Results 1 to 4 of 4

Thread: Too Big to Fail Has Become Too Big to Prosecute

Hybrid View

  1. #1
    Senior Member Qtec's Avatar
    Join Date
    May 2003
    Location
    the Netherlands
    Posts
    13,962

    Too Big to Fail Has Become Too Big to Prosecute

    There should be riots in the streets about this.

    HSBC receives get-out-of-jail-free card in a real-life game of Monopoly.

    The New York Times reports this week that megabank HSBC has escaped criminal prosecution for money laundering that probably funded terrorists and narcotics traffickers. Why? Because regulators and prosecutors were petrified that an indictment would undermine the entire financial system. The Times quotes anonymous government sources who confessed fears about bringing formal charges because doing so would be a "death sentence" for the bank. So they let it off the hook.

    That’s right, HSBC is officially above the law. Too-big-to-fail has become too-big-to-prosecute.


    A year-long investigation found that the British banking giant had blown right past federal laws by laundering billions of dollars from Mexican drug trafficking and processing banned transactions on behalf of Iran, Libya, Sudan and Burma. A Wednesday Times article serves up vivid passages about the shady goings-on, including HSBC officials working closely with Saudi Arabian banks linked to terrorist organizations. According to the report, "the four-count criminal information filed in the court charged HSBC with failure to maintain an effective anti-money laundering program, to conduct due diligence on its foreign correspondent affiliates and for violating sanctions and the Trading With the Enemy Act."

    In a statement, the bank said it “will acknowledge that, in the past, we have sometimes failed to meet the standards that regulators and customers expect.” HSBC apologized and promised never, ever to do it again, scout’s honor
    link

    Q
    Remarkable.You leak a story, and then you quote the story. I mean,that's a remarkable thing to do



  2. #2
    Senior Member
    Join Date
    Feb 2002
    Posts
    5,102
    We are long overdue for just letting one of these financial institutions go off their own cliff to set an example. This sucks! SID
    "If you're not living on the edge, you're taking up too much room!"

  3. #3
    I agree.

    Why is the Obama regime allowing this?

    Find the answer and enlightenment will follow.

  4. #4
    Senior Member
    Join Date
    Oct 2005
    Location
    Ballarat Australia
    Posts
    5,798
    The answer, and enlightenment, duzz follow naturally.
    We are long overdue for letting a political organization go off their own cliff, to set an example.
    The usofa.
    Too big to fail, i dont think so.
    mac.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •