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The Bureau of Land Management is auctioning off 18,000 acres of oil leases in California Wednesday. The state has one of the largest deposits of shale oil in the country. And it's attracting new attention because of the drilling technique known as hydraulic fracturing – or fracking.

David Greene and Renee Montagne continue now with the latest installment of our series The Twelve Days of Deductions. It's Morning Edition's nod to the many deductions, credits and other tax breaks that political leaders are weighing as they continue their negotiations to avoid the "fiscal cliff."

David Greene has business news.

British bank HSBC has agreed to pay a record fine of $1.9 billion to settle an investigation by U.S. prosecutors. HSBC faced charges of laundering money for Mexican drug cartels and facilitating prohibited transactions with nations like Iran and Cuba. For more, Robert Siegel talks with Jimmy Gurul, law professor at Notre Dame University.