When a news executive sits on a bank's board, By Ryan ChittumQuicklink submitted by Ethan Hollow Permalink
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|It's unusual--rare, even--for the CEO of a major financial news and information concern to serve on the board of directors of a giant global bank. There's a reason for that. Rona Fairhead, who heads the Financial Times Group, the unit of British publishing and education giant Pearson PLC that owns the Financial Times newspaper, sits on the board of HSBC, the banking behemoth now engulfed in a money-laundering and corporate-governance scandal. Long story short, a Senate report this week found that HSBC let Mexican drug lords launder billions in blood money, intentionally helped rogue states, especially Iran, get around U.S. sanctions, and did business with an Al Qaeda-connected Saudi bank. That's quite a list, and it's just a partial one for the sake of brevity. So, the FT has to cover the HSBC scandal, while the CEO of its parent is on the board responsible for the bank's oversight.|
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