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Study: Largest U.S. group of poor kids is now Hispanic

by Administrator on Sep 30, 2011

Los Angeles (CNN) -- For the first time in U.S. history, the largest single group of poor children in any racial or ethnic category is Hispanic, according to a new survey. Calling it "a negative milestone" in Hispanics' explosive growth in the United States, the Pew Hispanic Center study said in 2010, 37.3% of poor children in the U.S. were Hispanic, compared with 30.5% white and 26.6% black. The Pew analysis of new census data put the number of Hispanic children in poverty at 6.1 million in 2010. This negative trend has emerged as the 2010 census confirmed for the first time that Hispanics are the nation's No. 2 group, surpassing African-Americans. Hispanics now make up 16.3% of the total American population -- but in the youth demographic, Hispanic kids comprise an even bigger share -- 23.1% of U.S. children are Latino, the study said. See how Hispanics drove the growth of the white population The study found there are 6.1 million Latino children living in poverty, and more than ... Continue reading →


HSBC to pay $1.9bn in US money laundering settlement

by Administrator on Dec 11, 2012

  HSBC has confirmed it is to pay US authorities $1.9bn (£1.2bn) in a settlement over money laundering, the largest paid in such a case. A US Senate investigation said the UK-based bank had been a conduit for "drug kingpins and rogue nations". Money laundering is the process of disguising the proceeds of crime so that the money cannot be linked to the wrongdoing. HSBC admitted having poor money laundering controls and apologised. "We accept responsibility for our past mistakes," said HSBC group chief executive Stuart Gulliver. "We have said we are profoundly sorry for them, and we do so again." The bank said it had spent $290m on improving its systems to prevent money laundering and clawed back some bonuses paid to senior executives in the past. It also said it expected to reach an agreement with the UK's Financial Services Authority shortly. Last month it announced it had set aside $1.5bn to cover the costs of any settlement or fines. The news followed the announcement of a similar ... Continue reading →