HSBC Response to Tax Evasion Scandal Earns a D-Minus

If you’ve logged onto any news site or social media account this morning, you’ve likely heard that files obtained through a collaboration of international news outlets have exposed some seriously dodgy behavior on the part of HSBC‘s Swiss banking arm.

Specifically, the company often allowed clients to withdraw bricks of cash in foreign currencies; actively marketed strategies for wealthy clients to avoid European taxes; helped clients to conceal undeclared “black” accounts; and even allowed international criminals and other individuals of questionable repute to open accounts.

In light of the scandal these findings have ignited, HSBC has released a statement to The Guardian which — while technically admitting responsibility — reads less like a mea culpa than a laundry list of excuses and “but we’ve changed!” declarations.

While