World

Ex-HSBC chief faces questions after secret papers show how bank helped wealthy dodge taxes

  • FILE - 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)

    FILE - 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)  (The Associated Press)

  • FILE - In this July 30, 2007 file photo, the HSBC building is seen in the docklands, 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)

    FILE - In this July 30, 2007 file photo, the HSBC building is seen in the docklands, 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)  (The Associated Press)

The chair of the U.K. 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 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."

Hodge's comments came after details of some 30,000 accounts with 78 billion pounds of assets ($120 billion) were analyzed by the French daily Le Monde, The Guardian in Britain, the BBC and the Washington-based Consortium of Investigative Journalists.

The bank says in a statement that "these disclosures about historical business practices are a reminder that the old business model of Swiss private banking is no longer acceptable."