank on the SEC's list.

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Anonymous dearieme said... 11:02 am

"Shankers"? I didn't know that it referred to their golfing skills. I've always it said as "Shaggers" which probably refers to a quite different stick and ball game.  



Blogger Croydonian said... 11:10 am

I've found a fair few references to Honkers and Shankers, but not many for the other possibility.  



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