U.S. Government Investigating HSBC India, with an Eye Toward Asian Banks

According to this article in yesterday's Sun-Sentinel, the Department of Justice has announced that HSBC India "may have helped potentially thousands of Americans dodge federal income taxes." The DOJ is using same type of "John Doe" summons strategy they used in their case against UBS, which resulted in UBS handing over thousands of client names and $780 million in settlement. The result of these investigations is that several Asian banks will no longer take on U.S. clients. According to the DOJ, this brings the total number of offshore banks under grand jury investigation to eight.