Exposing corporate wrongdoing
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HSBC (formerly Hong Kong and Shanghai Bank) was founded in 1865. HSBC has been charged on multiple counts of laundering money for groups like the Sinaloa drug cartel via a scheme by which anyone in Mexico was allowed open a U.S.-dollar account at the “Cayman Islands branch” of HSBC Mexico. It has paid out two sets of fines for $249 million and $470 million for abuses in seizing and selling houses whose owners have fallen behind with mortgage repayments, as well as $765 million in fines for its role in the U.S. subprime mortgage crisis. HSBC has also paid out $618 million in fines to the U.K and the U.S. governments for its role in the global foreign exchange rate fixing scandal.
Inditex is the largest fashion retailer in the world, best known for its clothing brand Zara. Founded in 1975 by Ortega Amancio, Inditex has epitomized the age of cheap, disposable fashion - made in contract sweatshops and sold for throwaway prices in the West. In 2011, a government raid in Sao Paulo, Brazil, revealed that company contractors were using Bolivian immigrants working for 7-12 U.S. cents a piece. In 2017, workers at the Bravo Tekstil factory in Istanbul, Turkey, went into Zara stores to add tags to garments that read: “I made this item you are going to buy, but I didn’t get paid for it.”