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

  1. #1
    Senior Member Qtec's Avatar
    Join Date
    May 2003
    the Netherlands

    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

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

  2. #2
    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
    Ballarat Australia
    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.

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