The report revealed that in September 2012, Osborne sent a letter to Federal Reserve Chairman Ben Bernanke, blaming the United States for unfair prosecution of UK banks and warned that the HSBC investigation could cause serious consequences for the world economy.
"Chancellor Osborne insinuated in his letter of September 10th that the US was unfairly targeting UK banks by seeking settlements that were significantly higher than 'comparable' settlements with US banks. Moreover, the Chancellor’s letter warned Chairman Bernanke and Secretary Geithner that prosecuting a ‘systemically important financial institution’ such as HSBC ‘could lead to [financial] contagion’ and pose ‘very serious implications for financial and economic stability, particularly in Europe and Asia'," the report reads.
In December 2012, the US Justice Department ordered that HSBC, Europe’s biggest bank, pay a $1.56-billion fine as part of a deferred-prosecution agreement to settle allegations that it transferred money through its US operations for Mexican drug cartels and nations deemed rogue states by Washington, including Iran.
