josé antonio meade & hsbc

at the end of last month hsbc announced they had hired jose antonio meade as an independent non-executive director, effective march 1 .

meade and hsbc

josé antonio meade (alejandra barriguete, elceo.com)

meade was the presidential candidate for the pri (institutional revolutionary party) in the 2018 election and held (occupied) various cabinet poisitions during the administrations of presidents enrique peña and felipe calderon. alliance news reported these comments from hsbc chairman mark tucker

i am absolutely delighted to welcome jose antonio meade to the board. he brings with him a wealth of experience gained across a number of key policy areas and his background and knowledge of latin america will be of great significance to hsbc given the importance we attach to the region. it is particularly worth noting the relevance mexico holds for hsbc as one of our scale markets.

wealth means an abundance, gain means get, obtain. background means experience. worth noting means it’s valuable to remember. hsbc describes scale markets as countries into which investment will be channeled to support material growth with the aspiration of being considered one of the leading domestic banks in that market. delighted is very happy. in this video, sir patrick stewart says he is delighted to be the voice of the poop emoji in the emoji movie, and conan o’brien is delighted to hear him talk about it.

the mexican public is less delighted with hsbc’s selection. many voices in traditional and social media are troubled by the leniency (tolerance) meade demonstrated toward hsbc while he was secretary of finance and public credit in 2012. hsbc paid almost $2 billion in fines ($$ penalties) for money laundering in the u.s. that year. in mexico though, meade declared investigation into hsbc’s money laundering closed and the bank was only fined minimally for administrative negligence.

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neither (also not) was it lost on mexicans (they understood) that meade is receiving a salary from hsbc that is double the salary of president andrés manuel lopez obrador.

josé antonio meade debating andrés manuel lopez obrador during the 2018 presidential election

lopez obrador was elected president, but meade gets paid more. (debate.com.mx)

what do u think? does josé antonio meade working for hsbc represent a conflict of interest? share your opinion under leave a reply


 

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