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Report Shows HSBC Helped Rich Clients Dodge Taxes

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In this Feb. 27, 2012 file photo, a pedestrian passes a branch of HSBC bank in London. The chair of parliaments Public Accounts Committee says the former chief of HSBC must face serious questions after once-secret papers outlined how the bank helped the wealthy dodge taxes. Margaret Hodge told the BBC on Monday, Feb. 9, 2015 that Stephen Green, HSBC’s former CEO, was either "asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices." (AP Photo/Kirsty Wigglesworth, File)

In this Feb. 27, 2012 file photo, a pedestrian passes a branch of HSBC bank in London. The chair of parliament’s Public Accounts Committee says the former chief of HSBC must face serious questions after once-secret papers outlined how the bank helped the wealthy dodge taxes. Margaret Hodge told the BBC on Monday, Feb. 9, 2015 that Stephen Green, HSBC’s former CEO, was either “asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices.” (AP Photo/Kirsty Wigglesworth, File)

DANICA KIRKA, Associated Press

LONDON (AP) — A trove of leaked documents shows that HSBC’s Swiss private bank turned a blind eye to illegal activities of arms dealers and blood diamond traders while helping rich people evade taxes, according to a report based on the documents that was published Monday.

The data relate to accounts worth $100 billion held by more than 100,000 people and legal entities around the world.

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WHAT HAPPENED

A former HSBC employee-turned-whistleblower, Herve Falciani, gave the data to French tax authorities in 2008. France shared it with other governments and launched investigations.

The French newspaper Le Monde obtained a version of the data and shared the material with the International Consortium of Investigative Journalists, which analyzed the material together with The Guardian and the BBC in Britain.

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WHAT THE FILES SHOW

The leaked documents mainly cover the years 2005 to 2007.

HSBC, which is based in London but has operations globally, served those close to the regimes of former Egyptian President Hosni Mubarak, former Tunisian leader Ben Ali and Syria’s Bashar Assad.

The consortium said clients include former and current politicians from Britain, Russia, Ukraine, Kenya, India, Mexico, Lebanon, the Democratic Republic of the Congo, Zimbabwe, and Algeria.

Switzerland had the greatest number of clients of the data examined, followed by France, the United Kingdom, Brazil and Italy. In terms of ranking by value, Switzerland was first with $31.2 billion, followed by the United Kingdom with $21.7 billion; Venezuela with $14.8 billion; the U.S. with $13.4 billion; and France with $12.5 billion.

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WHY IT MATTERS

Though some of the details of such operations were disclosed previously, when HSBC was fined in 2012 by the U.S. for allowing criminals to use its branches for money laundering, Monday’s information suggests HSBC took an active role in assisting the wealthy in hiding their money from authorities.

“The bank repeatedly reassured clients that it would not disclose details of accounts to national authorities, even if evidence suggested that the accounts were undeclared to tax authorities in the client’s home country,” the consortium said. “Bank employees also discussed with clients a range of measures that would ultimately allow clients to avoid paying taxes in their home countries.”

Crawford Spence, a professor of accounting at the University of Warwick, said this case was different than other recent tax scandals.

“HSBC has been complicit in clear tax evasion and law breaking rather than legitimate tax avoidance,” he said.

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POTENTIAL FALLOUT

The disclosures could see governments step up their efforts to prosecute tax evaders and the bank itself.

Governments are looking to crack down on tax evasion to bolster their coffers depleted by the financial crisis and amid criticism that the rich aren’t paying their fair share.

In Britain, the report sparked criticism of tax authorities. The national tax agency clawed back 135 million pounds ($236 million) from some of the 3,600 Britons identified as using the Geneva branch of HSBC, but only one person has been prosecuted. France, by contrast, launched 103 legal actions.

“You are left wondering, as you see the enormity of what has been going on, what it actually takes to bring a tax cheat to court,” Margaret Hodge, chair of Parliament’s Public Accounts Committee, told the BBC.

Hodge said the former chairman of HSBC, Stephen Green, must face questions about whether he was “asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices.”

In Belgium, an investigating judge is considering arrest warrants against some former and current officials of the HSBC bank if cooperation in an investigation on the Swiss operations does not improve.

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WHAT HSBC SAYS

HSBC stressed that the documents were from eight years ago and said it has since implemented initiatives designed to prevent its banking services from being used to evade taxes or launder money.

Franco Morra, CEO of HSBC’s Swiss subsidiary, said the new management had shut down accounts from clients who “did not meet our high standards.”

“These disclosures about historical business practices are a reminder that the old business model of Swiss private banking is no longer acceptable,” he said in a statement.

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Frank Jordans in Berlin and Greg Keller in Paris contributed to this story.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Oakland Post: Week of August 12 – 18, 2026

The printed Weekly Edition of the Oakland Post: Week of August 12 – 18, 2026

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California Hispanic Chambers of Commerce Unveils: ‘Powering the Future’ Theme for 47th Annual Statewide Convention

POST NEWS GROUP — For nearly 50 years, the CHCC has been the frontline champion of California’s small-business ecosystem. As the economic landscape evolves, “Powering the Future” signals bold momentum—emphasizing the innovation, resilience, and leadership needed to fuel the next generation of entrepreneurs and community leaders. The theme bridges the CHCC’s foundational advocacy over the past 47 years with a strategic vision for rapid economic transformation.

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Luis Zambrana, McDermott Costa Insurance; Leo Callejas, California Hispanic Chambers of Commerce (CHCC) Northern Region chairperson; Karen Guzman, Aliza Gallo, board director, Oakland Latino Chamber of Commerce (OLCC); Julian Cañete, president and CEO of CHCC; Sharon Fonseca, OLCC board director. Courtesy photo.

The premier August event in Oakland will unite business leaders, policymakers, and innovators to drive the next generation of California’s economic growth.

The California Hispanic Chambers of Commerce (CHCC) has officially announced “Powering the Future” as the theme for its 47th Annual Statewide Convention. The landmark event will be held August 19-21 at the Oakland Marriott City Center in Oakland, California. 

For nearly 50 years, the CHCC has been the frontline champion of California’s small-business ecosystem. As the economic landscape evolves, “Powering the Future” signals bold momentum—emphasizing the innovation, resilience, and leadership needed to fuel the next generation of entrepreneurs and community leaders. The theme bridges the CHCC’s foundational advocacy over the past 47 years with a strategic vision for rapid economic transformation. 

Driving Innovation and Economic Influence

As California leads global trends in technology, clean energy, and entrepreneurship, Hispanic-owned businesses are at the helm. From harnessing artificial intelligence and accelerating digital transformation to pioneering sustainable practices, Latino entrepreneurs are actively shaping tomorrow’s industries.

“Hosting this convention in Oakland is deeply meaningful,” said Noel Gallo, who represents Council District 5. “Approximately 28% of Oakland’s population is Latino, and their contributions shape every aspect of our civic, cultural, and economic life.”

Latino‑owned businesses are central to our city’s growth; they drive job creation, revitalize commercial corridors, strengthen neighborhood identity, and contribute to innovation across sectors including construction, hospitality, education, retail, arts, professional services, and more, Gallo asserts.

“These enterprises do more than generate revenue; they anchor family legacies, nurture community pride, and create spaces where culture and commerce meet,” Gallo said.

“Following a period of significant economic transformation, ‘Powering the Future’ is more than a theme—it is a collective call to action,” said Julian Cañete, president and CEO of the CHCC. “Our businesses and future leaders aren’t merely adapting to change; they are driving it. This convention will showcase the innovation and leadership needed to build a stronger, more prosperous California for generations to come.”

Cañete is also excited to have Oakland as the organization’s host city. Noting Oakland’s historical significance and deep-rooted diversity “From its legacy as center of social movements to its modern identity as a hub for innovation, sustainability, and small business growth, Oakland embodies the resilience and creativity that define our state,” Cañete added. “We are proud to contribute to this dynamic community’s ongoing momentum and economic vitality.” 

Three Days of Impact, Connection, and Advocacy

The CHCC Annual Convention empowers Hispanic and diverse businesses and communities while fostering connections and advancing economic opportunities. The convention features impactful presentations on business development, current business trends, economic and community development, and policy-oriented discussions.

Attendees can connect with business leaders, thought leaders, elected officials, and other Hispanic and diverse small business and community leaders. Participants establish strategic, long-lasting partnerships through direct personal engagement, best-practice sharing, interactive dialogue, networking workshops, and more.

The agenda includes an annual business matchmaking program, dynamic panels and speakers, an exhibition hall, awards ceremonies, and meal events highlighting the remarkable achievements of Hispanic and diverse businesses and communities.

The CHCC Annual Awards celebrate Hispanic and diverse companies and communities for their hard work, ingenuity, dedication, and contributions to California’s economy. The CHCC Annual Convention also aims to advance a diverse supply chain and create expanded business opportunities for diverse entrepreneurs and communities.  

The Oakland Hispanic Chamber of Commerce is the source for this report.

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Business

Returning to Its Roots, the Oakland Black-Eyed Pea Festival Partners with the Freedom Farmers Market Sept. 12

POST NEWS GROUP — Freedom Farmers’ Market (FFM) vendors sell produce and promote wellness and nutrition through organic herbs, massage, and other gift items from July through October on the second and fourth Saturdays at a dozen canopies in the last block of Shattuck Avenue, where it merges with Telegraph Avenue.

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Elaine Smith, executive director of Farms to Grow, Inc., holds T-shirt for Ki’Ara LaFitte, winner of the Freedom Farmers’ Market Watermelon-Eating Contest at the season opening on July 11. Courtesy photo.

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The Oakland Black-Eyed Pea Festival (BEPF), a celebration of African American traditional music, food and art, will return to its roots through a partnership with Farms to Grow, Inc., the hosts of the Freedom Farmers’ Market on Sept. 12.

Now in its 11th year, the downsized festival sponsored by Omnira Institute will open with presentations by Wakan Wiya Two-Spirit Drum, a drum invocation for the ancestors by Awon Ohun Omnira, a performance by Andre Thierry of Accordion Soul, and most importantly, fresh black-eyed peas for sale.

Freedom Farmers’ Market (FFM) vendors sell produce and promote wellness and nutrition through organic herbs, massage, and other gift items from July through October on the second and fourth Saturdays at a dozen canopies in the last block of Shattuck Avenue, where it merges with Telegraph Avenue.

Over the years, FFM vendors have appeared at the Black-Eyed Pea Festival and vice versa, so this collaboration is like a family reunion.

Farms to Grow, Inc. Executive Director Elaine Smith said the collaboration with Omnira Institute was an opportunity she couldn’t refuse. “People talk about community and unity for Black people – I always want to be an example of what has to be done,” Smith said. “Anyway that we can partner with our people, we want to do that.”

Charlotte Jackson, a longtime vendor with FFM and the festival, had been known for her jellies, jams and chow-chow through Pots n’ Jars. For the last several years, she hasn’t been able to find a commercial kitchen she can afford, so she began selling vegan soap and skin care products that her son and his partner produce under the name Lather and More.

“It’s been a blessing,” said Jackson, who will tell her customers that although they can order the wares from the website, there’s no such thing as ‘smell-avision.” From her table, she encourages passers-by to take a sniff of the soaps, then directs them to the nearby booths.

Jackson functions as a sort of ‘town crier’ of ‘buying Black,’ never failing to encourage Black people to take their mule or Pontiac or Chevrolet and steer it toward Black businesses like Mandela Market.

Likewise, the Black-Eyed Pea Festival was established to encourage Black entrepreneurship by providing a space for Black creatives to sell their handmade or original designs and products without competing with commercially produced goods.

It also served as a way to both commemorate and invigorate memory of the once-thriving Black community of West/North Oakland before it was divided by highways, BART, and then ravaged by the crack cocaine epidemic.

“For one day, I wanted to invoke the success of that community through the sound of music, the taste of soul food and black-eyed peas and the beauty of our art,” Ravernell said.

Once deciding to follow through on the idea of holding a festival celebrating African American traditions, Ravernell settled on using the black-eyed pea as its symbol because of its pride of place in Black people’s consciousness on New Year’s Day and because the peas were originally cultivated in Africa.

Learning that Fresno farmer Wil Scott, former president of the California African American Farmers Association, grew black-eyed peas as well as other legacy crops that are the foundation of a soul food menu, Ravernell was intent on ensuring Scott’s presence at the first festival in 2014. Whenever he could, and whenever the weather yielded a bountiful crop, Scott would bring his black-eyed peas to the festival, shelled or on the pods.

Originally cultivated in Africa, the black-eyed pea is believed to have been brought to the U.S. hidden in the hair of African captives brought to the Western Hemisphere during the holocaust of the Atlantic Slave Trade.

Known to grow plentifully even in poor soil, the pea was associated with abundance in Africa and later, in the U.S., with good luck.

She also learned that black-eyed peas nourish poor soil, that they are a very good source of nutrition, and that they probably contributed to the longevity of the enslaved.

“I thought the black-eyed pea, its story and its significance for Black people made it a great symbol to represent Black culture,” she said. In spite of everything they endured, Black people emerged from slavery and Jim Crow as masters of making a lot from a little, creating a culture that would be emulated and imitated at home and abroad.

Feeling that many people know only the most recent iterations of Black music – Hip Hop and R&B – she created the festival to promote the music of earlier eras, which reflect the thoughts and feelings of Black people over time.

That’s why the festival highlights straight-ahead jazz, gospel, zydeco and the Second Line of the New Orleans jazz funeral.

“It’s not enough to remember,” Ravernell said. “We need to actively nourish the roots of our culture.”

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