FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal
GuardianJUL 2017
Fraud Conviction of Former HSBC Executive Overturned at Appeal
Above: Former HSBC executive Mark Johnson exits federal court in New York in 2017. Image copyright: Mark Kauzlarich/Bloomberg/Getty Images
The Spin
Pro-establishment narrative
After a nine-year ordeal, justice has finally been achieved for Johnson, as he should never have been convicted in the first place. It is normal industry practice to purchase currency ahead of a large trade in order to manage a bank's risk, and that's all Johnson did on this occasion.
Establishment-critical narrative
The Supreme Court ruling that led to the overturning of Johnson's conviction has wide-ranging implications that courts are still trying to grapple with. By necessitating that prosecutors prove who lost assets and how much, it means that people are able to get away with a greater amount of fraudulent behavior.